At your request
Especially for pslarkin, I present a summary of my feelings about A New Way Forward. My thoughts in italics.
“No more blank check taxpayer handouts.” – good “Nationalization” – baaaaad
“The financial elite must share in the cost of what they have caused. ” – They should share in the cost by going out of business!
“Banks must be broken up and sold back to the private market with strong, new regulatory and antitrust rules in place– new banks, managed by new people.” – reminds me of the law they passed in Atlas Shrugged…
“…the U.S. government… failed to protect its citizens through regulation and oversight. “- It was, in fact, over-regulation that caused this.
“…a new direction… that values economic growth, but protects the well-being of the public before the bank accounts of the world’s financial elite.” – It shouldn’t be the job of the government to weigh the importance of “the financial elite” against the “well being of the public,” or for that matter to “value economic growth.”
“This is a time for a level-headed government to step in and steer unhealthy banks away from more risky bets.” It’s not the government’s job to impose risk aversion. – This is the attitude that makes it so hard to sell the risky assets that they are always complaining about not being able to sell. Risk isn’t bad!
“The banks know that the government considers them too big to fail; if nationalization is off the table, what incentive do they have to act in the public interest?” – Two words: invisible hand.
“At some point, private profit took over as the only value to consider in building an economy.” – Three words: see previous comment.
“We must have an independent regulatory body that protects consumers against usury and predatory lending and shuts down any industry behavior that poses a systemic risk to our financial system.” – Usury = mutually beneficial (i.e. voluntary) trade. People need to look out for themselves.
“Credible experts from all over the political spectrum agree that the current bank bailouts are failing.” – Agreed
“If our government is to take decisive action to rebuild the economy in a way that protects the public, it will require Americans to fight back against this corruption. We must organize ourselves around serious ideas to demand a new way forward or things simply will not change. ” – This is absolutely right. I don’t think this organization is headed in the right direction though.