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Lol somehow always blaming “deregulation” and politicians I’ll tell you what, it’s not regulators that caused this. IMO Banks need less regulation (and more sm

Lol somehow always blaming “deregulation” and politicians I’ll tell you what, it’s not regulators that caused this. IMO Banks need less regulation (and more smaller banks) and need to fail more (and have more jail time). It’s the banking executives and business analysis team at fault here. Just like it’s the startups error for failing to have multiple bank accounts. Some advice, be robust and self reliant. Assume everywhere you keep money could / will be stolen. As an individual, I have 3 bank accounts - 1 large U.S. bank and 2 regional (in different regions). Each account has a minimum of 1 month living expenses, plus I keep 1 month expenses in cash on hand. I do the same with investments, particularly after the whole “we won’t let you short sell GameStop” on with firms (but not others). Be robust, that’s your job as an individual or founder.

robswc 4y ago
>Be robust, that’s your job as an individual or founder. 100% I learned the hard way not to "trust systems" when it comes to important aspects of your life. In college, I found some transfer requirements confusing. I utilized the college's guidance center. They told me they were sure that I needed class X, Y and Z. Of course, as it turned out, I didn't need _any_ of them. So an entire year and thousands wasted. I know mistakes can happen... I know I probably should have done the work to check for myself but I figured they would know more anyways. Maybe a priceless lesson in the long run though...
arrosenberg 4y ago
> IMO Banks need less regulation > and have more jail time Regulations are how you get jail time.
- lettergram 4y ago
  No, laws (criminal codes) are how you get jail time. Regulations are rules passed by administrative bodies, those rarely, if ever, result in jail time. There’s a lot of reason for that, but administrative agencies often don’t have the full authority to send people to prison (I personally don’t think they should). Instead injured parties should be able to bring a suit, and I’m sure they will here.
  - arrosenberg 4y ago
    That's nitpicking. Regulatory bodies are also created by laws. Laws that prescribe criminal penalties for bad conduct are still regulatory in nature. Most US administrative bodies refer criminal activity to the Department of Justice for prosecution. It's all part of the same apparatus.
    - lmm 4y ago
      It's not a nitpick. We have a two-tier justice system and regulatory bodies mostly live in the tier that issues fines but doesn't send anyone to prison, and this is not coincidence.
      - arrosenberg 4y ago
        It's not a coincidence because the Department of Justice prosecutes the criminal offenses.
themitigating 4y ago
Because the threat of punishment stops crime?
- aaomidi 4y ago
  It does for white collar crime. People who commit white collar crime are deeply scared of prison. And since the crimes usually are very premeditated, and not heat of the moment or out of necessity, calculations of risk do take place here.
  - themitigating 4y ago
    Evidence?

robswc 4y ago

>Be robust, that’s your job as an individual or founder. 100% I learned the hard way not to "trust systems" when it comes to important aspects of your life. In college, I found some transfer requirements confusing. I utilized the college's guidance center. They told me they were sure that I needed class X, Y and Z. Of course, as it turned out, I didn't need _any_ of them. So an entire year and thousands wasted. I know mistakes can happen... I know I probably should have done the work to check for myself but I figured they would know more anyways. Maybe a priceless lesson in the long run though...

arrosenberg 4y ago

> IMO Banks need less regulation > and have more jail time Regulations are how you get jail time.

lettergram 4y ago
No, laws (criminal codes) are how you get jail time. Regulations are rules passed by administrative bodies, those rarely, if ever, result in jail time. There’s a lot of reason for that, but administrative agencies often don’t have the full authority to send people to prison (I personally don’t think they should). Instead injured parties should be able to bring a suit, and I’m sure they will here.
- arrosenberg 4y ago
  That's nitpicking. Regulatory bodies are also created by laws. Laws that prescribe criminal penalties for bad conduct are still regulatory in nature. Most US administrative bodies refer criminal activity to the Department of Justice for prosecution. It's all part of the same apparatus.
  - lmm 4y ago
    It's not a nitpick. We have a two-tier justice system and regulatory bodies mostly live in the tier that issues fines but doesn't send anyone to prison, and this is not coincidence.
    - arrosenberg 4y ago
      It's not a coincidence because the Department of Justice prosecutes the criminal offenses.

themitigating 4y ago

Because the threat of punishment stops crime?

aaomidi 4y ago
It does for white collar crime. People who commit white collar crime are deeply scared of prison. And since the crimes usually are very premeditated, and not heat of the moment or out of necessity, calculations of risk do take place here.
- themitigating 4y ago
  Evidence?