bobschacht

I received an email from Tim Kaine on behalf of the Democratic Party, asking me if I wanted a bumper sticker proclaiming “DEMOCRATS: Change that Matters.” Tim didn’t ask for my opinion, but I gave him mine.

It has become fashionable on the Left to feign a world-weary cynicism. The “Audacity of Hope” is often considered a utopian conceit, and a New Fatalism has descended upon the Left. We must not be afraid of the inspiration that we got from the Audacity of Hope, even if our prophet seems to have feet of clay.

Momentum is building to do *something* about economic reform– not just in Congress and in the White House, but also in conferences and in the Financial Crisis Inquiry Commission (FCIC). But will it be enough?

During the past few days, the FCIC has held three days of hearings devoted to Subprime Lending and Securitization and Government-Sponsored Enterprises (GSEs). Stars of the show included Alan Greenspan and Robert Rubin. But there were many other witnesses as well, and many of these deserve attention.

The recent hearings of the FCIC were important, but received little notice in the press. However, there is at least one good summary. Another important Financial crisis hearing takes place tomorrow.

In a busy news week, the Financial Crisis Inquiry Commission will hold new hearings tomorrow. An update on FCIC work is provided.

Financial Crisis Inquiry Commission, the modern sequel to the “Pecora commission” that did such important work after the Great Depression, Begins Hearings This Week

Obama and his economics team claim that they want regulation of financial services. A congressional commission, modeled on the Pecora commission that was created in the wake of the Great Depression, has been appointed and has conducted its first meeting. And this week, Frontline did a special, “The Warning,” about a federal official who clearly saw in the last years of the Clinton administration what could happen– but she was slapped down by Alan Greenspan and President Clinton’s team of economic advisors, and her warning was ignored. We need to keep our eyes on the ball.

We know who the Blue Dogs are in the House of Representatives, because they self-identify. But who are the Blue Dogs in the Senate? Several measures are proposed, and used to identify the Senatorial Blue Dogs.

The Pecora Commission was one of the landmark events of lesson-learning from the Great Depression. Will the new commission measure up, or fall short?