Why do we need regulations for the financial services industry? You know we could save a lot of money if the Federal Government would just leave it up to each individual to settle their score with their broker or money manager if they are cheated. Think of all the money the Federal Government could save if we applied that kind of reasoning to all facets of our life. Why bother with an FDA, FAA, FDIC or any other effing government agencies? In fact, why bother having air traffic controllers as they just sit on their asses all day telling planes when to land and take off. If someone is smart enough to be a jet pilot, then they should know when to land or take off without being told by someone sitting in a control tower at some airport. Hell, didn't that pilot land that plane in the Hudson River and he didn't need permission to land or an air traffic controller to tell him what runway to land on. We can cut the Federal deficit if we just get back to some basics and let people slug it out for themselves.
If an investment banking firm wants to sell pension funds, foundations, endowments and mutual funds a "bag of shit" then let them!! When people see they have been cheated, they can then decide not to deal with that company again. But, what happens when that company is bought by another company and they continue to sell "bags of shit", what do we do then? Cry? Yes, the mantra today is buyer beware. If you don't understand what fuck is in the bag, then stick your money in a bank savings account. When inflation eats up your purchasing power from inflationary pressures 30 to 40 years later, be glad you haven't lost it all with the next Bernie Madoff or some other greedy SOB. But, you can feel good about the fact that we aren't wasting our tax dollars supporting the SEC, Securities & Exchange Commission. Banks need to be free to separate people from their money and if we get rid of all forms of federal regulations then banks can be profitable again. And, personally, I am all for banks being profitable again and real soon too.
Stay tuned.
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And that's the truth (insert raspberry here).
http://www.nytimes.com/2011/01/28/business/economy/28inquiry.html?_r=1&src=me&ref=business
Read this, or , read my blog from Feb 13, 2008. The NYT article is shorter, but I said it sooner and was right on target.
I'm going to keep my money, if I ever get any, in a box under my bed.... oh wait! not under the bed... in some other place...... I really secret place haven't told you about.
Unfortunately, keeping money under a bed or in a safe is not a very good idea. Deposit the money in a bank that is insured by the FDIC, but do not exceed the limit you are insured for. That may mean you have banking accounts with several banks. If you have millions of dollars, you may want to build a ladder of maturities of CDs.
A possible outcome of thinking from the Libertarian party.
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