Time to Make Noise!
Since my last post I have had an “ah ha!” moment. It came on the heels of watching a seven-hour forum on the financial system. Sponsored by Better Markets, and kicked off with an appearance by Sen. Elizabeth Warren, it was a gathering of experts on finance to discuss where we are today, 15 years after the Lehman collapse.
Long story short, there was a lot of hand wringing. And no one on the panels provided a solution to the systemic tsunamis that surged and will surge again. The consensus was basically this is the system we are stuck with and there is no political will to change it. That’s not good enough.
I was disappointed that the panels lacked any reformers.
A few days later while perusing my friend, Mary Fricker 's website, www.repowatch.org, I saw the release of a paper titled “A Ten-Point Plan for Making Banking a Public Utility,” written by Lev Menaud and Morgan Ricks . Menaud is affiliated with Columbia University Law School while Ricks is a law professor at Vanderbilt. The paper is published by Vanderbilt Policy Accelerator for Political Economy & Regulation.
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Here's what they said, “What we need is a comprehensive, structural transformation that will stabilize banking.” And they deliver. I suddenly realized that the Better Markets of the world are failing us because they are working within a system that is unfixable. Whack-a-mole does not a monetary system make.
Now, Menaud and Ricks have handed us what should be the definitive solution to seeming insurmountable challenges. It is that good. I am including a link and I want you to share it with anyone breathing, especially your representatives in Congress. Make noise! Let’s get this thing DONE!
M.E. Tuthill is the author of “Repo Madness: A Simpleton’s Guide to the Street’s Wicked Ways.”