...it should not be impossible for a president who pledged to change Washington’s culture to introduce a note of competence and sobriety in his justifiable fight against banks.

Not that the financial industry has done much to deserve a more adult debate. Wall Street’s normally loquacious titans have so far been deafeningly silent. Their contributions to a battle that could shape their industry for years have been limited to private rants and a misguided attempt at suing the government. (Only bankers could think that hiring lawyers would increase their popularity.)

Here is a novel idea for banking chiefs: get down from your ivory towers and propose (not lobby for, propose) a plan to reduce reckless risk-taking without harming the financial system or the economy. A nation awaits.

Read the whole piece.

Filed under: * Economics, Politics • Economy • The Banking System/Sector • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • Politics in General • Office of the President • President Barack Obama

1. Sarah wrote: RE: “Here is a novel idea for banking chiefs: get down from your ivory towers and propose (not lobby for, propose) a plan to reduce reckless risk-taking without harming the financial system or the economy.” Well we wouldn’t be in such a position had we allowed those banks that indulged in “reckless risk-taking” to go out of business, rather than taking individuals’ money and donating it to those same banks and now indulging in pontificating about the necessity of reducing “reckless risk-taking.” January 31, 11:11 pm | [comment link]

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