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Post by Yoda on Jun 8, 2011 7:22:11 GMT -8
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Post by aztec70 on Jun 8, 2011 7:36:15 GMT -8
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Post by Yoda on Jun 8, 2011 10:08:03 GMT -8
Hold the fort. Technically, Dimond didn't say that there was no need for futher regulation. What he did was enumerate all that has been done so far, anticipate additional reported regulations and ask if anyone had bothered to calculate the cumulative effect of all these regulations. In my opinion, his point was valid -- there is a point at which the cumulative impact of all these regulations stifles the recovery. Somebody really ought to know where that point is and Bernanke made clear that they hadn't studied that. Reserves have been more than doubled and most of the bad players are gone. Given unemployment levels, it is a good time to know where we are. Yoda out... |
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Post by aztec70 on Jun 8, 2011 11:15:09 GMT -8
Who were those bad actors and what jail are they in? Do you really think that there is a sure fire formula for computing how regulation is too much or too little? Did we not just see the cost of too little? Is that cost still being paid? That cost was and is being paid for by taxpayers. We privatize the profits, much of it to the highest paid employees, and socialize the losses.
I bet that there is no difference in Jamie Dimond's lifestyle due to the "Great Recession".
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Post by aztecwin on Jun 8, 2011 12:34:23 GMT -8
Bernacke was right in pointing out that there were many reasons for the crises and we have no way of knowing all the details. One thing is clear and that Franklin Raines and Jamie Gorlick along with some others who I have forgotten their names are not in jail as they should be. Barney Frank and Chris Dodd share some of the blame and do numerous others.
I hope some of you clicked on the link where Robert Reich was making his typical complete baloney statements about the situation.
We will never find the right level of regulation or even the right things to regulate.
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Post by 01aztecgrad on Jun 10, 2011 16:01:46 GMT -8
There isn't really any regulation that will get the too big to fail banks in line as long as there is no risk of loss.
I'd suggest that they be allowed to do whatever they want, as long as the C level executives and board of directors agree to put up their personal assets in the event that the bank/financial institution has to be bailed out by the feds, and that any financial product sold by a TBTF institution has language included that specifies that in the event of a government bailout, the owner of the product is only entitled to 50 cents on the dollar.
These guys have taken advantage of the fact that the government has to guarantee their debt, and nothing in Dodd/Frank eliminates that guarantee. It's time to make the banks and bondholders acknowledge that guarantee upfront.
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