Geithner Announces Regulatory Reform Plan
Posted in Main Blog (All Posts) on March 27th, 2009 4:40 am by HL
Geithner Announces Regulatory Reform Plan
To the House Financial Services Committee Thank you Chairman Frank, Ranking Member Bachus, and other members of the Committee. I appreciate the opportunity to testify about the critical topic of financial regulatory reform. Over the past 18 months, we have faced the most severe global financial crisis in generations. Some of the world’s largest financial institutions have failed. Equity and real estate prices have fallen sharply, eroding the value of our savings. The supply of credit has tightened dramatically. Confidence in the overall financial system, in the protections it is supposed to afford for investors and consumers, has eroded. These financial pressures have intensified the recession now underway around the world.
Drugs, Guns and a Reality Check
WASHINGTON — It’s an indictment of our fact-averse political culture that a statement of the blindingly obvious could sound so revolutionary. “Our insatiable demand for illegal drugs fuels the drug trade,” Secretary of State Hillary Clinton told reporters on her plane Wednesday as she flew to Mexico for an official visit. “Our inability to prevent weapons from being illegally smuggled across the border … causes the deaths of police, of soldiers and civilians.” Amazingly, U.S. officials have avoided facing these facts for decades. This is not just an intellectual blind spot but a moral failure, one that has had horrific consequences for Mexico, Colombia, Peru, Bolivia and other Latin American and Caribbean nations. Clinton deserves high praise for acknowledging that the United States bears “shared responsibility” for the drug-fueled violence sweeping Mexico, which has claimed more than 7,000 lives since the beginning of 2008. But that means we will also share responsibility for the next 7,000 killings as well.
