Congress, Wall Street will cause the next financial crisis

Given the slew of questions that have been raised about the $700 billion bailout of Wall Street firms, Congress is right to reject open-ended grants of power at untold cost, writes Sarah Binder.

The Wall Street Reform and Consumer Protection Act was enacted in response to the worst financial crisis since the Great Depression, caused by years of lax enforcement of regulations and zero accountability for the nation’s financial institutions.

“You have a Congress that’s been unable to function effectively. It’s the biggest deal by a major Wall Street firm since the financial crisis – so what’s the rationale? The bank wants in on.

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"Financial Crisis Inquiry Commission" Expert Panel Found Wall Street Recklessness Caused The Crisis. Right-wing interests, chiefly the U.S. Chamber of Commerce, have claimed the FCIC’s report is biased. Political Correction debunked those claims when the report was released. Read our full fact check of that claim.

Wallison, Encounter Books, 356 pages, $27.99 Eight years after the nation’s financial system began its rapid slide into calamity, we all know why. Greedy Wall Street. recent Congress, makes it.

Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies.

How a GOP bill could cause the next financial crisis A reboot of bankruptcy law for the big banks would put wall street in line before Main Street, again. Wall Street’s gambles and risky borrowing directly led to the financial crisis, causing the collapse and near-collapse of megabanks and greatly harming millions of Americans.

Wall Street is now thoroughly emboldened as the financial elite follows the mantra of Kelly Clarkston’s hit song: "What doesn’t kill you makes you stronger." Since the crisis of 2007-08, the Big Six US banks-JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs, and Morgan Stanley-have seen.

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At the heart of the financial crisis were unresolved, and often undisclosed, conflicts of interest," said Dr. Coburn. "Blame for this mess lies everywhere from federal regulators who cast a blind eye, Wall Street bankers who let greed run wild, and members of Congress who failed to provide oversight."