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Politics : Mainstream Politics and Economics -- Ignore unavailable to you. Want to Upgrade?

To: koan who wrote (20176)	7/21/2012 1:23:32 PM
From: Little Joe	1 Recommendation Respond to of 85487

"2008 was directly caused by Clinton and Bush deregulating, and not regulating the banks. We all know that story. " 2008 was caused by serial bubbles created by the Fed, the trigger event being the collapse of the housing bubble brought on by a a stupid policy of lending money to people who had no way of paying it back, which was encouraged by the government. (Incidently not the first time this has happened in America) There were plenty of regulations available to regulate the corporate conduct which contributed to the collapse and which are now available to punish the perps (Check out Bill Black on this). The fact is our government under recent administrations, Republican and Democrat was and is too incompetent and crooked to enforce the regs. They were so incompetent that when the Madoff case was presented to them on a silver platter they declined to investigate thoroughly or to act. It was only when Madoff confessed that anything was finally done. The Sarbanes-Oxley law has not been enforced in any material way. John Corzine filed false financial statements and of course has yet to be charged. Of course it helps when you bundle $500,000,000.00 for Obama. Of course most of the banks that collapsed were guilty of committing frauds which have been against the law for years and they also in most cases violated Sarbanes Oxley, yet Obama has not enforced the law and no pol that I am aware off, whether Dem, Rep or, for that matter, Tea Party has called for prosecution. Where I differ with you is that other than reinstate Glass Steagal I don't think we need more laws or regulations, I think we need competent regulators. But the Government has once again failed the American people and the pols are dissembling and obfuscating the truth to hide their complicity. The press is useless because the issue is too complex (with the apparant exception of Tabbibi) for them to understand. lj

To: koan who wrote (20176)	7/23/2012 10:22:10 AM
From: Jorj X Mckie	4 Recommendations Read Replies (1) \| Respond to of 85487

I did address your original post. It is a myth that capitalism is self correcting. That is the big myth being sold by the right wing. It is also a myth that government can fix everything and it tends to mess up most things it touches that are not legitimate government functions. The free market isn't perfect. Nothing is. But it moves faster toward perfection than anything else....especially government intervention.