So, like many other examples in all walks of life, the cure being suggested and soon to be enacted is to go in the opposite direction, to regulate financial institutions.
I see this going out the window with the next Republican president, just like Jimmy Carter's White House solar panels went out the window with Reagan.
Now the mess needs to be cleaned up. When a healthy rosy glow re-arises, history has demonstrated time and time again, that Americans do not possess a memory of all things chaotic and meltdown-like.
Reuters: Treasury close to bank rules proposal
...government officials plan to outline a revamp of controls over banks and financial institutions aimed at preventing a repeat of the crisis.
4 comments:
It wasn't a dereg problem really. It was a re-reg. problem The Foxes were in the hen house and they just re-wrote the rules to suit their wealthy firms. Call that deregulation if you like but I'd call it what it was criminal collusion to defraud the American people. The SEC was created with a charter to protect us from FRAUDS like Madoff and the rest of the Wall st. felons. The felons got control and they protected guys like Madoff. You can be sure pay offs and cushy jobs on Wall st. were how it was done.
This is an area of investigation that is very interesting to me - the SEC.
Ever since they went down in 9-11 my curiosity is up.
One would assume that at that level of power, controlling such vast wealth, that the paternalistic pathways to corruption are very tempting.
One other thing, didn't the SEC decide to drop the uptick rule. Now that's what I call protecting he public...
Yes, it's a protection racket...protecting the really powerful , that is. I was amused at Cox's attitude when Madoff took his fall. I mean people , reputable traders had dimed this guy out, in writing yrs. before and they could find NOTHING? LOL! Whose surprised? I doubt it will change much.
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