Obama's Treasury Blocks Regulation Of Market That Sparked $5.4 Trillion Fed Bailout (banks, bill)
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Wait, forex trading was a major cause of the financial crash? I thought the cause was overwhelmingly understood to be subprime mortgages. In all my reading (up until this article) I haven't heard foreign currency exchange ever labeled as a major cause of the crash.
Derivative market.
This is about regulating the foreign currency "derivative" market.
The subprime mortgages didn't blow up wall street..the mortgages themselves blew up Main Street.
It was the derivatives and other fancy investments made from pieces of those mortgages that blew up Wall Street.
The game was blown wide open when it was found out that high risk pieces of mortgages were labeled "AAA" and insured.
Well now. Was this what we were expecting in the Wall Street reform law? Geitner, giving exemptions to one of the major causes of the supposed financial collapse.
JOE NOCERA: Again and again during the Clinton administration, you see these examples of the top regulators basically saying, "The market knows better than us, and we're going to let the market do it."
NARRATOR: By 2007, the OTC derivatives market had grown to $595 trillion. That's $595 trillion.
Dat Ole Bloke McCaine Ain't Ah Lookin To Bad Now Is He Mates ? What ?
Quote:
Originally Posted by sanrene
Well now. Was this what we were expecting in the Wall Street reform law? Geitner, giving exemptions to one of the major causes of the supposed financial collapse.
"Seeing Da Light" ... Impossibility for HO & Crew !!!
Quote:
Originally Posted by HappyTexan
Derivative market.
This is about regulating the foreign currency "derivative" market.
The subprime mortgages didn't blow up wall street..the mortgages themselves blew up Main Street.
It was the derivatives and other fancy investments made from pieces of those mortgages that blew up Wall Street.
The game was blown wide open when it was found out that high risk pieces of mortgages were labeled "AAA" and insured.
HappyTexan !!! ... On The Money !
Indeed ... Your last sentence is a pearl of wisdom for those blighters who would but listen !!! Cheerio / Not So Old Sgt. Lamar
I said right here that this was going to happen and was told from the left that I had no idea what I was talking about.. I guess it was the left who didnt, as always..
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Dat Ole Bloke McCaine Ain't Ah Lookin To Bad Now Is He Mates ? What ?
On The Money !
