Reform madness runs rampant in Congress

Reform madness runs rampant in Congress

Wall Street v. Main Street has become the preferred dichotomy in the news regarding financial reform. And as journalistic shorthand goes, it is a fairly workable phrase. Free market theory, we are told, became a belief system that argued for less and less regulation of the financial markets. Aggressive deregulation ensued, and Wall Street, succumbing to its own excesses, brought on the crash, which required the massive bailouts from Main Street.

And now Congress finds itself with the urgent task of restoring the kinds of regulation that kept the financial world on an even keel for the previous six decades.

Astonishing as it would seem, the Republican senators have placed themselves firmly athwart this effort, on what looks to be the wrong side of this dichotomy, and instead of strongly representing the interests of Main Street, they seemingly have given all of their loyalty to Wall Street.

Jerry Nutter

Ashland