How The Fed Blew Its Most Important Job For Over Three Years

Transparency, audits, regulatory powers and accountability; all these are necessary ingredients that we have to demand of our finance industry. We have the right to demand that our lawmakers hold Wall Street to a specific moral code because despite what the finance industry seems to think, they do not exist in a vacuum. If Wall Street and all of its players were to accept their losses as part and parcel of the inherent risks that brings those huge rewards, then I would not be so adamant about the absolute need for the reinstatement of Glass-Steagall and even more stringent capital requirements, but since Wall Street insists in soicalizing the risks and privatising the gains, I feel that my demands are the least that they can capitulate to, if they want to continue with their fun. Personally I think that the oversized compensation that Wall Street executives receives is part of the problem and it doesn’t provide much benefit to our society. If engineers, researchers, scientists and teachers were rewarded for their work as well as the finance industry rewards their’s, it may contribute to a cycle that produces a vastly different outcome in our society; future generations of young people bent on discovery and creating as opposed to financial manipulation for greed sakes. Income inequality may see a reversal and a healthier attitude to money and what it means to society may develop as well. Senator Elizabeth Warren said it so well “We need to make banking boring again”
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