can someone point me in the direction of the demonized financial deregulation put in place by the republicans?
- Thread starter ElFenix
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theflyingpig
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- Mar 9, 2008
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Smart people understand it was bad regulation, but it's just too easy for the commies to claim it was free market that did this because the public won't know any better.
Vic
Elite Member
- Jun 12, 2001
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Exactly. The Republicans aren't de-regulators, they're just corrupt.
Seriously though, ideology has nothing to do with the current economic situation. Besides the fact that it's an election year, I don't know why people have to keep playing blame games over a good old fashioned market bust.
No link possible, Republicans are gods, they can do no wrong.
Best 8 years ever, best President ever, best economy ever, best everything.
- Mar 20, 2000
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Originally posted by: Vic
Exactly. The Republicans aren't de-regulators, they're just corrupt.
Seriously though, ideology has nothing to do with the current economic situation. Besides the fact that it's an election year, I don't know why people have to keep playing blame games over a good old fashioned market bust.
i'm just trying to understand. people make claims about deregulation. so i want to know what deregulation in specific they're talking about. i've read that credit default swaps were not very well regulated and tend to have poor documentation. has there ever been regulation of credit default swaps? would the unamended glass-steagall act have prevented securitized mortgages? are securitized mortgages really all that bad or is it just that people failed to do their due diligence with regard to them.
don't have you have your own threads to troll?
Originally posted by: ElFenix
Originally posted by: Vic
Exactly. The Republicans aren't de-regulators, they're just corrupt.
Seriously though, ideology has nothing to do with the current economic situation. Besides the fact that it's an election year, I don't know why people have to keep playing blame games over a good old fashioned market bust.
i'm just trying to understand. people make claims about deregulation. so i want to know what deregulation in specific they're talking about. i've read that credit default swaps were not very well regulated and tend to have poor documentation. has there ever been regulation of credit default swaps? would the unamended glass-steagall act have prevented securitized mortgages? are securitized mortgages really all that bad or is it just that people failed to do their due diligence with regard to them.
people didn't take due diligence because they very falsely thought there was no risk, thanks in part to credit default swaps, which supposedly mitigated any risk. Thanks to some poor regulation and the lack thereof, the people issuing cds's didn't keep cash around to cover potential losses, and when mortgage securities went in the trash, the issuers got hammered. Some people had pushed for regulation and warned of the dangers, particularly related to not having cash to cover losses, but several influancial people, most notably Greenspan, opposed it and presumed that the market could take care of it.
Thank you for that!
One of the few things McCain got right and wrong
was his comment that Chris Cox should have been fired. Unfortunately, Cox doesn't serve at the pleasure of the President.At a time when traditional conservatism should have been alive and well and on guard, instead LIBERTARIAN and ECONOMIC CONSERVATIVES got the economy by the balls and pulled hard.
-Robert
One can look at FAS140 and FIN46 as culprits. As well as this.
People are claiming that regulation stands in the way of "free markets". People don't realize that "free markets" are abusive to the lower classes, even moreso than current events. Many claim that the "market" will ferret out the nefarious characters and stop financial malfeasance. However, they ignore the fact that wealthy people can, and will, take advantage of the market for their own monetary gain, well before the market can catch up. When their gains are realized they can exit the market without a problem or fear of repercussion.
It is not in the wealthy's best interest to protect the lower classes, they increase corruption also. This is true economically, environmentally, and socially.
There is ample evidence of this in history.
Additionally, the chaos added by the "free market" reduces transparity and causes far more losses and friction, both of which are detrimental to an economy.
If our version of economics were so poor, why then have we grown so strong worldwide? Why does every country seek to invest here? Why are our laws and regulations seen as the benchmark in many cases?
There are few markets as frictionless, stable (for the most part), and trustworthy as ours.
Does that mean we cannot improve? Far from it, as we see now.
People are claiming that regulation stands in the way of "free markets". People don't realize that "free markets" are abusive to the lower classes, even moreso than current events. Many claim that the "market" will ferret out the nefarious characters and stop financial malfeasance. However, they ignore the fact that wealthy people can, and will, take advantage of the market for their own monetary gain, well before the market can catch up. When their gains are realized they can exit the market without a problem or fear of repercussion.
It is not in the wealthy's best interest to protect the lower classes, they increase corruption also. This is true economically, environmentally, and socially.
There is ample evidence of this in history.
Additionally, the chaos added by the "free market" reduces transparity and causes far more losses and friction, both of which are detrimental to an economy.
If our version of economics were so poor, why then have we grown so strong worldwide? Why does every country seek to invest here? Why are our laws and regulations seen as the benchmark in many cases?
There are few markets as frictionless, stable (for the most part), and trustworthy as ours.
Does that mean we cannot improve? Far from it, as we see now.
Commodity Futures Modernization Act of 2000
"The act specifically banned regulation of credit default swaps."
"The act specifically banned regulation of credit default swaps."
idiotekniQues
Platinum Member
- Jan 4, 2007
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the actual vote on the bill was 56-44. the final vote you are referencing is the committee vote that just irons out some diction and procedural stuff. you can find taht with a quick google.
and clinton signed it. he bears responsibility as well.
That about sums it up.
Anytime I hear someone say "well this is what you get when you let capitalism run wild", I know I can add that person to my "Idiots who are barely smart enough to breathe" list.
Originally posted by: Vic
Exactly. The Republicans aren't de-regulators, they're just corrupt.
Seriously though, ideology has nothing to do with the current economic situation. Besides the fact that it's an election year, I don't know why people have to keep playing blame games over a good old fashioned market bust.
:Q
Maybe you should go reread a zillion of your own posts and ask yourself that question.
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