tag:blogger.com,1999:blog-1883838569462983439.post4650337359139161799..comments2024-03-29T06:56:06.476-04:00Comments on Progressive Eruptions: THREE FORMER SEC CHAIRMEN AGREE WITH OBAMA, RE: FINANCIAL CRISISShaw Kenawehttp://www.blogger.com/profile/08637273000409613497noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-1883838569462983439.post-89093134010938311952008-09-23T23:43:00.000-04:002008-09-23T23:43:00.000-04:00Other than the blank check talking point it's a go...Other than the blank check talking point it's a good start. Why we have to worry about the individuals who signed up for bad loans is a little mystifying, but I believe (and I believe McCain does as well) that if the fed gets involved in this business, they do get to regulate pay. That's a fair trade for federal cash. Although I'm still not convinced that the bailout is a good idea.Patrick Mhttps://www.blogger.com/profile/16377933168305160179noreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-1521559426449918712008-09-23T19:45:00.000-04:002008-09-23T19:45:00.000-04:00PS. If you're really interested in Obama's ideas,...PS. If you're really interested in Obama's ideas, go here:<BR/><BR/>http://tinyurl.com/49labzShaw Kenawehttps://www.blogger.com/profile/08637273000409613497noreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-29258018537285172812008-09-23T19:43:00.000-04:002008-09-23T19:43:00.000-04:00Shaw: You characterize most of what McCain does a...Shaw: You characterize most of what McCain does as either pathetic or Rovian, so I'm suspecting there's not a lot of objectivity. <BR/><BR/>But I will be posting a general plan tomorrow, so don't worry about Barack coming up with one. It's not my plan, as my utter boredom with the whole subject (despite its importance) makes me just zone out, but it's a good'n.Patrick Mhttps://www.blogger.com/profile/16377933168305160179noreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-90982085061644771052008-09-23T19:21:00.000-04:002008-09-23T19:21:00.000-04:00I heard Obama speak on ideas about solving this ga...I heard Obama speak on ideas about solving this gargantuan problem. He's not glib about it because it is an enormously complicated problem.<BR/><BR/>If he came out immediately with a "plan," I'd be very disappointed.<BR/><BR/>No one can say what the best way is, at this moment, to tackle this mess.<BR/><BR/>I've listened, this evening, to some of the best brains in economics discuss the situation, and THEY aren't sure how to attack the problem either.<BR/><BR/>Obama is being prudent and wise in not jumping in with some half-assed idea, just so his campaign can say he has a plan.<BR/><BR/>In times like this, I want a cool head and a thinker who can see many sides of the problem and many ways to approach it, and then act.<BR/><BR/>Meanwhile, McCain shot off his mouth with the harebrained idea of firing the head of the SEC.<BR/><BR/>That'll solve everything.<BR/><BR/>He looked pathetic.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-52403914266211752462008-09-23T17:41:00.000-04:002008-09-23T17:41:00.000-04:00I won't argue that deregulation had nothing to...I won't argue that deregulation had nothing to do with this, because it played a role. Part of the problem is regulation, followed by deregulation, followed by reregulation and government entanglement, followed by deregulation, and so on.<BR/><BR/>If you notice, every time we have one of these messes, the government gets involved deeper. And each problem is worse than the last.<BR/><BR/>Interesting you mention the S&L scandal though. That was an attempt to cover the deposits of the failed S&L's after many of them wen5t into the red during the Carter administration, playing by one set of rules, then making stupid (and sometimes unethical and illegal) choices. Deregulation was only one part of the problem and was more of a trigger from what I understand. <BR/><BR/>And one of the results was further involvement in the situation by <B>Fannie Mae and Freddie Mac</B>. In hindsight, I wonder if the solution was worse than the problem.<BR/><BR/>BTW, other than change and regulations, I still haven't figured out more about Obama's solution.Patrick Mhttps://www.blogger.com/profile/16377933168305160179noreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-48189426419191653652008-09-23T11:59:00.000-04:002008-09-23T11:59:00.000-04:00Patrick, you may doubt that regulation will solve ...Patrick, you may doubt that regulation will solve this. Fine. Doubt away.<BR/><BR/>I will point out, however, that the only side of AIG that did NOT crash was the insusrance side that is regulated. And the banks under regulations, as opposed to investment banks, are the ones that are okay.<BR/><BR/>Where there is greed there is need for regulation.<BR/><BR/>Human nature, being what it is, will always look for a way to scam anything and try to get away with it.<BR/><BR/>We can thank Ronald Reagan and his drunken deregulation buddies for this mess, aided by spineless Democrats who should have known better.<BR/><BR/>Phil Gramm has been THE architect of deregulation (with his bud, McCain cheering him on) since he came to Washington.<BR/><BR/>Deregulation has given us another financial disaster, as it did in the S&L scandal, and the Enron scam.<BR/><BR/>Why don't you read up on how all that happened. It's very instructive.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-74246538653880939672008-09-23T11:19:00.000-04:002008-09-23T11:19:00.000-04:00``Obama has been talking about the need for better...<I>``Obama has been talking about the need for better financial regulation well before this crisis hit and has done some real thinking about it,'' says Donaldson, a lifelong Republican. ``McCain comes across as someone who suddenly realized changes have to be made.''</I><BR/><BR/>Nice quote. I came cross a couple more quotes that might be enlightening. Somehow, I think you'll ignore them.<BR/><BR/><I>If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.<BR/>-- John McCain, May 25, 2006<BR/><BR/>"There Is One Person Who's Been Consistent On Reform Issues, And That's Been John McCain." --Barack Obama 2006</I>Patrick Mhttps://www.blogger.com/profile/16377933168305160179noreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-25228790549191724402008-09-23T10:48:00.000-04:002008-09-23T10:48:00.000-04:00Considering the problems we see today are the accu...Considering the problems we see today are the accumulation of regulations and politics of the last 70 years, I seriously doubt that more regulation is going to solve this.<BR/><BR/>I do agree with Obama that there needs to be serious reform, but the idea that it was a lack of regulation that caused this is quite laughable. Considering every plan and most every idea I've heard come out of Washington doesn't address the root cause but just patches things up to pass on to the next administration.<BR/><BR/>By the way, what is Obama's plan on fixing this. I'm still not clear on that.Patrick Mhttps://www.blogger.com/profile/16377933168305160179noreply@blogger.comtag:blogger.com,1999:blog-1883838569462983439.post-66220038372418573232008-09-22T18:35:00.000-04:002008-09-22T18:35:00.000-04:00Yep, all the smart and experienced people on the e...Yep, all the smart and experienced people on the economy are siding with Obama if not at least giving him credit for being ahead on this mess.Handsome B. Wonderfulhttps://www.blogger.com/profile/11524517496880481239noreply@blogger.com