@Cycloptichorn,
You know, your ******* arrogance is quite annoying.
Do you want to debate or just act like the child you are and "call names"?
Here is the moving parts of the THING I MISSED...
First, if you’re a financial institution that can borrow from the government, you should be subject to government oversight and supervision. When the Federal Reserve steps in as a lender of last resort, it is providing an insurance policy underwritten by the American taxpayer. In return, taxpayers have every right to expect that financial institutions with access to that credit are not taking excessive risks.
Duh.... Who would you appoint to be oversee'r? What is wrong with the SEC and what would you fix?
Second, we must reform requirements on all regulated financial institutions. We must strengthen capital requirements, particularly for complex financial instruments like some of the mortgage securities and other derivatives at the center of our current crisis. We must develop and rigorously manage liquidity risk. We must investigate rating agencies and potential conflicts of interest with the people they are rating. And we must establish transparency requirements that demand full disclosure by financial institutions to shareholders and counterparties. As we reform our regulatory system at home, we must address the same problems abroad so that financial institutions around the world are subject to similar rules of the road.
Duh... how? Manage liquidity risk? If he can tell me that, I can become rich. Full disclousure is already here with the pounds of paper we get that no one can understand.
Third, we need to streamline our regulatory agencies. Our overlapping and competing regulatory agencies cannot oversee the large and complex institutions that dominate the financial landscape. Different institutions compete in multiple markets - Washington should not pretend otherwise. A streamlined system will provide better oversight and reduce costs.
Wait. Isn't this the same as above?
Fourth, we need to regulate institutions for what they do, not what they are. Over the last few years, commercial banks and thrift institutions were subject to guidelines on subprime mortgages that did not apply to mortgage brokers and companies. This regulatory framework failed to protect homeowners, and made no sense for our financial system. When it comes to protecting the American people, it should make no difference what kind of institution they are dealing with.
Regulatory framework was not the problem with Sub Prime. It was criminal negligence on appraisors, brokers and lenders and the stupid people who signed on the bottom line.
Fifth, we must crack down on trading activity that crosses the line to market manipulation. The last six months have shown that this remains a serious problem in many markets and becomes especially problematic during moments of great financial turmoil. We cannot embrace the administration’s vision of turning over the protection of investors to the industries themselves. We need regulators that actually enforce the rules instead of overlooking them. The SEC should investigate and punish market manipulation, and report its conclusions to Congress.
Agree but he needs to add liability to the Board of Directors and Executive Officers. What about a tax change relavent to "golden handcuffs"?
Sixth, we must establish a process that identifies systemic risks to the financial system like the crisis that has overtaken our economy. Too often, we end up where we are today: dealing with threats to the financial system that weren’t anticipated by regulators. We need a standing financial market advisory group to meet regularly and provide advice to the President, Congress, and regulators on the state of our financial markets and the risks they face. It’s time to anticipate risks before they erupt into a full-blown crisis.
Difficult to do. How remember the DOT COM Bubble? How will govt tell investors "THIS IS A BAD DEAL"? I understand the sentiment, but this one makes no practical sense...
Now stop being a asshole and try to debate.
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