The Left Wakes Up to Financial Regulation
I rather liked Bob Kuttner's list of five questions that Obama's financial regulation plan will have to resolve. A lot of folks will find it a welcome introduction to the financial regulation fight.
I was also interested by this nugget buried in Bob's final paragraph. "Until now," he says, "the main players in this insiders' debate have been the government and the financial industry. A new consumer-labor reform coalition made up of several dozen groups is set to be unveiled on June 16, just before the release of the administration's plan."
Huh. It's good to hear that these groups mean to get involved. But I'd love to know why they decided to wait until the day before Obama drops his draft, rather than forming five months ago so they could have been building support around their principles, and inserting their voice into the administration's process. Various sources involved in this process have complained to me that the only real engagement is coming from Wall Street, because Wall Street is the only group that knows what it thinks financial regulation should look like. This, I think, is confirmation of that view.
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