Good Government
by digby
I don't know if he said this with a wink and a nod or not, but it's interesting anyway:
Top White House economic adviser Lawrence Summers on Tuesday urged businesses to embrace financial regulatory reform to prevent another severe economic crisis and ensure long-term health of their companies.
Summers, director of the White House National Economic Council, reiterated President Barack Obama's call for stronger financial regulation, including giving regulators the power to properly address the failures of large institutions and protect their customers.
He asked leaders of business and public policy at the Citizens Budget Commission's fundraiser in New York to accept the role of government in preparing for and responding to crisis. Business should support, rather than thwart the government in its efforts, he said.
"A strong government (that) responds to market failures, provides social protection regulates potential abuses and supports economic conditions is undeniably in the long-run interest of business," he said.
While Summers said he understood business antipathy, "history teaches us that active government is a necessary force," he added.
His pleas came as negotiations over financial reform dragged on in Washington, with strong disagreements on creation of a new government watchdog for financial consumers. Senate Banking Committee Christopher Dodd has been trying to bridge a gap with Republicans, who oppose an independent consumer protection agency, and discussed with Republican Senator Bob Corker the possibility of making the agency a division of the Federal Reserve.
I have almost zero faith that the financial reform that Summers is talking about will amount to much. But I do like the rhetoric, which is something I don't hear enough of from these Big Finance Boys in the government. He at least makes the case for government involvement actually being good for business in the wake of the destruction of the last two years, which is the least we can expect from someone who represents The Department of the Treasury.
Baby steps.
Meanwhile, this is only mildly funny. But I'm linking it solely because of Darryl Hammond's impression of Bill Clinton which always cracks me up:
Funny or Die's Presidential Reunion
Barack Obama gets a surprise visit in the night from ex-Presidents Bush Sr., Bush Jr., Clinton, Ford, Reagan and Carter to get a few pointers about the Consumer Financial Protection Agency and why it's so important.
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