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Politics : View from the Center and Left
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To: Dale Baker who wrote (140150)7/2/2010 12:34:06 PM
From: Katelew  Read Replies (2) of 541836
 
I'm not preaching anti-regulation. At the same time, I know it's impossible to legislate a perfect and safe world.

I'd like to see more targeted legislation. It seems to me that the core of the wall street problems was leverage/lack of reserves. One simple piece of legislation could set new levels.

Also at the core of the problem were astonishing underwriting standards that produced mortgage products that were bound to create problems. Simple legislation disallowing such products makes enormous sense to me. It's just a matter of saying 'no more'. Ex. an adjustible rate loan that resets to levels that double the mortgage. Society just needs to be made to get along without something like this.

Position limits and insurable interest requirements on CDOs? Easy straightforward legislation.

All of these together would have prevented the debacle we had or at least greatly minimized it.

I viscerally don't like Boehner, but his criticism had some truth to it.

As for your remark on swimming, etc. We don't yet know exactly what happened, but it looks as though a rogue rig manager didn't follow BP's own protocol. It looks as though regulation was sufficient to prevent the accident but either sidestepped or ignored. Plus MMS may have been asleep on the job.

The big question in my mind, is why drilling permits were being given to BP in the first place based on their safety track record?
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