The level of political debate in this country has gone straight downhill over the last 30 years. It is not even well reasoned or clever. As a result of the decline, the management of those investor protections have gone downhill as well. I am speaking about those protections put in place by a Federal government that lived through economic panics, a Great Depression and a world war. By 1945, the United States had in place a Securities & Exchange Commission and laws to protect the investor. Over the last 30 years those laws and protections were watered down and the financial crisis and economic recession came about with a loud bang. There are not enough people organized to influence Congress to bring back the protections and staff the agencies to do the work. Lobbyists run the country, and the average citizen is in the dark, or, just doesn't care. I am still waiting to see what this administration is going to do to protect the millions of people that feel they need to invest for their retirement in our capital markets. I am waiting.
http://www.bloomberg.com/apps/news?pid=20603037&sid=aC6m.J60h2Ww
Check out the above story on the credit rating agencies. I see light at the end of the tunnel, and it may not be an on coming train!!!
Stay tuned.
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2 comments:
I agree with you about investor protection. It makes me mad that the "obvious" is not acted upon by our leaders. Although, even if if they did try to protect the individual, there would be rampant disagreement from lobbyists and special interest groups. That's why I'm thinking our form of government may have reached it's peak and needs to be changed. Intelligent debate has been lost. I think regimes outside the country might be salivating at our systemic predicament. My thinking is that special interest groups don't care about the country except for their beliefs being enacted.
I agree about the selfish and the lobbyists, but I don't think another form of government is better if you are thinking about dropping democracy. We have the freedoms to correct our course, but we need intelligent people to do it with. The crap we see and hear on TV, by both talking heads and politicians, is frightening because the level of debate is so dumb. "Death panels to pull the plug on grandma" is the kind of stuff, from a U.S. Senator that we should not see or hear. Disagree, but maintain a level of debate that is at least worthy of a college debate. There are too many people that don't know how to think, and FOX NEWS and some of these radio talk show people want to keep it that way. People have to learn how to think, and that is a big challenge.
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