Great discussion from Bill Moyers & Company on the banking crisis. I love this anecdote from former Citigroup Chairman John Reed on why we need strong banking regulation:

“I used to tell my kids, “why do you think a car has brakes?” And they all would say, “to stop.” And I would say, “no, the car has brakes so you can drive fast.” If you got into a car that had no brakes and you knew it, how fast do you think you would drive? You wouldn’t drive very fast at all. And that is the same reason we have rules. You want the private sector to be free, to be creative, and exuberant or whatever within a framework.”

Watch the entire show above. You can get more info and other episodes on BillMoyers.com

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