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posted by [personal profile] dglenn at 05:26am on 2009-04-13 under , ,

"The Great Depression, we said, 'Hey, we have to learn the facts. What caused this disaster, so that we can take steps, like pass the Glass-Steagall law, that will prevent future disasters?' Where's our investigation?

"What would happen if after a plane crashes, we said, 'Oh, we don't want to look in the past. We want to be forward looking.' Many people might have been, you know, 'we don't want to pass blame.' No. We have a nonpartisan, skilled inquiry. We spend lots of money on, get really bright people. And we find out, to the best of our ability, what caused every single major plane crash in America. And because of that, aviation has an extraordinarily good safety record. We ought to follow the same policies in the financial sphere. We have to find out what caused the disasters, or we will keep reliving them."

-- William K. Black, on the PBS television program Bill Moyers Journal, 2009-04-03

There is 1 comment on this entry. (Reply.)
 
posted by (anonymous) at 04:56pm on 2009-04-13
I think the gentleman already answered his own question. In the 1930s, we had the investigation. We passed the Glass-Steagall law, created the SEC, insured and regulated the banks, created the forty-hour week and the eight hour day, made overtime law instead of a vague possibility, and put worker and financial system protections and restraints in place that led to a largely functional and stable economy for the next 50 years. Yes, there were peaks and valleys, bubbles, booms and busts, but no total disasters.
And then the Republicans and big business dismantled the safeguards and protections, the over-sight and accountability and -
here we are.
We did the investigation the first time. The remedy has not changed and, luckily, we wrote it down last time.

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