"So I ask this Congress to join me in doing whatever proves necessary. Because we cannot consign our nation to an open-ended recession. And to ensure that a crisis of this magnitude never happens again, I ask Congress to move quickly on legislation that will finally reform our outdated regulatory system. It is time to put in place tough, new common-sense rules of the road so that our financial market rewards drive and innovation, and punishes short-cuts and abuse."
I imagine a good place to start would be the SEC, where...if this story from 60 Minutes is correct, the SEC Regulators are Lawyers with no experience in the fields they are regulating, and tend to come in after the bank's been robbed to assign blame and explain what happened.
I know for a lot of people (myself included) just seeing or reading the words high finance will make your eyes glaze over. But in case you haven't heard, the laughably poor standards of the Bush Administration paled in comparison to his SEC.
We need to do better.
If you ever need to remember why regulation of Financial Markets is vital and important, just watch this 14 minute piece from 60 Minutes.
