A recent draft of the plan to reshape financial regulation sent to members of Congress (via NYT)
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via NYT
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
"The Greek offer is not sufficient and they have to go away to come up with a revised plan," said a spokesman for the German Finance Ministry. The Greeks must first have a plan that satisfies the Germans which this comment states they clearly don't yet and then the Greek Parliament will vote on it this weekend. This said, whatever package gets voted on in Greece is basically an up or down vote on euro membership so we are entering another uncertain weekend for global markets. A failed vote will likely lead to a hard default which may be what...
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June 17th, 2009 at 2:00 pm
Correction, A NEW FOUNDATION: Legitimizing the Nationalization of US Financial Institutions
Barry’s plan is better, Ritholtz On Reform: The Real Problem Is No One Is Following the Rules
http://blogs.wsj.com/marketbeat/2009/06/17/ritholtz-on-reform-the-real-problem-is-no-one-is-following-the-rules/
June 17th, 2009 at 2:16 pm
It really is too bad when you have to be the “Great Compromiser” with a bunch of crony shysters. Sounds like most the of the hack and slash will come from Congress, seeing as how they have so much backbone these days.
June 17th, 2009 at 2:50 pm
This seems like an enormous waste of taxpayers dollars. Spending a lot of politicians and appointees time putting something like this together so that future regulators can just ignore it with little to no consequences, is a useless waste of time. When you are a bought and useless government official, you don’t go after regulations that might damage your future employer.
June 17th, 2009 at 6:38 pm
I wonder if there is any concrete regulations in it that can actually put anyone behind bars or is it just going to be another mishmash of gobbledy-goop that isn’t worth the paper it is written on; which by the way is the ultimate goal for those who play with the tax-payers’ money.
If we continue to play with these cascading bubbles, the game will eventually end badly and shame of us for being so fucking stupid.
Even Johnny finally realized that a burning match will burn you. I don’t think we even believe that any more. Our whole government is now nothing more than wave after wave of mirrors and smoke with massive amounts of bullshit applied by the MSM.