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Friday, April 30, 2010

Financial Reform Manifesto

1. End the bailouts by forcing big financial companies to put aside money now, so if there's another AIG-like disaster, taxpayers won't be on the hook. We'll use the big banks' own money to shut them down.

2.Protect consumers by creating an independent watchdog that would finally stop credit card companies, mortgage brokers, and big banks from hiding information in the fine print.

3. Shut down the "shadow markets" by cracking down on the backroom trading that put our economy at risk. Unlike the stock market, these "shadow markets"—where trillions of dollars of "derivatives" are traded each year—are secret, highly risky, and virtually unregulated.

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