Monday, September 15, 2008

Oversight, Regulations & Consumer Protection

"The challenges facing our financial system today are more evidence that too many folks in Washington and on Wall Street weren't minding the store," Obama said in a statement. "Eight years of policies that have shredded consumer protections, loosened oversight and regulation, and encouraged outsized bonuses to CEOs while ignoring middle-class Americans have brought us to the most serious financial crisis since the Great Depression."

Well, how about that, one of the presidential candidates has mentioned oversight and regulation and consumer protections while discussing the problems with our financial system and Wall Street. Can you guess who that may be? Yes, my choice for president Obama is the one candidate who realizes that you can not have a sound financial system without oversight and regulation. The sharks when they smell blood in the water will eat each other. As for the consumer, usually not versed in the finer points of the market, are no more than fish being shot in a barrel.

Wouldn’t it be nice if we didn’t need traffic lights, think of all the money that could be saved. How about highway signs and yellow paint for double yellow lines, just think how much more money could be saved. And with no traffic lights, speed signs or directional signs or double yellow lines, just think how much fun driving would be for the family. Those that want little or no oversight or regulation are asking for the problems we all now suffer with. Without adequate oversight and regulation of the securities business and investment banking, total and unchecked greed takes over.

My fellow Americans, the Republican Party, for the most part, has been disassembling the protections put in place by President Franklin D. Roosevelt and the New Deal that came about as a result of the failures and the greed of the 1920’s and culminated in the Stock Market Crash of 1929. I know for many people in American today that 1929 and the 1930’s is ancient history, but in our case, it is OUR ancient history, and that makes all the difference in the world. Wake up America, if it is not too late, you are being told if you take down the traffic lights and traffic signs, that the traffic will be better. Ask yourself, better for whom? How many foreclosures do we need? How many pension funds their market value decimated do we need? When the guys in the beat up Ford F-150 pickup trucks realizes that I am talking about them, then perhaps, we will have change. I can only hope that that time is rapidly approaching.

Stay tuned.


moneythoughts said...

What is wrong with you Moneythoughts? People don't like oversight and regulation, can't you get that through your thick head. People like to be taken advantage of by greedy stock brokers, financial planners, real estate sales people and mortgage brokers too. What is wrong with shooting fish in a barrel? The slow, the old, the inexperienced, they all need to be taken advantage of. How else can the few live so much better than the rest? What are you, a Communist of some sort? The lions of Wall Street need to eat raw meat. So much for the need for oversight and regulation! said...

Ha ha.

For 20+ years I managed billions of dollars in mutual funds and hedge funds and couldn't agree with you more. Interestingly, I saw McCain speak in Jacksonville today regards the financial crisis. His understanding of the problems are skin deep at best. Having him as a president would be horrific for this country.

moneythoughts said...

So well said! If only they would interview some of us that have been there. But, do they really want to know the truth about Wall Street?

Please drop by again and share your comments.

winslow said...

The Bush administration was run on ideology; not what would be prudent or use of common sense. Bush did not have leadership skills so he elected to surround himself with like-minded ideological thinking. Not only were these individuals incompetent but I now think these individuals were unpatriotic in their endeavors because ideology darkened their decisions.
I also fault the Democrats for not fighting this every inch (torture used by the US, but Oh, well).
The next administration (how can it be anyone other than Obama)has the most difficult task that has ever been given to a new administration since the early 1940's. Virtually every aspect of American life needs to be reorganized (international problems are even more explosive).
I an pleased by Obama's comments as you had posted. However, I would also like to hear his direction for the debt levels in this country. How can we rebuild with no money !! (thanks Mr Bush!)