You have completely inverted of fact and reason. Posts on this thread reflect wide understanding that regulation has been underfunded and badly mismanaged by politicians. Appointments of people such as Harvey Pitts, a lawyer for a teen sex video distributor(who resigned under fire), to head SEC. Chronic SEC underfunding.
- A Rudderless S.E.C.
- Wall Street Insider for the S.E.C. -- William Henry Donaldson
- Staff of S.E.C. Is Said to Dilute Rule Changes
topics.nytimes.com
Meanwhile, the FBI documented the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted - but the requirement for more agents and funding was never answered. Thus further investigation and prosecution was stymied; illegal and fraudulent practices continued.
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You don't know the facts, or you're ignoring them. However many here do know the facts, and you can't soft-shoe around them. You say "regulation is not a fix for the problems"
If you don't pay for cops, criminals will rule. If you put crooks in charge of the police, you'll get crooked police. If you don't prosecute fraud because you don't have the staff or the money, and because politicians are actively interfering, then you don't have regulation. After investigators, regulators and prosecutors have been crippled and starved for funds, to then argue that "regulation doesn't work" is the height of insanity.
To complete the absurdity, in your final statement you say: "If the government prosecuted fraud, with penalties appropriate to the crime (such as death, in china, for massive fraud and theft)... we might have less severe financial crises."
UFB.
Jim |
