Just finished an article on Wellness in the Financial Times. According to Professor McKee of The London School of Hygiene and Tropical Diseases, he concludes that self regulation just doesn’t work. He cites factors behind the success of efforts to reduce smoking. He concludes, that bans on advertising and bans on smoking in Public stopped people from smoking. Not self regulation. He proclaims that self regulation just doesn’t work.
Therefore, if Regulation has to be at the heart of wellness and preventative policies, why shouldn’t Regulation be expected to curb Bankers excesses? As the books are continuing to be written on our Financial Meltdown, it becomes clear that now, more then ever, the Banks must be regulated and/or the personal penalties have to be so severe to curtail risks taken with The People’s Money.
According to Mr. Barofsky, the top cop at TARP and now an NYU Law Professor, he believes the Public has a right to be angry. The Banks were protected while Main Street was consciously left to foot their bill and implode. It’s not over yet. Unemployment is still at an all time high. There is no visible Regulation on the horizon to protect the public from another financial meltdown. The Banks that were made too big to fail in 2008 are now even bigger. The thought process that led us into de-regulation was flawed. It doesn’t matter whether you are a Democrat or a Republican, Regulating the Banks is a necessity. Bankers must have “skin in the game”, just like Main Street!
To keep silent now, is being an enabler of dreadful behavior. Worse, those who remain silent are co-conspirators and tacitly agree that the Banks should flourish at the expense of The People. To all of my followers, I urge you to speak up for Bank Regulation. NOW IS NOT THE TIME TO REMAIN SILENT.