According to James K. Galbraith, author of The Predator State: How Conservatives Abandoned the Free Market and Why Liberals Should Too, the financial crisis is not yet over; we are barely beginning to recover. In a piece he recently wrote for The New Republic, he talks about what needs to be done in order for America to get back on the right track: making the banks “feel the power of the law in their bones.” Here is an excerpt:
The financial crisis in America isn’t over. It’s ongoing, it remains unresolved, and it stands in the way of full economic recovery. The cause, at the deepest level, was a breakdown in the rule of law. And it follows that the first step toward prosperity is to restore the rule of law in the financial sector.