The Importance of Reform in America

A lack of oversight in Washington and on Wall Street is exactly what got us into this mess. When Tim Geithner was testifying to be confirmed as Treasury Secretary he said I have never been a regulator. The new president of the New York Fed is William C. Dudley, former chief economist of Goldman Sachs whose paper with Glenn Hubbard praised derivatives. Obama's chief of staff, Rahm Emanuel, made $320,000 serving on the board of Freddie Mac.