Without all the yowling that accompanied recent changes in our insurance-regulated health care system, which actually don’t qualify as major reform, Congress is well on the way to passing a major reform bill that will have long-lasting beneficial effects for all of us.
Legislation to put controls on Wall Street shenanigans and the high-handed robbery practiced by credit card issuers hardly drew a ripple of interest in the media compared to the hue and cry about health care adjustments. Yet the financial reform measure is much more significant. It undoes a whole lot of ill-advised deregulation dating back to the Reagan years and rampant throughout Clinton’s time in office and both Bush administrations.
Could any members of those administrations actually have believed that bankers and brokers would regulate financial dealings in the interests of our citizens? Ridiculous. It is a government function to establish a financial system and to control it. Period. That’s not socialism, or fascism, or any other kind of ism. It’s just plain common sense.
The financial giants rolled out their big guns and bankrolls and lobbied hard against any return to controls that history showed work, plus a few more to counter creative (read crooked) dealings they thought up in recent years. For once, Congress listened to the American people, not the lobbyists.
I’ve laid some harsh criticism on our Representatives and Senators of late, but this time they deserve a round of applause. They proved that our system of government can work to serve us.