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Strategies & Market Trends : The Residential Real Estate Crash Index
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From: saveslivesbyday11/20/2009 9:05:26 AM
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“A Govt. Not Run by the Financial Sector": James Galbraith's Rx for Wall Street Reform
Nov 20, 2009 07:30am EST by Aaron Task

finance.yahoo.com

The post-op on the great crash of 2008 continued in Washington Thursday as the Joint Economic Committee (JEC) held a hearing on financial reform.

"Unfortunately, the regulatory regime that failed so terribly leading up to the financial crisis is precisely the regulatory regime we have today," Treasury Secretary Geithner declared. "We need comprehensive financial reform."

As a former executive director of the JEC and professor of government/business relations at University of Texas, James Galbraith knows a bit about public policy. As the son of esteemed economist and "The Great Crash" author John Kenneth Galbraith, he also knows something about what it takes to put the pieces back together after a speculative boom and bust.

There is a way to have a financial system with a "reasonable degree of stability" and "serves a public purpose," Galbraith says. "But it does require having a government which is not run by the financial sector."

Galbraith didn't use the term "Government Sachs," but said "we're not going to get where we need to get...if you have this revolving door where all the people from Wall Street go down to Washington and offer their services and basically serve their own worldview and the financial interests of their friends."

While there seems to be no discussion of prohibiting the sort of "public service" practiced by so many alums of Goldman Sachs, or of reinstating Glass-Steagall (something he also supports), Galbraith says there is some progress being made on the reform front...
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