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Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: Mary Cluney who wrote (129337)	1/26/2010 7:42:25 PM
From: Katelew	Respond to of 541933

Thank you. I forgot about unemployment insurance. This is probably even more important than FDIC in preventing another Great Depression from happening. As for Bernanke, I think you misunderstood me. The Federal Reserve was created to act as "lender of last resort" and be a place troubled banks could come for short term funding. There had to be intervention, so Bernanke had to do something for the banks. As soon as some strings were put on the banks in terms of repaying the $25 billion each one received, I was OK with the bailouts because clearly something had to be done. I don't believe in a completely unfettered, or deregulated banking industry. In fact, I wish Obama would get busy and finish the job. The banks and broker got themselves in trouble with derivatives, and the market for these financial instruments needs to be overhauled, regulated, and made less opaque. We also had runaway price inflation in many of the commodities, specifically oil, nat gas, and farm commodities, that contributed greatly to the recession. More regulation is needed in this arena, I believe.....or maybe just enforcement of the regs that now exist.