Quote of the day
It’s more than just the oil leak that needs capping. Will the financial reform bill do it? Or is it just a band-aid?
I believe the real damage occurred when Glass–Steagall was repealed in order to protect Wall Street from losing its dominance in the world financial markets to London or Singapore. Then when it was a no brainer to bet against bad mortgage pools due to lax lending practices, everyone was on the wrong side of the bet; no one on the other side to lose but to us taxpayers. I should have seen the whole thing coming when some of my tenants purchased homes and no one asked me if they paid their rent………
Bandaid all the way. The lack of forcing banks to spin off their derivatives business may prove to make the financial reform… anemic. I’m not saying I am pro-regulation per se.
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