The American Banking System

Here is a very good interview by James Surowiecki speaking with Congressman Barney Frank:



I like Frank's optimism. He is "very confident" that the US can fix the financial problems:

• Teddy Roosevelt/Woodrow Wilson regulation changes: Federal Trade Commission, Anti-Trust Act, and the Federal Reserve system.


• Franklin Roosevelt regulation changes: Securities Exchange Commission and FDIC.

I like the way Barney Frank comes down hard on Alan Greenspan as an ideologue who simply didn't accept that regulation was necessary. This is comic because the key role of the Federal Reserve is to regulate the financial system!

I think Barney Frank will be viewed by history as a great legislator. I especially enjoy the part 17:00 into the video where he points out that the cost of the Iraq war would have paid for health care twice over. Nobody on the right got excited about the cost of the Iraq war, but these same people are beating to death the attempt to improve health by talking about the "costs".