What is a Libertarian?
- Thread starter piezoe
- Start date
Markets do not self regulate(i.e. we do not live in a free market/society, where the market could self regulate), because we live live in a mixed economy, have lived in mixed economies/monarchies etc with all kinds of distortions from government intervention.
The reason regulation exists is because some people believe it is in their interest to rule other people. If some people did not believe it was in their interest to rule other people, they would not try to rule other people. The battle then is between peaceful/rational etc people and ruthless/violent sociopaths, not between democrats/republicans(i.e. there are more than two options).
ok.
I will entertain you just a little more than pie did, though you are hardly worth it.............
.......No, the reason regulations exists is because regulation is needed, not because some people want to rule other people. That is an absurd and sophomoric thing to say.
But you are right, markets don't self regulate. We reaffirmed that in 2008...http://en.wikipedia.org/wiki/Financial_crisis_of_2007–08
We had all the regulators in place in 2008. They just didn't do their job because most of them, the Federal Reserve most of all, are in bed with the banks.
How many more agencies and rules did you want? SEC/FED/FINRA/CFTC/FDIC/OCC/NCUA/CFPB....not to mention that every single state has it's own banking authority...
Yeah, we need more regulatory agencies.
What a loon.
Surely you aren't saying that BP wouldn't have cleaned up its mess in the Gulf of Mexico because it felt so bad about it.
Spoken like the clueless right wing douchebag that you are.........
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The U.S. Senate's Levin–Coburn Report concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[15] The Financial Crisis Inquiry Commissionconcluded that the financial crisis was avoidable and was caused by "widespread failures in financial regulation and supervision," "dramatic failures of corporate governance and risk management at many systemically important financial institutions," "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions, ill preparation and inconsistent action by government that "added to the uncertainty and panic," a "systemic breakdown in accountability and ethics," "collapsing mortgage-lending standards and the mortgage securitization pipeline," deregulation of over-the-counterderivatives, especially credit default swaps, and "the failures of credit rating agencies" to correctly price risk.[16] The 1999 repeal of the Glass-Steagall Act effectively removed the separation between investment banks and depository banks in the United States.[17] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[18]
In the immediate aftermath of the financial crisis palliative fiscal and monetary policies were adopted to lessen the shock to the economy.[20] In July 2010, the Dodd–Frank regulatory reforms were enacted in the U.S. to lessen the chance of a recurrence.[21]
It happened because wall street partnerships cashed out and became corporations.
The the current execs no longer had any duty to retired partners or their own longer term interests.
So they figured out the best way to get rich is massive bonuses off massive revenues.
They saw Neiderhoffer and long term capital take out massive pay before blowing up selling premium... and they said selling mortgages is like selling premium. Massive profits and bonuses before we blowup.
We can keep lowering standards and then march our spokesmodels out like Greenspan to say we have everything under control and that its perfectly normal to lower standards as we inflate a bubble.
Now who would actually lend trillions to such shit loans...
Well China needs to peg its currency and if they traded it on the open market it might bust the peg.
So we can let them bury 1.5 trillion into these shit second loans... and when they blow since we are the FED we can just switch out those loans to something else like govt bonds with the money we create.
And don't worry... Congress will have hearings but nothing will ever happen to the guys who blew the world economy... because the bankers own Congress. And if you are a former banker and senator you can even Corzine customer money because you are democrat and democrats are completely beholden to bankers just look at the Presidents cabinets and look at how much money wall gives to senators. (establishment republicans are sellouts too.)
The the current execs no longer had any duty to retired partners or their own longer term interests.
So they figured out the best way to get rich is massive bonuses off massive revenues.
They saw Neiderhoffer and long term capital take out massive pay before blowing up selling premium... and they said selling mortgages is like selling premium. Massive profits and bonuses before we blowup.
We can keep lowering standards and then march our spokesmodels out like Greenspan to say we have everything under control and that its perfectly normal to lower standards as we inflate a bubble.
Now who would actually lend trillions to such shit loans...
Well China needs to peg its currency and if they traded it on the open market it might bust the peg.
So we can let them bury 1.5 trillion into these shit second loans... and when they blow since we are the FED we can just switch out those loans to something else like govt bonds with the money we create.
And don't worry... Congress will have hearings but nothing will ever happen to the guys who blew the world economy... because the bankers own Congress. And if you are a former banker and senator you can even Corzine customer money because you are democrat and democrats are completely beholden to bankers just look at the Presidents cabinets and look at how much money wall gives to senators. (establishment republicans are sellouts too.)
