"I have never let my schooling interfere with my education." - Mark Twain
"Suppose you were an idiot. And suppose you were a member of Congress. But I repeat myself." - Mark Twain
"I'm Ron Paul, I'm a Congressman from Texas serving in my tenth term, I am the champion of the Constitution." 05/03/07 - revolution restarts
there's a lot of problems with his argument; for one, derivatives are a hedge not so much as a bet; they're an advanced insurance policy, and, so long as they're non-fraudulent and contractually upheld, they're fine.
The other thing is, industries will choose regulation over non-regulation every time; not the other way around, simply from the fact it enables them to shut out startups and small to moderate sized businesses which just cannot comply with the regulations (where as they can).
His too big to fail is a total cop out "they'll always get bailed out, so we can't let banks get to a certain size" is effectively his argument; sorry, but this is a matter of changing policy and not being too big.
He also (not surprisingly) completely misses the point that all of this would be nearly impossible if we lacked a Federal Reserve system....sadly, he doesn't lift a single finger against the institution ultimately responsible for this mess.
credit-rating agencies are highly regulated, so of course they're going to be working for the banks...what else do you expect?
Yeah, I'm not a fan of Ratigan...
we have enough regulation, fraud is already against the law...
problem is, "regulators" aren't doing their job with the current regulation... so piling on more regulation won't solve anything...
they checked out madoff like 6 times, and the regulators said nothing was wrong...
Yeap... this is very prevalent in the Big Pharma sector (2nd most powerful lobby behind the banking sector)where Startups that come up with new innovative drugs can't afford the regulations imposed uppn them... so the Good Ole Big Boys Club buys them up and reduces competition, which leads to higher monopoly pricing.
Yes, the root of all evil/racketeering always seems to lead back to the Federal Reserve... what a coincidence.
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