Legislation for the 1% – Financial Industry Category

Simon Johnson explains why the current JOBS bill is a big mistake. He describes how the bill is basically a(nother) big giveaway to the financial industry by loosening reporting requirements and undoing some of the Sarbanes-Oxley requirements.

Shouldn’t we be smack in the middle of a progressive movement? We had the biggest recession since the Great Depression, caused in no small part by financial shenanigans. And instead of reining in the financial sector and putting the pinch on the 1% (and 0.01%), we are still allowing them to call the shots.

Was the financial crisis of 2007 (ok, really 2008) only a prelude to larger excesses to come just as the Knickerbocker financial crisis of 1907 was? Will we have another roaring decade in the 2020s only to be followed by Great Depression II in the 2030s? It’s almost enough to make someone a numerologist.

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