Bernanke Says Financial Rules Need an Overhaul.

[elleng]

Source: NYT

'The Federal Reserve chairman Ben S. Bernanke on Tuesday called for a broad reworking of how the government regulates the financial system to prevent future financial meltdowns.

In a speech before the Council on Foreign Relations in Washington, Mr. Bernanke said the financial system needed to be regulated “as a whole, in a holistic way” and that stricter oversight of banks would not be enough to guard against future crises.

“Strong and effective regulation and supervision of banking institutions, although necessary for reducing systemic risk, are not sufficient by themselves to achieve this aim,” Mr. Bernanke said.'




Read more: http://www.nytimes.com/2009/03/11/business/economy/11fed.html?hp

[w4rma]

1. Very good. (nt)

[acmavm]

2. WTF??? These guys say one thing, the world's economy crashes.

They say something else, they're heralded as brilliant financiers and tacticians.

What is WRONG with this picture?

[No Elephants]

3. Too bad his first clue seems to have been global economic collapse.

[Tandalayo_Scheisskopf]

4. Cut him some slack.

The collapse WAS hard to miss. ;-)

[RUMMYisFROSTED]

5. Iow, undo all the dereg that he and his ilk worked so hard for.

A bunch of happy horseshit.