The Honorable Richard Shelby,
I watched you today both during the hearing and during your appearance on Closing Bell.
I don’t always agree with you but am in complete agreement with you on giving the Fed more power and creating another bureaucracy in the Consumer Protection Agency. It is imperative that any re-regulation be well thought out and far-reaching.
You, along with only seven other Senators had the vision to vote against the Gramm/Leach/Bliley Bill in 1999 and for that I applaud you. That, along with the 2000 Gramm bill have done more to screw up what the Glass-Steagall and other regulations did to protect us against the predatory capitalism that reeked havoc in the economy.
I would like to introduce some of my research and the subsequent articles, opinions, and letters I’ve written over the past few years. I think you’ll see that the problems were visible well in advance of the meltdown. I have been posting them on a new web site, It’s Worth an Opinion: http://worthanopinion.net. There are many past articles regarding the current banking crisis which I know will be of interest to you, including: “Too Big to Fail,” “What They Should Have Done,” “Stressed About the Tests,” and “The Irony of Re-regulation.”
I believe every member of the Banking Committee needs to read these articles and maybe get a clearer understanding of what others saw as this economic meltdown was coming.
Thank you for taking the time to address these issues. If you would like to see my letters to the Fed Chairman and Board of Governors, or one to Secretary Geithner regarding the impending death of Lehman I would be happy to send them to you immediately.
Please let me know what you think of my insights and solutions.
Author, “Final Audit”
This e-mail was sent to all members of the Senate Banking Committee after Secretary Geithner's testimony before the committee this morning explaining the need for new banking regulations. e-mailed and posted on Worth an Opinion.net, June 18th, 2009.