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Politics : President Barack Obama
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To: Road Walker who wrote (102615)10/4/2011 8:04:28 AM
From: RetiredNow  Read Replies (3) of 149317
 
Good post. I agree with you completely. In point of fact, we have all the laws necessary on the books to have averted the crisis and to have resolved the problems already. However, we have regulators that are in bed with Wall Street. We have an Executive Branch and an AG that has refused to indict or prosecute the criminals that caused this mess. We insist on bailouts instead of seizing these banks under the Trust Buster laws and dismantling them to ensure they can't cause systemic risk.
It has been more of a failure to EXECUTE the laws and regulations, rather than a failure to have laws and regulations.

There's only one area where we have no regulations that is a giant black hole. Derivatives. Until we have a law and regulation that demands $1 of capital for every $1 of unsecured risk, we will always have banksters and Wall Street types engaging in leveraged risk orders of magnitude larger than they should and this will always pose systemic risks to the financial system.

And before you say it, I'll say the same thing. The GOP blocked efforts to get this done. They are at fault for that bit. But Obama is also at fault for his full throated support of Bernanke and Geithner. They are all idiots or at the very least bought and paid for by the financial industry.
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