New financial rules bill may not prevent next crisis - source: yahoo newswire

msongs

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Sun May-23-10 04:29 PM
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New financial rules bill may not prevent next crisis - source: yahoo newswire

http://news.yahoo.com/s/ap/20100523/ap_on_bi_ge/us_financial_overhaul_loopholes_1

"Experts say the financial regulatory bill approved by the Senate last week, and a similar bill that passed the House, include loopholes and gaps that weaken their impact. Many provisions depend on the effectiveness of regulatory agencies � the same agencies that failed to foresee the last crisis."

consensus legislation appealing to the lowest common denominator - why go for something great when you can be bipartisan and settle for less.....again lol.

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Sebastian Doyle

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Sun May-23-10 04:38 PM
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1. The "federal" reserve is just as capable of regulating banks

as the Catholic church is of regulating pedophilia.

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The Northerner

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Sun May-23-10 04:38 PM
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2. +1

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Catherina

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Sun May-23-10 04:39 PM
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3. What a surprise n/t

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Go2Peace

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Sun May-23-10 05:17 PM
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4. Bill Black (on of the regulators from the last Bank crisis) said the same thing

Edited on Sun May-23-10 05:18 PM by Go2Peace

He said there were some good general regulations, but nothing that will actually deal with the problem that cause the crisis. If this simply distracts the public we can expect the next one to be even worse. Give it about 5 years (after they stop massively printing money, as they are quietly doing now)

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nichomachus

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Sun May-23-10 05:25 PM
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5. They don't want to prevent the next crisis

The next crisis is what they need to further the goals of disaster capitalism. Hasn't anyone been paying attention.

The banks and bankers will steal more money. They will get rich. Crisis will loom. They will "cure" it by busting unions, taking away social services, driving down wages, etc. The bankers will laugh at us. Repeat as often as necessary.

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inna

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Sun May-23-10 05:29 PM
Response to Original message

6. It's a feature, not a bug.

"Financial crisis" = yet another tool enabling upward transfer of wealth. The system is hopelessly rigged.

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