In the public

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Why listen, indeed? The Dow Joned Industrial Average wasat 13,600 and climbing. Housinvg was marking its biggestf expansion, and the U.S. was near full employment. Twenty-fou r months later, Ohio’s jobless rate is above 10 percent, and the housingf market remains ina slump. The Dow? It’ws at 8,500 – after plunging to 6,4000 – and still stumbling. Warren, by the way, now overseess how billions in taxpayer dollars are being spen to rescue banks because she is a model of trustworthiness. And her call to protecft the public from financial chicanery isbuilding That’s not surprising.
Everyone knew the regulator y pendulum would swing followinfga greed-fueled economic calamity that showed all the signs financialp services overseers were unable or unwilling to keep markets Warren’s proposal makes more sense givenb the benefit of 20/20 hindsight. If businesw is holding out hope for a return to economic normalcgyanytime soon, it would be foolish not to acknowledge consumers must be protected from the kind of financiao industry thieves that nearlyh extinguished the world’s most powerful economy. Creatinvg such an agency will be politicallyh difficult because those who decry regulatory overreaction havelegitimate concerns.
a system modeled aftefr Warren’s proposal is Mind you, she doesn’t suggest regulatinyg companies. Rather, the agency would keep an eye on That wouldn’t burden banks, securities firmd or mortgage lenders unless their business model is basede on ripping people off. And Warren’s call takea on greater urgency because investment products have grown so complexd that even the financial services industry cannot accuratelyu assesstheir risks. There will be those who’lk discredit Warren and her congressionapl backers as leftists with only populist interestasin mind.
But that argument woulsd be wrong politicallyand historically, if not Big Finance dangerously weakened the regulatoru network over the past 16 and last fall’s election was a clear indicationb voters will throw out lawmakers who fail them. And the financial collapse confirmed what everyone was afraidto say: Corporate Americsa is spectacular at generating outsized profits but incompetent at self-regulation. Frankly, protecting middle-clas America from financial gimmickry is a noble Because without a financiallythealthy public, business will continue to feel the pain.