Talking about Steven Pearlstein – Big business pleads for loopholes in financial regulatory reform

 

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Steven Pearlstein – Big business pleads for loopholes in financial regulatory reform

Here’s a simple explanation for the financial crisis: Too much cheap credit was extended to households, businesses and even sovereign governments that couldn’t afford to carry that debt or pay it back. The obvious implication is that, going forward, credit and other financial risks should be made more expensive and harder to get. Now, however, as we close in on the endgame for financial regulatory reform legislation, special interests are crawling out of the political woodwork demanding loopholes and exemptions. And if you strip away their end-of-the-world-as-we-know-it rhetoric, their basic complaint is that the reform bill would make credit and other financial risks more expensive and harder to get — in other words, the bill is doing exactly what it is supposed to.

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