Who knew Tim Geithner was such a master of market timing? Faced with mounting pressure to put the regulatory vice on the financial industry sooner rather than later, Timmy threw out the end of this year as a target completion date for the regulatory overhaul. His timing couldn’t be better. Adjusting for the fact that financial regulation is never timely, TG has likely succeeded in pushing off the signing of potential regulation to the moment when even Nouriel Roubini expects GDP will be growing. At that point, the last thing Timmy or anybody else in the administration will want on their hands is being responsible for knowingly dumping regulatory weed killer on all those green shoots.
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- Use the Bloomberg command
NH BLG_DEALBREAKER <GO>
to access Dealbreaker
regulatory vise?
Eats green shoots & leaves
Yeah, but he’s a Democrat, like Obama, Frank, Schumer, Dodd, et al. They think that more regulation and taxes will act like fertilizer on those green shoots. Despite more than a century of evidence otherwise.
He’ll just give more head to the street.
@3
You are so right. Regulation blows.
We can trust Government Sachs to laissez-faire the right thing.
@3
Pretty sure the current crisis was caused by a noxious mix of not enough regulation in some areas, bad and overregulation in others, greedy politicians, greedy borrowers, greedy real estate agents, greedy banks, greedy ibankers, greedy Private equity…. you get the idea, everyone is at fault, including free markets. Oh and Jim Cramer.
@6: If everyone is to blame (which I agree with), then how do we solve the problem?
As you noted, the banks are already heavily regulated in certain areas, and less so in others. Does this mean that we should increase regulations on certain areas (say CDS) and less on other areas (say mutual funds)?
History tells us the any major regulatory overhaul that was conceived and passed during a crisis usually sucks (e.g., Sar-Box).
I am all for ramming through a partisan bill (bi-partisan bills usually mean that everyone got what they wanted and it is worthless), but it still should solve our problems instead of simply doing something to do something.
expanded regs = more legal work
Dems are all about keeping lawyers happy
Which is why Obamacare doesn’t do a damn thing to rein in the med-mal racket
@7
Hate to sound ignorant – but I am – so can you think of any regulation of any industry that was focused and effective?
Like the beauty of jumping through hoops at custodians for the worthless post-9/11 money laundering rules. Did anyone with any knowledge of prime brokers have any input into that joke?
@ 7. I know, its a trane wreck either way. Wait until things are improving and there is no political will, and banks will have begun to have lobbies pump money into campaign coffers. Do it asap and yeah you could end up with Sar-Box. What about Glass-Steagall though? That seemed to work for a while. not saying we should go back to Glass-Steagall, but I’m saying it appears to have worked for a bit, and it was crafted in the throes of the Great Depression. Good thing about this crisis is that the banks got torched so there will be a good amount (though still not enough) of self regulation of the practices that precipitated this.
Hedge twats, using pussy to swipe cards for $2 million
http://www.nypost.com/seven/07242009/news/regionalnews/sex_harass_shakedown_180992.htm
ps, NS for banker chicks/wives…much hotter than you
there is no Greg Michaels. “Greg Michaels” is a fictional construct intended to demonstrate the concept of cognitive dissonance. one of Bess’s more brilliant inventions.
it looks like Timmy’s ears are getting even longer…
@12 interesting thought. Maybe he’s her id, like Marshall in Mr. Brooks.
@13 his ears AND his nose are getting longer. And his mouth is opening wider so can fluff his financial buds.
@12 There is an idea of a Greg Michaels; some kind of abstraction. But there is no real him: only an entity, something illusory. And though he can hide his cold gaze, and you can shake his hand and feel flesh gripping yours and maybe you can even sense your lifestyles are probably comparable… He simply is not there.
@5,6
Fool, there never was anything close to a free market up in this hizzouse. Government provided the framework by which individuals and corporations had to formulate financing. Government is a public corporation that we are forced, by rule of law and violence, to pay for and partake in its services and abide by its contracts. Government shares are also bought and sold – gov has always been a vehicle backed by law and coercion that could be essentially hijacked by collective groups ranging from bank PACs to union lobbyists to environmental hippies.
Remove all government from the economic equation – Wall Street as we know it is built on and around the irrational foundations and obstacles of ineffective government. GS functions as an outlet of state capitalism, no where near laissez-faire.
-Anarcho-Capitalist
@17
Did my post look like i said there was a “free” market before hand?
Here’s the plan 17, you hit your back button until zerohedge.com pops back into your URL, and never ever come back here again.
-6
@18 “everyone is at fault, including free markets.”
@16 – kudos!
@19
touche i uttered it. doh. Read the parts before that i guess. Still doesnt change what 17 needs to do anyways. Back to ZH buddy. Mr. Durden needs you to make some soap.
MAXINE!!!!!!!!!!!!
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7/24/2009 07:35:17 AM GREG Greg Michaels downgraded to sell from hold at Morgan Stanley – wires
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@23 lamest thing I’ve seen all week. nice work.
As soon as I saw the Nouriel Roubini reference I knew this had to be Michaels. Bess, are you guys getting a tax credit or something for employing a retarded person?
Michaels, let me reiterate my point from yesterday. Please put a green shoot to your temple and pull the trigger.
Markets schmarkets! I want to be the meat in the blackmailing extortionist former hedge fund chicks sandwich!