Deregulate/Reregulate
Monday, October 06, 2008 | 04:30 PM | Permalink
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Two words: Glass Steagall
That moment in 1999 "they" repealed the single most important lesson learned from the First Great Depression, they opened the possibility for the second one.
Posted by: CNBC Sucks | Oct 6, 2008 4:35:58 PM
now they call for regulation, when the next bull market roars, they will be calling for deregulation once again... we will never learn...
Posted by: kurt | Oct 6, 2008 4:37:58 PM
Next year, the Dems are going to come down on the financial services industry like a ton of bricks.
Posted by: DL | Oct 6, 2008 4:38:18 PM
Mommy! Mammy! Bail me out. I don't want to play this game anymore.
Posted by: free markets! | Oct 6, 2008 4:38:50 PM
Sarbanes-Oxley to the fourth power.
Posted by: DL | Oct 6, 2008 4:39:54 PM
Privatization of gains, socialization of losses.
Posted by: leftback | Oct 6, 2008 4:40:36 PM
Senator Phil Gramm's November 4, 1999, surprise:
http://banking.senate.gov/prel99/1104grm.htm
Posted by: Ritchie | Oct 6, 2008 4:42:19 PM
the coming 're-Regulation' of our, Financial, economy will shoot it so full of Plastizer, we'll wish we, just, had a case of Euro-Sclerosis.
To those who think we live in a 'Free-Market' now, you, obviously, haven't done anything more than try to choose between Tall o Venti at SBUX..
Posted by: Mark E Hoffer | Oct 6, 2008 4:52:54 PM
leftback @ 4:40:36 PM
“Privatization of gains, socialization of losses”
That’s the Republican philosophy.
I’m not sure that’s what Obama and Pelosi have in mind for next year.
Posted by: DL | Oct 6, 2008 4:53:58 PM
Just wondering about this:
Bank of America misses, announces they are seeking 10 billion in new capital,and weren't they the ones who bought two mutts out of this litter of orphans?
So what happens here to B of A?
Posted by: Bruce in Tennessee | Oct 6, 2008 4:55:18 PM
DL, I'm an Independent...or at least the Government is in the business of depending on my taxes...
Can you really blame just one side of the isle in Washington ? Yes, Bush has made his mistakes on the economy but Clinton did inflate the Oval Office!!! :-)
Posted by: JustinTheSkeptic | Oct 6, 2008 5:03:28 PM
Look, I'm a liberal, but if you believe the democrats haven't been bought and paid for by the money men than you are an ideologue. Rubin, Corzine, Dodd, Frank, etc are not going to allow the system to be touched. It is going to take throwing them all out to get anything accomplished. As long as Byrd, Stevens and others can serve up our tax dollars for 30-40 years at a whack, nothing will change. Apologies for the rant.
Posted by: Thomas | Oct 6, 2008 5:04:13 PM
BAC missed.
BR - here's a "hidden" bailout I was thinking about as I read the release.
from BAC press release tonight.
"The net interest yield increased 32 basis points to 2.93 percent due to increased yields on market-based activity driven by the steepening of the yield curve and the mix of products."
net interest yield is their spread or carry.
They borrow from the taxpayer for almost nothing but they aren't passing on the savings to those who borrow from them. The fed helps them earn their way out of the hole they are in.
If they had to fund their balance sheets at a market rate their income statement would look very different.
The problem of course, as with all these bailouts, is that we could be doing so many other things with all that money.
It creates massive missallocation of resources in our society.
And the banks are going to get addicted to it if we aren't careful.
Posted by: Vermont Trader | Oct 6, 2008 5:05:03 PM
Up almost another 10% in QID today...I am almost tempted to take some profit, and if this were a normal environment, we would be due for a bounce. But this is a synchronized global bust (of course following the famous "synchronized global boom" they jammed down my throat for years). And there are very, very few shorts that will cover and offer a backstop.
Let it ride on QID.
Posted by: Steve Barry | Oct 6, 2008 5:10:51 PM
shouldn't this guy join the traveling circus already right next to the 4 horned goat and largest horse in the world?
"Massachusetts Rep. Barney Frank said Monday Republican criticism of Democrats over the nation's housing crisis is a veiled attack on the poor that's racially motivated."
Posted by: Richard | Oct 6, 2008 5:10:54 PM
You need to balance regulation & de-regulation. If you over regulate, it will crimp the industry (remember uhe useless Sarbox). If you have lax regulation, we will end up in this current situation.
Posted by: manhattanguy | Oct 6, 2008 5:19:06 PM
How can you have central banking and call the industry deregulated?
Silly.
Posted by: Chris | Oct 6, 2008 5:24:15 PM
Liesman: the fed has an infinite balance sheet.
Sounds dumb.
Fleck: The fed's infinite balance sheet will have unintended consequences...something else will break.
Sounds smart.
Posted by: Steve Barry | Oct 6, 2008 5:38:09 PM
"Liesman: the fed has an infinite balance sheet."
Translation: the American taxpayer we be an indentured servant for the foreseeable future.
Posted by: Pat G. | Oct 6, 2008 5:46:39 PM
QID is for trading. Nice to be right, better to make money. More entry points coming when the fed cuts? It will be easier in light of the recent dollar rally wont it?
Posted by: catman | Oct 6, 2008 5:54:41 PM
VT, don't you think minipulation of the yield-curve is going to have dire effects down the road? Of course mis-allocation is only such if the other intended directions in which it can be allocated complain willingly or unwillingly i.e. they starve.
Posted by: Concerned Citizen | Oct 6, 2008 6:01:01 PM
Fleck: The fed's infinite balance sheet will have unintended consequences...something else will break.
Translation:
Sir, the people demand revolution.
Impossible!
You keep using that word. I do not think it means what you think it means.
Posted by: Winston Munn | Oct 6, 2008 6:15:57 PM
Barry, I put a posting on my blog that Treasury should require that a percentage of the money they give to banks to buy their assets should be required to be re-lent out within 9 months. That way we can be sure it gets cycled out to mainstreet. I think if we knew banks would be required to lend out the money it would be a psychological lubricant to help unfreeze the market.
the full post is at www.irishlightning.com if you have time to review. Thanks, IL
Posted by: IrishLightning | Oct 6, 2008 7:52:15 PM
Glad to see Matson getting disseminated, he pens alot of good cartoons.
Posted by: small investor | Oct 6, 2008 8:32:03 PM
Where are the cartoons that say "Hoover was right all along!"?..............................................Yeah, I thought so.
Posted by: chad | Oct 6, 2008 8:50:08 PM
