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46 Comments
- Barackalypse, on 10/15/2009, -5/+17No more than the SEC prevents securities fraud or the FDIC prevents banks from going under or the Border Patrol stops people from entering the country illegally. When stupid consumers rely on incompetent Government oversight to protect them and the economy, you've got a recipe for disaster.
- armageddon010, on 10/15/2009, -6/+14Smart Americans would realize that they're being sheared to keep Wall Street running at their expense. A new beurocratic agency will only add to the financial clutter that is DC and will only end up serving those who set it up and make the false claims that it's for the people.
Step 1 to setting this country on track is getting rid of the Federal Reserve. Step 2 will be letting these "too big to fail" entities die as they so rightly deserve.
Watch your hard earned money being stolen from you to pay the bonuses of those employed by these entities and enjoy your new role as a serf. This isn't rocket science. You are now a serf and are now paying homage to the banks and the special interests who have bought and paid for your CONgress that allows this travesty to take place. History is a marvelous teacher. Apparently there are few who have taken the time to research it and see precisely what has happened to this supposedly free nation.
Trade your FRNs for copper jacketed lead and revolt or just sit there and enjoy your role as a worker ant making the illegitimate PTB richer while telling you just how much they're doing for you...all the while slipping a shiv in your back. Not only are the FF rolling in their graves but also Sun Tzu is rolling in his at the sheer stupidity of the masses allowing this travesty to take place. We have no shortage of documents written by the aforementioned to warn us and direct us but seem to have just said the hell with all of that expertise and allowed ourselves to become what those brilliant minds warned us about.
We have the government we deserve. - arkitect, on 10/15/2009, -5/+11No. It is a game that has been going on since the birth of the market economy. Business men come up with a way to make money off the layman and then government tells them they can't do it anymore. Wash. Rinse. Repeat. No amount of "reform" will ever stop it.
- johndk, on 10/15/2009, -1/+7Perhaps. It seems better than the current situation in which we pay people to not find anything. Wouldn't it be better to just save that tax money? Maybe the free market really is the best regulator.
- jbmcb, on 10/15/2009, -0/+5@johndk: +1
Enron was investigated a bunch of times before they collapsed. Madeoff was investigated a half dozen times - those regulators couldn't even find a simple ponzi scheme.
It doesn't matter how many regulators and laws you throw around, people will *always* find ways around them.
The only regulation we really need are very strict, straightforward, transparent, and standardized accounting rules. There should be a strong incentive for businesses to be as open as possible about their finances. Provide public benchmarks and maybe tax incentives for companies to be more open with their bookkeeping (Hmmm, WaMu is forgoing a 5% tax break so they don't have to disclose their itemized debit sheet. What gives there...)
- inactive, on 10/15/2009, -1/+6Ain't ***** getting reformed.
- illfaver, on 10/15/2009, -1/+6We havent seen anything yet.
- jbmcb, on 10/15/2009, -0/+4> Using credit to create wealth is not wealth.
Completely incorrect, you seem to think that the credit markets only apply to consumers.
You are GE. You need to build a new wind turbine plant. You don't have $100,000,000 laying around to do so, but you will certainly make that much eventually. You sell some bonds, offer some stock, and take out a building loan. You build the plant. You employ several hundred more workers. You pay back your bonds and loans, with interest, with the money made from selling wind turbines.
Wealth created, on credit, with interest. - UberGeek404, on 10/15/2009, -1/+5As long as they privatize gain, and socialize loss this will continue to get worse.
- StopTheLie, on 10/15/2009, -3/+6The "meltdowns" are caused by our inherently fraudulent "fiat / debt-based" monetary system. Until we take away the financial elites' ability to simply "create money" out of thin air, we'll all continue to pay the price.
http://www.dishonestmoney.com/sourced_quotes_on_ba ... - inactive, on 10/15/2009, -1/+4No it will make it worse.
- bunit03057, on 10/15/2009, -1/+4Did he say that? Or are you just setting up a straw man?
He said current laws are not being upheld and that consumers can't be so blind to risk regardless.
So you jumped to a completely separate issue without regard for his original argument. - bubgz, on 10/15/2009, -0/+3I hate to be a cynic, but right now a congressman's job is to get re-elected. Until that's fixed then there is no way any meaningful reforms will take place. Money is just too important to the workings of congress. So yeah. Put your invisible hand down my pants and squeeze.
- bigp3rm, on 10/15/2009, -0/+3You really think diggers are gona use your dumb ass spammed links? Dumb *****.
- covertbadger, on 10/15/2009, -0/+2"Trade your FRNs for copper jacketed lead and revolt or just sit there and enjoy your role as a worker ant making the illegitimate PTB richer while telling you just how much they're doing for you...all the while slipping a shiv in your back"
Yawn, another armchair revolutionary. You first, cowboy, we're right behind you. - ImpicuS, on 10/15/2009, -2/+4The only true financial reform I see is when living beyond its means end. Printing the money, "easy" credit, cheap money, and on and on it goes. Using credit to create wealth is not wealth.
- jbmcb, on 10/15/2009, -0/+2@thecoolestguy
After a period of time I believe that to be true, however, simply dropping all existing regulation isn't an ideal solution. Transitioning existing regulations to a strict accounting code would be much less disruptive and, over time, even those can be relaxed. - xiambax, on 10/15/2009, -0/+2National banking holiday will equal a total economic collapse, This is why the military is having civil unrest training. The ***** about to hit da fan!
- thecoolestguy, on 10/15/2009, -1/+3----The only regulation we really need are very strict, straightforward, transparent, and standardized accounting rules. T---
You don't even need this. Eventually investors will demand their own accounting rules. Having one standard for accounting rules set by government is not ideal any way. - thecoolestguy, on 10/15/2009, -1/+2Until people realize that it's the individual consumer's job to be responsible for their financial decisions, the economy will have senseless regulations imposed on it, that do nothing but benefit the special interests.
- Ymeg, on 10/15/2009, -3/+4Put the economy in the hands of the people. Take it out of the rape-and-pillage corporations.
- SchmuckofNI, on 10/17/2009, -0/+1Hello sound money?
- charlietuna, on 10/15/2009, -0/+1The Dow is back up. Problem? What problem? The last wave of reform was prompted by a great Depression, and I think that anything short of that will result in patchwork rules with plenty of loopholes. The rich are different. The have clout, and the top 1% will keep the on holding more wealth than the other 99%.
- Jnkns, on 10/16/2009, -0/+1Reform and centralized regulatory entities may alleviate recession a bit, as long as they handle to keep transparency and corruption away. Hope it works.
http://www.tradeviewforex.com/blog/post/2009/10/09 ... - akowalsk, on 10/16/2009, -0/+1Banks and insurance companies are two of the most heavily regulated industries we have. Ever wonder why we never have an iPod crisis, or a dishwasher crisis? I fail to understand why everyone believes more regulation is the solution. It's like someone starting your house on fire, putting the fire out, and then telling you, "well you better thank god I was here to put that fire out."
- thecoolestguy, on 10/15/2009, -1/+2Don't forget the corporate media is closely connected to these major banks and special interests, and will do any thing it can to ridicule and smear Americans who protest against their policies ("teabaggers!").
- brad3378, on 10/15/2009, -0/+1End the federal reserve and expect interest rates to plummet under political pressure. Democrats now control Washington and they want low interest rates. Is that what you want?
- acudoc, on 10/15/2009, -2/+3No amount of reform can rectify the inherent flaws and injustice of a debt-based monetary system managed by a cartel of fractional-reserve banks. We are serfs to a financial elite who create money only when individuals sign promissory notes and who collect an interest stream on this phony money. Money is not borrowed---it is created under the present system---and government is in cahoots with the bankers: you fund our cockamamie schemes, including interminable warfare, and we will give you the power to create the means of enslavement of our citizenry! When the scales fall from the eyes, all of history is brought into crystal clear focus, and the picture ain't pretty...
- akowalsk, on 10/15/2009, -0/+1word on the street is that the next bubble will be in US Treasuries...
- CaliforniaEagle, on 10/14/2009, -4/+4I am not too sure that it will...
Sometimes I feel like we are "In Too Deep" with everything that has gone on already.
I don't know if we really have hit the "tip of the iceberg" yet.
What do you think? - joculator, on 10/15/2009, -1/+1New securities and new services lead to new regulatory challenges. In the 80's it was program trading and junk bonds, in the 90's it was IPO madness ...2000's real estate speculation and derivatives....the next big bubble will probably be commodities or currency speculation...
- jbmcb, on 10/15/2009, -1/+1The fed basically insures that banks will never go out of business - they just print more money that congress shores the banks up with.
This provides a perverse incentive for banks to take greater risks in their financial practices - after all, the government won't allow them to fail, right? - rrwest, on 10/15/2009, -0/+0The short answer to the above question is: no.
Only if the banks and financial companies, including all insurance firms, get a heavy dose of regulating, things may change a bit.
But since these industries have pretty much written their own tickets (and laws that govern them) for years, this sort of collapse will go on and on.
The "bottom line" is not, nor has it ever been, the human line. - thecoolestguy, on 10/15/2009, -1/+1@jbmcb,
ImpicuS is generally right, you make a valid point about private borrowing being useful. I think ImpicuS is mostly talking about the government creating money in order to fund lavish programs and give banks cheap loans, on the theory that it will improve general prosperity, when all it really does is transfer wealth from companies and individuals with savings, to those that receive government funding. - ImpicuS, on 10/15/2009, -1/+1Yes, and the fiat money system we are in right now is credit anyway. The inflation takes away from real savings. And yes, jbmcb does make a very good point.
- SchmuckofNI, on 10/15/2009, -3/+3True reform will only happen when we go back to sound money. Period.
- sangjmoon, on 10/15/2009, -2/+2When the Democrats created programs to give out home loans to those who normally wouldn't qualify, they thought they found a perfect way to "help" the country because they could then package those bad loans into higher rated investment vehicles and then use th resulting money to give out even more bad loans. What could go wrong? What happened was that it snowballed until a significant chunk of the money supply was based on these bad loans, and then the bubble popped, which it eventually had to, and that part of the money supply just evaporated. In their short-sighted attempt to help us, they caused the biggest economic disaster on par with the Great Depression.
When the Democrats create Medicare/Medicaid and Social Security, they were thinking with their hearts and could never think of anything going wrong with these programs. These programs are on schedule to cause possibly the next economic armageddon as the bulk of the baby boomers retire causing these programs to cause the government debt to skyrocket.
And so now the Democrats are yet creating more massive programs to "help" us. The best way the government can prevent these economic disasters from happening is to stop causing them in the first place. - manstein01, on 10/15/2009, -7/+7Right, THE FEDERAL GOVERNMENT is going to tell businesses to act financially responsible....
bwwwwwwwwwwwwwwwwwwwwwaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaahhhhhhhhhhhhhhahahahahahahahahahahahahahahahahahahahah - confoundedjoe, on 10/15/2009, -2/+1People have always been dying. We're never going to stop it, so lets just stop practicing medicine all together.
- walletblog, on 10/15/2009, -1/+0Goolsbee's point about "risky activities [being] missed today because they slip between the supervision of seven different financial regulatory bodies is right on the money! However, the administration's solution is wrong.
- confoundedjoe, on 10/15/2009, -2/+1What does the fed have to do with stopping predatory financial practices? Sure, there is a problem with the monetary system but this isn't talking about that.
- thecoolestguy, on 10/15/2009, -3/+1Then the problem will get worse, so get ready to put your Keynesian hand down the pants of the special interests and squeeze.
- thecoolestguy, on 10/15/2009, -3/+1By people, do you mean the government that is controlled by the political elite, or do you mean the people, as in the free market?
- yocouchdigga, on 10/15/2009, -3/+1Until we/the world makes the commitment to change the fundamental way we've operated as a society for the past few thousand years, no real reform can ever take place and true freedom can not be achieved. We have the science to do things different but the powers that be (and have been) do not want the people to come to this realization and so we are livestock... it's the biggest joke of all time.
- joculator, on 10/15/2009, -5/+3That's some insight you've shared there...so, the solution is then....no oversight?
- allanklu, on 10/15/2009, -3/+1Some of the reasons of financial meltdown have not even been discussed. Everybody talks about mortgage bailout with the banks, Fannie Mae etc., also in which has not contributed any to my financial well being. The only money spread around was to banks and to car dealerships to keep more people at work and union work I might add. The auto industry was paying out too much for labor and retirement and will take years to pay off retirees now. My complaint is rate of pay. I think part of the meltdown is the rate of pay which is not in line and never will be. The social-financial elite has to have slaves to do their bidding for them.
Listen Corporate America pay your workers a decent living so they can provide for their family. Greed,Power,Money,Sex is running Corporate America and Washington too!
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