Jon Stewart deserves an award! And this is exactly what I want Jon Stewart to do with the ratings agencies. Remember my posts: Another Look At Ratings Agencies. and Rating The Ratings Agencies. Today, the Jamaica Observer ran a fantastic piece Should Jamaica Continue To Place Faith In the Ratings Agencies? Another worthwhile read.
I wish Jon Stewart would ask these ratings agencies the same kind of common sense, public interest "don't we deserve better" kinds of questions. Let's have some more admissions of guilt and responsibility. And let's get a pledge to do better.
By the way, in my post My Wish List - The New Global Financial Architecture, I mentioned a "grownup" body to keep an eye on everyone else. Remember?
7. In my ideal world, we have a "grownup" - a super stablizer body comprised of membership from the developed and the developing world. How do I explain this? We cannot go through this again. We need some "body" whose job it is to keep an eye on everyone else. Not a regulator, but some kind of independent watchdog group. Maybe the media can form a partnership with some prominent NGOs. Maybe we should start a new NGO. Whatever or whoever, but here's what this body must do:
- Some "body" to make sure all the powerful people and parties do not abuse their power - and expose them if they do
- Some "body"to make sure mandatory financial education is taking place, and if it is not, then expose that
- Some "body" to make sure the foundation is funded and is funding what it is intended to fund, and expose the financial sector if it does not make it's donations, and expose the foundation if it is not doing what it should
- Some "body" to make sure the free for all is over, and expose anyone getting back into the reckless behavior with no limits, no or limited audits, no or limited regulation, no or limited transparency, no or limited supervision
- Some "body" to make sure the universities lead the design of this stronger, more stable, more equitable and more sustainable global financial and economic system, and expose them if they get off track
- Some "body" to make sure domestic regulators are keeping their commitments with regard to the treaties, and expose them if they don't
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