Wall Street/economy question
 

"John H." wrote in message
...
On Tue, 16 Sep 2008 22:15:56 GMT, Valgard Toebreakerson

wrote:

On Tue, 16 Sep 2008 11:38:08 -0400, "Eisboch" wrote:

With all the attention given to the financial meltdown in the media, I
see a
lot of finger pointing and blame being directed at various people for the
lack of government regulation. Even McCain, this morning, acknowledged
that some level of regulation is required.

Here's what I don't get:

Congress has oversight responsibilities covering a broad range of areas.
Congress is also the legislative branch of the government, responsible
for
drafting, proposing and instituting laws and/or changes as required. The
executive branch then enforces the approved laws.

Why don't we see any members of Congress responding to this financial
crisis
with any form of proposed legislation?
I see them casting blame for the situation on either current or past
presidents, but I haven't heard of any of them .... Republican or
Democrat
actually doing their job and taking action as required in their
job/office
responsibilities.

Here 'ya go....

And guess who it all relates back to.

Two guesses - one doesn't count.

Starts with C and ends with N.

http://hotair.com/archives/2008/09/1...credit-crisis/

Today Hannity read a portion of a speech made to the Senate in 2005 by
John
McCain. In the speech McCain notes the lack of oversight of the Maes and
Macs and basically predicts the mess that we're in now.

I wish I could find the speech, but I've not been able to. Perhaps one who
is quite astute, such as yourself, Mr. Toenail, could do so.
--
John H.


Jim Cramer blames the whole meltdown on Chris Cox, the current chairman of
the SEC. Cox was appointed by Bush in 2005.
According to Cramer, Cox removed some of the regulations designed to prevent
"bear runs", or the ability of people to manipulate the stock price by
"shorting" .... basically betting the stock price will go down. Cramer
claims there is no way AIG's stock would have dropped as quickly as it did
without the external manipulation caused by traders shorting the stock.
Some people made 10s of millions over a 3 day period as the stock price
fell. According to Cramer, Cox reinstituted the safety net regulations
temporarily, but then removed them again.

Wall Street/economy question
 

Eisboch wrote:
"John H." wrote in message
...
On Tue, 16 Sep 2008 22:15:56 GMT, Valgard Toebreakerson

wrote:

On Tue, 16 Sep 2008 11:38:08 -0400, "Eisboch" wrote:

With all the attention given to the financial meltdown in the media, I
see a
lot of finger pointing and blame being directed at various people for the
lack of government regulation. Even McCain, this morning, acknowledged
that some level of regulation is required.

Here's what I don't get:

Congress has oversight responsibilities covering a broad range of areas.
Congress is also the legislative branch of the government, responsible
for
drafting, proposing and instituting laws and/or changes as required. The
executive branch then enforces the approved laws.

Why don't we see any members of Congress responding to this financial
crisis
with any form of proposed legislation?
I see them casting blame for the situation on either current or past
presidents, but I haven't heard of any of them .... Republican or
Democrat
actually doing their job and taking action as required in their
job/office
responsibilities.
Here 'ya go....

And guess who it all relates back to.

Two guesses - one doesn't count.

Starts with C and ends with N.

http://hotair.com/archives/2008/09/1...credit-crisis/
Today Hannity read a portion of a speech made to the Senate in 2005 by
John
McCain. In the speech McCain notes the lack of oversight of the Maes and
Macs and basically predicts the mess that we're in now.

I wish I could find the speech, but I've not been able to. Perhaps one who
is quite astute, such as yourself, Mr. Toenail, could do so.
--
John H.


Jim Cramer blames the whole meltdown on Chris Cox, the current chairman of
the SEC. Cox was appointed by Bush in 2005.
According to Cramer, Cox removed some of the regulations designed to prevent
"bear runs", or the ability of people to manipulate the stock price by
"shorting" .... basically betting the stock price will go down. Cramer
claims there is no way AIG's stock would have dropped as quickly as it did
without the external manipulation caused by traders shorting the stock.
Some people made 10s of millions over a 3 day period as the stock price
fell. According to Cramer, Cox reinstituted the safety net regulations
temporarily, but then removed them again.

Stock manipulation has been going on for more than 12 years now. The
whole Internet bubble was based upon hype and not much else. The biggest
problems was the buying on 100% credit or more in the housing market.
Who in their right mind is going to sell a $300,000 house to someone
making $50,000 per year based only on the assumption that the house is
going to be worth $500,000 in a year or two and they guy is going to
sell it for a $200,000 profit and walk away.