drieuxster (drieuxster) wrote,

What? New Banking Regulations to replace the misplaced ones???

Without Glass-Steagall repeal, Bank of America wouldn't be able to buy Merrill Lynch, the only bit of arguably positive news to come out of this crazy weekend. And more generally, it is looking like investment banks that don't have big consumer banking franchises aren't up to the challenge of surviving modern-day financial crises. Of the five big independent investment banks that existed six months ago, only two survive.

Now it is true is that we failed to replace the archaic Glass-Steagall rules with a sensible, modernized regulatory structure. But don't worry, we'll be getting to that soon enough!

[ cf Toward Universal Banking ]

Banking Regulation???? It is a good idea???

And as one of the commentors noted:
This reminds me of the biker who was run over by an ambulance.
Wasn't he so lucky to have one standing bye!
Ah yes...

Fortunately Merrill, along with Bear Sterns, and AIG, et al, are not victims of the Glass-Steagle Act's Brutalizing excess governmental over regulation. Now all we need is some sensible, modernized regulatory structure, like, oh, Uncle Eno's from Snow Crash, that will make it less likely that in the future the poor tax payers will have to bail out the big firms that would not even allow them through the front doors...

Oh no, I really agree... We want the right sort of sensible regulatory oversite. One that will not get dismissed as soon as there is time to make the next bigger can not fail banking combine...

Combines, now that is a word I have not seen much since Ken Kesey's One flew over the cuckoo's nest. It makes me feel safer knowing that we may be able to restore that word to the economic discourse, along with maybe Nurse Ratched???? As in, say,
Nurse Ratched, the new head of Recovery of broken combine assets, noted that we will just have to up the voltage on that sucker until he learns to become a team player.
Yeah... that's the new age new wave...

Clearly we evil republicans should learn, when being critical of the Religioously Free Marketerring, that amongst the stoopid things they have done is detach the banking process from the locality where folks can utilize their local knowledge to maximize local profits the old fashion way - rather than simply monetizing the financializables, into meaningless numbers that are merely numerical.

But of course that way means supporting Frank "why we fight" Capra and Brig. Gen. Jimmie Stewart in the war against the draft dodging moral reporbated dirty stinking hippies of Potterville, as a part of reminding america about it being a real live wonderful life, even with or without the product falling into the public domain where it could be turned into some holy icon about some day that, uh, would have been like Rush would have liked it to have been, if it were not that Rush Limbaugh and friends were rushing after the need to become Potter, and to push everyone else into Potterville....

Ah yes.... New banking regulations. Right up there with new regulations against various forms of Financial FRAUD, and the various forms of BANKING FRAUD, that would have been nice to prevent so that we would not need to be bailing out firms that are on the verge of bankruptcy... because, bottom of the 9th inning, 3-2 pitch, all they had was their financializables.... no friends, no good will, no faith.....

Why heck, we might even consider criminalizing crime while we are being optomistic about it...
Tags: economics, war

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