An Astute Translation of the Banks’ Case Against New Regulations
The finance industry, seeming to forget that it was responsible for the economic turmoil that’s pushed unemployment above 10 percent, is lobbying furiously (and
Jul 31, 2020215.5K Shares6.9M Views
The finance industry, seeming to forget that it was responsible for the economic turmoil that’s pushed unemployment above 10 percent, is lobbying furiously(and successfully) against Democratic legislation designed to protect consumers and prevent a similar episode in the future.
Yesterday, industry representatives held a conference call with reporters boasting about just how effective they’re fight against the proposed reforms has been. Washington Post columnist Dan Milbank today capturesthe essence of the industry’s reasoning:
“„[T]he argument most likely to prevail for the financial firms on Capitol Hill was offered by Chris Stinebert, [head of the American Financial Services Association]. “Especially now, when we’re in a very, very sensitive time, when the capital markets are just starting to recover,” he said, “introducing a high level of uncertainty in the marketplace could be very detrimental.”
Most of America, though, will have a tough time sympathizing with the alleged misfortunes of Wall Street firms, some of which are posting record profitsat the same time that unemployment continues to leap.
With that in mind, Milbank offers his translation of Stineberts argument:
“„[T]o put it another way: Don’t regulate us now because the economy is still suffering from the mess we made because we weren’t regulated the last time. Chutzpah, it appears, is recession-proof.
Dexter Cooke
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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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