Loose Rules Sink Ship - Part II

And now ... for the rest of the story since 2004. Did Henry Paulsen see the financial markets imploding when he accepted appointment as Sec. of the Treasury in 2006? Doubt it. How much did Annette Nazareth know & when did she know it? When she resigned in 2007? Good questions & only she would know... unless of course someone sues & they all get hauled into some federal court with jurisdiction. Where would that be? Can our government be hauled into the Brussels International Court? ... More & more questions come to mind as I type. The New York Times reporters - bless their little hearts - have begun a series - "The Reckoning" - trying to answer some of my many questions. It will make the movie "Wall Street" look pithy & pale. Get front row seats & read all about it. Good night & good luck!!

Whaaa's Up Wall Street?

Perhaps the investment banking debacle will force the political chatter off-stage for awhile until it gets digested by the Chattering Masses on NonsenseNews. Reagan's trickle-down economic theories (voodoo economics) that have dominated markets & regulations for 28 yrs. are much like Rev. Wright's "chickens coming home to roost."

McCain's good buddy, Phil 'Nation of Whiners' Gramm of TX led the Republicans to sponsor & pass the Financial Services Modernization Act of 1999. It passed on a vote of 54 (GOP) to 44 (Dem) w/2 present. [S. 900 An Act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, and other financial service providers, and for other purposes. Ck out the Roll Call Votes]

These "trickle down" economic policies were bound to get on that "free market" slippery slope leading to this mortgage/derivative debacle. So, now Wall Street's 'Welfare Kings' cry, "HELP US!" - maybe we do need regulatory babysitters after all.

McCain has indicated he will appoint Phil Gramm as Treasury Secretary! BIG reason to support Obama - smarts, resilience & demeanor attracts the best brains in the country to work with him.