Great idea! It figures it spewed out of a politician’s mouth. One person or small group overseeing the entire financial system? Like this small group could possibly know enough about the hundreds of billions of transactions that occur daily to keep things “running smoothly?” Is this a joke?
My advice to Schumer is to go back to his mistress or whatever else he has going on behind closed doors and leave the rest of us alone. But wait! Perhaps he’s right-look how successful the USSR was with centralized control! Maybe, just maybe, Chuckie Baby, we could move towards that glorious dream! Display your loyalty now to the Fatherland (oops! I mean “Homeland”) and voice your support for Schumer’s crackpot schemes!
If it actually worked like the U.K., where they are worried about the important stuff like solvency and integrity, it would be a tremendous step forward in the US. In the UK, you don’t file insurance rates, rules, or forms, you can charge whatever you want, and change it every week if you see the need to.
They instead try to make sure the companys are reporting accurately and honestly, and are going to remain solvent. You don’t have to follow arcane rules on how to report, you just have to report in a way that accurately reflects your financial situation.
Results, not rules.
It would be a godsend for financial institutions in the US. At least the honest ones.
And it would never, ever, ever happen, because the regulatory system here is too much about power and protection special interests, than making sure the free market runs smoothly.
Great idea! It figures it spewed out of a politician’s mouth. One person or small group overseeing the entire financial system? Like this small group could possibly know enough about the hundreds of billions of transactions that occur daily to keep things “running smoothly?” Is this a joke?
My advice to Schumer is to go back to his mistress or whatever else he has going on behind closed doors and leave the rest of us alone. But wait! Perhaps he’s right-look how successful the USSR was with centralized control! Maybe, just maybe, Chuckie Baby, we could move towards that glorious dream! Display your loyalty now to the Fatherland (oops! I mean “Homeland”) and voice your support for Schumer’s crackpot schemes!
If it actually worked like the U.K., where they are worried about the important stuff like solvency and integrity, it would be a tremendous step forward in the US. In the UK, you don’t file insurance rates, rules, or forms, you can charge whatever you want, and change it every week if you see the need to.
They instead try to make sure the companys are reporting accurately and honestly, and are going to remain solvent. You don’t have to follow arcane rules on how to report, you just have to report in a way that accurately reflects your financial situation.
Results, not rules.
It would be a godsend for financial institutions in the US. At least the honest ones.
And it would never, ever, ever happen, because the regulatory system here is too much about power and protection special interests, than making sure the free market runs smoothly.
Certainly you must be right, UK financial institutions never have problems or fail, right?
another big brother to overlook the masses!