Monday, February 7, 2011

WE REGULATE PEOPLE, NOT MARKETS

I always tell my students "We don't regulate markets. We regulate people." Here's just one of the reasons why we regulate people ...

It appears that the Wall Street firms who sold mortgage-backed securities to investors violated federal securities laws by misleading their clients about the quality of the underlying mortgages. According to the Financial Crisis Inquiry Commission (FCIC) report, not only did "nearly every every cog in the financial system" break down over greed and myopic thinking, but the sellers of securities built on mortgage contracts failed to tell the buyers that the underlying contracts that they were peddling didn't meet their own standards.



The FCIC report - which every republican committee member effectively ran away from when they issued their own half-ass, Wall Street whitewash, report in December - found fault with every major player. Everyone, from Wall Street investment banks to government regulators, to the Federal Reserve, and the hedge funds and credit rating agencies, who kept pumping money into the system, played a role in wrecking our economy.

Ahh, the magic of the market ... brought to us by the nice people on Wall Street, who need to be regulated.

- Mark

1 comment:

Maria Kylie said...

Experts and patriots are enraged:

The crazies secretly maneuvered more wealth into their pockets

In the last year, than they did in the last 185 years!

Meaning the top 1% now own as much wealth as half the world

Just 5 years ago the filthy rich were 388.

As of January 2016 there’s only 62 people who own

HALF the world!

>>Watch shocking video<<

No living soul can spend that much money in a lifetime…

And when people sits on money,

The economy stalls.

And that’s how it all begins:

What’s coming in the next 6 months or less

Will give a new definition to the infamous “economic crisis”

>>Access U.S. Dollar Exposed!<<

Are you prepared to be broke…

Homeless…

Jobless…

HUNGRY?

Or can you turn the game around:

>>Profit from the dollar crisis: watch video<<

[Mr Mark Fidelman]