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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Snowshoe who wrote (275568)	10/20/2008 9:58:01 AM
From: Oral Roberts	1 Recommendation Read Replies (2) \| Respond to of 793991

Well this just takes me totally by surprise. NOT! Obama: Powell will have a role in adminstration news.yahoo.com

To: Snowshoe who wrote (275568)	10/20/2008 6:24:49 PM
From: carranza2	1 Recommendation Read Replies (2) \| Respond to of 793991

"Mr. Market" was allowed to go hog-wild, unregulated in many important aspects, in connection with the credit fiasco. Look where that got us. And look where that will leave our children and our country. If Credit Default Swaps - which are insurance - had been regulated like the insurance products that they are, i.e., by requiring the establishment of reserves to fund potential payouts, our taxpayer money would never have been used to bail out a bunch of Wall St. scum who trumpeted de-regulation of the financial markets on ideological grounds. The "free market" free-for all - a/k/a cronyism - at Fanny and Freddie did us no favors. Letting all these entities go bust while doing huge amounts of collateral damage to inocent bystanders was simply not an option, though it surely wasn't a 'free market' step, either. The damage to the uninvolved if they had been allowed to go bust would have been enormous. It is a whole lot more complicated than simply saying "Let Mr. Market take care of it." "Mr. Market" doesn't work if cronyism, fraud, corruption and sleaze are allowed. Give Wall St. scum a chance, and they will rob you blind. They got 10 years worth of a chance, and here we are. How many times does it have to happen before people learn this truth?