bthomas

The Escalator of Life Is Going Down (Part 2)

While I agree with the sentiment of the article. Personal responsibility lies with everyone who remained exposed to this market since Oct. 2007. If you lost big that is still your fault. As harsh as that sounds. Herd mentality tends to eliminate most of the herd, in my experience. The truly sad fact is that we (mostly congress) didn't learn from the Great Depression, and repealed Glass-Steagall. Now roughly ten years hence we are up to our ears in this mess. For the same period GDP was essentially driven exclusively by housing cash out refinance. So we produced nothing but convoluted derivative debt that has nearly collapsed the economy. House Financial Services Committee, U.S. Senate Committee on Banking, Housing, and Urban Affairs; you should be proud of yourselves. Now get to work!

Wall Street Breakfast: Must-Know News

The bankers must be reined in. We should start with rational regulation where responsible adults can trust the veracity of what comprises AAA rated securities. Those irresponsible parties must be held accountable. Conflict of interest is pervasive on all sides, from government to regulator to business . This seems to escape everyone's attention. It's all public money now folks, the public trust must be upheld. We are ten years hence from repealing Glass Steagall. Everything is in shambles now because greed overrode every other aspect of life. The Fed has too much power. congress should work to rein this in. Glass Steagall, or whatever replaces it, must be enacted to require people to do what greedy people cannot do for themselves: -the right thing. Split them up. Preserve the public trust.