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

To: Katelew who wrote (148252)	10/27/2010 2:28:24 PM
From: Dale Baker	Respond to of 542231

The main problem is that these guys never blow themselves up exactly the same way twice. Yes, I expect to see 3-4 more new ways for Wall Street to blow bubbles then implode in the rest of my investing career. Sadly, our political system doesn't work in a way that can head them off in time. One of the main reasons for that is that this sector with a proven record of terrible capital allocation and risk control, has succeeded in giving itself the mantle of the core of our great free enterprise system which must not be impeded in any way by the evil government. That scares off enough Congressmen to stop any meaningful controls from being passed. I think I posted a piece today on income inequality and how the Tea Party crowd should be voting for folks who will rein in Wall Street excess. Instead, Wall Street's "freedom" is glorified by the very folks they specialize in ripping off. AKA Mr. Pogo.

To: Katelew who wrote (148252)	10/27/2010 5:22:40 PM
From: Little Joe	Read Replies (1) \| Respond to of 542231

I think the better solution is reinstate Glass Steagall and if you are the Pres or CEO of a bank that fails, you go to jail and you forfeit any bonuses you were paid. I think your analysis is absolutely right and I think the solution is broad based remedies rather than trying to cure the last problem. Also, I am a strong believer is Black's position, that everyone of these Banksters committed fraud and should be prosecuted. I wish I had the time and money to bring a RICO suit against a few of them. lj