US Financial Crisis Sparks Harsh Criticism of Regulatory Efforts
As officials in the Bush administration put on a full-court press this week to persuade Congress to enact emergency financial rescue legislation at a price tag that reportedly exceeds the cost of the Iraq war, the situation has sparked a firestorm of criticism concerning regulatory efforts, past and present.
A sampling of the coverage:
American Lawyer (reg. req.): “Bailout Boneheads: Congress Doing More Harm Than Good, Says NY Securities Practice Boss”
CNN (commentary): “Bailouts will lead to rough economic ride”
Garrison Keillor: “Casanova’s campaign for chastity”
Los Angeles Times: “Keating 5 ring a bell?”
London Times (editorial): “Save the world? Hank just didn’t have a clue”
Miami Herald: “Latin leaders criticize U.S. bailout”
Meanwhile, satirists are putting a humorous spin on the situation:
Economists’ Voice (reg. req.): “Dr. StrangeLoan: or How I Learned to Stop Worrying and Love the Financial Collapse”
Oregonian: “For a bailout, press ‘One’ “
Raw Story: “Viral e-mail forward mocks Wall Street bailout”
Updated at 5:30 p.m., central time, to include link to Miami Herald article.
