Replies

Yes, it was truly stupid of the rest of the world to trust the integrity of the United States. I’m sure few will make that mistake in the future. Regarding Wall Street fat cats, I was assured by FReepers at another post that most of the Wall Street hot shots were Democrats. As to blind deregulation. If it wasn’t blind, how come neither the outgoing Bush administration, nor the incoming administration can find where and exactly with whom it all went wrong. Cases in point, Maddox and now Sanford.

Yes, it was truly stupid of the rest of the world to trust the integrity of the United States. I’m sure few will make that mistake in the future.

If the world choses to trust one country and that country falls apart, it's not the country's responsibility. Spoken like a true liberal, BTW, where one entity (in this case, the world) is not responsible for itself. And another entity (in this case, the US) has to take care of them. Works the same with your welfare class. You can't even get the concept because you are, indeed, a liberal.

Do you really think the huge deficits run up by Reagan and Bush were such an improvement, not to mention the shift to blind deregualtion that let those Wall Street fat cats destroy the entire world’s economy.

Treasury revenues doubled from 1981-1989, from approx. 500B(1981) to almost a Trillion (1989), tax cuts do work. You are a troll, Grandma LOL!

“...Bush administration, nor the incoming administration can find where and exactly with whom it all went wrong. Cases in point, Maddox and now Sanford.”

They both broke the law. Con men come and go. They always have and always will.

What kind of regulation do you have in mind? Should every private entity have a government representative assigned for oversight? It’s called Sarbanes Oxley.

Have you had the pleasure of dealing with SOX compliance? That was the bill that was supposed to prevent another Enron. Corporations have full time government regulators on staff monitoring compliance. You know what they do where I have been? They file reports about too much paper in cubicles. They make sure the password policies meet government standards. They make you track every single, ticky-tack change in the software at a company.

But SOX didn’t prevent Fanny, Freddie, Lehman Bros, et al did it?

In Madoffs case, the SEC has oversight and his clients should have known it was too good to be true. In Stanfords case, the offshore banks and non-regulatory statements should have set off alarm bells for clients.

In other words, there will always be a segment of society trying to steal from others. No omnipotent government can change that. All it can do is reduce the efficiency and efficacy of legitimate business. In the end, individuals must guard their own assets and do due diligence on anyone they do business with.