Did you hear President Obama talk about RESPONSIBILITY in his speech to Wall Street. He might have well been speaking in Greek in my opinion. Wall Street has no sense of responsibility, period. If they did, there would have never been a meltdown followed by a financial crisis. To think little or no regulation will get the job done is just plain stupid. The investment banking and securities industry needs to be regulated 24/7!!!
Personally, I would not put a new dollar in the market given the way the game is not regulated. Congress needs to put the millions of American families first, and the few hundred that run Wall Street second. But, the problem is that too too many Americans do not understand what is needed in the way of regulation. Far too many think that government regulation is the problem. Yes, that is the problem. The Federal Reserve Bank and the Securities & Exchange Commission should just look the other way as the banks and the securities industry lay another meltdown and financial crisis on us.
We will see what comes out of Congress, but as far as my money is concerned, the level playing field is not even close to being playable.
Stay tuned.
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4 comments:
Let's everybody - all 300+ million of us - throw 3 bucks each into a pot and lets see if we can buy us a congressman with our billion bucks. If Wall Street can do it, why can't we?
You said (in an earlier post) that without regulation reforms, we're headed for another meltdown. Surely it won't come from those mortgage swaps, will it? Do you think they'll just find newer, sneakier ways to screw everybody?
I know you don't have a crystal ball, Moneythoughts, but you do have a track record and an informed perspective. What are we looking at?
Thanks,
Summer
I've always wondered why Congress does not routinely form special committees of experts and citizens to advise on each issue. Congress pass laws they no have no idea of the subject....these individuals are lawyers with no experience in other matters.
Obama could well put some of the "protesters" down by announcing a plan to decrease government spending....a 10% cut of all government agencies could be a start.
He could announce a long range energy plan encompassing nuclear, wind, solar, natural gas, and exploration of oil that is environmentally safe.
He has to take away ammunition of these radical groups.
I think Obama needs to start playing politics..that's all these people know.
See today's post about the foreign trade imbalance. I think that is our next big problem. When you just print too much fiat money, you have inflation, and people that hold your debt, unless it is paid back in a "basket of Currencies" will become reluctant to continue to buy your debt. I think this will become a problem shortly. We need to sell more stuff to the rest of the world.
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