to which I say WTF?!
http://www.marketwatch.com/...
I came across this little gem while on marketwatch.com today and I just had to laugh at the irony...
SEC Chairman Christopher Cox was quoted as:
We have learned that voluntary regulation does not work," said Christopher Cox, chairman of the Securities and Exchange Commission, in testimony on Thursday at the House Oversight and Government Reform Committee. "It was a fateful mistake" that no one was given the authority "to regulate investment bank holding companies other than on a voluntary basis."
Huh..ya think?! I guess hindsight is always 20-20.
Meanwhile Greenspan and others are in a state of disbelief
"I made a mistake in presuming that the self-interests of organizations, specifically banks and others, were such as that they were best capable of protecting their own shareholders and their equity in the firms," Greenspan said.
The "solid edifice" of his de-regulatory philosophy "did break down," he said. "And I think that, as I said, shocked me. I still do not fully understand why it happened." See commentary on Greenspan's disbelief.
Shocked?! You are shocked?! Give me a fucking break here. GREED is why it happend Mr. Andrea Mitchell..pure, unadulterated greed. These jack asses knew exactly what they were doing to allow all this deregulation bullshit to carry on as long as it did. These geniuses couldn't figure out that this was a bad thing until it was all over?! Come on.
I compare deregulation with putting my eight year old son in charge of a candy store and then saying...okay sweetie..don't overindulge..you need to regulate yourselves.
Now Greenspan is calling for stricter regulations
Greenspan said now he favors strengthening the regulatory structure. "As much as I would prefer it otherwise, in this financial environment I see no choice but to require that all securitizers retain a meaningful part of the securities they issue," Greenspan said.
Wow..gee thanks for that buddy.
Sheesh...what a bunch of frickin ass clowns....