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Deconstructing the Administration's Financial Reform Program
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Abstract:
In this article for New Labor Forum, Gerald Epstein
describes the Obama-Geithner plan for financial reform as “mostly inadequate to
the task.” Epstein reviews the plan point-by-point, indicating particular areas
of concern and describing the current discussion among progressive economists
on alternative approaches to each goal. He looks to a coalition of unions,
economists, and concerned citizens to oppose the administration’s proposal,
stand up to the pressure of banking lobbyists, and demand that President Obama
deliver on his promise that “financial institutions that pose serious
risks—systemic risks—to our markets should be subject to serious oversight by
the government.” |