: Read about previous failures (Savings & Loan crisis, Enron Collapse). In particular, learn how the Glass-Steagall Act of the Great Depression which was enacted to regulate the banking industry has been systematically repealed since the early 1980's.
I think there are a few main points we can learn from history:
(1) We cannot trust people in the financial sector to think of the common good and to not
pursue the quick buck. In other words, the free market
doesn't work when it comes to the financial sector.
(2) These greedy individuals get together and big disasters happen
. The Great Depression happened. The S&L crisis happened. The Enron disaster happened. For each, we can point to lax regulatory laws that let the nasty event happen.
(3) Campaign contributors manipulate
the system. Legislators are prone to forget the bigger context (e.g. Great Depression) when listening to Keating beg for mercy for his little ole' S&L with a wad of bucks tucked in his hand (see McCain?
(4) Since 1980, there has apparently been no move to re-regulat
e while law after law has weakened Glass-Steagall. Although the American tax payer has repeatedly paid dearly for these crises, none of our representatives has been willing to put us back under its protection. What are they waiting for? To collect enough money in their coffers to weather the Second Great Depression
What do you think is different from the 1930's? What do you think will keep us from the Second Great Depression
? Have humans become better, more caring about the good of society? Are you kidding? We are back under the same laws that allowed the Great Depression, and it will happen unless it already has. We must elect a Congress that will finally give us back some protection. McCain?
has a long history, from the very beginning of his tenure in the Senate, supporting deregulation. Obama has no history, but at least Biden voted against Gramm-Leach-Bliley. For the love of country, let's make the only choice that gives of some hope!