While the federal government was basically doing for the big national banks what those young "escorts" were doing for Eliot Spitzer, Spitzer [right] was trying to do something about it. About the banks, that is. The Bush administration and the federal courts wouldn't let him.
Last week, the U.S. Supreme Court said Spitzer was right and the feds were wrong. [Article. Ruling. Poem.]
In today's lead editorial -- Victory too late -- The Buffalo News argues that if Spitzer's
probe investigation had stopped the practices of some banks to steer minority families into high-interest, high-risk mortgages, it might have prevented, or at least eased, the global financial meltdown that resulted from the burst of the housing bubble.
It is a case of closing the barn door, for sure. But it demonstrates that, when it comes to making sure banks don’t cause the downfall of the whole economy, the more eyes on them, the better.
Also on today's Opinion page
- Locking through
If it was important to Buffalo to restore the western terminus of the Erie Canal, imagine what it means to Lockport — and the rest of Western New York — to rehabilitate the canal’s famous "Flight of Five" locks in the city. This is an important project and it is now under way. [Article. History.]
- Allegany State Park needs a good master plan
By Larry Beahan
- Bingo tradition is humbly assumed
By Stefan Mychajliw
-- George Pyle/The Buffalo News