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Old 01-25-2009, 08:34 AM
 
Location: The Planet Mars
2,151 posts, read 2,499,746 times
Reputation: 523

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In just the first week of his administration, President Obama is already working on significant changes to the regulation of the financial sector, to prevent the calamity we are now in from happening again...

One rule is to remove the conflict of interest removed between the rating agencies (Moody's...) and the companies whose securities they rate. Currently the agencies are paid by those same companies.

Another rule is to have derivatives (Credit Default Swaps, Collateralized Debt Obligations) traded via a central clearinghouse or exchange to provide visibility into who holds what positions...

Tighter control over Mortgage Brokers is also proposed...

And limits on Executive Compensation for any company receiving government bailout funds are being designed..

How is that for Change we can Believe In???

Here is a link to a NYT article about what is being contemplated: http://www.nytimes.com/2009/01/25/us...e.html?_r=1&hp

Obama is going to implement the change he promised, and I say 'Thank God!!!'...

Why didn't Bush even consider, let alone implement, any of the ideas above??? (Because he was in bed with the scoundrels who robbed the country blind - that's why!!!).
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Old 01-25-2009, 08:38 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,255 posts, read 23,727,147 times
Reputation: 3587
Good for Obama. We need to go back to very tight regulation of banking and finance. FDR warned about being too loose with these institutions and he was 100% correct!
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Old 01-25-2009, 08:38 AM
 
4,570 posts, read 7,225,498 times
Reputation: 2610
Who cares?? All of that stuff is in the past. Bush isn't president anymore. Nor will he every be.
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Old 01-25-2009, 08:40 AM
 
Location: Southwestern Ohio
4,112 posts, read 6,293,323 times
Reputation: 1625
Though I can appreciate the sentiment behind this as well as the desire to right the economy, this will be a fine line to tread in a free amrket economy. That being said, I wrote both my senators and congresswoman to speak out against the bail out(for all the good that did).
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Old 01-25-2009, 08:43 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,255 posts, read 23,727,147 times
Reputation: 3587
Quote:
Originally Posted by dramamama6685 View Post
Though I can appreciate the sentiment behind this as well as the desire to right the economy, this will be a fine line to tread in a free amrket economy. That being said, I wrote both my senators and congresswoman to speak out against the bail out(for all the good that did).
Who said it is a free market economy? The United States is not a "free market" economy. That stopped in the 1930s and 1940s. We are a guided capitalist economy- or a regulated market economy.
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Old 01-25-2009, 08:44 AM
 
2,262 posts, read 3,613,046 times
Reputation: 382
Quote:
Originally Posted by mrbob View Post
In just the first week of his administration, President Obama is already working on significant changes to the regulation of the financial sector, to prevent the calamity we are now in from happening again...

One rule is to remove the conflict of interest removed between the rating agencies (Moody's...) and the companies whose securities they rate. Currently the agencies are paid by those same companies.

Another rule is to have derivatives (Credit Default Swaps, Collateralized Debt Obligations) traded via a central clearinghouse or exchange to provide visibility into who holds what positions...

Tighter control over Mortgage Brokers is also proposed...

And limits on Executive Compensation for any company receiving government bailout funds are being designed..

How is that for Change we can Believe In???

Here is a link to a NYT article about what is being contemplated: http://www.nytimes.com/2009/01/25/us...e.html?_r=1&hp

Obama is going to implement the change he promised, and I say 'Thank God!!!'...

Why didn't Bush even consider, let alone implement, any of the ideas above??? (Because he was in bed with the scoundrels who robbed the country blind - that's why!!!).
It's not change, no action has been taken.
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Old 01-25-2009, 08:46 AM
 
34,995 posts, read 37,857,647 times
Reputation: 6191
Quote:
Originally Posted by paullySC View Post
It's not change, no action has been taken.
Lol, you really hate this idea of change dont you?

Fox News Fear Imbalance | The Daily Show | Comedy Central
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Old 01-25-2009, 09:14 AM
 
2,262 posts, read 3,613,046 times
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Quote:
Originally Posted by delusianne View Post
Lol, you really hate this idea of change dont you?

Fox News Fear Imbalance | The Daily Show | Comedy Central
No not at all. But what they put in the newspaper as an idea and what it becomes when congress and or agencies get done with it can be two different things (as far as I know congress hasn't been dismissed). These changes aren't a bad idea.
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Old 01-25-2009, 10:41 AM
 
Location: The Planet Mars
2,151 posts, read 2,499,746 times
Reputation: 523
Quote:
Originally Posted by paullySC View Post
No not at all. But what they put in the newspaper as an idea and what it becomes when congress and or agencies get done with it can be two different things (as far as I know congress hasn't been dismissed). These changes aren't a bad idea.
Agreed - you can never tell how Congress will actually write the law - but I think that they will give Obama considerable lattitude in getting what he wants, how he wants it, at least in the first year or 2...

However, the fact that these ideas are even being discussed is a quantum-leap of change from the prior administration...
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Old 01-25-2009, 11:02 AM
 
12,668 posts, read 19,822,772 times
Reputation: 3047
Timeline shows Bush, McCain warning Dems of financial mess


YouTube - Timeline shows Bush, McCain warning Dems of financial mess


Burning Down The House: What Caused Our Economic Crisis? Bombshell

YouTube - Burning Down The House: What Caused Our Economic Crisis? Bombshell


Bill Clinton's Role in the Mortgage Crisis:

When Bill Clinton gave that pen to Sanford Weill, it symbolized the ending of the twentieth century Democratic Party that had created the New Deal. Although the 1999 law did not repeal all of the banking Act of 1933, retaining the FDIC, it did once again allow banks to enter the securities business, becoming what some term "whole banks."

Progressive Historians: History For Our Future


Phil Gramm, Bill Clinton Key Culprits in Subprime Meltdown

But years of bribing, er, lobbying Congress had done it's trick, and Citicorp's CEO Sandy Weill said he was assured by Federal sources the merger would be approved, which it was in 1998. (Technically the merger was illegal in 1998 as the law wasn't repealed until November, 1999.) Renamed Citigroup after the merger, they have gone on to purchase other investment firms.

Clinton vowed to veto the Senate version of the bill unless it was re-written to include "requirements that banks make loans to minorities, farmers, and others who have had little access to credit." The new version passed 90-8 in the Senate, passed the House, and Clinton signed it into law. Clinton's required reworking of the bill should be studied closely to see what role, if any, it played in illegal, often racist, subprime loans at higher rates than Caucasian borrowers were offered.

ICKY PEOPLE: Phil Gramm, Bill Clinton Key Culprits in Subprime Meltdown


mccain saw the crisis coming and tried to stop it; obama took money to look the other way:

McCain’s attempt to fix Fannie Mae, Freddie Mac in 2005;

...Which candidate foresaw the credit crisis and tried to do something about it?...John McCain did — and partnered with three other Senate Republicans to reform the government’s involvement in lending three years ago, after an attempt by the Bush administration died in Congress two years earlier. McCain spoke forcefully on May 25, 2006, on behalf of the Federal Housing Enterprise Regulatory Reform Act of 2005 (via Beltway Snark):

http://www.wral.com/golo/blogpost/3604560/

Last edited by Miborn; 01-25-2009 at 11:11 AM..
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