Spitzer's New Column

Ex-gov writes about fixing the financial markets.

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Starting today, ex-New York governor Eliot Spitzer begins writing a column for Slate, "The Best Policy," which will appear every other week and focus on fixing the financial markets. No sex scandal details here.

His first post is a call for the U.S. to stop using bailouts to rebuild the big financial companies. An exerpt:

"What are we getting for the trillions of dollars in rescue funds? If we are merely extending a fatally flawed status quo, we should invest those dollars elsewhere. Nobody disputes that radical action was needed to forestall total collapse. But we are creating the significant systemic risk not just of rewarding imprudent behavior by private actors but of preventing, through bailouts and subsidies, the process of creative destruction that capitalism depends on."

His solution: "...focus not just on rescuing pre-existing financial institutions but, instead, on creating a structure for more contained and competitive ones."

Here's a little history on how the column idea got rolling.