During the Capitol Hill news conference following the press release of the committee minutes, Congressman Bamboozell stated: “Since we’ve done such a bang-up job with the SEC, Treasury, FDIC, FEMA, and Homeland Security, oh, forgot about the CIA & the FBI, we thought we’d bring our management expertise to the industry that truly has been functioning as a successful regulated capitalist marketplace up to this point…”
Looks like if the majority currently in power (at least until 2010) wants to grab everything they can while the gettin’ is good.
AIG’s indescetions were investment-related not insurance-related should have been on the radar of the SEC, not insurance regulators. Guess if they turned a blind eye to Bernie Madoff, why should they worry about THE LARGEST INSURANCE COMPANY IN THE WORLD dabbling in derivatives.
It’s also interesting that the the bill specifically excludes health insurance. Guess the Dem.s pretty confident about having the Single Payor Plan they love so much in place so their won’t be a private health insurance industry left to regulate….
I predicted this back last November. I have actually written several letters to my Congressman concerning this issue, but of course he plays dumb, “Oh, no one is looking for federal regulation of the property & casualty industry.” Yeah right. I’m thinking of buying a big piece of property and declaring it a sovereign nation and get out of this “New” USA.
All comments are spot-on up to this point. But let me just add that this appears primarily to be a,”What the HELL just happened?!” committee on the part of the Fed. They don’t want to get caught with their pants down the next time an insurance company ges into a cabinet and guzzles antifreeze it thought was kool-aid. Not that the SEC necessarily had the jurisdiction to STOP AIG from shooting itself in the head. And foot. And plunging a knife in its gut. And slamming its thumb in the door. Someone HAS to be protect the ENRONS/AIGs of the world from themselves. Let’s not forget what happened to those poor Do-dos in “Ice Age”.
Hey, in case you didn’t notice, the “Socialism” began when the other party was in power. “Capitalism” says NO BAILOUTS.
I don’t support federal regulation of the insurance industry either. But the idea of a “systemic risk regulator” is a good one. On the other hand, I have very little faith that anyone understands the economy well enough to spot systemic problems, let alone figure out ways to solve them.
All those clowns at the state level, largely uneducated and clueless as they are, will be bucking for the federal job. The queen of cluelessness commissioner in Delaware has a special leg up on everyone else: it’s Joe Biden’s state, so who wants to bet that’ll be her job? The Dems of that state love cronyism, no matter how unqualified the crony might be.
It looks like we were trying to put a syllogism together. We have to predicate a universal as the first premis and then add a specific as the second.
Financial Regulatory systems that fail relquire revision.
But the financial regulatory system regulating the U.S. economy failed.
Therefore the financial regulatory system in the United States requires revision.
Obviously, we can’t let it happen again.
It seems as though the rampant prevalence of incompetence and dishonesty in business today makes “Laissez Fair” a very poor choice. Adam Smith must be in tears.
During the Capitol Hill news conference following the press release of the committee minutes, Congressman Bamboozell stated: “Since we’ve done such a bang-up job with the SEC, Treasury, FDIC, FEMA, and Homeland Security, oh, forgot about the CIA & the FBI, we thought we’d bring our management expertise to the industry that truly has been functioning as a successful regulated capitalist marketplace up to this point…”
Just remember, AIG is an insurance company. The argument goes something like this:
1) AIG is predominantly an insurance company.
2) AIG almost collapsed and needed to be bailed out.
3)
4) Federal regulation of insurance!
Looks like if the majority currently in power (at least until 2010) wants to grab everything they can while the gettin’ is good.
AIG’s indescetions were investment-related not insurance-related should have been on the radar of the SEC, not insurance regulators. Guess if they turned a blind eye to Bernie Madoff, why should they worry about THE LARGEST INSURANCE COMPANY IN THE WORLD dabbling in derivatives.
It’s also interesting that the the bill specifically excludes health insurance. Guess the Dem.s pretty confident about having the Single Payor Plan they love so much in place so their won’t be a private health insurance industry left to regulate….
No more than one more attempt at Socialism.
I predicted this back last November. I have actually written several letters to my Congressman concerning this issue, but of course he plays dumb, “Oh, no one is looking for federal regulation of the property & casualty industry.” Yeah right. I’m thinking of buying a big piece of property and declaring it a sovereign nation and get out of this “New” USA.
All comments are spot-on up to this point. But let me just add that this appears primarily to be a,”What the HELL just happened?!” committee on the part of the Fed. They don’t want to get caught with their pants down the next time an insurance company ges into a cabinet and guzzles antifreeze it thought was kool-aid. Not that the SEC necessarily had the jurisdiction to STOP AIG from shooting itself in the head. And foot. And plunging a knife in its gut. And slamming its thumb in the door. Someone HAS to be protect the ENRONS/AIGs of the world from themselves. Let’s not forget what happened to those poor Do-dos in “Ice Age”.
Hey, in case you didn’t notice, the “Socialism” began when the other party was in power. “Capitalism” says NO BAILOUTS.
I don’t support federal regulation of the insurance industry either. But the idea of a “systemic risk regulator” is a good one. On the other hand, I have very little faith that anyone understands the economy well enough to spot systemic problems, let alone figure out ways to solve them.
All those clowns at the state level, largely uneducated and clueless as they are, will be bucking for the federal job. The queen of cluelessness commissioner in Delaware has a special leg up on everyone else: it’s Joe Biden’s state, so who wants to bet that’ll be her job? The Dems of that state love cronyism, no matter how unqualified the crony might be.
It looks like we were trying to put a syllogism together. We have to predicate a universal as the first premis and then add a specific as the second.
Financial Regulatory systems that fail relquire revision.
But the financial regulatory system regulating the U.S. economy failed.
Therefore the financial regulatory system in the United States requires revision.
Obviously, we can’t let it happen again.
It seems as though the rampant prevalence of incompetence and dishonesty in business today makes “Laissez Fair” a very poor choice. Adam Smith must be in tears.
…have some KY Jelly on that roof.
This will do away with ALL States Rights!
Most of you seem ok with this and therefore, you deserve what you get folks….
That’s quite a leap of logic you’re making there. I don’t think I can jump that far.