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What Fixing This Mess Ultimately Comes Down To?
Old 04-18-2009, 01:30 PM   #1
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What Fixing This Mess Ultimately Comes Down To?

There have been a few interesting articles/threads lately with some suggesting LBYM/frugality is (coming) back in fashion and others suggesting Americans will mostly go back to their old free-spending, short-term thinking, over-leveraged, entitlement-minded ways as soon as they can. I hope the former is true.

As costly as they are, the stimulus/bailouts are short-term propositions, alone they will not change our long-term behavior in a meaningful way IMO. Americans (if not everyone) memories seem to grow shorter with each generation in an ever faster paced world.

What it rests on? If we don't enact/restore effective regulations (restore Glass-Steagall, restore loan qualifications, get the SEC back on track, exec compensation, etc.) to prevent this from happening again, I think we will find ourselves in this situation if not worse again in the next 10-15 years. This is a crucial point IMHO, and an unlikely source but here (about 2:00 minutes in) is the clearest, most concise explanation I have heard yet Elizabeth Warren Pt. 2 | The Daily Show | Comedy Central.

I don't particularly care for Jon Stewart's politics, but I think Elizabeth Warren should be in charge of our economy right now. I had seen her on other shows before and been very impressed.

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Old 04-18-2009, 02:43 PM   #2
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Thanks for the link, I agree she should be in charge. She certainly seems to have a good grasp on the situation and even better, can explain it clearly, succinctly and inspires confidence.

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Old 04-18-2009, 04:33 PM   #3
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I think you are fighting the last war on this one.
It is like saying after the internet bubble, there should be better regulation of stock issuances or laws preventing investment in (internet) companies that do not have a net profit (or some such legislation).
With 20/20 hindsight we can all look like a genius.

What we are going through now is nothing new. There have been cycles of more and less regulation. What usually happens that after a financial problem; regulations are put in place. Then over time they are reduced because they are not thought to be needed any more or for political expediency (a part of what caused the current problem but not discussed much).

+++I can't see the video; I'm traveling and the connection isn't very fast. Did she say what the next financial problem will be? If it is just that we need to fixed the issuses that caused the current problems; I must humbly disagree. And I think I have history on my side here.+++

So the real genius is the person(s) who can now identify what the cause of the next financial problem will be. And as with the internet bubble, housing, financial and bubbles we will most likely not have regualtion in place to stop it from happening.

What financial problems are on the horizon, dollar weakness, growth in and expansion of unfunded entitlement programs, national debt, inflation. These are things that are largely controlled or influenced by government and they are not being discussed.

Finally E. Warren's specialty is contract law, bankruptcy, etc - see wikipedia - so her view as to the fix is focused on that but that most likely will not be the area of the next financial crisis.
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