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O's Wall St. Rx: This 'fix' won't fly
NY Post ^ | April 23, 2010 | PETER MORICI

Posted on 04/23/2010 3:21:06 AM PDT by 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."

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: banks; newyork; obama; wallstreet

1 posted on 04/23/2010 3:21:06 AM PDT by Scanian
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To: Scanian

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?


2 posted on 04/23/2010 4:57:16 AM PDT by silverleaf (Karl Marx was NOT one of America's Founding Fathers)
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To: Scanian
... 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...

3 posted on 04/23/2010 5:29:56 AM PDT by CPOSharky (What outrage will the administration foist upon We the People that will be the last straw?)
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