That's Money, Honey
Is the finance bill real change or just reform porn?
In the hairy wilds of last summer's health care hysteria, it seemed even to fervent supporters like Obama was crazy to put health care in front of financial reform. But maybe he was just crazy like a fox.
Though there's been plenty of anger to go around since the Lehman Brothers implosion brought the economy crashing down. But there's been oddly little blame. Maybe it's because, after a decade marked by terrorist attacks and natural disasters, we assumed this was another blow that it was impossible to see coming, an image the financial industry was more than happy to promulgate.
So maybe it was wise to wait for the glaring red flags to sink in — Matt Taibbi coining the term "vampire squid" in his takedown of Goldman Sachs; revelations of Lehman Brothers' use of the Enron school of financial bookkeeping, and of course bonuses, bonuses, bonuses.
The civil suit filed against the S.E.C against Goldman and the subsequent leaked email of making stacks of cash while Rome burned seems pretty serendipitous as well. When Ben Stein wants financial regulation, you know you're onto something.
So now we have an election year in which the President is enacting major legislation and — unlike the health care debacle — the country overwhelmingly supports it. According to an ABC News poll just released, 65 percent of Americans back financial reform. The only demographic where this does not seem to be the case is among Senate Republicans, who may attempt to filibuster an attempt Monday to open the floor to debate on the financial services bill.
Hmmm... good luck with that, guys.
But before the merits of the bill take front page this week, may I humbly offer one addition? In addition to regulating the financial frat boys, let's oversee the overseers as well.
With new reports of how senior S.E.C. staffers were watching porn instead of watching the economy veer towards collapse, its not only obvious now that regulators were blind, but also how they got that way. The Associated Press lists one senior attorney at the SEC's Washington headquarters who watched eight hours of porn a day, downloading so much he not only filled up his hard drive but burned DVDs and kept them in boxes around his office.
Can one get any work done while consuming that much smut? A person only has so many hands.
So if potentially toothless regulation isn't the answer, what is? If only the financial industry could be forced to hire employees who are more averse to taking wild speculative risks with other people's money, and who aren't in the habit of watching hours of porn every day. Wouldn't that be effective reform.