As the former attorney general and later governor of New York, Spitzer prosecuted some of the most notorious white-collar crime and securities fraud on Wall Street. He now questions whether we have what it takes to regulate and reform the banking industry.
Does "too big to fail" mean too big? Without successful financial regulatory reform, are we just waiting for the next economic meltdown? Spitzer will examine whether the Obama administration is up to the task or whether taxpayers may be on the hook for the next crisis.
Mary Cranston is Senior Partner at Pillsbury Winthrop Shaw Pittman LLP. She is the Immediate Past Chair of the Commonwealth Club Board of Governors.
Eliot Laurence Spitzer is an American lawyer, politician and the former Governor of New York. Spitzer was elected governor in the November 2006 election.
He is the former New York State Attorney General, a member of the Democratic Party, and is married to Silda Wall Spitzer, the founder and chair of Children for Children, a non-profit organization.
Downward trend in the business cycle characterized by a decline in production and employment, which in turn lowers household income and spending. Even though not all households and businesses experience actual declines in income, they become less certain about the future and consequently delay making large purchases or investments. Consumers buy fewer durable household goods, and businesses are less likely to purchase machinery and equipment and more likely to use up existing inventory instead of adding goods to their stock. This drop in demand leads to a corresponding fall in output and thus worsens the economic situation. Whether a recession develops into a severe and prolonged depression depends on a number of circumstances. Among them are the extent and quality of credit extended during the previous period of prosperity, the amount of speculation permitted, the ability of government monetary and fiscal policies to reverse (or minimize) the downward trend, and the amount of excess productive capacity. Comparedepression.
"Eliot would do himself a favor by never praising Krugman or Stiglitz ever again"
What you must understand is Krugman & Stiglitz were correct! You probably need to stop listening to Talking Heads and read what both Krugman & Stiglitz actually are saying...Stop allowing others to do your thinking!
Get this guy into a position of power in the financial regulatory structure, ASAP. Obama has appointed a series of dopes and radicals - time to redeem yourself, Barry.
Eliot would do himself a favor by never praising Krugman or Stiglitz ever again.