Comments on: Not Barney Frank’s Fault, I Tell You http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/ Firedoglake weblog Sun, 14 Mar 2010 01:30:15 -0600 http://wordpress.org/?v=2.9.1 hourly 1 By: MarkH http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1687018 MarkH Fri, 17 Oct 2008 00:12:13 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1687018 <blockquote><p>I talked to my “I believe in trickle down; …” son in Ohio. … when I brought up derivatives and default credit swaps, he said he understands them, and he was finally willing to admit that it’s certain that the markets are not capable of self-regulation and must have oversight.</p></blockquote> <p>The very term ’self-regulation’ should be laughed at. But, it’s great that he’s smart and thinking and capable to realizing when a change of thinking or a change in action is needed.</p>

I talked to my “I believe in trickle down; …” son in Ohio. … when I brought up derivatives and default credit swaps, he said he understands them, and he was finally willing to admit that it’s certain that the markets are not capable of self-regulation and must have oversight.

The very term ’self-regulation’ should be laughed at. But, it’s great that he’s smart and thinking and capable to realizing when a change of thinking or a change in action is needed.

]]> By: bobschacht http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686979 bobschacht Thu, 16 Oct 2008 23:21:07 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686979 <p>What LHP said!</p> <p>Bob in HI</p> What LHP said!

Bob in HI

]]> By: looseheadprop http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686954 looseheadprop Thu, 16 Oct 2008 22:00:01 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686954 <p>What Bob said.</p> What Bob said.

]]> By: Ann in AZ http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686953 Ann in AZ Thu, 16 Oct 2008 21:58:40 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686953 <p>Well, the other day I got my first inkling that there may be a light at the end of the tunnel. I talked to my “I believe in trickle down; whatever is good for business must be good for the country and the economy (don’t blame me; he learned it in college! Ugh)” son in Ohio. For the first time, when I brought up derivatives and default credit swaps, he said he understands them, and he was finally willing to admit that it’s certain that the markets are not capable of self-regulation and must have oversight. He finally reached the conclusion that many of us have known forever; that left to their own devises, the markets will descend into unbridled greed, which is not good for anyone but those at the very top! He said five years ago, he would never have said that!</p> Well, the other day I got my first inkling that there may be a light at the end of the tunnel. I talked to my “I believe in trickle down; whatever is good for business must be good for the country and the economy (don’t blame me; he learned it in college! Ugh)” son in Ohio. For the first time, when I brought up derivatives and default credit swaps, he said he understands them, and he was finally willing to admit that it’s certain that the markets are not capable of self-regulation and must have oversight. He finally reached the conclusion that many of us have known forever; that left to their own devises, the markets will descend into unbridled greed, which is not good for anyone but those at the very top! He said five years ago, he would never have said that!

]]> By: looseheadprop http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686952 looseheadprop Thu, 16 Oct 2008 21:58:30 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686952 <p>Ithink it would be wise to go back to the separation between retail banking, investment banking and brokerage. </p> <p>Further, back to the seperation between stock brokerage and insurance brokerage<br /> ou should not walk into your bank branch and have some kid with just a bachelor’s degree trying to sell you a whole range of financial instruments that require advanced degrees to understand.</p> <p>There is much more to helping someone with their financial planning than just being a salesman</p> Ithink it would be wise to go back to the separation between retail banking, investment banking and brokerage.

Further, back to the seperation between stock brokerage and insurance brokerage
ou should not walk into your bank branch and have some kid with just a bachelor’s degree trying to sell you a whole range of financial instruments that require advanced degrees to understand.

There is much more to helping someone with their financial planning than just being a salesman

]]> By: Badwater http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686951 Badwater Thu, 16 Oct 2008 21:57:31 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686951 <p>That’s exactly what we’re going to do in a Palin and McCain administration.</p> That’s exactly what we’re going to do in a Palin and McCain administration.

]]> By: bobschacht http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686950 bobschacht Thu, 16 Oct 2008 21:56:18 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686950 <p>Glass-Steagall was founded on the premise that there should be a firewall(?) between certain classes of financial transactions, IIRC. According to the Wikipedia, provisions of Glass-Steagall that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act. Do we now need to mandate divestiture of bank holding companies from owning other financial companies? i.e., what would it take to restore the status quo ante?</p> <p>Bob in HI</p> Glass-Steagall was founded on the premise that there should be a firewall(?) between certain classes of financial transactions, IIRC. According to the Wikipedia, provisions of Glass-Steagall that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act. Do we now need to mandate divestiture of bank holding companies from owning other financial companies? i.e., what would it take to restore the status quo ante?

Bob in HI

]]> By: dosido http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686949 dosido Thu, 16 Oct 2008 21:54:18 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686949 <p>Does Planned Parenthood accept Alaska quarters? :]</p> Does Planned Parenthood accept Alaska quarters? :]

]]> By: looseheadprop http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686948 looseheadprop Thu, 16 Oct 2008 21:52:54 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686948 <p>That is hilarious. In a scary kinda way</p> That is hilarious. In a scary kinda way

]]> By: dosido http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686947 dosido Thu, 16 Oct 2008 21:52:34 +0000 http://firedoglake.com/2008/10/16/not-barney-franks-fault-i-tell-you/#comment-1686947 <p>Well, Governor, by regulation I refer to a blizzard of words arranged in a coherent manner with meaning on paper that outline what is allowed and what is not allowed.</p> Well, Governor, by regulation I refer to a blizzard of words arranged in a coherent manner with meaning on paper that outline what is allowed and what is not allowed.

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