Who Knew Financial Regulation Was So Simple?

Sun, March 7, 2010

Democrats, Republicans

But I still miss the late Phil Hartman as Ronald Reagan. As for financial regulation?  Do we really have to go over this again — just call Brooksley Born, Elizabeth Warren and Sheila Bair.  Oh, and I call dibs on that ambassadorship to France!

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10 Responses to “Who Knew Financial Regulation Was So Simple?”

  1. Kevin Says:

    Name a heavily regulated industry that’s doing well. The record is clear that everytime we increase regulation, we get more problems.

  2. Ryan Says:

    The fact that they mention George Washington in that propaganda bit is an insult to America and the Constitution.

    Owning a credit card doesn’t make any sense. All you gain from having a credit card is the potential to owe more than you make and be charged interest on that balance.

    Smart people save up cash and never use credit cards. It’s called discipline. What does having a lower interest rate on money you’ve borrowed help you accomplish? If you have the money pay cash, if not, have restraint.

  3. David Wescott Says:

    Kevin, the gun industry is doing phenomenally well right now, and I can’t think of an industry with more regulation. The biggest reason the financial services industry fell apart is a lack of regulation – which allowed abuses in credit default swaps, predatory lending, etc. There’s no question that some regulations have unintended consequences, but the assertion that “regulation = bad” is just, well, overly simplistic. You know, like saying our healthcare system is “#1″ and then offering no facts to back it up.

    If you’re gonna be PunditMom’s troll, you have to do better than this.

  4. PunditMom Says:

    Things in the securities industry weren’t too bad until the banking regulations were dismantled. As someone who spent a significant number of years in that industry, I can vouch for that. Those who were behind the repeal of them “assured” Congress that market forces would keep large investment banks in line and that they could be trusted to self-regulate.

    If any of those people behind it had been mothers, they could have told you that, as with toddlers and a bucket of Halloween candy, no matter how much assurance they give you about self-regulation, it’s all just talk. They’ll keep going back to the candy bowl until they make themselves sick unless there are rules.

    Even Alan Greenspan now admits he was wrong about self-regulation. And having a little experience, I can assure you that Wall Street will do quite well for itself no matter how much regulation there is. But without it, those of us who invest for our children’s education or our own retirement will be screwed every time.

  5. Kevin Says:

    @ David,

    1. The gun industry in Chicago isn’t doing so well. Nor in D.C.

    2. The gun industry everywhere else is doing great because the man running the country doesn’t believe in the 2nd amendment, which is artificially driving up gun sales.

    3. The financial services industry fell apart specifically because of regulation. How can you say the financial industry was unregulated when the government was mandating that banks make loans to certain people and then sell those loans and their ultra-high risk to a quasi-government agency? How is that non-regulation? Please explain.

  6. Kevin Says:

    Let’s not get off subject. I asked for heavily regulated industry that’s doing great or an unregulated one that’s not.

    You offered the highly regulated finance industry as an example of an unregulated industry. Mandated loans, Sarbanes Oxley, yada yada yada.

    You have to be intellectually honest. You can’t just spew talking points about how it’s all Bush’s fault.

  7. David Wescott Says:

    another swing and a miss, Kevin. This administration hasn’t done anything to curb gun rights. And if you don’t think the gun industry is alive and well in DC you haven’t been to DC lately.

    FACT: the gun industry is thriving despite being heavily regulated. Further, the energy industry is thriving despite being heavily regulated. The health insurance industry is thriving despite being heavily regulated. You just don’t have a leg to stand on. You may not be aware of the Commodities Futures Trading Act, which de-regulated that industry and forced other parts of the financial services industry into ruin.

    And show me the law that mandates loans or sale of those loans to GSE’s. The simple truth is it doesn’t exist. If you’re talking about the right-wing lies about CRA, you must know they have been thoroughly debunked.

    Seriously you have to do a lot better than this.

  8. Kevin Says:


    Did you read the article? It doesn’t matter whether they’ve done nothing to curb gun rights…it’s the PERCEPTION that he will.

    Here’s some information for you on mandates for home loans: http://www.forbes.com/2009/02/13/housing-bubble-subprime-opinions-contributors_0216_peter_wallison_edward_pinto.html

    The bottom line is that you can’t consider the financial industry de-regulated. Nobody with an ounce of intellectual honesty can say that.

  9. Kevin Says:


    Didn’t think so.

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