Former Secretary of Labor Robert Reich blasted the Obama administration's approach to financial reform on Sunday. After Obama's top economic adviser, Larry Summers, said on ABC's "This Week" that "reform is going to pass," Reich responded as part of a roundtable that Summers and his colleagues have been part of the problem.
"The fact of the matter is that Alan Greenspan and Larry Summers and Bob Rubin all -- if any trio were responsible for deregulating this financial economy, whether you're talking about getting rid of the Glass-Steagall Act that separated commercial banking from investment banking or you're talking about saying to Brooksley Born at the Commodity Trading Commission, no, you may not regulate derivatives, it's those three," Reich said.
"Now, this is my worry. Everybody is enthusiastic -- or everybody who says that they're looking at financial reform is enthusiastic about doing something about the too-big-to-fail problem. But when it comes right down to it, if you look at the details, there is nothing in the hopper right now that is going to fundamentally change the situation so that five or 10 years from now you don't have a few big banks making wild bets with other people's money and then expecting to be bailed out by the federal government."
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