No one could have predicted...

C

Cypress

Well-known member
…that "voluntary" regulation, pushed by morons who worship at the alter of “fee market” Reaganomics, wouldn’t work….

WASHINGTON — The chairman of the Securities and Exchange Commission, a longtime proponent of deregulation, acknowledged on Friday that failures in a voluntary supervision program for Wall Street’s largest investment banks had contributed to the global financial crisis, and he abruptly shut the program down.

NTtimes
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RON PAUL: Abolish every government agency except for Dept of Defense and DOJ
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Now is the Time to Resist Wall Street's Shock Doctrine

By Naomi Klein - September 22nd, 2008

I wrote The Shock Doctrine in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place...).

The best summary of how the right plans to use the economic crisis to push through their policy wish list comes from Former Republican House Speaker Newt Gingrich. On Sunday, Gingrich laid out 18 policy prescriptions for Congress to take in order to "return to a Reagan-Thatcher policy of economic growth through fundamental reforms." In the midst of this economic crisis, he is actually demanding the repeal of the Sarbanes-Oxley Act, which would lead to further deregulation of the financial industry. Gingrich is also calling for reforming the education system to allow "competition" (a.k.a. vouchers), strengthening border enforcement, cutting corporate taxes and his signature move: allowing offshore drilling. snip.

It would be a grave mistake to underestimate the right's ability to use this crisis – created by deregulation and privatization -- to demand more of the same. We have seen this many times before, in this country and around the world. But here's the thing: these opportunistic tactics can only work if we let them. They work when we respond to crisis by regressing, wanting to believe in "strong leaders" - even if they are the same strong leaders who used the September 11 attacks to push through the Patriot Act and launch the illegal war in Iraq.

So let's be absolutely clear: there are no saviors who are going to look out for us in this crisis. Certainly not Henry Paulson, former CEO of Goldman Sachs, one of the companies that will benefit most from his proposed bailout (which is actually a stick up). The only hope of preventing another dose of shock politics is loud, organized grassroots pressure on all political parties: they have to know right now that after seven years of Bush, Americans are becoming shock resistant.

Naomiklein.org
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implementing wall street, stock markets, sec, and other 'high finance' groups to consolidate who and how the money is controlled in this country was the mistake. chalk it up to pre WW2 ideology
 
Ohh.

I figure he might as well blame england for letting us have the place.

Or God for creating the universe.
 
ib1yysguy said:
Seriously. I heard a commentator blame it on Carter.
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It's a common right wing tactic. When the right fails, say that right is left, go underground for a few years, and then emerge with the same message that failed before in a slightly different form with a new leader.
 
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SmarterThanYou said:
implementing wall street, stock markets, sec, and other 'high finance' groups to consolidate who and how the money is controlled in this country was the mistake. chalk it up to pre WW2 ideology
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I'm not exactly sure if this is English, but it sounds like you're saying Franklin Roosevelt is to blame.

Concur, FDR is a prime suspect for the financial meltdown of 2008.

Personally, I'm leaning towards Grover Cleveland. Those corporate Bourbon Democrats did the robber barons bidding.
 
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