Deregulation the Cause for the Market Crash and Fraud?

[JennJenification]

"Lets be like China!" yep...exactly. >: ( Cause doing the right thing is SSSOOO HARD!! Stop blowing smoke up our ass by nicely telling us not be so mean to you by making you act on your conscience.

[JennJenification]

OF COURSE you want to have sweat shops and slave labor and not pay your employees, have free reign to pollute the environment and poison people. Blatant exploitation of human beings and the environment is ALWAYS cheaper. It's just not what 1st world countries are supposed to be doing, dickhead.

[JennJenification]

How does removing responsibility/consequence/acc­ountability frm big corps make us SAFER?? Biz has no sense of honor, human dignity,or integrity. I know they would kidnap & sell me to slave traders if they could find illegals to bag me on the cheap. Big biz is predatory & opportunist & NO amount of compromise 4 their interests has yielded any reasonable concessions frm them.You can give 'em tax loopholes, subsidies,arbitrary fines, they still outsource.It's 100% profit or nothing for these fucks.

[hikermanwa]

I thought this knucklehead was kidding when he mentioned motorcycle helmets and children's toys. Regulations are absolutely necessary, they should be strengthened, not weakened and most certainly not removed.

[RealPatriot19]

Deregulation is 100% the reason for this meltdown. The deregulation made it easier for these crooks to perpetrate their crimes on the people. The funny part if your not even rich yet you have no problem being used like a puppet for the rich. HAHA what a dolt.

[RealPatriot19]

Lol you put a suit on and expect people to take you seriously for it? No one believes you dolt. All the academics are saying its deregulation. After the republican controlled congress and executive branch went on a deregulation spree for 8 years and we have a global economic meltdown, but you think people who lost their jobs are going to believe you?? Your a fraud. You think I should give madoff the benefit of the doubt..?? Seriously do the world a favor and kill yourself and your demon spawn.

[ZangaroZen]

@BruceFenton, listen to your empty opinions declared as fact:

1. simply not true

2. economic melt down...not caused by deregulation

3. regulations...are a choke hold on American business

4. companies leave the United States...because of the regulations...motorcycle helmets to children's toys certainly anything investment related

5. deregulations helpful not harmful

6. more regulations don't prevent fraud

7. people went to jail over jail over Enron...clearly already enough rules

(con't)

[ZangaroZen]

@BruceFenton, (con't)

8. stop fraud with more enforcement of existing rules and more stiff penalties

9. Madoff...given the benefit of the doubt until convicted

10. massive fraud...all the regulations...won't stop

11. street crime...overly extreme punishment...white collar crime...slap on the wrist

12. more regulations just burden people

13. crooks are simply going to print fake prospectus

14. deregulations is the solution

15. be like...China...lot less litigation/regulation

(con't)

[ZangaroZen]

@BruceFenton, (con't) rebutal of some of your hollow opinions:

2. after the great depression regulations were setup to proactively prevent a repeat, resulting in 70 years of stability. Continual deregulation over the last 20 years has resulted in increasing volatility that created Enron, Madoff, the current melt down, etc

4. Go ahead and get into a crash without a helmet, and allow your kids to play with dangerous items

6. More regulations makes fraud easier to prove thus less likely

(con't)

[ZangaroZen]

@BruceFenton, (con't)

7. Better to prevent an Enron collapse then jail a few people

8. First you want wholesale deregulation, then want rules, which is it?

9. Madoff's guilt was obvious to everyone but you

10. See point 6

11. white collar crime is harder to prove then posession/theft

12. regulations protect people from say massive corporation and economy collapses

13. See point 6

14. So go work in China, India, or some third world sweat shop and see how you like deregulation

[BruceFenton]

@ZangaroZen I don't see what your point is -- as far as Maddoff,. this video was made long before he was convicted and like I said "he appears guilty" - I'm not going to declare someone guilty prior to their day in court no matter what the press says -- maybe you have a different view and would simply declare people guilty based on your opinion with no due process or trial -- that, combined with your love of government laws and power might not be a great combo

[ZangaroZen]

@BruceFenton, "I don't see what your point is", the obvious point: all you've got is faith in empty opinions stated as fact, perhaps with quote mining and isolated examples.

Crooks "don't follow regulations", and you want everyone to act that way.

@1:50 "[Madoff] hasn't been convicted of anything yet...give him the benefit of the doubt" you never said "he appears guilty". Doesn't take a genius to realize going from huge "returns" to losing $65 billion over night, is the sign of a conman.

[BruceFenton]

@ZangaroZen you are taking my quote out of context - the whole point was that someone like Madoff can commit a huge fraud and all the regulations in the world are not going to prevent it -- I pointed out that he hadn't been convicted yet because I'd rather wait until due legal process and a court of law is completed than state someone is a criminal based on what the newsmedia says and at the time he had not been convicted of anything

[ZangaroZen]

@BruceFenton, "Madoff can commit a huge fraud and all the regulations in the world are not going to prevent it", great example of your declaring an empty opinion as fact style.

1. Criminals do their crimes with the expectation of NOT getting caught

2. Regulations serve as safe guards, a paper trail to readily catch/convict violators

3. INCREASED odds of getting caught, DECREASES those willing to take criminal risks

"due legal process" is for courts, the rest of us can state the obvious.

[GrandAmGT1990]

you sound like a republican

[louiethegreater]

Wow what a con job, how ignorant can one get. The fox can guard the henhouse: right. This guy must have studied in Chicago.

[ChaoticSouls]

what are you talking about this guy is right. A lot of jobs have been sent overseas due to regulations. China is now becoming the new global economy due to it's business friendly environment.

[louiethegreater]

@ChaoticSouls You don't think that .20/hr. third world labor has anything to do with it.

[Einstiensblackid]

We needed regulation on CDS's but never got it. We had the OTS regulating AIG and many other large financial institutions and the OTS was incompetent.

No regulation is just as bad as incompetent regulation.

You're right about proper enforcement being the key to preventing some of the pain that comes these kinds of bubbles bursting... Maybe next time.

[bigbody410]

this guy puts on a cheap ass suit an thinks he knows whats hes talking about.

Do you think those wall street execs would have commited fraud if regualators were watching, so his point is a typical rebublican resonse. stupid fucking prick

[uzijohn]

bigbody410,

Forget the REP-vs-DEM both parties are PACKED with snakes, while were fighting between ourselves these corrupt politicians are tearing us a new one,

The two party system is being used to divide and conquer by splitting the majority opinion,

In a Democracy the majority always wins,

so why are most people dissatisfied?

Neither of us asked for liars, thieves and crooks, but we get them anyway, no matter whos in charge, to steal a line

follow the money

[bigbody410]

this guy is a retard cuz if their was someone watching this shit wouldnt have happend

[msean1941]

To be more specific, AIG and others, used the term Credit Default Swap to avoid using the term Insurance in order to avoid the regulation attached to Insurance. Insurance is regulated for a reason, so the AIGs of the world don't lull others into thinking their risky behavior is covered.

[msean1941]

Wrong! The reason regulation is necessary is because a corporation begins its life with ONE responsibility, to maximize shareholder value. And that's as it should be. If I buy shares in a company I want to make as much as I can. However, my corporation should not be maximizing my money to the determent of society at large.

Cars have air bags and seat belts because of regulation. Could they further maximize shareholder value by dispensing with them? Probably. Should they? Probably not.

[BruceFenton]

good point but if they sold cars with and without seatbelts almost everyone would buy the ones with them -- (and insurance companies would charge 10x more for cars without)-- the free market would prevail--- just like if fire alarms were not mandated by law I'd still have them in my home

[TithonusSyndrome]

BullSHIT. You assume perfectly rational behavior from all individuals across the board with a simplistic, cartoonish, childlike understanding of human behavior that is not informed or shaped by behavioral neurology or indeed any sciences. This argument from gut feeling/personal fiat that shows complete contempt for science and all empiricism is the very heart of what is wrong with the free market cult.

[BruceFenton]

well, i can only fit so much in a 4 minute video

I don't assume rational behavior on the free market side any more than on the regulated side -- look at all the regulations that are not rational or based on science --- if you like science do a scientific study of economies over history that have worked and those who haven't --- do a study of what works now and why companies like British Airways delist from our exchange because of over regulation -- thats the science relevant to this

[cleareyes1984]

The truth is somewhere in the middle.

Tithonus has a point. Human beings are not perfectly rational. Additionally, there is no perfect access to information.

There will always be people who do not make the wisest decisions, like get car insurance or fire alarms. Everyone else will be made to pay for it through increased rates. Such a system is NOT EFFECIENT.

It wasn't a few crooks that created the economic bubble & crash. It was the overall lack of transparency in the financial sector.

[Blauweraaf]

@BruceFenton Yeah, and deregulation will help us prevent oil spills ?

[BruceFenton]

@Blauweraaf Right now there is supposed to be a $75 million cap on oil damages --- this is a regulation

[ZangaroZen]

@BruceFenton, "there is supposed to be a $75 million cap on oil damages --- this is a regulation", really... explain why the Exxon Valdez spill 20 years ago resulted in punitive damages of $5 billion.

Funny how you demand deregulation to allow companies to do whatever they want, but are quick to insist their poor behavior be limited to $75 million and perhaps a few people going to jail.

The $20B BP spill occured because of lobbyied removal of a $500k/well shutoff value regulation.

[BruceFenton]

@ZangaroZen I never advocated a $75 million cap -- I said that the cap is "regulation" - as in, that partly proves my point -- regulation = laws and most, like this example are pushed through by corporations and special interests -- so yes, with less regulation, less laws (like the 75 mil cap) it would be safer

[ZangaroZen]

@BruceFenton, you said "there is SUPPOSED [as in waived for BP] to be a $75 million cap on oil damages" which sound like you're advocating BP's liabilities be limited to $75M.

Even with a liability cap, BP is still responsible for the billions in clean up, and yet that cost liability wasn't a deterent to lobbying the government to remove a $500k/well shutoff value regulation.

Consider chess rules, they assure a fair game. Remove rules and the game is destroyed, ie present great recession.

[BruceFenton]

@ZangaroZen well, then we agree-- lobbyists are not good-- incidentally, the more regulations and the larger the government and the more power govt has, the more lobbyists there will be -- companies only spend money on lobbyists because they get an ROI -- Govt should have nothing to offer to corporations and therefor there should be no incentive to ask for anything. I'm for a fair game- not for the corporations, but for people - regulations are virtually never in favor of the voter

[ZangaroZen]

@BruceFenton, like you I feel private behind the doors lobbyists should be outlawed, and that elections should be financed by votes earned, not corporate donations.

"Govt should have nothing to offer to corporations and therefor there should be no incentive to ask for anything" hardly practical unless you advocate corporate ownership of everything and a puppet government.

"regulations are virtually never in favor of the voter", explain the FDA, food labelling, work place safety, etc, etc

[louiethegreater]

@TithonusSyndrome Amen, TithonusSyndrome, Free Market Cult is correct.

[Blauweraaf]

@BruceFenton the free market FAILS to regulate itself.

[BruceFenton]

@Blauweraaf how so? it would have worked in the recent financial crisis- all the Wall St firms who made terrible decisions were essentially bankrupt and out of business- they would have gone under & the execs responsible been jobless, replaced by smart companies who did not make those errors....instead, Govt decided to give bonuses to the execs. This is a failure of Govt and of regulation.

[Blauweraaf]

@BruceFenton

regulation only works for SMALL businesses. BIG companies Don't regulate themself, because of a stranglehold on society. see: BP.

[BruceFenton]

@Blauweraaf do you mean "stranglehold on society" or "stranglehold on government" more likely its government -- huge corporations dictate rules to the Govt- hence things like the $75 mil damages cap, a regulation placed there by the large corporations -- who donate millions to politicians in exchange for...regulations that benefit them

[Blauweraaf]

@BruceFenton  society = government.

[Johnicle2]

I agree with you up until the last segment. You call for less regulation, and although this could be good in certain areas, the reason that China has such a potential to be good is because of their cheap labor (*in part)... We ought to deregulate as long as it doesn't destroy the less advantaged for the "overall good". Hitler tried something like that. lol