I think I am in love. With a Federal Reserve Governor.
Have a read of this speech from Fed Governor Sarah Bloom Raskin, titled Creating and Implementing an Enforcement Response to the Foreclosure Crisis.
“More fundamentally, a failure by regulators to enforce the laws and regulations as strong antidotes to financial misconduct and unsafe and unsound practices by the institutions they regulate establishes de facto acquiescence to the dominant norms of the financial marketplace. At that point, our laws become the resting place for unfair practices and broad disrespect for the law generally.”
She quotes Shakespeare as to why we need to support the law, why enforcement against rogue banks is crucial to society.
Now, it should not be a big deal that a central banker believes in the rule of law. (Hey, that J.D. from Harvard Law wasn’t a waste of time after all!). Perhaps it even is an indictment of the past decade that its even noteworthy.
But Goddamit, its a start. It is an improvement over the lawlessness, the refusal to prosecute bank crimes, lawlessness, perjury, as this administration and its banker toady Treasury Secretary have unfortunately made into official policy.
Go read the speech.
Tell the Fed to fire Kathryn Wylde (September 7th, 2011)