Financial reform sorely needed

The United States Senate recently plunged to the depths of political hypocrisy. As senators from all political stripe castigated executives from Goldman Sachs for financial failings, the Republicans unanimously prevented the issue from being debated on the Senate floor.

Have we not learned from the past? Have the junk bonds and savings and loan scandals of the 1980s taught us nothing about lack of effective regulation? Will we repeat the same lack of learning out of the current issue on derivatives?

It is no wonder that the public continues to express lack of confidence in Congress. Partisan politics and the demons of ideology have overwhelmed any consideration of the public good. A senator can play to the media and the voters in a committee hearing and then follow the orders of party leaders to prevent a debate on addressing the very ills they complained about in the hearing.

I have heard little from financial and economic experts but that we must update the regulation of the financial markets to reflect the times. Failure to do so will inevitably lead to repeating the same negative results of the '80s and the past decade.

Let your voice be heard in November on both Senate and House races. Listen to the candidates and vote for those who are pro reform. The public good must be prioritized above partisanship.

Royce M. Blackwell

Elgin