A Little Late in the Day, but much necesary change only comes after harsh lessons.
By JESSICA HOLZER, WSJ.com
<WASHINGTON -- House Financial Services Chairman Rep. Barney Frank (D., Mass.) predicted that 2009 will be the "best year" for public policy since the New Deal.
Speaking before the Consumer Federation of America Thursday, Mr. Frank said Congress would pass a regulatory overhaul comparable to the antitrust laws of the late 19th century and the creation of the Securities and Exchange Commission in 1934.
Democrats will tighten consumer protections for credit cards, put "very tough rules in" to govern subprime lending and give "appropriate liability" to the institutions that securitize mortgage loans, he said.
Mr. Frank said the economic crisis has run counter to the philosophy first espoused by President Ronald Reagan that "government is part of the problem." He said the goal would be to diminish excessive risk-taking within the context of investor and consumer protections.
"This has not become an anti-capitalist society," Mr. Frank said. "I think we can make the argument, as the New Deal did, that in fact we are being very pro-market."
He said that securitization -- used to repackage mortgage loans and sell them to investors as bonds -- has "good aspects" when done right but can also lead to abuses.
Mr. Frank predicted that legislation to tighten consumer protections in the credit card market and to crack down on mortgage lending abuses would become law. He also said bank regulators would adopt a code to prevent unfair and deceptive practices.>
Methinks not withstanding the facts dictating this legislation and the practical reforms they represent, the Raeganites will explode ideologically and just yell socialism/liberalism. Wont you, Fibs and Baloney. What ye say kaptain, Canoodle, Breimery.
Dog, couldn't find it online. Might you be able to give me some help?
>>>By the by, columnist Hirsch wrote a piece in Newsweek last week, I think, much aligned with your thinking on Rubin and company. <<<
j4d, when are you going to respond to my thoughts? As for not caring about Alf Fields or Sinclair, I care about their thoughts - their rep means squat at the moment. Please put on your thinking cap, avoid Wikipedia and Kitco and Metropole wannabe sites, and think about what this backwardization is presenting as information. As I explained, it presents a sales commission. If you want to call it a warehouse restocking charge, I agree. But it in no way supports Mr. Fields absurd notion that it represents gold not being offered and delivered. If you disagree, don't tell me what Fields or Sinclair have done in their life, argue your point. If you can't argue your point, don't tell others they can't challenge, while laughing, at your mantra spouts.
REGARDING: ...so that even small minds like mine could understand.
RESPONSE: J4, you are a very modest man. Those who know you realize fully well that your above statement is erroneous. I hope this missive finds you in good health.
QWAK,J4D,Some may percieve ME this way.
That's Ok with ME -- at least they are THINKING and PONDERING a little.;)
THINKING is the FIRST step in CHANGING any thing -- not THINKING -- not only don't change things -- BUT it allows SOME who THINK about how to SCAM and take UNFAIR ADVANTAGE the opertunity to DO IT and often get away with IT! :(