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Genesis Posts: 71432 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1222-A....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-07-16 08:27:22
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Ldog Posts: 185 Incept: 2009-06-11
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Gen: Won't matter. We are too far gone. LD
2009-07-16 08:34:31
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Kylafoon Posts: 719 Incept: 2009-02-05 
Zombie Portal Lookout
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LD, I agree. Our current fraudsters will not yield to anything that takes away their thieving gameboard. The fraudsters and our politicians are joined at the hip for one purpose. To better themselves at the expense of the sheeple. The "Me Generation" has now fully manifested itself. Only scenario that will work is to rebuild our system from a scorched Earth. ---------- "...But whenever we see things done wildly, but taken tamely, then the State is growing insane..." - Gilbert Keith Chesterton 1910
2009-07-16 08:49:29
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Tesla Posts: 8180 Incept: 2008-04-03 
Delaware
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I'd start with something as simple as mark-to-market accounting and closing down all the off-balance-sheet entities of banks. If we can't even do that much, then there is absolutely no hope for more complex reforms. I certainly wish it were otherwise, but as long as I see GS getting a pass on complying with existing banking reporting rules, no reform of rules concerning the ratings agencies, the pump schemes holding up the markets, new appraisal rules being considered for further revision, and the legislation requiring complete audits of the Fed being pushed off by CONgressional leaders, then I know there must be a crash/reset before meaningful reform can occur. ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-07-16 08:55:35
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Shoobedoowa Posts: 1321 Incept: 2007-06-27
Western Canada
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Several months ago I posted a lengthy account of the spat between Brooksley Born and Levitt/Gramm et al at the time that Born was trying to get derivatives regulated. I don't think anyone here read it. The take home from that history was that Born is a pitbull.
2009-07-16 08:59:55
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Bubblesee Posts: 3768 Incept: 2007-06-27
nyc
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Sounds quite promising to my not so professional financial ears..... was this something that was just announced this morning? ---------- Ticker Forum Special: "Bennie and the Feds" Melody:Elton John Lyrics:Bubblesee http://www.youtube.com/watch?v=etfVMtCq9Oc (Larry Kudblow eat your heart out)
2009-07-16 09:03:21
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Xanares Posts: 1288 Incept: 2008-11-10
London
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At least it tells us that a lot of progressive things are happening behind the scenes, and this can amount to something significant. Needs some strikes of luck with all the Goldman Imps running around.
2009-07-16 09:09:28
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Hunt2alaska Posts: 20 Incept: 2009-03-16 Dallas, TX
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I'm a big fan of Brooksley Born. For a little bit of history see here: http://www.bloomberg.com/apps/news?pid=n....
2009-07-16 09:57:02
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Problemis Posts: 14 Incept: 2009-07-07
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Born on the commission is a slap in the face to Obama pocket lining economic stooge fat Larry Summers.... Of Obama's economic stooges: Summers is Moe. Clearly the leader, mean vindictive and petty... always with a scheme. Geithner is Larry. Not the sharpest stooge in the shed but does follow orders to the best of his stooge like capacity. The porcupine hair is the dead give away. Can't you see Summers grabbing Geithner by the hair, "Come here porcupine." Bernanke is Curly. The most loved and tragic of the stooges. Always self defeated by the inanimate props around him, flying into a self loathing rage of frustration by a world far too complicated for his stooge brain... Christina Romer is Shemp. Look at the hair cut. Nobody likes the episodes with Shemp... Some say Obama is one of the stooges... He is not. Obama is Ted Healy. He discovered the stooges, promoted them and brought them to the public's attention. Healy is the straight man that physically towers over the stooges and can slap all three around at will. You see, Karl is right. It really is a stooge economy...
2009-07-16 10:14:02
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Ptoemmes Posts: 79 Incept: 2009-04-13
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Need to lobby long and lobby hard for Gen to testify in front of this commission. I assume there will be public hearings. Gen - how "close" are you to your US reps from FL or one of the Senators. Anyone know anyone who knows anyone. Pete
2009-07-16 10:14:24
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Genesis Posts: 71432 Incept: 2007-06-26
KD^2
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Pto, not. My rep HATES me as I POUNDED him during the TARP. Boyd (rep) similarly dislikes me for the same reason. Nelson is the most-reasonable. Martinez' STAFF gets it (I've talked with them at GREAT LENGTH) but the Senator himself doesn't give a **** and lets it show. ---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-07-16 10:16:11
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Problemis Posts: 14 Incept: 2009-07-07
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Karl has written this several times and it is absolutely true. The ability to perpetrate Wall Street frauds could be abated with one piece of legislation...Glass-Steagall. That is exactly why not one bought off Congressional worm can even utter the names. $400 million in financial sector political bribes makes it so. Reinstate it now worms. Legitimate deposit banks, over here in this corner. Insurance creeps, over here in this corner. Wall Street thieves, over here in this corner. Stay in your corners or we will break your fingers...
2009-07-16 10:24:10
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Anti Posts: 1289 Incept: 2007-10-09
Online
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Shoobedoowa, I read some accounts of Born's work here - maybe it was yours, but I can't find it now. Can you give me a clue on what to search for? Thanks,
---------- Health is better than health insurance http://gerson.org/ Over the past 60 years, thousands of people have used the Gerson Therapy to recover from so-called “incurable” diseases such as cancer, diabetes, heart disease and arthritis.
2009-07-16 11:44:52
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Rinkrat Posts: 11 Incept: 2009-03-04
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"and we therefore need legal protection against them being defrauded." Isn't fraud already illegal? New laws that are not enforced won't solve or prevent anything. They only allow for self promotion by those involved in passing the law. Lets enforce the laws we have before writing new ones. "CALPERS has asserted that they were prohibited from seeing the internal data on securitized offerings under the rubric of "proprietary" data of the securitizers and raters." Calpers is the nation’s largest public pension fund and currently manages $180 billion. You would expect that they would know that if an investment sponsor won't/can't answer your questions about an investment and/or you don't understand the investment, then don't invest in it. Seems Calpers failed in their fiduciary responsibility.
2009-07-16 11:46:39
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Shoobedoowa Posts: 1321 Incept: 2007-06-27
Western Canada
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Sorry Anti, Can't find it right now on a quick search..... As I recall, it was basically an expanded version of what Hunt2Alaska posted. It appeared in the "Globe and Mail". Probably several months ago, or probably late last year.
2009-07-16 11:54:09
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Hunt2alaska Posts: 20 Incept: 2009-03-16 Dallas, TX
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More about Brooksley Born here .... the comments contain lots of links to some of her testimony, etc. : http://www.thenation.com/blogs/edcut/370....
2009-07-16 15:47:10
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Laura Posts: 3153 Incept: 2008-05-05
Florida Space Coast
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Let me second Karl for y'all on Florida's senators, Martinez is hopeless, Nelson's a conservative and a patriot, but, he's practically a fossil. Don't get me started on the traitor, Crist. I'm liking my rep, Posey, more and more, but, I can't share him with Karl. For those in So California, Hunter's a true conservative. I always liked him and Wilson. ---------- Karl's just a shill for Big Math. 1LumpSum Honey, where's the AK ? Tyler Durden My Ford focus can get me from point A to point B just as good Tigger's Cadillac. And my back door window is not broken. Mliu
2009-07-17 03:07:55
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Rhabdamanth Posts: 1837 Incept: 2008-10-31
NJ, USA
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I was in business school in the early 80's and the trend to deregulation was already underway. I remember one of the issues I looked at was block trades that happen off of the exchange and what types of oversight should be exercised. The argument was that since it was an arms-length transaction between sophisticated participants, that oversight should be minimal. Presumably a big institutional investor like, oh, I don't know, maybe a pension fund (if only I could think of a salient example) was in a much better position to evaluate a trade than an individual investor and therefore didn't require the same kind of protection. That's fine and dandy. I didn't have a problem with it then and don't now - EXCEPT for the fact that these Brooks Brothers wearing pimps aren't just playing with their own money. Ever since people realized that Soc. Sec. was a bad joke told by an incoherent drunk, they also realized that they had better have a plan B (named for the abortion pill presumably). That meant not only saving but investing. Yes, overall the savings rate has been negative - OVERALL! But some percentage of the populace at least attempted to be prudent and plan ahead. Now, the lack of regulation (meaning actual enforcement, not just statutes and regs) has bitten everyone in their deregulated ass. Except the people who are really going to pay for this aren't the "sophisticated" market participants, but the average person trying to do what was right for him and his family. ---------- Is it still Russian roulette when all of the cylinders are loaded?  Being Paranoid just means you have all the facts... - Workinstiff
2009-07-17 03:55:27
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Tesla Posts: 8180 Incept: 2008-04-03
Delaware
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Deregulation is not a problem AS LONG AS THOSE THAT SCREW UP ARE ALLOWED TO FAIL !!!!! Regulations never work over time because of the "regulatory capture" issue. Look it up if you don't know what it is. You people who want more regulation on top of existing regulation are just barking up the wrong tree. We had plenty of regulations to take down Madoff a decade ago - were they ever used ? How about the sweetheart mortgages received by members of CONgress...see any investigations there of CONgresscritters who are regulatory overseers being investigated for profiting from those they regulate ? Failure is the ONLY tried and true method of putting the consequences of failure where it belongs. Regulation requires prosecutors willing to do their job. They were bought and paid for by the banks a long time ago. ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-07-17 08:59:11
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Rutben Posts: 900 Incept: 2007-07-27
Phoenix, AZ
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Just reported by Huffington Post http://www.huffingtonpost.com/arianna-hu.... "Mitch McConnell and John Boehner ensured the committee won't have much clout by forcing Democrats to agree to a provision that allows the committee to issue subpoenas only if one of its Republican appointees votes to issue one". “After the earthquake that severely damaged Pompeii in 62 A.D., it is said that among the first buildings repaired were Pompeii's famous brothels. The metaphor holds. Only in 2009, we call them Goldman, AIG, Bank of America, and Citi. Though that is probably unfair. To the brothels”.
2009-07-20 23:21:22
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