Reply #2: "right the fraud and abuses"? nope. [View All]

[Warren Stupidity]

What has been done so far is to paper over (with trillions in taxpayer money and obligations) the hole created by the fraud and abuse while keeping the fraudulent abusers in place in charge of the same institutions that committed the fraud and abuse to begin with. There is no new regulation, for example reinstating glass-steagal, to prevent new abuse, fraud and nefarious idiocy.

We do not need CDSs, we don't need financialization of the mortgage industry, we don't need any of that crap. Businesses needed the standard sort of business loans businesses have been getting for hundreds of years. Individuals needed a sane mortgage banking system that loaned people who could actually afford a mortgage money to buy houses that were appropriately valued. All the rest of the crap that got wiped out was speculative bullshit trying to make huge profits out of smoke and mirrors. That shit can die and 99.999% of us would not even notice.