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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (30656)	12/23/2008 10:32:34 AM
From: DuckTapeSunroof	Read Replies (3) \| Respond to of 71588

Re: "Derivatives aren't a reason invention," Correct. Re: "... or one that has any important connection to Bush or any recent deregulation." The second part of that statement is Technically correct insofar as the tens of Billions in Credit Default Swaps (a type of 'financial derivative') because they have never been formally regulated (so, technically, they can't be 'deregulated'... never having been regulated to begin with). But that is just a linguistic distinction without much of an important difference --- because the Bush administration did fight successfully (through the testimony of their S.E.C. Chairs, through the Treasury, etc.) to PREVENT government regulation of the Credit Default Swaps.

To: TimF who wrote (30656)	12/25/2008 2:59:34 AM
From: RMF	Read Replies (1) \| Respond to of 71588

I don't think these "bundles of loans" could have been sold very easily without the "insurance" of derivatives. Phil Gramm was a real backer of "hands off" on derivatives. He got a pretty lucrative job after he left Congress. If you want "real specifics" then look into Phil Gramms "work". I only single out the Republicans since they have been "leading the way" on deregulation for about 3 decades now. I blame BOTH Parties for letting this happen, but I blame the Republicans the MOST because they have consistently tried to undermine the Regulatory Agencies when it came to Financial Commerce.