It's not just Bush. It's all the politicos. Watch and see how this debate is framed: "Goooooooood morning ladies and gentlemen! Welcome to the Fight of the Century! In this corner, wearing red, white and blue trunks and fighting for lots of regulation and government power is Republican Man! In this corner, wearing read shorts and fighting for lots and lots more regulation and government power is Dino the Demo! OK Contenders, when the bell rings, you come out of your corners and start wailing not on each other but on the companies of your choice." The big debate will not be about whether this is a good idea, but about how much further it needs to go.
Seems soon Hedge funds will have to be registered like Mutual Funds. With Fed Govt. stepping in to direct the market tides, it will be a fixed ball game and soon markets will fade away as there will be no 'bubbles and crashes' possible. Why these dogs are after the markets, why not after the 'predatory schemes' that create bubbles in the first place. Why approve such schemes to take shape which result in market mania. Politicians are stepping into market ring and think that will undo their mess in causing global wars, illegal immigration and exploding debt numbers. IT WILL NOT, NOT EVEN CLOSE! ============================================== Under the Paulson plan, the Fed would essentially serve as a financial markets moderator, stepping in if the nation's markets were again threatened by an episode like the near collapse of Bear Stearns. Currently the central bank is responsible for setting the country's monetary policy as well as acting as a supervisor of certain banks and all bank holding companies. Streamlining agencies Another cornerstone of the plan would involve combining some of the existing agencies that oversee the financial services sector in an effort to streamline regulation and close gaps in oversight. Under the proposal, the Securities and Exchange Commission, which ensures the functioning of financial markets and is responsible for protecting investors, would merge with the Commodity Futures and Trading Commission, which regulates the trading of futures contracts. Meanwhile, the Office of Thrift Supervision would be folded into the Office of the Comptroller of the Currency. The proposal would also establish a new federal regulator for the mortgage industry, affecting both lenders and brokers, which now follow a patchwork of state regulations. Paulson's plan includes other bold moves, including bringing previously unregulated financial entities like hedge funds and private equity firms within the reach of federal authorities and federalizing the oversight of the insurance industry.
There was an article that Elliot Spitzer was exposed because he tried to tell the truth about the 'predatory lending' schemes like Sub-prime. Schemes which were encouraged by the Bush White House. While no condoning of Spitzer's whoring around, the impact of his misdeeds was far less than the devastating financial hit that sub prime mess has and will result to the middle and lower class families. Guess who ending up resigning and we call it FREEDOM AND DEMOCRACY. All hypocracy of fleecing the vulnerable of the society.
Toc, You do have a valid point. I read Spitzers editorial, sheesh, too bad his comments didn't receive the same attention as his indiscretions.