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"Wall street bailouts were a mistake. But there's far more to a story than that which Jon tried to present. Government regulations are more at fault than is bad management. Some banks failed because they were greedy. But they took advantage of the loose regulations given to them by the democrats. Fanny and Freddie failed because of direct government involvement in financial decision making. "
Big Brother speaks???
"The Wall Street Journal celebrated the agreement to end such restrictions with an editorial declaring that the banks had been unfairly scapegoated for the Great Depression. The headline of one Journal article detailing the impact of the proposed law declared, "Finally, 1929 Begins to Fade."
This comment underscores the greatest irony in the banking deregulation bill. Legislation first adopted to save American capitalism from the consequences of the 1929 Wall Street Crash is being abolished just at the point where the conditions are emerging for an even greater speculative financial collapse. The enormous volatility in the stock exchange in recent months has been accompanied by repeated warnings that stocks are grossly overvalued, with some computer and Internet stocks selling at prices 100 times earnings or even greater.
And there is a much more recent experience than 1929 to serve as a cautionary tale. A financial deregulation bill was passed in the early 1980s under the Reagan administration, lifting many restrictions on the activities of savings and loan associations, which had previously been limited primarily to the home-loan market. The result was an orgy of speculation, profiteering and outright plundering of assets, culminating in collapse and the biggest financial bailout in US history, costing the federal government more than $500 billion. The repetition of such events in the much larger banking and securities markets would be beyond the scope of any federal bailout."
(verstecken) Willst du Anfangsaufstellungen für die Schiffsversenkungsspiele und Spionage speichern? Gehe zum Spiel-Editor um deine Aufstellungen in Zukunft schnell zur Verfügung zu haben. (pauloaguia) (zeige alle Tips)