November 15, 2008 3:32PM
The New Global Regulatory Framework
By Ray Hennessey
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After a meeting (which ended early, for what it's worth) that comprised the 19 biggest world economies, plus the EU, the big takeaway is that the U.S. is likely to find itself under more regulation. The G20 communique talks of all financial markets coming under broader supervision. And, by March, we will have "priority financial reforms" proposed.
You can debate whether more or less regulation is needed. But the idea of global bodies carrying out regulation is worrisome. The U.S. is the biggest and best financial market in the world because of its creativity, its entrepreneurial spirit and the freedom regulators have traditionally given financial firms to grow and invent. That has to be protected.
If you think financial firms need more oversight, do it here. And let the folks in Paris regulate their country's companies, and the same in Moscow. But when the folks in Paris and Moscow have oversight over Wall Street, we're walking down a slippery slope.
It will be up to the Obama administration to make sure it doesn't give away the store. True, Wall Street got us into this mess to a large degree, but it's ability to innovate -- as seen by the creativity coming out of Goldman-vet Hank Paulson's Treasury -- is what we're staking the comeback on. That can't be tinkered with.
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Looks like we may be one step closer to a one world government. Seems to be a lot of folk that want that. After they get it, it’s too late!
AIG4Ever,
Booo…you seem to scare pretty easily. Only ignorant people believe that AIG caused the problem. They were part of the problem, but the blame lands right at the feet of the CRA 1977 and liberal social engineering. IT does not matter if you disagree, though people like you think truth is relative, it is true. In 1993, Bruce Marks of NACA forced Bank of America (used under CRA) to lend 3 billion to people that should not have had mortgages. Clinton turned Freddie and Fannie into a hedge fund under the guise of social engineering. By 1999, 44% of F + F loans were subprime. Then we just have to look at Barney Frank saying in July of 2008 that things look good for F + F in the long run. Also, if you opposed F + F, you were labelled a racist. All the way back in 2001, the failed Bush weakly attempted to get it under control, but decided to turn his attention to Iraq. In 2003, John Snow again tried to address the crisis, but was shouted down by Greg Meeks.
I know folks like you hate facts, but deal with it. I am sure you are pretty thrilled with the meltdown because we can move more quickly towards the fall of the USA like you folks look forward too.
If the President thought things were pretty good a year ago, he should have bought the stock CMKM a few years ago, and seen it naked short traded to the tune of around 1 and 1/2 trillion shares. Then as a kicker the SEC comes out with a grandfather clause on January 5, 2005 stating brokers that naked short traded stocks did not have to cover the sells. The brokers got to keep the money and paid no income tax on it. As for the good as gold, I think the gold at Fort Knox has been gone for along time.
If AIG can run an ad using a child ?
the GOP can win an election using an unborn child.
And we ALL know what’s behind the scenes at AIG.
I wonder what’s behind the scenes are christian fundamentalist house #293,992
hmm- smokes, liquor, child abuse, methamphetamine – ALL the typical necessities for a new compulsion of christian fundamentalism to replace.
People who NEED jesus scare me.
what’d they DO that they need that ?
or what POV do the hold that they feel the even NEED- it really suggests they’re sub prime.
My parents went with AIG.
Hey, if those AIG ads ? were not so far reaching to ask for our trust exploiting children in advertising ?
I mean, come on, for AIG to be playing the kid approved, parents backed investment model ? And to KNOW ? their books ?
my god.
If “TV” presents THAT image – and it turns out to be 180 ?
Reminds me of Schwartz in front of his Palm Beach home the friday before things collapsed “It’s all speculation, ya know ?”
or was it all KNOWN write downs not yet announced.
short of a few voices that for whatever reason, stick around in TV sector, I expect all other TV programming to be 180 of presentation.
The good epiphany is when you step back, question how you are deriving meaning in your life, notice FBN is paid tv advertisements – usually that shifty ‘Free and Clear’ guy that probably scopes out elementary schools when he’s not scoping out tax default properties ?
that starting at 5 am ?
Is it NOT yet ? just another paid TV advertisement ?
Like floor two hasn’t ever come down on FBN to encourage political interjection.
ALL paid TV advertisement.
If it’s on TV, it’s been sold, beaten, molded, prefabbed and likely if not, it’s a fluke and the person will probably be ‘let go’ as a ‘fox consultant’.
How is it people can’t seperate political and corporate criticism anymore ?
why ? you’d think they’d be presuming they are one or something.
? ? ?
My parents went with AIG.
now, if AIG knew their books when they ran that ?
anyone else find that FTC crime ?
Consumer fraud ?
Where are the FTC suits coming !
It’s Lord of the Flies.
No regulation will get you total mayhem on the island until the big people show up.
I don’t get it.
Out of science, here we chase the human genome, and yet we hold onto failing seperative models.
Which is it All for one on a species level FIRST ?
or some ideological level ?
If you fail at species level, you don’t get a ride on the Hal Bop comet either.
Eternal life is recognition that life goes on forever, and you are WELL integrated.
What did you think diet was ?
that’s integration.
Yes, you are what you eat, and unfortunately, we are not what we are ignorant of when it comes to putting nationalism and bretton III out to dry.
Human’s will EITHER find a winning model, or we’ll crash and burn on this planet in deeeeeeep cold black space, so delicately nestled in eliptical orbit around the sun.
All the while ? Anyone who comes out of Princeton economics ? if they don’t see energy resources trump all other assets on the planet ? After all, if you can’t survive a cold night on this planet, does it matter what precious metals you have access to in your back yard ?
So, while gold has questionable arbitrary roots in meaning, oil ? you can always burn.
I don’t think it really matters what ‘financial’ system is settled on.
When we moved off of Gold, there was petro, ripe and ready to go.
To date, the petro dollar has been accumulated in Dubai to the tune of ?
oh well, indoor skiiing in the desert anyone ? Why ? forget about a $3.50 bottle of water on United, try Qatar’s FIVE STAR AIRLINE – sleeping quarters and all, with a FIVE star chef – on board ?
And we shake our heads and say
ain’t it a shame.
Energy cartel runs all – facts are facts, Exxon and Petro China are world’s largest corporations.
You don’t ever see Exxon calling up Paulson either.
G-20 nations of the world unite, but doesn’t matter so long as petro undermines your economies.
Bottom line, further you zoom out from Earth, CLEARER it becomes, CLIMATE is more critical than AIR, WATER or FOOD. Surely gravity trumps climate, but that’s beyond the scope here.
I’m not even ranting on that petro – who disagree’s here ? raises planet temperature AND screws air quality. Now, that DOES mean we need to burn LESS oil in the winter !
BUT – more coal in the summer for AC.
MMMM….. I just love mercurial derived air cooling systems.
MONEY, and economy isn’t the real crisis at hand.
Quality of life, potential for health.
It’s this on the cheap mentatlity of saving money, cutting costs, that leads China to drive it’s coal sector so hard. AND the US.
Sooner or later the west is going to get the health care bill for all that cheap crap from China, in the form of pulmonary illness bills.
I do say, between Harvard and Yale right now, you can EASILY support a viewpoint that you do NOT want to be breathing China’s plumes of tastybits that float over – ENTACT plumes all the way to well, Cambridge Ma. Nugget mercurial clouds.
now, who cares about financial models when you can’t breath the air without risking neurological deficit ?
you tell me where I’ve got my priorities askew.
Is their not one journalist who would dare question the validity of the so called “causes” of the global financial meltdown.One year ago, the President, and everyone from the Fed to the Treasury,the Media to the Industrialists were saying that the economy was fundamentally sound… don,t worry be happy.A lot of Joe the Plumbers saw for “years”, that deliberate measures were being continually taken to lead the country on a path of self destruction.Either the Elite(all of the above) are very dumb,or they are complicate in a conspiracy to destroy the existing financial order so they can introduce a new “cashless”financial system.You mention that this current “meeting” ended early,the meeting was simply a charade, these people have the new system already drawn up, just have to wait for the “right time”. I beg to differ regarding your slippery slope comment, America is no longer on a slippery slope,that was 20 years ago,today she has “arrived”.
“But the idea of global bodies carrying out regulation is worrisome.” That’s the understatement of the decade! Remember the “Golden rule”? He who controls the gold, controls the world. Of course on the other side of this are the countries that weren’t invited to the meeting – we know who they are right? Welcome to WWIII. The weapons are financial, informational, and psychological. For now.