[Excerpt]
... What they wrote this week in a joint Op-Ed article in The Washington Post is a condemnation of the Wall Street shenanigans they once abetted and celebrated. I hope their apparent sudden conversion to common sense indicates the seriousness of the banking regulation plan that President Obama will present to Congress today.
“Over the past two years, we have faced the most severe financial crisis since the Great Depression,” they wrote, placing the blame squarely where it belongs, on the unregulated derivatives markets they once gushed over. “The current financial crisis had many causes ... in the widespread use of poorly understood financial instruments, in shortsightedness and excessive leverage at financial institutions. But it was also the product of basic failures in financial supervision and regulation.” ...
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