Umm how to put this delicately...BULLSHIT? Does that cover it?

[Horse with no Name]

I'm sorry, nobody could have known...
We had no idea...
Who would have thought something like this would have happened...

The answer is, nobody is buying this bullshit. Try again Ferris.
Why not just call it what it is? We were robbed during the middle of the day. The regulations USED to be there, they were just removed by willing accomplices to this robbery.

http://news.yahoo.com/s/ap/20090710/ap_on_go_co/us_financial_overhaul
WASHINGTON – Treasury Secretary Timothy Geithner is telling lawmakers the U.S. economy stumbled last year in part because the power and risks of an explosive derivatives market blindsided the government.

In congressional testimony prepared for delivery Friday, Geithner said the ease with which derivatives were bought and sold in an era of easy credit encouraged financial institutions and investors to take on too much risk.

At the same time, government regulators weren't given the proper tools to mitigate those risks and protect the American consumer, he said.

The federal regulatory system "failed in its most basic responsibility to produce a stable and resilient system for providing credit and protecting consumers and investors," he said.

[Phoebe Loosinhouse]

1. There has been excellent research on this site of people who were beaten back

when CDO and CDS swaps were left unregulated - Paul Volker in particular predicted EXACTLY what transpired. This is bullshit of the highest order. CDSs in particular were an unregulated insurance product, not a financial product.

[Horse with no Name]

6. We have some of the best financial analysts

who post here and yes, I remember them talking about this.

[MannyGoldstein]

2. If Only Geithner Had Regulatory Power Back Then

Everything would have been fine now.

Oh wait - he was Under Secretary of the Treasury under Summers and Rubin, and president of the NY Federal Reserve Bank.

Never mind.

[Horse with no Name]

3. Nodding. Uh huh.

But NOBODY could have seen this coming, dontcha know???

[hobbit709]

4. BULLSHIT-that sounds so harsh.

Try Taurine Metabolic Byproducts.

Those bastards knew exactly what they were doing and what was going to happen.

[ThomWV]

5. Since when it is a 'basic responsibility' of a regulatory system to provide credit?

[lunatica]

7. What I want to know now is he now going to push regulation?

It's one thing to see the error of thinking only in self-serving ways, but it's another to actually do something about it that actually makes a difference.

Americans believe in redemption, but only when something is actually done to reverse the previous sins.

[Horse with no Name]

8. Well now you see

We will have some hearings. And after these hearings, there will be some committees. These committees will discuss these issues in depth for YEARS, then, it will decided that really, there is nothing that can be done because this SIMPLY was an isolated incident and they PROMISED that they wouldn't do it again. After all, all these pesky regulations make it HARD to recruit "good" people for these cushy 6-figure income jobs.

[lunatica]

9. His tombstone will say, 'He apologized but still died rich'

[Celebration]

10. well, he might

But he couldn't sell his house he bought in the bubble and had to rent it out.

So much for the "brilliant" (LOL) Tim.

This is evidence that it wasn't so much purposeful by many but "group think" in the extreme.

[tbyg52]

11. Foxes, meet henhouse. ... nt

[Mari333]

12. these people live in another galaxy far far away

I met a very wealthy woman here in my town recently..shes from Chicago and rents a cottage on the lake here..she remarked to me "OH my this is such a quaint town, and looks to be so wealthy!"
the unemployment rate here is 13 percent, and we have people living in their cars in rural areas. I roll my eyes at these people.
They are blind as bats.

[Laelth]

13. Yup. That's bull, and our party is equally responsible for it. k&r n/t

:dem:

-Laelth

[HiFructosePronSyrup]

14. Seems to me you're contradicting yourself.

But yeah, I guess "bullshit" qualifies.

[Cessna Invesco Palin]

15. Didn't you get the memo?

HWNN is a derivatives market jeenyoos who predicted this all years in advance! With science! Not that he can ever actually cite a single post of his that predicted any of this, because such a thing doesn't *actually exist.*