Well, duh. Bonddad:
There will always be a debate about the need and extent of regulation. This debate is healthy; it should prevent one side from pushing too far against the other.
However, as the financial system continues to experience a high amount of turmoil, it is clear that deregulation has exceeded the "too much of a burden on business" argument. Instead, too little regulation has broken the economy.
Edward M. Gramlich, a Federal Reserve governor who died in September, warned nearly seven years ago that a fast-growing new breed of lenders was luring many people into risky mortgages they could not afford.
But when Mr. Gramlich privately urged Fed examiners to investigate mortgage lenders affiliated with national banks, he was rebuffed by Alan Greenspan, the Fed chairman.
That's right -- too much regulation will get in the way. We know how to manage risks now, so we don't need to stinkin rules.[..]
Here's what bugs me to no end. I'm a capitalist through and through. I love buying and selling stuff. And frankly, I think most people do too.
But here's the problem. You have to have rules. Unchecked capitalism is a bad idea. That's what we've had. And it has failed.
But don't tell that to media mogul Sam Zell, new owner of The Tribune Co. Guess who he blames for the state of the economy?....Wait for it....Hillary Clinton and Barack Obama. Seriously.
