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More regulation may be needed, but I'd be satisfied with enforcement of existing regulation -- which was completely and utterly neglected during the Bush admini

More regulation may be needed, but I'd be satisfied with enforcement of existing regulation -- which was completely and utterly neglected during the Bush administration, but that began during the Clinton administration. The financial crisis was caused by more than lack of, and lack of enforcement of, existing regulation, but that was certainly a large part of it. The root of the crisis, though, was an orgy of greed and profligate avarice that consumed American society at all levels and we will be paying the price of that for a while. The blame is spread out over so many parties that it doesn't really matter who we blame. It's all valid.

tokenadult 18y ago
"More regulation may be needed, but I'd be satisfied with enforcement of existing regulation" Certainly when one reads the Markapolos memo to the SEC about Madoff's Ponzi scheme http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf which I learned about here on HN, it's painfully apparent that there wasn't even minimal effort put into enforcing long-standing laws.
jerf 18y ago
"The financial crisis was caused by more than lack of, and lack of enforcement of, existing regulation, but that was certainly a large part of it." Actually, that's something that regulation proposals need to address, which is that regulatory resources are already stretched well beyond the breaking point. How will loading more regulations onto the system really help? Regulations need to get smarter, not merely more numerous. The current answer of SOX seems to be to offload regulation onto the companies themselves, but above and beyond the fact that the regulatory burden doesn't really belong there (per the trickle of "SOX is bad, mm'kay?" stories you see on HN), increased self-regulation is inherently problematic.
pasbesoin 18y ago
I support broad and deep transparency as a complement to judicious taxation and regulation. Put the data out there, where independent and competitive interests can mine it. I'm not informed enough (nor, perhaps, wise enough) to propose the details of such an approach, but it seems to me a good area for increased competition. This would include lowering/removing the barriers to general, public participation. There will be fruitcakes, but also, I suspect, significant cooperative efforts. To over-simplify into a slogan: If Visa can analyse my every purchase, I don't see why I shouldn't be able and enabled to do the same of them.

tokenadult 18y ago

"More regulation may be needed, but I'd be satisfied with enforcement of existing regulation" Certainly when one reads the Markapolos memo to the SEC about Madoff's Ponzi scheme http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf which I learned about here on HN, it's painfully apparent that there wasn't even minimal effort put into enforcing long-standing laws.

jerf 18y ago

"The financial crisis was caused by more than lack of, and lack of enforcement of, existing regulation, but that was certainly a large part of it." Actually, that's something that regulation proposals need to address, which is that regulatory resources are already stretched well beyond the breaking point. How will loading more regulations onto the system really help? Regulations need to get smarter, not merely more numerous. The current answer of SOX seems to be to offload regulation onto the companies themselves, but above and beyond the fact that the regulatory burden doesn't really belong there (per the trickle of "SOX is bad, mm'kay?" stories you see on HN), increased self-regulation is inherently problematic.

pasbesoin 18y ago

I support broad and deep transparency as a complement to judicious taxation and regulation. Put the data out there, where independent and competitive interests can mine it. I'm not informed enough (nor, perhaps, wise enough) to propose the details of such an approach, but it seems to me a good area for increased competition. This would include lowering/removing the barriers to general, public participation. There will be fruitcakes, but also, I suspect, significant cooperative efforts. To over-simplify into a slogan: If Visa can analyse my every purchase, I don't see why I shouldn't be able and enabled to do the same of them.