Quote
Originally posted by: arshaleign
I'm sure DonDiego cheered when Wall Street and the investment banking industry was substantially deregulated about a dozen years ago.
How's that working out?
Originally posted by: arshaleign
I'm sure DonDiego cheered when Wall Street and the investment banking industry was substantially deregulated about a dozen years ago.
How's that working out?
DonDiego has possessed sufficient restraint so as not to cheer as often as arshaleign [AKA forkush] might suggest.
Some de-regulation worked out fine; what didn't work out has been a disaster.
Nonetheless, the biggest "reforms" happened more like 13 years ago, . . . not that it matters. And now things are just totally out of hand, . . . "the foxes are in charge of the henhouse." Some regulations are gone, and some regulations are being ignored without penalty.
item: The government folks in charge of present regulation don't know how to do their jobs; they rely on the bankers to tell them how to regulate the banks. And they relied on the bankers themselves to work out the big bank bailout. Ref: Yahoo.finance
item: The theft of $1.2-billion in depositor funds in the "bankruptcy" of MF Global, in which some hundreds-of-millions-of-depositor-dollars, . . . n.b.not investments, just deposits like in a bank, . . . were transferred illegally to JP Morgan the day before bankruptcy was declared. MF Global's CEO, a Mr. John Corzine, stated before Congress he didn't know where the money had gone. He remains a free and unindicted man. Just this week it has been reported that MF Global was a client of Attorney General Eric Holder's law firm.
item: Treasury Secretary Timothy Geitner was advised the "big banks" were illegally manipulating the London Interbank Offered Rate (Libor) and pocketing millions-of-dollars-a-day months before doing anything about it. Ref: realclearpolitics
As earlier, DonDiego is not trying to influence any reader's political decision. It doesn't matter. They are all crooks. The bankers are the chief crooks.
DonDiego recommends the reader take whatever actions he can to shield himself from a potential financial collapse. It'll start in Europe; it won't stop in Europe.
One should at least keep a few months-worth of cash on hand - not in a bank - so as to be able to buy necessities, if the stores remain open. Plan for temporary chaos. Don't depend on immediate Government "help"; that's what got us here - too much Government "help", with no way to pay for it.
Some de-regulation worked out fine; what didn't work out has been a disaster.
Nonetheless, the biggest "reforms" happened more like 13 years ago, . . . not that it matters. And now things are just totally out of hand, . . . "the foxes are in charge of the henhouse." Some regulations are gone, and some regulations are being ignored without penalty.
item: The government folks in charge of present regulation don't know how to do their jobs; they rely on the bankers to tell them how to regulate the banks. And they relied on the bankers themselves to work out the big bank bailout. Ref: Yahoo.finance
item: The theft of $1.2-billion in depositor funds in the "bankruptcy" of MF Global, in which some hundreds-of-millions-of-depositor-dollars, . . . n.b.not investments, just deposits like in a bank, . . . were transferred illegally to JP Morgan the day before bankruptcy was declared. MF Global's CEO, a Mr. John Corzine, stated before Congress he didn't know where the money had gone. He remains a free and unindicted man. Just this week it has been reported that MF Global was a client of Attorney General Eric Holder's law firm.
item: Treasury Secretary Timothy Geitner was advised the "big banks" were illegally manipulating the London Interbank Offered Rate (Libor) and pocketing millions-of-dollars-a-day months before doing anything about it. Ref: realclearpolitics
As earlier, DonDiego is not trying to influence any reader's political decision. It doesn't matter. They are all crooks. The bankers are the chief crooks.
DonDiego recommends the reader take whatever actions he can to shield himself from a potential financial collapse. It'll start in Europe; it won't stop in Europe.
One should at least keep a few months-worth of cash on hand - not in a bank - so as to be able to buy necessities, if the stores remain open. Plan for temporary chaos. Don't depend on immediate Government "help"; that's what got us here - too much Government "help", with no way to pay for it.