On Mon, 27 Oct 2008 14:19:37 -0700, "Capt. JG"
wrote:

"Dave" wrote in message
.. .
On Mon, 27 Oct 2008 12:16:06 -0700, "Capt. JG"
said:

Hey, Jon, I'm listening for you to supply that explanation. So far all
I'm
getting is deafening silence.


"Few pin all the blame for the current crisis on the repeal of
Glass-Steagall or expect its wall of separation to return. Steven Kyle,
associate professor of economics at Cornell University, says re-imposing
that wall with the "sledgehammer or meat-axe approach of the 30s" would
not
be advisable, but for Congress to have "cut that wall and replaced it with
nothing was a bad idea."

"There's no question in my mind that there was inadequate regulation which
led to this mess," says Kyle. "If you look at financial history, certainly
the private market does self-regulate, but with periodic crashes, and we
don't like that."

Looks to me like you've just proved my point far better than I could,Jon
Even your academic "source" doesn't claim that the repeal of Glass
Steagall
had anything to do with the mortgage melt-down. His first sentence is most
enlightening, since it confirms what I've been saying all along. And like
you he simply says it's "inadequate regulation" that caused the problem,
apparently expecting people to believe him without the need to get into
messy specifics like identifying what "inadequate regulation" he has in
mind, and how the alleged inadequacy is the result of specific changes.

I'd be happy to discuss the impact of other changed regulations on the
mortgage problem if you'd just tell us what changes you have in mind. I
think your "expert" pretty much drove the last nail in the coffin of your
Glass Steagall claims.


I never claimed that Glass Steagall was the sole cause and you know it.
Lying isn't helping your cause. I claimed and I and others with greater
expertise than I claim that deregulation has significantly contributed to
the debacle. If you choose not to believe it, fine with me, but don't
distort my views toward your silly point of view.

Dave also keeps changing what he calls the "crisis". Now it's the
"Mortgage Crisis", as if the only problem with the economy right now
is due to mortgages and nothing else matters.