And their ultra conservative editorial slant. I read an article today basically blasting Congress for attempting to regulate CDS when they should be happy that they’re not as bad as was thought. The WSJ with it’s KudBLOW let the market work itself out mentality. It’s really pissing me off. And you economic gurus at “Booth”. Up yours as well!!!
WSJ, NY Post - same Murdoch s#$t
regulation is good.but the question remains if bureaucrats can be successful at the game. the SEC slept at the wheel even when i banks were leveraging up and increasing so called systemic risk. employees who raised concerns were hushed . the ohec slept while fannie and freddie played russian roulette. bosses at these GSEs were politically patronized and lacked objectivity. nobody is advocating not having regulations -the debate is if the govt can EVER regulate dyamically evolving systems like market. it is not as simple as regulating a road /traffic sytem
There are not any elected government officials who can match wits with wall street. That is the major problem. They all need at least one staffer with a CFA.
It’s schmucks like Rep. Jim DeMint from SC who try to tell Larry Summers what to do. If Larry Summers came into a room, I would just shut up, I’d be so afraid of sounding stupid.
Are you kidding me? Larry Summers belong to the same group of people (Paulson, Bernarke, Geithner) who helped cause the mess.
Behind the scenes, Geithner was the point person for weeks of sleep-deprived Bailout Weekends. It was Geithner, not Paulson, for example, who put together the original rescue plan for the American International Group. And, of course, Geithner also oversaw and regulated an entire industry whose decline has delivered a further blow to an already weakened American economy. Under his watch, some of the biggest institutions that were the responsibility of the New York Fed — Bear Stearns, Lehman Brothers, Merrill Lynch and most recently, Citigroup — faltered. While he was one of the first regulators to smartly articulate the potential for an impending disaster, a number of observers question whether he went far enough to stop the calamity. Perhaps what has most people on Wall Street stirring is Geithner’s role in the fall of Lehman. At the time of its bankruptcy, he, along with Paulson, appeared to be the most vocal in supporting the government’s refusal to bail out the firm, according to people involved in various meetings. With hindsight, many in the financial industry blame a deepening of the global financial crisis on the government’s decision to let Lehman crumble.