One could build a case that nothing really of substance is being done to protect the individual consumer or the institutional consumer of financial products. That the Congress is just going to blow a lot of smoke up our collective butts, and think they have done something for the good of the people. Change comes slowly. As someone who has read his share of history, revolution is just a word, but rarely does change come from revolution. Change evolves. The history of this nation is a history of evolving change. Technology as it is used in the field of banking and finance moves faster than the creation of laws and commissions to protect the individual and institutional consumer. The banking industry hinds behind the ignorance of the people, and, even fights against the little reform that is so necessary for our continued economic growth as a nation. The real pain in the ass, is the fact that the bankers' lobbyists are now being paid with the peoples' money, our tax dollars as a result of the TARP program. I am happy to see Senator Dodd go, he is a sellout from the word GO. His leadership on the Senate Finance Committee is a sick joke. Go Senator Dodd! May you enjoy the money you earned and the homes you have around the world. Hopefully, his replacement will be a person of character, and an advocate for the good of the consumer and not the bankers, in whose pocket he dwelled. Goodbye Senator Dodd, I will not miss you.
Stay tuned.
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6 comments:
One down - but so many to go.
Next, Geithner. Mr. chief of the Feds screw up.
Butch, I doubt if you'll see Geithner leaving, although I agree he is too close to Wall Street having been head of the New York Fed.
It takes a real strong guy, like Volcker was in the late '70s and early 80s, to deal with the bankers in new York. These guys won't even concede that they take a shit. Masters of the Universe until they need a bailout.
I would love a shot at it, but it ain't going to happen, but they may find the right kind of guy to flush their toilet some day.
Fred, I only subscribe to the free part this website for the different opinions of the writers. Some of which are either out of my league of understanding or I'm not in a position to go into. However, I would like to see what you think of this particular posting by a Mike Larson. If you don't want to comment, that's fine too. I did find it interesting.
http://www.moneyandmarkets.com/cutting-through-the-fed-tightening-claptrap-37243
It is true that if the Fed keeps interest rates low and Treasury prints too much money and there is too much money in circulation that we could see inflationary pressures. Right now the economy, I think, is still in the danger area of more recession. If they are going err (The Fed), I think they will do it on the side of waiting for signs of inflation or a more robust economy. This would be the wrong time to raise taxes except probably on those earning over $250,000 after deductions. Most Americans are not making that kind of money, I don't think. Keeping interest rates low for borrowers is needed right now. In fact, banks need to be encouraged to lend. I guess I am not as concerned about Bernanke and the policy of The Fed as he is.
Unfortunately, with all the talk of "low rates", 13%-30%+ on credit cards is not "low" in my opinion. I'd like to see a usery law of a max of 15-18%. People with bad credit should not be able to get this type of credit
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