Greenspan rethinks deregulation

[Truthmatters]

Greenspan "shocked" at credit system breakdown - Yahoo! News


He was "shocked" the market did not police its self.

 

[Truthmatters]

Press Release: Chairman Cox Announces End of Consolidated Supervised Entities Program; 2008-230; Sept. 26, 2008


Washington, D.C., Sept. 26, 2008 — Securities and Exchange Commission Chairman Christopher Cox today announced a decision by the Division of Trading and Markets to end the Consolidated Supervised Entities (CSE) program, created in 2004 as a way for global investment bank conglomerates that lack a supervisor under law to voluntarily submit to regulation. Chairman Cox also described the agency's plans for enhancing SEC oversight of the broker-dealer subsidiaries of bank holding companies regulated by the Federal Reserve, based on the recent Memorandum of Understanding (MOU) between the SEC and the Fed.

Chairman Cox made the following statement:

The last six months have made it abundantly clear that voluntary regulation does not work. When Congress passed the Gramm-Leach-Bliley Act, it created a significant regulatory gap by failing to give to the SEC or any agency the authority to regulate large investment bank holding companies, like Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns.

Because of the lack of explicit statutory authority for the Commission to require these investment bank holding companies to report their capital, maintain liquidity, or submit to leverage requirements, the Commission in 2004 created a voluntary program, the Consolidated Supervised Entities program, in an effort to fill this regulatory gap.




It seems alot of people are learning that regulations properly written can help the market stay healthy.

 

[Truthmatters]

DEREGULATION caused this mess folks.

Gramm Leach Bliley act of 1999 is the culprit.

It removed the protections put in place after the housing mess following the great depression.

It was removed and a couple of years later we have the same type of mess.

Laws and police are needed in every sector of our society from main street to wall street.

The market is not magical , its needs to have restrictions just like any other sector of human endevor.

 

[Truthmatters]

Damn I wish people cared about this.

in 20 years some asshole is going to think deregualtion is the answer and it will happen all over again.

 

[KMAN]

Greenspan "shocked" at credit system breakdown - Yahoo! News


He was "shocked" the market did not police its self.

Perhaps if the government wouldn't have gotten involved we wouldn't be in this position.

 

[Diuretic]

Damn I wish people cared about this.

in 20 years some asshole is going to think deregualtion is the answer and it will happen all over again.

I think Lester Thurow said it happened about every 75 years due to the human lifespan and decay in the collective memory. But you'd think someone who could read history would have known?

 

[Diuretic]

Perhaps if the government wouldn't have gotten involved we wouldn't be in this position.

I think you didn't get the point. It was lack of government involvement that set this up. It's government involvement - around the world now - tryng to salvage the financial system from the wreckers.

 

[Truthmatters]

They just refuse to accept the facts.

Never in history has a unfettered market done anything but pool the wealth in smaller and smaller hands which then kills any democratic power.

 

[AVG-JOE]

They had the regulations on the books - at least until recently.

The employees of the SEC were under orders from their Bush appointed boss' to not enforce them.

This whole shit-storm can be laid at the feet of Bush and the lap-dog democratic leadership in congress.

5 Failures of SEC Chairman Cox - Seeking Alpha

-Joe

 

[Truthmatters]

Um dude the whole sub prime thing all took place before the current congress took office.

 

[AVG-JOE]

DEREGULATION caused this mess folks.

Gramm Leach Bliley act of 1999 is the culprit.

It removed the protections put in place after the housing mess following the great depression.

It was removed and a couple of years later we have the same type of mess.

Laws and police are needed in every sector of our society from main street to wall street.

The market is not magical , its needs to have restrictions just like any other sector of human endevor.

Very true TM, very true... And the more money that flows along a given 'street' the more diverse policing of the police who police the 'street' that we need.

Congress should be absolutely ashamed of themselves.

-Joe

 

[Truthmatters]

Gramm-Leach-Bliley Act was passed in 1999.

You can blame Clinton for signing it but to blame the current congress is kinda silly.

 

[AVG-JOE]

Um dude the whole sub prime thing all took place before the current congress took office.

The reason we pay them the big bucks is to see this crap coming - especially the members who have been there for multiple terms.

-Joe

 

[Truthmatters]

well this could have been averted if the past congresses had done something to stop it before it reached this level.

By the time this congress took their seats the sub prime were not being writtne any more.

This one belongs to the republicans lock stock and barrel ,oh and Clinton for signing this piece of shit.

I think Rubin talked him into it.

 

[AVG-JOE]

Gramm-Leach-Bliley Act was passed in 1999.

You can blame Clinton for signing it but to blame the current congress is kinda silly.

I agree. I just believe that Bush took a 'problem' and turned it into a shit storm for profit and congress looked the other way.

-Joe

 

[Truthmatters]

They were told by members in the minority that this was an emerging problem.

They scoffed and called them doom sayers and bragged about this "new" econony.

It was done because it was the only thing bouying the market to keep us out of recession.


Now people like Greenspan are saying they are "surprized" the market self regulate.

And Cos (the SEC) head is saying we need regulation to get back on track.

I really wish this would kill the idiotic idea of an unfettered market will protect the consumer.

Its been bullshit all along and Greenspan knows it.

 

[Skull Pilot]

Government has been meddling in the mortgage markets since FDR

The central bank keeping interests rates negative was a huge factor in this mess.

keep the credit tap wide open when if the idiot politicians were out of it interest rates would have risen and credit would have slowed. the bubble would have never got as big.

But you keep looking for the government to save you when they were in there stirring the pot that this soup was made in.




Look i have my head up my ass but the government will take care of me

 

[Truthmatters]

At no time in history has the market EVER proven to self regulate.

Its a fantasy , a pipe dream.

You can not expect us thinking beings to follow your idiotic fantasy.

Greenspan just got through saying he was "shocked" it didnt self regulate.

Go read the SEC chairmans statement on the banking market.

IT HAD NO REGULATION.

 

[52ndStreet]

This man Allan Greenspan is the cause and the initiator of all the Sub prime mortgage meldown insanity. He should be arrested tried and convicted for Economic sabotage.
He is repsponsible for the American nightmare economy we are now experiencing.

 

[sealybobo]

At no time in history has the market EVER proven to self regulate.

Its a fantasy , a pipe dream.

You can not expect us thinking beings to follow your idiotic fantasy.

Greenspan just got through saying he was "shocked" it didnt self regulate.

Go read the SEC chairmans statement on the banking market.

IT HAD NO REGULATION.

Yea, but he threw the gop a bone by saying it was fredy/fanny too.

Yes it was, but those people were paying their mortgages before the gop took over.

By the way. It takes balls to create the policies that cost people their homes and then challenge those people's vote on elction day.