April 15, 2009
What Steve misses in his analysis is the critical role the US congress must play in any regulatory overhaul. And there’s the rub. Congress has allowed itself to fund its election campaigns through private contributions rather than through public funds. Call it government-by-the-highest bidder. As long as this is the “American way” don’t expect smart and even-handed regulation of the economy.
If you want to see something saner, support groups like Common Cause who are working hard to take the influence of money out of government. It’s an uphill struggle. Most members of Congress got there because they were good at playing the current game. Incentives are few for game-changers, and those who are elected soon learn the ways of the game players.