Thursday, September 18, 2008

Main Street and Wall Street

From Nancy Pelosi
"We are here to work together for solutions ... in a way that insulates
taxpayers, consumers, Main Street from the crisis on Wall Street," she said.

But the crisis began in Main Street and has spread to Wall Street, as David Weidner rightly argues
Though a lack of regulation did have a central role in the financial crisis, it's not a complete explanation, and a response to that factor will not be the whole solution. Deregulation didn't push homeowners to take on mortgages they couldn't afford. It didn't push ratings agencies to sign off on the junk.

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