What about the myriad bank failures and financial crises before those?
I'm not having this discussion with Truthmatters. I'm having it with you. I'm not sure why you expect me to explain his/her posts - s/he's doing fine.
Bernie Madoff DID face regulation. Unfortunately, the executive-branch that regulates was asleep at the wheel. Commercial paper markets are virtually free of regulation, but student loans, auto loans and credit cards face significant regulation.
"over pay" for their homes? It's a price agreed upon by the buyer and seller, determined only by the responses of other buyers and sellers. What metric would you use to determine if someone "overpaid"? Who gets to set the price at which a home is considered overpriced?
I though that was the market's job.
Sure. So the answer is.....
Perhaps we should regulate them, right?
You keep saying the same thing over and over with nothing to back it up
"asleep at the wheel"
"Fiduciary agent"
"Realtors"
and yet not one link to one piece of legislation GWB sent to congress, congress approved it, and GWB signed it into law that had anything to do with this mess
well thats not really true
Sarbanes Oxley
So you deny that the SEC regulators were asleep at the wheel on the Madoff case? I don't feel the need to provide links to common knowledge.
I haven't mentioned fiduciary agents once, so I have no idea what you're talking about. And I haven't really mentioned realtors.
you really need to learn to read my posts before responding. Instead, you write a whole bunch of stuff based on some weird fantasy about what you wish I said.
And as I explained earlier, the regulatory changes don't require congress. Congress passes laws. Executive branch agencies create the regulations to enact and enforce those laws. The SEC doesn't need approval to change how it regulates the largest five financial firms in light of the net capital rule, for example.
But I repeat myself....and I'm sure you'll just skip over it again.
Bernie Madoff?
I would say there was allot of people asleep at the will
You know what the problem is?
that case was pure fraud, and it went back long before Bush. His intent was to never get caught
he broke so many laws to hide the very thing that finally got him caught
what regulatory changes did GWB make
you keep claiming GWB made changes to the way banks were regulated
what changes were made?
No I use links 90% of the time
specific events
when will you start?
Let me help
George W. Bush
I goggled regulation changes for GWB this was what I got
http://www.google.ca/url?sa=t&sourc...k9G4Cw&usg=AFQjCNHP2UXWHVigANL15My7AneWOmVB6w
Bush Chief of Staff Joshua Bolten wrote a memo encouraging Administration agencies to pass rules in time for them to become law before the end of Bush's second term.
The Bush administration also approved thousands of pages of dozens of new agency rules,[10] setting a new record.[11] Many of these regulations were promulgated in the hope of ensuring enactment before Barack Obama took office and could prevent the rules from becoming law. Bush Chief of Staff Joshua Bolten encouraged timely passage of the rules in a May 2008 memo to agencies suggesting that final versions be submitted by November 1.[9] Finalized and proposed rules included:[1]
A finalized rule effectively deregulates industrial farms
An adopted rule opens up public land to drilling preliminary to the development of oil shale extraction
A proposed rule provides for a conscience clause for workers at hospitals receiving federal money (particularly state hospitals), allowing them to refuse to perform abortions or dispense contraceptives
Several other rules were already adopted in late 2008, including one increasing truck drivers' maximum hours of service to eleven and another restricting employee time off under the Family and Medical Leave Act.[12] The rules attracted considerable criticism.[13]
Hours after Obama took office, his administration ordered all executive branch agencies to halt enactment of any rules proposed during the Bush Administration until the incoming administration could review them.[14] According to the environmentalist magazine Grist, these efforts were effective in only a few cases; for other environmental rules the Obama administration tried to reverse some rules through Congress and some through the same slow administrative rulemaking process while interest groups challenged other environmental regulations in the courts.[15]
A subcommittee on administrative law in the Democratic House of Representatives held a hearing on midnight regulations the month after Obama's inauguration.[16]
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