Sunday, July 19, 2009

Financial crisis inquiry commission

Here's what Campaign for America's Future co-director
Robert Borosage is hoping for:

The commission must act boldly to investigate and
expose the abuses of Wall Street that left
millions of Americans suffering. This is our best
opportunity to identify the people and practices
that got the country into this mess. ...

I trust that both the Democratic and the
Republican appointees will reflect the mandate
provided by the vast majority of Americans who
want a no holds barred investigation that exposes
the practices, legal and illegal, that are at the
base of the financial collapse.

The Commission should hold public hearings across
the country, from California to Wall Street,
exposing the systematic malfeasance that inflated
the housing bubble, and gave bankers multimillion
dollar personal incentives to gamble recklessly
with other people's money.

Only by exposing the systematic malpractices that
got us to where we are can we gain a foundation
for broad reform. The Commission can play a
critical role in insuring the public understanding
and support for the change that we need.

It is clear, though, that if progressive activists are
not shining a bright light on this commission and its
work, iit could-despite the best intentions of people
like Angelides-become nothing more than another stage
for Washington blather, resulting in yet another pile
of paper to collect dust on the policy shelves. With
the damage that has been done by the policy missteps of
people in both parties, we cannot afford, and cannot
tolerate, having this commission be anything less than
the springboard for bold changes in the financial
sector.

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