Two recent New America Foundation conferences considered the origins of the ongoing financial crisis and proposals for reforming the system.

On October 15, Senator Byron Dorgan of North Dakota discussed the requirements for financial sector reform at a conference co-hosted with the Washington Monthly.  In a 1994 Washington Monthly cover story, "Very Risky Business", Senator Dorgan predicted with uncanny precision what actually happened in September 2008.  Then, in 1999, Dorgan was one of eight senators to vote against the Gramm-Leach-Bliley Act, which repealed Depression-era banking regulation, cautioning at the time that deregulation "would raise the likelihood of future massive taxpayer bailouts."  Now, as Chairman of the Democratic Policy Committee, Senator Dorgan supports sweeping reform of the financial sector.

Watch video of Senator Dorgan's remarks here.

Senior executives from the world's largest investment banks recently released a report suggesting new regulations of global credit markets. On Wall Street, there is a widespread loss of faith that the financial system can adequately assess and price risk. The report proposes stringent standards within banks for reporting the value of complex securities on balance sheets and recommends the creation of a market clearinghouse to allow quick exchange and valuation of such investments.

Snapshot asks, are these regulations cosmetic and an attempt to fend of heavy government regulation?

Financial Times - US banks urge sweeping credit market reform
Counterparty Risk Management Policy Group - Official Report

I walked into a pet groomer the other day and asked if they carried Advantage (preventive flea ointment for dogs and cats).  The response was that this was a natural pet groomer and Advantage contains strong chemicals that could harm my pet.  I felt guilty.  How could I have not thought of this?  I am an environmentalist, and my three rescued, formerly-feral cats are my pride and joy!  I already have plans for using Born Free baby bottles for when that day comes (Bisphenol-A free baby bottles), and I have bought Sigg water bottles for my family, but how could I miss this?

In a day and age where even our pets are demanding environmentally friendly, natural products, it shocks me that our federal government is still lagging on environmental legislation.  With the Warner-Lieberman climate bill (S2191) getting rejected two weeks ago, it sounds as though no matter how hard we personally try, we are doomed.

But wait, there is hope!  In fact, I always believe in a happy ending.  (Call me young, call me naïve, call me just plain annoying, but I choose to keep my hope for my own personal sanity.)  This time I'm not even being naïve.  Three major things in the environmental world that EVERYONE needs to know:

1. Our United States are saving the world