A "commission"?
You know politicians are desperate to distance themselves and buy time when they propose a commission to study the problem.
(How long does "a commission" take? Is that really his best plan?)
John McCain this morning called for a commission modeled on the government's in-depth investigation of the 9/11 terrorist attack to probe what prompted the financial crisis now gripping Wall St and sending shockwaves through the market.
(How long does "a commission" take? Is that really his best plan?)
posted by mikevotes at
7:58 AM
4 Comments:
I was fortunate enough to talk to the director of HSBC for central and eastern Europe today.
Maybe McCain should just ask him (or one of his colleagues).
It isn't actually that complicated....for an economist.
By
Praguetwin, at 12:38 PM
No. They complied with the laws and regulations and still overextended. Then when the mortgage market shifted, they didn't have the slack.
But, to McCain, he doesn't want new regulation or laws, but, he can't be seen to be doing nothing, so "Name a commission!"
By
mikevotes, at 2:17 PM
Wouldn't a "blue-ribbon panel" be much more effective? Probably not.
I know McCain's proposals seem to be shifting by the hour, but my impression was that he wanted to scrap all of the financial regulatory agencies and create one mega-agency.
This would make it much it easier to stack with cronies and under-budget so that the new mega-agency couldn't do its job (e.g. FTC).
The truly stupid thing is that the Bush Administration has been de-regulating everything for almost eight years, which was supposed to make the current situation impossible. The idea is that these institutions would make the right decisions on their own, stand or fall on their own - but instead, they get bailed out because failure would be "devastating".
Which is exactly why they were regulated in the first place.
By
Todd Dugdale , at 9:14 PM
That was his plan awhile back, and, yes, definitely, it would become like the FCC has become. Three seats for the party in power two seats for the party out of power, so everything passes.
When the first of these major failures took place, I heard someone say that "we've gotten to a point where profit is privatized, but risk is socialized."
By
mikevotes, at 9:32 PM
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