Gutting of Financial Reform

[KeithE]

[Dave Roberts]

We just keep inviting the fox to guard the henhouse. No wonder we get what we get.

[Tim Bonney]

It is stuff like this that makes me think I'm going to be under appointment until mandatory retirement and then take a part-time church in retirement.

[Haruo]

I know William is not around, but I wonder if he has any critique of the banking industry, or only of gummit. (Noting that this thread is about a (willful?) failure of gummit.)

[Haruo]

I think a good case could be made for the controlling big-bank stockholders and executives being the most egregious "leeches and looters".

[KeithE]

[David Flick]

[William Thornton]

I a not a bid fan of the mega banks and their cozy rel. w/gummit. They were perfectly willing to kowtow to pressure to make toxic subprime loans so long as the gummit provided the a safety net.

I not sure gummit has the capability of fixing this sector. The best medicine might have been to let banks get wiped out. One yahoo like Barney Frank can screw up a lot of things. Dodd too.

[KeithE]

[Haruo]

William, I think your "m" key needs a little WD-40. You typed "a" when you meant "am" and then "the" when you meant "them".

[William Thornton]

[Haruo]

[William Thornton]

[KeithE]

Check the front page of today's US Today. It ends with 'The question is not if the US faces another financial crisis, it's when'

[William Thornton]

[Dave Roberts]

[KeithE]

I am not so jaded as to believe effective legislation ( and enforcement) is impossible. One thing for sure is that if we don't try somehow, the practices will repeat. Letting the 'too big to fail' banks fail ( as William suggests) is good as well; no reason both can't be tried.