Poll Finds Americans Support Increased Business Regulation

January 14, 2009

  • January 14, 2009 at 1:29 am
    C Marx says:
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    Are you kidding me? Regulation is what got us into the mess we are now facing. Lets see, goverment regulation forcing banks amd mortgage companies to loan money to people who will not pay it back and then putting those same goverment people in charge of fixing it with more regulation is insane. When small business is regulated out of business where will all these socialist morons work?

  • January 14, 2009 at 1:36 am
    InsuranceGal says:
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    62% of Americans surveyed said their confidence in government had fallen and yet they think more government involvement is the answer….who are these morons?

  • January 14, 2009 at 1:40 am
    Maxine says:
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    Please, we don’t need more government involvement, they have demonstrated what they CANNOT do, why would we want more of the same – go figure!!

  • January 14, 2009 at 2:01 am
    Jen says:
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    I wonder if some terrorist organization slipped something into the US water supply that is now slowly dissolving all sense of reason and intelligence from the population.

    After all that has happend in the last year 62% are still blind

  • January 14, 2009 at 2:08 am
    Gustave de Molinari says:
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    Jen,

    You hit the nail on the head. The masses have almost zero critical thinking skills. OR the government knows that most people don’t back more regulation yet they designed this “poll” to give them the outcome they want as a means to justify their use of force via new laws, regulations, etc.

  • January 14, 2009 at 2:13 am
    Lee says:
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    We don’t need more regulations. The gov’t can’t regulate the current regulations. Big salaries, huge benefits, large lunches, no work accomplished. A brief description of our legistrators at work and the bureaucrats who do their bidding.

  • January 14, 2009 at 2:23 am
    Mike says:
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    IT was derivatives and credit default swaps that caused this mess. The bad loans were only a small part of it. And loans that the government “forced” banks to make are just small percentage of that.

    So please get your facts straight. Many of these credit default swaps that caused this mess were illegal before deregulators stepped in.

    SOOOOOO, please get your facts straight, because you are the moron.

  • January 14, 2009 at 2:24 am
    crabber says:
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    I used to be against regulation until I learned more about it. Modern business is too complicated to categorically support either position (more vs less regulation). Regulation that promotes transparency is good because it enables investor confidence, however it can certainly go way too far and impose undue burdens on the business and have unintended effects. However, too little or ineffective regulation can allow greedy businesses to come up with creative ways to obscure what they are doing – think Credit Default Swaps. Even if we give them the benefit of the doubt, the financial instruments were so complicated that complex analysis and rare expertise were needed to analyze the risks involved. The theory that markets self-regulate is entirely dependent on the assumption that the markets have all the information and understand the implications of what is being done. In actuality, investors rely on unbiased, expert analysis for guidance. If the analysis is neither expert nor unbiased, then the market will not work smoothly and volatility results.

  • January 14, 2009 at 2:44 am
    nobody important says:
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    It seems that most surveys are worded to lead people to the conclusion needed. Who are the organizations that paid for the survey? That will tell you their interest. It’s not simply that the “masses” are stupid. They just don’t know they are being lead to the desired opinion.

  • January 14, 2009 at 2:52 am
    Rick says:
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    Folks, what makes you think this poll is not accurate. The amount of corruption has reached an all time high and both presidential candidates have called for more regulation.

    Are you people even aware of whats going on, or do you have your heads in the sand.

    When even the republican candidate calls for more regulation you know there is a problem.

    So I think you might want to realise that this poll is correct and that you are in the minority.

  • January 14, 2009 at 3:00 am
    Foghorn Leghorn says:
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    Tired of losing my hens boys! Bad enough when I was just losing my nest eggs! Somebody needs to be regulatin’ the coyotes they been puttin in charge of the henhouses. Can’t turn a blind eye and still plan on havin’ an omelette in the morning boys!

    Ask my fellow investors in the Qwest henhouse. Or maybe my fellow investors in the Enron henhouse. Or the Lehman Brothers Henhouse. Or Bernie Madoff’s henhouse. And on and on . . .

  • January 14, 2009 at 3:01 am
    Jen says:
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    Really, a government whose answer to every problem is “throw money at it maybe it will go away” is more capable of regulating business than the owners.

    Again it comes back to personal responsibility. It should not be the governments problem if AIG folds, if banks made bad loans (forced or not,) stock market crumbles, there are corrupt CEO’s. If your business crumbles ahh well better luck next time the government shouldn’t be running in trying to fix this mess. There is a store that sells maps in the town I live in. Yup its called the map store. Business went under after only six months even the dumbest person in the world could see that it wasn’t going to be a successful business. Do you think the government should have stepped in and lent them a million or so? Not to over simplify but it is really the same thing. You make bad decisions or business moves and then there are consequences.

    Our government cant regulate health care, disasters, this unending war or even a budget but it is perceived that we should throw something else on their plates?

    I don’t believe that a majority of people agree with more regulation. I think the majority of people want a resolution and are willing to say YES to just about anything to get it.

  • January 14, 2009 at 3:06 am
    redtape says:
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    Mike:

    The derivatives and credit swaps went wrong primarily because of the loosening of all credit standards pushed onto Freddie and Fannie Mae by the politicians. They were the ones who intiated the no money down mortgages by the billions and billions to folks with little if any credit worthiness, all guaranteed by US tax payers. This is what caused much of today’s problems.Mike please get your facts right.

  • January 14, 2009 at 3:07 am
    Concerned Comrade says:
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    Not since the Roman Empire has the world witnessed such a glorious transition from a Republic to an Oligarchy! The media is spreading doublespeak and we are finally learning a second language. Or well, such is life.

    Only in Amerika!

  • January 14, 2009 at 3:09 am
    David says:
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    The government forcwed banks to loan money to people who could not pay it back? Seriously? I thought it was banks offering their mortgage brokers chunky commissions to sell, sell, sell. How was the government behind that? Give me proof.

  • January 14, 2009 at 3:12 am
    David says:
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    I agree that the public demonstrates little critical thinking skills. How else can we explain not one, but two terms of George W. Bush?

  • January 14, 2009 at 3:12 am
    Ralph says:
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    No Mike, you are the moron. No one forced investers into CDSs. They were stupid and greedy. They did not do their homework and now the market is correcting itself as it should. So sorry you were a bad investor. I bet people will think twice before investing in CDSs again. And that my socialist friend is how capitalism works. Name one thing the government is good at. Please.

  • January 14, 2009 at 3:12 am
    Joseph Stall says:
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    And Barney, the purple politician, Frank is now saying that the pressure placed upon lenders to extend loans to unqualified borrowers was the Republican’s doing.

    Tell an outrageous lie enough times and the public will begin to believe and then utlitimately believe it’s true.

  • January 14, 2009 at 3:17 am
    David says:
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    Your last sentence is how Carl Rove Got Bush elected.

  • January 14, 2009 at 3:19 am
    Mike says:
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    If you wanted to pay off every bad mortgage it would only cost about 60 billion, so if that’s the problem, how come we need a $750 billion bailout.

    Think about it kids its not just bad mortgages, please read the news before you post.

  • January 14, 2009 at 3:22 am
    Peon Agent says:
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    Boy, you are right on. There does seem to be something in the water. I think it’s called public education.

    Two stories into this issue of IJ and I’m getting an ulcer.

  • January 14, 2009 at 3:29 am
    nobody important says:
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    No, I don’t have to believe the poll is correct Rick. The fact is that the insurance market is well regulated by the states. Much better regulated than any federal program. The feds have too much on their plate now. It’s always simple to solve the problems when you aren’t actually knowledgeable in the area. Where do you see any issue that any federal agency would do a better job than the states? None. This is a typical post from you Rick. Not logical in any way.

  • January 14, 2009 at 3:32 am
    Peon Agent says:
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    Fair enough. But, I can offer an explanation that comes in two parts with two faces.

    Al Gore and John Kerry.

    Ha.

    Sorry, I know that’s going to denegrate this thoughtful dissertation.

  • January 14, 2009 at 3:38 am
    Peon Agent says:
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    Ok, Mike. Time for you to think about it. The reason we need $750 billion is NOT to actually fix the problem. It’s to fix the next elections and retirements by siphoning money off to pre-selected people and places.

    And, for the record, that’s not limited to Democrats. Republicans can do the very same thing.

    Remember $750 hammers? That wasn’t because the hammers actually cost $750 any more than the $750 Billion Dollars is going towards what our politicians say it’s for? So, think about it Mike and the others that believe government is so capable of making your lives any bit better finanacially.

  • January 14, 2009 at 3:50 am
    Carl says:
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    Peon, thats the perfect name, whenever I see you all I can think of is my urine running down your face.

  • January 14, 2009 at 3:59 am
    redtape says:
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    Mike:

    Your 60 billion number is grossly understated. Based on 2006 estimates the sub-prime mortgage values were $620B. So far, 40% of these are in default. With respect to the TARP figure of $750 billion you questioned, only about $300 billion has been committed to AIG,Citi,Autos and other lending institutions. Mike read yesterday WSJ its on the front page. Once again please be a little more factual

  • January 14, 2009 at 4:06 am
    JERRY ANDERSON says:
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    Govt. fouled up our camodes,our Telephone System, satellite TV system back when they first got envolved. Some of these things are about to be straightened out after 10 years. I’m not sure that bunch of lawyers in DC should be allowed to run anyting. This is my opinion based on what I see the Fed’s have done so far.

  • January 14, 2009 at 5:20 am
    Peon Agent says:
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    I see they removed your posting, as they should.

    First, my boss sits on a much higher throne than you, my friend. And, the throne you are sitting on (errrr in) just got flushed.

    Second, I knew this thread would degenerate, but man, you set an internet record. Congratulations, you’ve finally accomplished something in life. I hope it was fulfilling.

    Third, what Elementary School was that listed on your diploma?

    You gotta love the extreme left!

  • January 15, 2009 at 7:20 am
    Stat Guy says:
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    The fact is that there is more than enough regulatory muscle in Treasury and the SEC but the gleam of gold was so bright that even the credit rating agencies were dazzled by the light; mix all of that pecuniary bait together and they allowed the selling of credit default swaps on individual loan to people who were not involved in the loan, i.e. lenders and lendees, to purchase them. This was essentially no better than placing a side bet at the craps table in Vegas. These types of derivatives could not be sustained when they were called in; but they were buried in legitmate swaps, which made repayment difficult at best. Credit rating folks, along with existing regulatory bodies all missed the boat; it’s not that no one recognized the uncollateralized obligations or no one heard the whistle-blowing, but that the warning signs were ignored. Good business sense would have stopped the likes of Madoff, too, but remember what Gordon Gecko said: GREED works! ….at least for some and you can bet that the money that we have to cover is going somewhere other than back into the treasury…..someone made a lot of money, not all lost….

  • January 15, 2009 at 8:22 am
    Private Educated says:
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    Looky here….truth is wall street just got too complicated for the mere college educated to understand. Any new monies I have to invest will be in CD’s or 401k money market at low but safe rates. I don’t care if I don’t keep up with COL…I’ll save and still have my principal no matter what. The vast majority of professional brokers that receive a fee to handle our meager investments were blindsighted? Who was it that said “People get the government they deserve”! Finger pointing to “others” ain’t the solution. Individuals create the collective and everytime we “justify” our own ends justifying the means we create the greed works scenario. Never forget that when you point your finger…three are pointing right back at ya. Individuals create the norms and mores that REGULATE greed and corruption.

  • January 15, 2009 at 6:29 am
    crabber says:
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    A lot of people seem to be mixing up a lot of different things here. The article was about regulation, whether Americans prefer more or less of it. It did not get into the state vs federal question – most people probably don’t even understand the difference – we in the insurance industry certainly do. Discussing the merits of government regulation IS NOT THE SAME THING as the merits of government interference in free enterprise. Yes, the pro-home-ownership agenda caused a lot of this mess and now government is using our tax dollars to clean it up. But make no mistake – gov’t regulation did not cause this mess, the lack thereof exacerbated it.



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