Kucinich on Fox: Stanford scandal

Fox Business News 2-21-09
Host: Tracy Byrnes and Dagen Mcdowell

Category:

News & Politics

Tags:

• Dennis
• Kucinich
• is
• America's
• Congressman
• Stanford
• Scandal
• Stimulus
• Wall
• Street
• Bail
• out
• monetary
• reform

[PersianPaladin]

Agree with the problems of a welfare state and borrowing; and btw...Kucinich is against the fractional reserve banking system itself (Ron Paul is the only other candidate who is likewise). With regard to governments' responsibility; they have a duty to protect the individual liberty of the people of the United States.

[frickadele]

This man...

is a real man.

[shadowwbn]

As for the regulation being private, your correct, this is seriously stupid. All those investers trusted madoff, and look what happened. The FCC, FDA, hell all regulatory govt agencies, involved with these repeated, inexcusable, fumbling of their responsibilities should been wiped clean of its employees in leadership/supervisory positions, so we can get new management, that we can trust, even if its just a little bit of trust, thats better than ZERO trust from these obviously corrupted bastards

[shadowwbn]

I do not know where you have been lately, but the vast majority govt officials, voted into office are the products of a rigged election. Bush was elected, and re-elected, using two different methods of fraud. If they could get away with it two times, both of them back to back, for the office of President of the United States, then its pretty much expected to be occuring in the lower positions.

It boils down to the financial backers wanting their chance to exploit our country to make money.

[noxidereus]

No regulation should be private. To assume that a for-profit regulatory company wouldn't be corrupt is asinine. When profit is the primary goal, regulation would be secondary. We are currently seeing what happens when we let the free market regulate itself, an idea wholly discredited. Of course government is corrupt too, That's because we the people vote like idiots. We should be voting more people like Kucinich into office, but no, we vote for corporate tools instead.

[TexanProgressive]

I will check that out. Thank you for the thoughtful response.

[Husky217]

3. I think there should be regulation, mostly for openess and transparency, but it should be private regulation. I'm against most gov intervention and gov regulation b/c the gov is incompetent, corrupt, wasteful, inefficient, use them to grow in power, becomes a burden to the people, and strips away the liberties of the people. Private companies on the other hand have to be competent, cost effective, and offer services people like to be competitive.

[Husky217]

2. If banks ran exactly the same as now, but without FDIC, that would be a disaster. But that's b/c of the bank policies, not the absence of FDIC. Banks would operate very differently without the gov intervention: they would take less & smarter risks, be more liquid, and transparent, so rumors wouldn't take root. Eliminating FDIC would cause banks & people to follow better practices, & the economy would be better and more stable as a result. Search "bring back the bank run" on mises d-o-t org.

[Husky217]

@ Texan: 1. Yes, their aim is to prevent panic, but like most gov intervention, it is counterproductive. Their insurance props up poorly run banks, and leads banks to take on too much risk, and spread that risk further into the economy (when they should've failed or risked far less). It also makes due diligence by customers unnecessary. These bad policies far outweight the benefits of FDIC imo. And FDIC comes at the cost of the bank customers and taxpayers.

[TexanProgressive]

"The elimination of FDIC & other bad gov intervention wouldn't cause panic".

Doesn't the FDIC work to prevent panic.  Without the FDIC, you could have a rumor about a bank run cause a real bank run. Is this not right? I haven't heard a lot of prospective from people who think that the banking system should exist w/o regulation.

[Licmycat]

OH Husky; how do you enforce the laws and regulations without the gov. cop? Clearly recent events have shown us that the corporations are not responsible enough to police themselves. They want to take everyting and force us (the middle-class) to beg for a crust of bread....who do YOU stand with? The corporations or the People?

[Husky217]

/watch?v=cMnSp4qEXNM

These GSEs are largely responsible for our economic problems.

The video shows that certain practices needed more regulation. However, unlike much criticism coming from Democrats, it was the gov who needed to be regulated the most (or I would say we needed to remove the intervention). And the democrats were against this regulation b/c they had a social agenda of loans & houses for the poor. Republicans are not blameless, but many supported regulation of the GSEs.