Column: Let's Not Repeat Sad History Will U.S. Leaders Restore Sanity to the Economy?
Author: Errol Louis, New York Daily News
Mar 09, 2010
"America is still sorting through the wreckage of the mortgage crisis, and already congressional Democrats have forgotten the main lesson of that debacle: Lax financial regulation sets the stage for economic catastrophe.
This week, the Senate Banking Committee is expected to release a financial regulation bill that would create a Consumer Financial Protection Agency - a regulator dedicated to watching over credit and debit cards, checking accounts, consumer loans and other products used by millions of Americans.
We've never needed oversight more. The recession will drag on for years longer than necessary if predatory lenders continue draining billions from working- and middle-class families."
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Did You Know?
The effect of the financial crisis on potential U.S. output over the long term is estimated to be -2.4% per year.
Source: Organisation for Economic Co-operation and Development
