Nancy Cleeland is a Pulitzer Prize winning journalist with an extensive background in labor, immigration and international trade. During a decade at the Los Angeles Times, she covered major labor disputes, including a port shutdown and several regional strikes, and exposed harsh conditions faced by immigrant workers. She was a lead writer on a 2004 series about Walmart's labor policies and sourcing practices that won the Pulitzer, Polk and other prestigious awards. Earlier, she specialized in coverage of the U.S.-Mexico border and Latin America, including a 3-year stint as a Mexico City bureau chief. Cleeland now leads EPI's efforts to monitor and evaluate the extensive federal bailout program.
1- Given the role of mega-banks and insurance companies in the current crisis, shouldn't the U.S. be more concerned about letting financial players get too big? What in the reform package will prevent continued consolidation? 2- As the Federal Reserve's balance sheet and responsibilities expand dramatically, is it time to look at restructuring the body to make it more diverse and democratic? … Read more
The plan calls for enhanced monitoring and supervision of too-big-to-fail institutions, and sets out an orderly procedure to bring them through a bankruptcy when/if they do fail, but it does not question their existence or seek limits to their size and/or complexity. This is a missed opportunity to seriously engage in a discussion about the concentration of financial assets in a relatively few corporate hands -- a discussion that the public and many institutions, including small banks, are ready to have. Certainly, all of the suggestions are good and worth doing -- who would argue against closing regulatory loopholes, protecting… Read more
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