Speaking in New York is good symbolically, but, if he really wanted to call a spade a spade, when he speaks there Monday to push for regulatory reform, President Barack Obama would play off Friday’s anniversary, and call last year’s meltdown a self-inflicted 9/11. He would then prescribe a path of diligence even more serious against the “enemy within” than that against al Qaeda.
In fact, the NYTimes notes that, on the rough one-year anniversary of that meltdown, little has changed on Wall Street. There’s been little restructuring, little unemployment, etc.
In fact, per the story, Simon Johnson, a professor at the Sloan School of Management at the Massachusetts Institute of Technology and former chief economist of the International Monetary Fund, said that the seeds of another collapse had already sprouted.
He’s not alone. “Black Swan” author Nassim Nicholas Taleb estimates financial institutions’ risk has actually increased since a year ago.
And, part of the push needs to include more accounting transparency.
Of course, much of what really needs to be done is nondesireable to both Republicans and Democrats.
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