Robbie, As I read this, it seems that deregulation has hurt in the banking industry as greedy officers took on more risk to try to pump up their bottom lines and get larger bonuses. Regulation is in place to make sure that they invest wisely, and not go for the "Get rich quick" schemes. I would say Phil Gramm's deregulation hurt the banking industry in the long run, and that deregulation has seriously hurt our financial markets. But, I am not expert at all. Also, I want cuts, I want cuts in government spending....and entitlements killed. Someone has to take charge and make smart choices for our country, we can no longer keep running up a massive debt and pretend that our economy is sound...at some point we have to pay it off... DD
Do you mean, stop "embarassing" myself? I don't blame all republicans, but it is their policies of deregulation that I am asking about. And by the way, that includes Senator McCain, if their policies are the reason that all these companies are failing....then don't you want to know about it? I don't want this economic downturn to continue......I want a pragmatic approach not rhetoric.... DD
Here's McCain's statement... http://www.politico.com/blogs/bensmith/0908/Statements_on_Wall_Street.html?showall McCain also made this comment earlier...
A McCain adviser wrote this YESTERDAY: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/12/AR2008091202415.html "A Nation Of Exaggerators - Quit Doling Out That Bad Economy Line"
^ what a complete moron. Let's see two of the big 5 investment banks no longer exist, the world's largest insurer is on life support, and his answer is "hey things aren't that bad!"
the plan had bipartisan support and was signed into law by a democratic president even though it was led by repubs.
no kidding...this is the spot where obama needs to rip mccain to shreds. let's see if he can mount a successful attack and gain back momentum.
Obama needs to put on a pair of brass knuckles and pound McCain on this. This is a legit issue that exposes McCain for the economic kindergartener that he is…
I went over to hang out with an old friend of mine last night who's in the investment business, and he couldn't stop talking about Lehman's and Merrill Lynch. Two giants of Wall Street that survived the 1929 Crash, the Great Depression, every financial crisis that came down the pike for decades and decades, yet they couldn't survive this. He didn't lose any money because of what happened, but he's still stunned and wonders what the shake out in the future will bring. Just as he said after Bear Stearns, he said this crisis isn't over. This is a guy who really knows his stuff.
Not that I agree with what he's saying, but a weak stock market and companies with bad business models is not necessarily indicative of a bad economy. I don't think the economy is strong, but I wouldn't use MER and LEH as examples of how weak it is. These (and many others) had bad business models that blew up on them. You could use the same point to argue the opposite side by saying that the economy is great because XOM, BP, RDS, COP, and CVX all have record earnings. Again, I'm not saying that the economy is great and that there is nothing to worry about, I just wouldn't use that argument to say how bad it is.
I don't think you have any idea of the extent to which the financial services industry impacts the national economy as a whole.
I'm very aware of the impact and stand by my statement. The economy is bad, but using companies who took unbelievable risk on a strategy that they should have known wouldn't last forever isn't the best example to show how bad it is.
