I don’t necessarily have a problem with regulation, surely there are portions of the financial markets which are under regulated (and there are undoubtably portions which are over regulated). I just have a problem with dumb and/or non-sensical regulations or regulations being applied without proper common sense.

I’m not so foolish as to believe that people will usually do the wright thing, particularly when information is asymetrical as it is in financial markets. It’s just that the pesky question of “how” keeps popping up.

Allen Greenspan,a self-avowed disciple of Ayn Rand, thinks so!!

http://economistsview.typepad.com/economistsview/2009/02/greenspans-updated-doctrine.html

This Is So Huge!! Not only because it is a 180 degree turn and a mea cupla for Greenspan, but because I think it is an illustration of refusing to look at the world through our ideological glasses when they no longer help us see. As Rick said, “And until we can show we are making a serious effort to examine where we went wrong and embrace the world as it is and not as we wish it to be in some alternate reality” we conservatives will continue to be in the political wilderness.

Greenspan is pointing the way to a new dynamic conservatism that is based on current facts and circumstances. How? Simply by accepting what is.

I was reflecting recently about all this, and it occurred to me that the leaders of my church (LDS) have been preaching all my life that we should avoid debt like the plague. A few years back, I finally took them seriously, and quit using credit cards and we paid off our home.

But the government has been luring people, especially young couples into assuming huges debts for houses bigger than I could ever afford. And now they’re defaulting in droves, the banks who bought those mortgages are tanking, and the government is trying to fill the empty hole in the economy with borrowed money. We have too many sophisticated terms for debt and too many sophisticated ways of making money through borrowing. There has always been a safe point in this game, but I think that we blew past it quite a way back.

We have built a house of cards and the wind is blowing.

Great piece, Mr. Moran, even if it does leave me with a sick feeling in the pit of my stomach.

I can understand everything that is being said but cannot write to it the way you young college folks can !

Thank you !

SFS Wheels

I think that we average Joe’s would understand very well whats going on if the powers that be would print , what they don’t want us to know, and thats why they do not print it !

If they did we would have a chance to ,and indeed wouild, vote them out of office and that is the main reason they keep the average Joe the voter in the dark !!!

SFS
WHEELS

IF YOU STOPPED WRITING IN ALL CAPS, YOUR COMMENTS WOULD BE PUBLISHED.

ED.

The agency that monitors these transactions already exists!! However, even after that agency is repeatedly warned about corruption, lies, and malfeasance from insiders, the agency insist on doing nothing. Then, when all the horses have left the barn, a Congressional Subcommittee holds a show trial with silly charts and other childish props.

Why? Why does our government work this way?

I believe it because both parties are on the payroll.

It works like this:

Congresswoman Y (D) has a husband who needs a job. He gets a six figure job from the industry that that she regulates.

Senator X (R) wants a new house. The company that wants a natural resource contract in X’s state have a fully furnished house that they don’t happen to need right now. Of course, Senator X is grateful and wishes to show his appreciation.

Congressman Z’s (D) subcommittee controls investment banking regulation. Congressman Z likes male prostitutes. (He’s really straight, of course. Not like Barney fag.)

and on, and on, and on…

In the words of Don Corleone: “Good. Someday, and that day may never come, I’ll call upon you to do a service for me. But, until that day, accept this justice as a gift on my daughter’s wedding day.”

Summary: Our government has been sold to banksters and other special interests for a freezer full of Omaha steaks.

TRUE CONSERVATIVES:
Go ahead. Explain to me about “free speech” and the vital role these special interests play in preserving our Republic.

last jab: If it’s free speech, why does it cost so damn much?

As to your follow on question, it is my understanding that the federal oversight was authorized, but just not exercised - the rating agencies were just slapping “AA”, “A” and “BBB” ratings without adequate checking. So, kind of like lots of other crimes, it is more of a matter of government properly executing their duties rather than creating new laws and agencies to respond to the question (not that the SEC couldn’t/shouldn’t be expanded [although I'm not saying that]).

This, in my view, is a central fact of American political life. There are so many examples of this contempt for ordinary Americans that I will leave it to others to post examples.

WARNING!!

This is a test. Both parties are guilty of this contempt for America’s people. Anyone who can only find examples from the “other guy’s” party, will expose him or herself as an ideologue who is unwilling to accept the reality of how our government works.