“Nothing has changed”: Rob Johnson warns that Wall St. is doing business as usual

Today on the Real News Network, Robert Johnson, Director of Financial Reform at the Roosevelt Institute, talks to Paul Jay about the need for a new economic paradigm and the inadequate financial reform bill making its way through Congress. Johnson, who has recently been chosen to head George Soros’ Institute for New Economic Thinking, warns that the bill in its current form allows Wall Street to continue to do business as usual. And that risky business could push the economy right over the cliff again.

Paul Jay:  “What’s changed that would stop it [another crisis] from happening all over again?”

Robert Johnson: “Nothing has changed in the legislation on regulation, and that’s very haunting. Many, many people now can see that the House bill that just passed by Barney Frank’s committee is really not up to the task….I don’t think this is as much a failing of intellect, but a failure of will, given the role of money in politics and given the power of financial sectors’ money in lobbying.”

But, as Johnson puts it, “the public is not buying it.” Public outrage is growing, and Johnson thinks that Obama will increasingly be held to account for the lack of serious effort to reign in Wall Street.

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