The Boston Globe has an interview with Elizabeth Warren, the chair of the Congressional Oversight Panel that is overseeing the bailout of America's financial system (thanks to Lex for the pointer). It's a pretty quick read and if you're at all interested in what's going on with your trillions of dollars in taxpayer subsidies to the financial muckety-mucks then I suggest you read it. Here's the end of the interview, which I think gives you an idea of the stakes:
Q: Is there anything else that you would want people to understand?A: I don't have a badge and a gun. The power of this panel is derived entirely from the voice of the American people. If they stay out of the policy debates, then Treasury can spend at will and reshape the American economy with no one in the room but insiders. If they are involved, the policies will look different.It's the design of the rules going forward that will tell us or that will determine whether we are moving to a cyclical economy with high wealth, high risk, and crashes every 10 to 15 years. Or whether we will emerge, as we did following the new regulatory reforms in the Great Depression, with a more stable economic system that benefits people across the economic spectrum. It's an amazing moment in history.