Umm how to put this delicately...BULLSHIT? Does that cover it? [View All]

[Horse with no Name]

I'm sorry, nobody could have known...
We had no idea...
Who would have thought something like this would have happened...

The answer is, nobody is buying this bullshit. Try again Ferris.
Why not just call it what it is? We were robbed during the middle of the day. The regulations USED to be there, they were just removed by willing accomplices to this robbery.

http://news.yahoo.com/s/ap/20090710/ap_on_go_co/us_financial_overhaul
WASHINGTON – Treasury Secretary Timothy Geithner is telling lawmakers the U.S. economy stumbled last year in part because the power and risks of an explosive derivatives market blindsided the government.

In congressional testimony prepared for delivery Friday, Geithner said the ease with which derivatives were bought and sold in an era of easy credit encouraged financial institutions and investors to take on too much risk.

At the same time, government regulators weren't given the proper tools to mitigate those risks and protect the American consumer, he said.

The federal regulatory system "failed in its most basic responsibility to produce a stable and resilient system for providing credit and protecting consumers and investors," he said.