University of California economist and former Clinton administration Labor Secretary Robert Reich argued yesterday that real financial reform is not happening because Wall St. is spending too much money on Capitol Hill to let it. Reich boiled the complexities of what is needed for financial reform down to three basic principles: 1) No bank should be too big to fail; 2) The pay of Wall St. bankers should be linked to long term profits, not short term bets; 3) Resurrect Glass-Steagall Act that used to separate commercial banking and investment banking. Watch it:
0 by Timothy Hurst on January 28, 2010
About the Author:
Timothy Hurst is the editor at Ecopolitology and Earth & Industry as well as the executive editor of the LiveOAK Media Network. He writes mostly about energy and environmental politics, clean tech, infrastructure and green business. When not reading, writing, or talking about environmental politics to anyone who will listen, Tim likes to ski, hike with his aging lab and get dirty in his Colorado veggie garden. Find Tim on Google+.
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