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Financial Reform | Wall Street

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April 26, 2010

Coalition of the Unwilling

Diverse individuals and businesses are hurt by the financial system. Can they coalesce?

American Prospect

By Heather C. McGhee

In sum, there is a huge, majority coalition of unhappy customers of Wall Street. This is the prime constituency for real reform. The trillion-dollar question, of course, is where the White House will be. President Barack Obama got a taste of the fruits of progressive leadership when he won health reform. But on banking, at least for now, the Bush administration's mission to preserve the system in 2008 has ended up being the same mission of the Obama administration's reform plans in 2010. But the system--highly leveraged, opaque, overconcentrated, and dominated by shadow market players and practices that didn't exist even a decade ago--is fundamentally not worth saving. In the years ahead, we will need many more voices to convince the powers that be of that truth.

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