O's Wall St. Rx: This 'fix' won't fly

NY Post ^ | April 23, 2010 | PETER MORICI

[Scanian]

President Obama yester day spoke in New York in support of the bills before Congress that, he said, would "enact a set of updated, commonsense rules to ensure accountability on Wall Street." But would they really do the job -- or, as Mayor Bloomberg has warned, interfere with markets (and slam New York) without preventing a future crisis?

Consider the issue of derivatives regulation: Because "part of what led to this crisis was firms like AIG and others making huge and risky bets -- using derivatives and other complicated financial instruments -- in ways that defied accountability, or even common sense," the president wants to "ensure that financial products like standardized derivatives are traded in the open, in full view of businesses, investors, and those charged with oversight."

[silverleaf]

How come zerO or no one else has discussed the 4 hour, $500 Billion elctronic run on our banks in September 2008 that triggered the meltdown?

[CPOSharky]

... are traded in the open, in full view of businesses, investors, and those charged with oversight."

Yea, that's the ticket. Make them as open, as honest, and as ethical as nancy's congress. Uhh, wait a minute...