Free Republic
Browse · Search
News/Activism
Topics · Post Article

Some government officials, notably Brooksley Born of the Commodity Futures Trading Commission, warned as far back as the late 1990s that trading in unregulated derivatives had gotten out of control.

Born got slapped down by Alan Greenspan, Robert Rubin and Arthur Levitt, the chairmen of the Federal Reserve, the Treasury, and the SEC, respectively, who argued that too much regulation would stifle the promise of a very profitable financial product line.

Their position got cemented into the Commodity Futures Modernization Act of 2000, which was partially written by lobbyists for derivatives dealers. The CFMA was passed by an overwhelming vote in the House and unanimous consent in the Senate. So who voted for it? Among others: Nancy Pelosi and Barney Frank in the House, and Chuck Grassley in the Senate.

1 posted on 04/28/2010 1:29:18 PM PDT by La Enchiladita
[ Post Reply | Private Reply | View Replies ]


To: All

Well, I’m not as libertine as Hiltzik. I think porn is more than “dirty pictures” and SEC heads should roll, especially the derelict supervisors.

However, it’s interesting that the Dems voted AGAINST regulation in 2000, now they are the champions of it.


2 posted on 04/28/2010 1:31:54 PM PDT by La Enchiladita
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita
But the guilty parties aren't on the SEC staff. They're in Congress.

Ludicrous. Neither entity is doing its job. Fire the SEC heads and vote out congress.

3 posted on 04/28/2010 1:35:30 PM PDT by mlocher (USA is a sovereign nation)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita
I can only imagine what the SEC IT group must have been doing.
4 posted on 04/28/2010 1:36:51 PM PDT by TexasCajun
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita
I don't see how that takes any heat off Congress...it just adds to the sleazy party that's running the country right now...illegal aliens, government office porn parties, ACORN election fraud, redistribution "stimulus", etc.

The country is in the toilet, and it lays right at the feet of obama and his progressive posse in Congress.

obama dolls


5 posted on 04/28/2010 1:38:21 PM PDT by FrankR (Standing up against tyranny must start somewhere, or the future will belong to the tyrants.)
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita
What did he say? I was watching a movie . . . .


6 posted on 04/28/2010 1:41:02 PM PDT by colorado tanker
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita

these agencies employ total butt-heads precisely so they will be able to deploy a distraction when necessary


7 posted on 04/28/2010 1:41:27 PM PDT by Buckeye McFrog
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita
'one accountant allegedly made 16,000 attempts in a month to access blocked websites from his SEC computer..

The individual was easily identified. Co-workers described him as "Having bigger forearm muscles than Popeye the Sailor Man."'

8 posted on 04/28/2010 1:47:34 PM PDT by Gorzaloon (CNN:AP:etc:Today, President Obama's stool was firm and well-formed. One end was slightly pointed. ")
[ Post Reply | Private Reply | To 1 | View Replies ]

To: La Enchiladita
Derivatives didn't cause the blow up.

Americans not paying their mortgages caused the blow up.

Ordinary Americans on mainstreet. Middle and working class.

But they are never blamed for anything. After all, some of them vote.

13 posted on 04/28/2010 2:36:44 PM PDT by JasonC
[ Post Reply | Private Reply | To 1 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson