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Wednesday, May 27, 2009
12:56 PM TweetThis
  • Steven Pearlstein wants to see the Fed stripped of its role in supervising banks: "It saw how so much risk was being transferred from the banks to the shadow banking system... and it did nothing to stop it or the regulatory arbitrage that lay behind it. It has never acknowledged that failure, never apologized for it and continues to rationalize its behavior with all the 'perfect storm' nonsense."
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This news story has 4 comments:

  •  
    Then who would watch it? The bank industry itself? I'm sure that would work well. How about a group from the big account firms? They've never been corrupted or duped right?

    Regulation is supposed to be the job of the government. That's pretty much the reason governments exist. To regulate the masses in order to keep people from taking unfair advantage of others. Unfortunately human nature tends toward greed and grabbing power. Which leads to the real 'perfect storm' in this case, the money and greed from the financial world getting in bed with the power of the government.
    May 27 01:12 PM | Link | Reply
  •  
    The Fed, and the other politicians/regulators, "failed" the duties of their office. Unfortunately the question becomes, who is to replace them?

    Sadder still than the failure of the cabal of politicians and regulators, the overwhelming ignorance of the people of the United States in regard to the institutions which govern.

    Idiocracy...
    May 27 01:32 PM | Link | Reply
  •  
    "overwhelming ignorance" is the key. Until the "people" wake up and stop voting based on listening to politician's lies and instead look at what they actually do, we are going to be in a world of hurt.

    On May 27 01:32 PM HCSKnight wrote:
    > Sadder still than the failure of the cabal of politicians and regulators,
    > the overwhelming ignorance of the people of the United States in
    > regard to the institutions which govern.
    >
    > Idiocracy...
    May 27 02:33 PM | Link | Reply
  •  
    Mr. Pearlstein might be in for a huge disappointment, as it appears the Fed will get to oversee many more types of companies, if they are deemed to be "systemically critical" to the financial system?
    May 27 02:54 PM | Link | Reply
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