We need to watch this very closely, because there has to be some flexibility in the ways of industry, what assets to buy, what insurances to get, but with that it also means that there is plenty of room for poor judgment or outright abuse. I think we need to be paying very close attention. I’m concerned that there hasn’t been as much transparency as promised. Some of the documents have been redacted when they were put on the internet. I agree with all the other members who said today that we need to be doing a lot more about foreclosures. As long as the housing market continues to collapse, we’re not going to get control of the problem in our financial institutions.

In addition to the problem with the financial services industry, we also have a pretty severe recession. It’s probably going to last a year, and it’s probably going to be the worst one we’ve had in a generation. Certainly we need to be doing all we can to get the economy moving again, not just trying to deal with the problems in the financial services industry.

This entry was posted on Tuesday, November 18th, 2008 at 2:37 pm and is filed under Uncategorized .