Wednesday, June 9, 2010

Lessons of Financial Collapse Can’t Be Ignored

If the nation ignores the history of what caused the collapse of the financial system, says Phil Angelides,

“We will be doomed to bail it out again.”

Angelides is chairman of the Financial Crisis Inquiry Commission charged with finding the causes and culprits behind the nation’s economic disaster. Speaking at panel discussion this afternoon at the America’s Future Now conference, Angelides said he dubbed the meltdown, “the immaculate financial crisis” because no one on Wall Street, the Big Banks or the deregulating policy makers that controlled the reins of the system, will take responsibility.

There has been almost no reflection by Wall Street over the crisis because the American taxpayers gave them $1 trillion. Wall Street reform is a start, not an end. We have to commit to changes in our financial system so it works for the many, not the few.

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Source: AFL-CIO Now Blog

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