[Myynnxx]

This is a really good article on why we are in this mess. Lots of information and details and will give you a good overview.

[ari-freedom]

I think it is silly to argue about whose bandaid is ineffective when congress and the Fed is stabbing the economy over and over with freddie mac and inflation.

[JLS]

It is in the NY Times. Why would I read it and if I wasted the time to read it why would I believe it. I will let the WSJ or IBD chime in on this to see if I think the SEC could have done anything when Congress and the Attorney General were demanding that lenders make bad loans.

[counterpunch]

The fact that investment bank holding companies could withdraw from this voluntary supervision at their discretion diminished the perceived mandate

I LOL'd.
 

[FFranco]

This whole thing is a plot by the Commie Democrats to restrict America’s free enterprise capitalist system by imposing more socialistic regulations on our financial markets. The answer is Not more regulation, it is de-regualtion which will allow the capitalist marketplace to make the decisions for our economy.

Also, why does this happen just before the election? Looks like it might be another Commie Democrat October surprise to me. I bet we would never have heard about this if there was no election.

[pawdoggie]

This article sheds no light on what the bad investments were that the "voluntary regulation" presumably failed to detect (not that we can't guess). It tends to support the NYT/DNC/DBM template that it was mainly a lack of regulation that got us into this, and "well-meaning" but disastrous Congressional legislation and poor congressional "oversight" had nothing at all to do with this, except (predictably enough) the "Gramm Act" which has already been seized on by the House and Senate Democrats as the one bad piece of legislation in the whole mess.

The fact that the article tends to support McCain's call for Chris Cox to go impresses me not. It's just a way to get some "moderate" Republicans to fall in line with the story the NYT/DBM/DNC all want to tell.

[birddog]

Voluntary regulation?????

Dear Lord - and they actually thought companies would sign up? That has got to be the lamest thing I have every heard.

[iopscusa]

Welcome to FR. Thanks for posting the article on SEC.
Pay no attention to the antipathy here for the NY Times...we just hate the paper but the NYT does have some good infomation and still has plenty of access to the Policy makers. Glad you are here as you appear to have handson experience with the Financial Industry.
Soory you have to live amongst the crazies in CA but it sounds like your friends and coworkers are Conservatives. Keep up the good fight.

[woofie]

In 1999, the lawmakers adopted the Gramm-Leach-Bliley Act, which broke down the Depression-era restrictions between investment banks and commercial banks. As part of a political compromise, the law gave the commission the authority to regulate the securities and brokerage operations of the investment banks, but not their holding companies.

Anyone want to explain this to me? Was this the beginning of the SEC failure?Why was it passed?

[woofie]

bump

[truthandlife]

After reading this, we should understand why Senator McCain wanted Chris Cox fired. He was chief architecture in loosening oversight and probably should be fired. Nothing personal just bad judgment.