We are trying on every front to
Oct 28th, 2009 by David Anderson
Finish this sentence by Rep. Barney Frank. We are trying on every front to….increase the role of government in regulation. He and his cohorts are not trying to maximize freedom, prosperity, or individualism. He is trying to increase the role of government regulators on every front. You moderates were suckered when you voted Democrat. You voted for change and you got big brother. Please don’t do it again. 
Here is the video. We can not afford much more change like this.
Ah yes, regulation is bad, right David? Oy vey.
David, please study up on how the financial markets work before you embarrass yourself with links to redstate propaganda. Here’s a video that will educate you: Frontline
http://www.pbs.org/wgbh/pages/frontline/warning/view/
Democrat Bill Clinton, Greenspan, Summers, Geithner, Rubin and [SEC chief Arthur] Levitt) pushed for deregulation, Dave. This was a bi-partisan and dangerous sellout to corporate greed.
The Commodity Futures Modernization Act of 2000 allowed banks to trade default swaps with impunity. Congress abdicated its duty to protect the money of the American public at risk in those derivatives markets.
In 1998, Brooksley Born, chairman of the Commodity Futures Trading Commission, saw – “the massive scope and recklessness of a new lucrative market called over-the-counter derivatives or “swaps” (bets between companies and banks). It was nicknamed the “black box” by Wall Street. Only the parties in the deal knew what was happening. It was a $27 trillion secret market at that point (now a $45 trillion one and growing). No transparency. No registering with an exchange, no one but the parties involved acquainted with the terms and scope of the loans. No official paper trail. The only detailed records were buried within the filing cabinets of the immediate players. Plenty of room for fraud. And the tremendous amounts of funds involved were capable of crashing the entire global market.
Thanks to a law suit filed by Procter & Gamble against Bankers Trust, Brooksley got a good look at how P&G had been fleeced out of millions due to this complicated derivatives market.”
http://seminal.firedoglake.com/diary/11000
http://seminal.firedoglake.com/diary/11069
Over regulation is bad..no, disasterous. Just ask the people of California, the most ‘liberal’ and perpetually bankrupt nation in the union; a state experiencing a mass exodus of capital and productive citizens and ever-decreasing revenues from ever-increasing taxes. The left never learns.
And what practical experience does Barney Frank have in economics? He is a lifelong professional parasite; his only experience in ‘business’ was when his roomate was running a gay whorehouse out of his Capitol Hill townhouse.
And yet Orange County went bankrupt in the mid-nineties because of unregulated derivative trading…
I think that is an interesting subject, Nancy. Was not the problem that some people had government game the structure of the market to their benefit? That is an example of misregulation. My point is that this is being used as an excuse to expand government power on every front whether it is needed or not.
Nancy, how do explain New Jersey than? They are being over-regulated to death there…including in the healthcare arena which is why their premiums are through the roof and competition is limited. I was forced to move out of Cherry Hill, NJ because my taxes went up to over $12,000 a year. That’s not a typo! $12,000! On top of that my home energy bills were significantly higher than the national average and my healthcare premiums were sky high. But hey, gas is pretty cheap in Jersey so that cancels everything out.
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