Extended interview from the DVD edition of Michael Moore’s Capitalism: A Love Story with Harvard law professor and chair of the TARP Oversight Panel, Elizabeth Warren.
Not a perfect analogy, but I particularly liked this one Warren makes about the lack of financial regulation:
Financial products — and they are products, just like toasters — are sold today with the most dangerous features embedded in them, because that’s what drives profitability. What’s astonishing is that we let this happen. You know, you can’t buy a toaster in America that has a one in five chance of exploding. But you can buy a mortgage that has a one in five chance of exploding… and they don’t even have to tell you about it. We don’t hand people a wiring diagram with a toaster and say, “You figure it out.”
Warren’s work on the Oversight Panel can be viewed on its website here. It makes for some very very interesting reading and viewing.