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Originally posted by blood0fheroes
reply to post by Light of Night
I think the government needs to step in and.....
Lets stop right there. Im rather fond of the way Einstein put it: " You cannot solve a problem with the thinking that created the problem."
Government intervention not only does not work, it does so poorly. Consistency is only a virtue if youre not a screw-up. Government intervention is what has gotten us into this mess.
Intervention in free trade, in housing, in medicine, and in schooling to start with just a few.
Even if one assumes that they do so with the most honest, and upright intentions. As the old saying goes: "The road to hell is Paved with good intentions"
IMHO, the only reason they are pointing the proverbial finger now, is to divert attention away from their own mistakes.
...it looks increasingly like any financial services legislation that Congress passes this year will give the Fed much more power. "It's almost inevitable, even though there's a lot of dissatisfaction with the Fed," says Craig Pirrong, a finance professor at the University of Houston.
Christopher Dodd (D-CT), the Senate Banking Committee chairman, has been among the Fed's loudest critics. Legislation he put forward in November would have stripped the Fed of much of its authority by blocking it from supervising banks.
But Dodd's newest proposal, which he introduced at a news conference Monday, would give the Fed a bigger role than it currently has. Not only will it continue to regulate banks, but it will also start looking over the books of other large financial institutions. And it will be given new powers to protect consumers.
U.S. officials are looking into the role that Goldman Sachs and other big banks played in the ongoing debt crisis in Greece.
The company has been accused of helping Greece conceal its financial problems from investors and regulators. It also may have helped aggravate the country's fiscal troubles by helping investors bet on the possibility of a default through the use of complex financial instruments called credit default swaps.
As the Greek financial crisis lurches from bad to worse, some European officials have complained that part of the blame lies on this side of the Atlantic. Evidence emerged at a Senate Banking Committee hearing on Thursday that the allegations are being taken seriously.
So I just talked a buddy of mine from High School, We're Both back intown for Easter. We bumped into each other in a local Bar.
I'm Now a Private Detective, (Former U.S. Marshal) and he (We'll call him, Oz) Has been working on Wall St since 2002 when he graduated College.
Oz works for a Large Wall St. Company (We'll Call "Silvergirl Bags") Now Oz is by no means a Big Shot at "Silvergirl Bags" but he's also NOT a Mail Boy.
Oz has informed me, that he spent the last 72 hours he was in New York, SHREADING DOC's with about 10 other fellow "Silvergirl Bags" Investors.
Oz has ALSO informed me ALL the big shots are CLEARING OUT OF TOWN FOR AN EXTENDED STAY.
Oz told me he has the feeling, Nay, The Information that over the NEXT 3 weeks, the Economy & Stock Market are going "GROUND FLOOR"
Oz, has told me he plans on going back to New York on Tuesday morning to Clear out his Appt.
Oz has told me "Silvergirl Bags" is and has been INSOLVENT for the past 16 months.
I asked Oz: "How can this be??? You've been making 100,000,000.00 a DAY for over year??"
Oz Responded: "The Money has been LOOTED and EVEN THAT MONEY WAS NOT ENOUGH TO COVER "Silvergirl Bags" Toxic assests.
At this point in our conversation Oz began to Well Up. (Oz had CLEARLY been drinking for quite some time) and then Oz simply up and walked out.
Well, That mu story.....
[edit on 16-4-2010 by downtown436]