Comments on: Financial System Shouldn’t Be Regulated, Obama’s Ego Should

By: realityunwound

realityunwound — Tue, 07 Jul 2009 12:42:32 +0000

That’s actually a great freaking answer. You should have said that the first time.

I still have a gut level disagreement (which we won’t resolver here) that Obama isn’t so much interested in taking it from a 6 to a 7, but that he wants to move the whole cotton picking thing into the West Wing. I think if he could re-charter the Bank of the U.S. he’d do it.

But that’s just me picking on the poor President (of AIG, GM, Fannie May, Freddie Mac, Chrysler, and the U.S. of A.)

Great explanation on the regulations though. Good stuff.

By: David Banks

David Banks — Mon, 06 Jul 2009 19:54:39 +0000

Thats the oversimplifaction part right there. You see this as some simple cause and effect of bush did lots of regulating and now the economy is bad.. aha- no regulation. There are a few miles between unregulated markets and “Turbo Tax Timmy and some group of over-educated super humans can in fact decipher manipulate & control the entire economy.”
We have the most stable and resilient banking system in the world. It is that way because of the regulation and support of it by our government (and by extension- the people) We had a major overhaul in the 30’s to fight those problems and then in the 70’s to fight interest rate and inflation problems and now it’s time for another one to respond to the new complexities of the system. The point isn’t that anyone claims to think that a small group of people can control the whole economy or banking system but to say since they arent going to get it 100% right all the time we should just abandon all hope and sede that business over to european and asian banks is just plain dumb.
On a scale from 1-10 we have a general financial regulatory level of about 6 and have for about 50 years. Maybe Obama wants to try to move us to 7 but it’s hardly the grand change in economic principle you make it out to be.
We do not want the great profiteering and mass speculative gambling that comes with un unregulated financial system. Our country needs more stability than that. We regulate interest rates for that reason, we regulate agriculture for that reson and now we have a whole new family of derivatives and futures markets that could use a little more constraint.

By: realityunwound

realityunwound — Mon, 06 Jul 2009 19:23:22 +0000

You’re staying true to your liberal form then. Is the problem that you don’t believe the financial system is as complex as I made it out to be? In that case, why is Obama’s V.P. telling the nation that they boggled the notion of how bad it was. Maybe he’s not as smart as we made out after all.

Or maybe you do believe that Turbo Tax Timmy and some group of over-educated super humans can in fact decipher manipulate & control the entire economy. If that’s the case, then they’re responsible for this mess we’re in.

Regulation grew more under Bush than under any President… ever. The over regulation of the system didn’t work. The problem was spending money that wasn’t there (government, banks, the whole lot). Obama’s just doing more of the same. IF there’s an entity that needs regulation, it’s government, particularly this administration.

By: David Banks

David Banks — Mon, 06 Jul 2009 15:16:25 +0000

There is just so much wrong with that post, I just threw up my hands and surrendered.

By: realityunwound

realityunwound — Mon, 06 Jul 2009 13:04:13 +0000

Oh give me a break, banks. Was that the sound of you choking on your own self importance there? I couldn’t quite make it out.

By: dbanks

dbanks — Mon, 06 Jul 2009 03:28:36 +0000

Oh to live in a world as simple as the one you people think you live in.

By: realityunwound

realityunwound — Sun, 05 Jul 2009 20:55:27 +0000

I’m generally not one to go down the doom & gloom pathway. America is resillient. It takes more than a one term President to ruin that. He’s not making it easy, but he won’t sink this ship.

By: Lacey Rocha

Lacey Rocha — Sun, 05 Jul 2009 17:19:47 +0000

Not to preach “gloom & doom” here, but we really need to prepare ourselves for the worst to come over the next year here. i.e. the treasury has turned to lying and cooking the books over selling T-bills!!