We're in a huge economic mess. And yes, while some consumers made stupid choices, the fact is that banks have all the power. And they went nuts. And now the banks act like it's our fault. I am not alone in being tired of treated like scum by the banks that brought down the economy. Pretending like they've always been conservative, reasonable people who manage money safely is a lie, trying to cover up the fact that they screwed up. But their opposition to financial regulation is insane.
As Elisabeth Warren and others have pointed out, we had a stable banking system until Reagan and others removed the regulations that kept us safe. Government oversight of banks worked really well for 50 years. I would like it back, please. The Canadian banking system didn't crash - and they still have the sort of regulations we repealed.
Having seen her on TV, I think Ms. Warren is a fantastic teacher. I think she'd be a great head of a consumer financial protection agency. The fact that the banks oppose her just convinces me more.
I'm moving my money to a credit union. I'm tired of bankers screwing up and still giving themselves huge bonuses. Hopefully Congress will pass strong banking regulations, and we'll have at least 50 more years of financial stability. Until we forget again how bad this was, and convince ourselves the regulation is a problem and not a solution.
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