republicans and libertarians it is TIME for you to face that your positions are historically failed ideas.
You want a better world and country?
Get some ideas that have a chance of working in the real world.
http://www.bloomberg.com/news/2012-1...ght-touch.html
Light Touch
The scandal demonstrates the failure of London’s two-decade experiment with light-touch supervision, which helped make the British capital the biggest trading hub in the world. In his 10 years as Chancellor of the Exchequer, Gordon Brown championed this approach, hailing a “golden age” for the City of London in a June 2007 speech. Even after the FSA pledged to toughen its rules following the 2008 financial crisis, supervisors failed to act on warnings that the benchmark was being manipulated.
Regulators have known since at least August 2007 that banks were using artificially low Libor submissions to appear healthier than they were. That month, a Barclays employee in London e-mailed the Federal Reserve Bank of New York, questioning the numbers that other banks were inputting, according to transcripts published by the New York Fed.
Nine months later, Tim Bond, then head of asset allocation at Barclays’s investment bank, publicly described the Libor figures as “divorced from reality,” saying in a Bloomberg Television interview that firms were routinely misstating their borrowing costs to avoid the perception they were facing stress.
The New York Fed and the Bank of England say they didn’t act because they had no responsibility for oversight of Libor. That fell to the British Bankers’ Association, the industry lobbying group that created the rate and largely ignored recommendations from central bankers after 2008 to change the way the benchmark is computed. Regulators also were preoccupied with the biggest financial crisis since the Great Depression, and forcing banks to be honest about their Libor submissions might have revealed they were paying penalty rates to borrow.
republicans and libertarians it is TIME for you to face that your positions are historically failed ideas.
You want a better world and country?
Get some ideas that have a chance of working in the real world.
Haiku (12-13-2012)
wow all these right wing experts cant understand the libor enough to comment?
why do you people insist these facts dont exsist?
why do you ignore every example of your failed ideals system?
When will you step BACK into reality and abondon your claims that money makes people MORE moral when we all know money corrupts?
Haiku (12-13-2012)
deregulation has not had ANY good effects on this country.
Its failed in the rest of the world.
when will you give up this stupid and harmful idea?
Haiku (12-13-2012)
So regulators knew and did nothing? Seems to me it is a failure of REGULATION not lack of.
EPIC FAIL
You know things are very very bad on Wall Street when a guy like Henry Paulson -- Treasury secretary, solid Republican, and former Goldman Sachs CEO -- joins the crowd calling for more regulation over the financial markets.
Wall Street and Washington both failed big time, he said. Wall Street invented new ways to make money by selling securities so complicated that no one could really follow which shell the pea was under. Fortunes were made on the paper Wall Street sold.
At the same time, Washington's watchdogs were dozing, tranquilized by the false assurance that Wall Street would police its own.
It's been obvious for years now that Wall Street could not be trusted, and finally official Washington agrees. The markets need a tougher cop to make sure that money-center banks, investment banks, credit-rating agencies, hedge funds, mortgage brokers and the rest don't let their own greed and arrogance ruin it for the rest of us.
"Regulation needs to catch up with innovation," Paulson said, and he was backed up by the rest of President Bush's working group on financial markets, including Federal Reserve Chairman Ben Bernanke and Securities and Exchange Commissioner Chris Cox. Not a commie among them.
The housing bubble wasn't a flaw; it was a predictable outcome of a system that rewarded smart people small fortunes for conjuring up ways to persuade people to borrow more than they could ever hope to pay back. All the profits were taken off the table quickly, but the staggering costs are only now being paid by homeowners, shareholders, builders and the rest of society.
Paulson's proposals won't necessarily prevent a recurrence, but they are a humble recognition that the centerpiece of two decades of Republican economic policy have failed.
http://articles.marketwatch.com/2008...housing-bubble
With Republicon ideology you gotta follow the money and to hell with the country.
War Is Peace
Freedom Is Slavery
Ignorance Is Strength
George Orwell
Haiku (12-13-2012)
It is laughable that libtardiots believe there are no regulations of the financial markets. But, then they believe we aren't taxed enough, so I guess their stupidity shouldn't surprise me
Crashk (12-13-2012)
There's so many places one could go with all these posts but let's start here. If deregulation is failed idea and done nothing good for this country why were Jimmy Carter and Bill Clinton big deregulators during their Presidencies? Why did Obama promise to 'cut the red tape' i.e.- deregulate during Superstorm Sandy?
I thought it was scary enough that you held this idea, but it seems Haiku does as well, that noting can ever be too regulated. To make a statement like deregulation has done nothing good and is an historically failed idea is rather mindblowing.
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