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Alan Greenspan was wrong in thinking that the market would regulate itself; and he admitted that he was wrong in his testimony before Congress. The congressional response was Dodd-Frank incorporating the Volcker Rule against proprietary trading by banking entities; which was violated by JP Morgan Chase Bank before the ink was dry on the "remedial" legislation. (How many billions were lost? Does anyone know?) Dodd-Frank was too little to late; and it was immediately attacked by the banking and securities lobbyists that have succeeded in getting the few restrictions on trading financial derivative contracts "relaxed" to the point that it is back to "business as usual". In this, I fault President Obama's leadership; for although he did not create the problem, he failed to take decisive action to correct it. When he had the bankers by the balls and called them on the carpet at the White House, instead of bringing these rogues to heel, he let them off the leash. The gleeful bankers held a press conference to announce that the President had agreed to "work with them". You can rest assured that what happened before will happen again - and soon. And you and I - and everyone not responsible - will end up paying for it; and for a very, very long time to come.