Obama's plan won't rein in casino capitalism; finance must be democratized. The Fed has had enormous regulatory power but refused to use that power. In a PBS Lehrer broadcast, Alan Greenspan explained the Federal Reserve is independent and above the president! Glass-Steagal separated commercial and speculative banking. Democrats and Republicans dismantled the system over 30 years at the banks' request. Public credit rating agencies are vital. Private rating agencies encouraged speculation and knew they'd get more business if they gave all As. Do we want to reestablish a system that didn't work?
Economist Robert Polin is interviewed in this RealNews report from June 24, 2009.
link to therealnews.com