I don't usually talk about the banking industry or government regulation even though I do have my opinions of both. However, now that the health care issue has been put more to the back burner than up front, financial regulation must be at hand.
I follow a blog from a guy in Cincinnati, OH where I have learned about derivatives, the bond markets and banking issues. I may comment on his site, and sometimes I may really really sound dumb but I learn. I definitely know more today than I did a year and a half ago. This gentleman has no agenda, he's retired. He isn't running for some office. All he wants is for the banking industry to get straightened out and the bad boys that don't play fare to go away. Check him out (http://moneyplusthoughts.blogspot.com/).
http://www.nytimes.com/2010/03/29/opinion/29krugman.html?emc=tnt&tntemail1=y, is from the New York Times and is about the regulation of the banking industry. This story is written about everyday and yet it seems to get the same response all the time.....yawn. Yes, it is boring to many. More so to those that don't have the passion for it and those with the passion are few compared to let's say those that have a passion for a sporting event. I guarantee you that if the NFL decided to change the number of downs in a game to 5 from 4 there would be more people showing emotional concern than there are about how our money is regulated and controlled. The NFL won't put millions of Americans out of work but one little decision by the banking regulators, like letting banks hedge and speculate with our money, can and has put millions of Americans out of work.
It is a real toss up as to whether Obama should have gone after health care or the banking industry first in importance. I believe there are many uninsured because they have lost their jobs and not just uninsured. I beleive Goldman Sachs, AIG (hurry, change the name and people will forget all about us), Moody's, Lehman Brothers all need to be drug infront of the American people. Their reponse time to allegations should be fare but not exceedingly long as it seems to be.
There are many books and articles out there but, to me, no one is listening. This bull market recession WILL go on for a long long time. Yes, it will straighten out but the question is how many more people will be put in food lines without a roof over their heads before someone in government decides enough is enough and gets off their fat ass to go to work for the people of the United States.
If you want to regulated something, start with the lobbyists. They out number the politicians. They get in the way of real democracy.
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