Comments on: Who’s to blame

By: Mike Chicago

Mike Chicago — Mon, 20 Oct 2008 14:13:51 +0000

I work in the public sector in a non-finance related area. I both agree with your assertion to some extent, but see no possible solution. The rewards for being a regulator in finance versus participating in it are too far apart. That area of government does not quite have the help the helpless, defend the nation, protect the environment, explore space allure that other areas rely on to attract talent. Surely there are talented individuals in those regulators, but they are probably the exception rather than the rule. And even the most talented public servant is ultimately at the mercy of political appointtees and elected officials and only voters can do anything about that.

By: J.C.Martini, Reseda CA

J.C.Martini, Reseda CA — Sun, 12 Oct 2008 22:51:14 +0000

Clear enough. What we need now it’s not more regulation. Instead we need better regulation and I say it again: Better regulation. You’re right Bing. Capitalism with a social safety net or in your own words: “Govermental oversight”.

By: Josh, Tucson, AZ

Josh, Tucson, AZ — Sun, 12 Oct 2008 19:11:42 +0000

I agree bing. very clear. now smoke a cigar and lighten up lol.

By: Bing

Bing — Sun, 12 Oct 2008 15:28:13 +0000

I thought I was talking straight. It’s the job of government, on all levels, to protect the majority of people from the few who want to abuse the system for criminal or self-serving reasons — particularly from those who have the power to do so. You can call it regulation, but what it is is LAW. For a long time, arguably since the time of Ronald Reagan, those whose job it is to enforce the law and protect the people have failed to do so. Laws have been repealed. Weird financial practices have been blessed. We the public have been fooled, propagandized and screwed a million ways, to the benefit of a small cadre of very rich people and those elected to protect them. If we’re going to survive, responsible people have to step up, save the system in which we live — since we don’t really have another — and then implement the kind of rules that help genuine market growth and control the natural impulse of the strong, amoral and greedy to run the planet to the detriment of the rest of us. What’s obvious is that the markets do NOT regulate themselves, and that left to their own devices the guys who run the markets will, in the end, run them into the ground. The system that works seems to be capitalism with some form of social and governmental oversight to balance its natural rapaciousness. Clear enough?

By: J.C.Martini Reseda, California

J.C.Martini Reseda, California — Sun, 12 Oct 2008 00:26:20 +0000

Do we need a Federal Reserve? Honest, what is it good for? Bubbles, printing money, rate changes, bail outs? The Goverment can do all that by itself without the Fed’s help and it can be as lousy as them, but at least is the Goverment and not an agency created with the sole purpose of controlling adequately economic activity. The Federal Reserve is the most useless govermental agency and only a blind can’t see the absurd and pernicious work of this organism. Talk straight Bing, blame things for their name.

By: Robert, Houston, Texas

Robert, Houston, Texas — Fri, 10 Oct 2008 20:30:09 +0000

Bing is The Man. I dug the book “Lloyd: What Happened?”

By: Dennis, San Francisco, CA

Dennis, San Francisco, CA — Fri, 10 Oct 2008 18:03:04 +0000

Guy #1 cannot restrain his addiction to more. Can Guy# 2 restrain Guy #1? Don’t think so since Guy #2 has the same tendency. They rotate places, now and then, but the tendency drives the bipolarity of most cultures.

My suggestion: live in a manic era and die just prior to a depressed era. Or possibly wake up from the neurosis and enjoy the mess. It’s “As Good As It Gets”.

By: Bob Shelby Twp. Mi.

Bob Shelby Twp. Mi. — Fri, 10 Oct 2008 16:56:25 +0000

As the markets plunge, could there be a panic to time the bottom?

How many are mistakenly chasing the carrots on the snow ball headed for hell?

Should the key markets shut the trading down to thwart the Las Vegas double or nothing syndrome?

Rational thinking seems to be frozen as panic seems to be boiling over!

In my opinion only!

By: Bing

Bing — Fri, 10 Oct 2008 12:52:43 +0000

I’m sorry, Randall, but I personally think you’ve got the WAY wrong #2s. Anybody who can look at Washington right now and think that the Democrats were running the show has a very Orwellian take on things. At least that’s my opinion. Beginning with Reagan, we’ve been in a mode where people who are essentially enemies of their own function are running key areas of government.

By: Anonymous

Anonymous — Fri, 10 Oct 2008 03:18:06 +0000

Aristotle said: “The intention of the lawgiver is to lead men to virtue.” Seriously – if we want #2 to lead people to do what is right, we have to attract the brightest people to be #2….and you attract the brightest people with $ & prestige…if #1 offers all the # and prestige, where are all the leaders going to want to go?

By: Randall, Bradford, PA

Randall, Bradford, PA — Fri, 10 Oct 2008 02:04:17 +0000

Bing did a good job of pointing the fingure of blame at #2?

But wasn’t it the Senate Republicans in 2006 that tried to have a regulator appointed for Fannie and Freddie and ALL the Democrats voted against the bill?

Maybe this is why #2 never even existed in the first place.

Number Two had his wings clipped by Barney, Obama, Reid, Biden, and Clinton before he even got a chance to oversee #1.

Its time we run the real #2s out of Washington in November!

By: Alan, WA

Alan, WA — Thu, 09 Oct 2008 23:42:46 +0000

Inflation and delation are always monetary phenomenon.

This deflation is due to a flawed theory at the central bank – inflation rate targeting. By limiting the measure of deflation to CPI, which excludes housing and other asset prices, Ben Bernanke took the good and natural de-leveraging in housing and turned it into a deflationary spiral.

Ben controls the regulator of the economic system. The other regulatory failures the press and politician are citing are problems, but they didn’t cause this disaster.

The pundits need to shine a bright light on Ben so he can see the error of his theoretical framework, which was derived from the wrong history.

What Ben knows, just ain’t so.

By: Margaret Nahmias Queen Creek,AZ

Margaret Nahmias Queen Creek,AZ — Thu, 09 Oct 2008 23:15:29 +0000

Hey Bing, you actually understand. All this populist hysteria is counterproductive. I don’t trust the government to get at the root because the government is at the root of it. It is not greed, but a lack of prudence by people who should have known better and two quasi-governmental organizations with powerful political allies. People have a right to be upset, but they are upset at the wrong people. They should go after Barney Frank, Andrew Cuomo, and Chris Dodd. The architects and protectors of the current ,mortgage racket and the investment bankers stupid enough to turn the questionable loans into questionable investments. Did also mention that two formers Fannie executives who oversaw this fraud are on Obama’s campiagn staff?. Ronald Regan was right when he the scariest words “I’m from the government and I’m here to help.

By: Ben Arbogast Charlottesville, VA

Ben Arbogast Charlottesville, VA — Thu, 09 Oct 2008 22:06:59 +0000

Isn’t the guy who let this mess happen, now in charge of cleaning it up. The fox is still in the hen house.

By: Anonymous

Anonymous — Thu, 09 Oct 2008 17:48:48 +0000

Okay Jack has spoken…lets move on!!!!!!!! Next subject.

By: Jack, Cleveland, Ohio

Jack, Cleveland, Ohio — Thu, 09 Oct 2008 17:16:17 +0000

No, I don’t think its time to spank Guy #2, not as long as all the Guy #1’s are allowed to have a significant say in how Guy #2 is hired, managed, and paid. Not with the increasing information (media) control exercised by Guy #1. Not with the heavy dependence of Guy #2’s job on Guy 1’s money. Not with the reality that Guy 2 almost always makes less than Guy #1. Not while Guy #1 knows that he can reap amazing rewards by evading Guy 2, while Guy 2 knows equally well that no such great potential reward awaits him reigning in Guy #1. Most importantly, not while knowing that Guy #1 and his (your?) ilk have been committing their substantial power and resources to co-opt, minimize, hamstring, defund, or otherwise beat down Guy #2 (“make him small enough to be drowned in a bathtub” if I recall my Norquist).

By: jp morgan, phila, pa

jp morgan, phila, pa — Thu, 09 Oct 2008 14:19:40 +0000

don’t worry. euphoria is coming with the ascension of obama. soon, all your needs will be satisfied as the new rights of the government. all we’ll need to do is give the govt all our money and they’ll do everything for us. not too dissimilar to the pods in the matrix. big govt will choke us all. big, corrupt govt breaks your legs and then, when they give you crutches, tell you how you wouldn’t be able to walk without their help. whores, all of them. you are on your own. those of us that will be able to absorb obama’s tax increase will laugh when the “95% of taxpayers” suffer through the problems that the tax increases will create. if you’re dumb enough to fall for this snake oil bullshit, then you get what you deserve.

By: Houston

Houston — Thu, 09 Oct 2008 13:29:18 +0000

Right! Blame it on Guy #2 for allowing Guy #1 to over-reach. Ironically, Guy #1 has disdain for Guy #2, who attempts to regulate his over-reach, and uses his resources to get Guy #2 out of office. But you blame Guy #2 for letting them do it? How do you go up against those kind of resources? Now Guy #1 needs Guy #2 to “bail” them out.
BAILOUT = WELFARE FOR GUY #1.

By: Jimbo - Cincinnati, OH

Jimbo - Cincinnati, OH — Thu, 09 Oct 2008 13:02:51 +0000

Bing – Right On! I guess we could name those responsible, but thinking people already know. Thanks for telling the truth.

By: Johnston, KC MO

Johnston, KC MO — Thu, 09 Oct 2008 12:15:56 +0000

Would the real guy #2 please stand up?
From September 1999…

http://query.nytimes.com/gst/fullpage.html?res=9c0de7db153ef933a0575ac0a96f958260&sec=&spon=&&scp=1&sq=september%2030,%201999%20fannie%20mae&st=cse