David vs Goliath

by digby

Chris Hayes reports on a new progressive organization to lobby for financial system reform. It is something that is badly needed, obviously, although the picture he paints doesn’t leave me feeling as optimistic as he is about it.

It’s very hard to see how this can happen as long as the Masters of the Universe and the politicians are all members of the same club. But it’s certainly worth trying.

Update: On the other hand, the combination of that with this effort could be significant — if the right people are chosen for the commission:

Word is circulating in Washington that members for the Financial Crisis Inquiry Commission will be named this week. The commission is supposed to resemble the 1930s Pecora commission that dug into the culprits behind the Great Depression and laid the groundwork for major bank reform. But that will only be true if the commission is run by aggressive seekers of truth, independent of the financial industry, willing to use their subpoena power, knowledgeable enough to have warned us of impeding crisis in the first place despite market cheerleading from the political and media establishments.

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