And yet when we get fairly large protests about the way the system is being run overall, critiques of the banks anbd financial institutions that should provoke even greater changes the comments that Mike makes here — and I think makes sincerely — take on a very different tone. I believe that the principle is much the same. The difference is that the criticism being made is much more fundamental and would require roll backs in some of the laws that the banking industry and the financial industry has pushed for since perhaps the end of WWII.
These industries wanted these changes, I believe, enshrined in law to prevent them from being rolled back as a result of mere comsumer pressure. The de-regulation of gas and electricity prices which gave us Enron and the deregulation of the S & L industry, which gave us the S&L scandal show us what the purposes of these deregulatory pressures are all about. The rising tide of anger at the criminal activites the various business interests have been willing to engage in at the cost of the Public good has fallen on deaf ears.
I'm as happy as Mike is that this latest outrage has been at least temporarily halted. It's long term promise of profits remains seductive for an industry that has indulged itself in an orgy of expensive consolidation which it must pay for. I don't particularly want to pay for these banks to eat other banks, grow less competitive and raise my rates. The prospect is unappealing, just as I was not thrilled at having to pay for Enron's speculative price inflation that cost California Billions which Callifornia is still stuck trying to pay.
We need some regulation to keep these folks from entirely killing off the American middle class and turning us into a nation of renters once again. The regular citizens need some protection.