Geithner and EU regulation of derivatives
“Mr Geithner warns that US hedge funds, private equity groups and banks could be discriminated against if proposals to restrict the access of EU investors to funds based outside the 27-country bloc are included in the final law.” Geithner Warns of Rift Over Regulation
as declared over this:
“Germany and France on Wednesday called on the European Union to consider banning speculative trading in credit default swaps and set up a compulsory register of derivatives trading.” Call For Ban ON CDS Speculation
Once again Geithner has shown whose interests are more important. It certainly isn’t Main Street when it comes to exports/imports. God forbid, some other country begin to regulate Wall Street though!
“OMG, you mean you don’t TRUST us???”
(snrk)
Speculation: (v) any sort of trading that Rdan would not personally engage in.
Because based on the pure meaning of speculation, all the money put into the 401k, pension, social secutiry, etc is speculation too.
Anybody other than me think that it is past time to thank Mr Geithner and Mr Summers for their service to the country and find some replacements who are less beholden to our financial community?
The idea that the events of 2008 were an isolated incident that will never ever repeat itself strikes me as being Panglossian. The Europeans apparently think that financial types with more credit than brains are dangerous. Considering that each and every American is just had maybe $7000-8000 added to his great bar tab in the sky to bail the financial wizards out, it seems a little odd to be criticizing the Europeans.
Far from criticizing the EU, we should probably be emulating the EU.
It’s a matter of scale Jay. I (and I expect Rdan as well) would never in the world interfere with your ability to speculate (i.e. gamble) on financial outcomes. If anything, I’d expand it. No reason at all that you shouldn’t be able to go down to your bookie … ehrrrr … broker and put down $1000 on MSFT closing above 30 on July 1st. If (i.e. when) you eventually go bust you are not going to expect me to bail you out beyond maybe paying part of the cost of a meal or two at the soup kitchen.
On the other hand, I am not in the slightest interested in again paying a bunch of vastly overpaid arrogant jackasses ransom to keep them from crashing our economy. Once is more than enough.
I am on the record as saying let AIG burn to the ground. The lefties are as guilty as the Rethugs of caving into Wall Street special interest.
Obama, meet the new boss same as the old boss (see War on Terror too). But you will still push for his reelection.
“Thorstein Veblen” runs a web site called “Economists for Firing Larry Summers” that I regularlsy visit and yes, I do think it is time for Tim and Larry to spend more time with their families. But the President himself is pretty much a Rubinite, so I doubt that there will be any significant change in policy. The country is percieved to be Wall Street, Central Park West, the Hamptoms, Hollywood, and the better neighborhoods of San Francisco, Seattle, and Washington D.C. If people are doing well there, then the country is doing well, right?
Meanwhile, it appears that the Washington Post is surprised that there is a foreclosure crisis following a housing bubble and that house prices remain under deflationary pressures.
Vtcodger,
I would never interfere with Jay’s speculating with his own money, but I don’t want him speculating with mine without my permission, and tax money.
I wonder if Jay would ever talk concretely, like Glass-Steagle, or simply likes to speculate also about my thinking?
“but I don’t want him speculating with mine without my permission”
I see. You don’t want a bank to take your deposits and speculate by giving loans to small businesses, home-buyers, etc.
I guess you’ll stop crying about Glass-Steagle the day we stop hearing about the CRA. Deposit liabilities for Lehman as a percentage of total assets in their last 10-K was…
A) 0%
B) 4%
C) 10%
D) 20%
Answer can be found here if you know how to read a bank balance sheet…
http://www.sec.gov/Archives/edgar/data/806085/000110465908005476/a08-3530_110k.htm
Poor Jay. Came to a sharpshooters contest with a shotgun.