Ruh Roh. Those Corporatist Theives Obama And Geithner Are At It Again!

[BlooInBloo]

Damn thieving bastards - when will the betrayal end???

http://www.calculatedriskblog.com/2009/03/geithner-to-propose-regulatory-reform.html

Treasury Secretary Timothy F. Geithner plans to propose today a sweeping expansion of federal authority over the financial system ...

The Obama administration's plan ... would extend federal regulation for the first time to all trading in financial derivatives and to companies including large hedge funds and major insurers such as American International Group. The administration also will seek to impose uniform standards on all large financial firms, including banks, an unprecedented step that would place significant limits on the scope and risk of their activities.
...
The administration's signature proposal is to vest a single federal agency with the power to police risk across the entire financial system. The agency would regulate the largest financial firms, including hedge funds and insurers not currently subject to federal regulation. It also would monitor financial markets for emergent dangers.

Geithner plans to call for legislation that would define which financial firms are sufficiently large and important to be subjected to this increased regulation. Those firms would be required to hold relatively more capital in their reserves against losses than smaller firms, to demonstrate that they have access to adequate funding to support their operations, and to maintain constantly updated assessments of their exposure to financial risk.
...
The government also plans to push companies to pay employees based on their long-term performance, curtailing big paydays for short-term victories.

[HopeOverFear]

1. Are you being sarcastic?

[Drunken Irishman]

2. I believe so.

[BlooInBloo]

3. Just trying to fit in with the ihateobama forum's culture...

of bitching about anything Obama does. It's an adjustment, but I think I can get the hang of it.

[Drunken Irishman]

4. You done good, pa.

[RoyGBiv]

5. You're doing well ...

But you need to use more CAPS and profanity, and it wouldn't hurt to add a little more hyperbole sprinkled about your posts. Then you'll have it.

:thumbsup:

[BlooInBloo]

6. I'll work on it more tomorrow - I'm tired. Thanks for the tips tho!

[MADem]

8. The deliberate misspelling of "thieves" in the subject line was a nice touch. NT

[HopeOverFear]

9. lol

[BlooInBloo]

12. oooooh good one! still have a lot toi learn.

[natrat]

20. so they give trillions to a couple banks and then implement some regulations

after the fact and this somehow good. Meanwhile these banks have been buying up "toxic assets" for weeks with taxpayer money intended for loaning out because they know there is a fake and inflated market being created using billions in taxpayer money. So basically inside information supplied by the government being used to facilitate massive transfer of money from the public to the private and you idiots laugh.

[SpartanDem]

7. You forgot

a snarky comment about change.

[Kdillard]

10. Good this is exactly what I have been waiting to hear from them.

Hopefully after the AIG mess people will be very receptive to the plans outlined by Geithner.

[depakid]

11. That sounds like a massive restructuring

The first question that comes to mind is how the agencies are going to promulgate and/or enforce regulations and press for accountability in the meantime and during the transition?

There are a lot of crooks out there- exponentially more than were prosecuted during the S & L debacle (hard to call that a "crisis" anymore).

[GeorgeGist]

13. Since when do thieves ...

need rules?

[BeFree]

14. Too big to fail?

Then you are too big to leave alone.

One of the problems as I see it with our setup is that too much focus is on what the little guys are doing whilst leaving the big boys to do as they please.

So if this is true that the big boys will be heavily scrutinized then indeed this is a change.

[leftofthedial]

15. sometimes cops protect the citizens.

sometimes cops protect the crooks.

[Skwmom]

16. There was a reason Glass-Steagull PROHIBITED certain activity and

just didn't call for regulatory oversight.

What a joke.

[high density]

18. That's great if we had a time machine to stop the repeal of Glass-Steagall

Like it or not, these instruments exist now. I don't see how we just "prohibit" them now without disrupting our financial markets even further. Let's take it one step at a time.

[Skwmom]

19. Oh, so once you come up with an inherently flawed product you are

forever more committed to the selling of that product?

Simply mind boggling. But then again putting Curly, Larry, and Moe in charge of the financial industry is like saying "Hey let's hire back Rumsfeld and put him in charge of the defense dept b/c he must of learned from his mistakes. And while we are at it why don't we just make Bush a special adviser to Obama."


And it's not like they've just destroyed the financial industry. They also pushed "free-trade," aka the destroying of the American middle class.

[high density]

17. Why wasn't this regulation released the other day???

Ed Henry demands to know. Oh Krugman, too.