One of the points in this long article struck me:
... the refusal of Wall Street to honor its implied obligations to the holders of hundreds of billions of dollars worth of auction-rate securities, the auctions of which have stopped in their tracks
because I had just be reading this
Mich. AG settles with Comerica in securities probe - AOL Money & Finance
Comerica, which did not admit or deny the allegations, has agreed to offer full buybacks to 1,500 account holders who bought the risky investments that have led to similar probes and settlements nationwide.
Comerica also has agreed to pay a $10,000 statutory fine, $100,000 to a state-run investment advocacy group and $750,000 to the Financial Industry Regulatory Authority, the industry's self-policing body.
The Dallas-based company said the buyback will trim its third-quarter earnings by $75 million, or 50 cents per share, and that its dividend will be reduced by 50 percent beginning in the fourth quarter.
Where's the outrage? As the author points out, some people got what they wanted - easy to get mortgages at low interest rates. Some others sold houses for big profits.
Those of us who can connect the dots have to wade through lots of complexity. We know that the history of "reform" is that we solve the last crisis, but not the next one.
We also can't figure out how to make our outrage felt. If Mr. Grant has some ideas, I'd like to see them. We certainly can't "throw the bums out", because both parties have some responsibility, and all candidates say they aren't going to let this happen again. What, exactly, should I do?