Ives

A Nation of Debtors

Regarding "The problem wasn’t and isn’t a lack of regulation, but a lack of ethics and honesty."

Oh dear. Ethical and honest people would not be promoted in these firms. If the object is make money and nothing else, then the biggest sociopath wins.

Now I'm just an average wage earner being asked to fork over my "Chinese" (that I nonetheless must labor for) money to pay for this god-awful mess. I'm not an economist or investor. But the "human nature" argument doesn't explain this. If everyone were as "naturally greedy" as the predators on Wall Street, the human race would have been extinct many moons ago.

Institutions that reward people whose greed knows no bounds will always find some greedy people to do their business. You can wag a moral finger at them all day long. A society may need banks to finance productive activity. It does not need a mountainous unregulated speculative finance industry that threatens the existence of innocent bystanders. So, sorry to disagree, but these gambling casinos posing as "banks" need to be reigned in. 30+ years of deregulation have brought us to the edge of another Great Depression.

Let's see, cheap flights to Iceland, and cell phone minutes as against:
1. De-industrialization
2. Stagnant Wages.
3. Outsourcing of blue-collar jobs.
4. Outsourcing of white-collar jobs.
5. Potential Financial Armageddon

I'll take the regulation thank you.