Financial reform is not free for the same reason it is necessary. This Zero Hedge post makes it clear that Wall Street is sending warning signals. The world did not get in its present condition by the collective responsible, conservative, ethical and wise actions of all players in government and the financial markets. It got in its present condition by too many power brokers being just the opposite for too long. We’ve had a huge financial market unwind and rewind. The extent of the rewind is based on rosy assumptions that we can simply return to normal with the passage of a little time. But I do not know that Shiva is done. In the best possible scenario there will be shifts in global and financial power. When you add a reform effort to the mix there will be winners and losers. We really need the winners and losers of the last decade to change seats. If the wealthy and the powerful would volunteer to be losers for awhile, and let citizens win, we may eventually get prosperity in this land again.
The author predicts that next week might be like the Titanic sequel, implying there is a sort of Fate to reckon with. Perhaps. I do not agree with the argument I read elsewhere that somehow we have to prop up the big six banks in order to hold up the world. How absurd is that? (unless you mean the other kind of “hold up”) The big six banks are going to change. The question is whether they will go kicking, screaming, scratching out for themselves every last dime, or whether they will put the interests of the world and its citizens in front of their own interests? If the big six act for themselves only, we are in for a wild ride. The vultures will pick at their bones.
On the other hand, if these CEOs will rise to the level of statesman, I believe they can find an orderly way to restructure which does not disrupt the entire economy. Rather than playing the Dick Fuld, they should play Lord Mountbatten and oversee the most orderly transfer of sovereignty possible under the circumstances. That requires a release of wealth and power and giving it over to the democratic process. In doing so they may salvage a Commonwealth out of an Empire.