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Politics : View from the Center and Left

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To: Dale Baker who wrote (105305)	3/2/2009 8:12:49 PM
From: Cogito	Read Replies (1) of 540868

>>When I look at the deregulation for Glass-Steagall, the swaps markets, agency ratings on securitizations and the leverage limits that were allowed, I have no doubt we need specific tough legislation on all those points.<< Dale - Repealing Glass-Steagall was clearly a bad idea. A lot of people want to blame the real estate bubble for our current calamity. The fact is that the number of foreclosures we've had could never have brought the entire financial industry to its knees without all the credit default swaps and other derivatives from mortgage backed securities, coupled with changes in leverage requirements and the merging of investment banks and commercial banks. With the mortgage default rates we've had, there would have been some slight damage, but nothing even remotely like what we're seeing now. I realize I'm not saying anything that hasn't been said here before. I'm just tired of people saying that we don't need more regulation and that imprudent home buyers are to mostly blame for the present situation. - Allen

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