Ground 0 by Shadow Finance Rentiers: terrorists @work to dismantle civil society, solidarity networks & democracy

SLATE.COM

TODAY’S PAPERS

Regulation Size Racket

By Jesse Stanchak Posted Sunday, March 23, 2008, at 6:47 AM ET The New York Times leads with Congress and the White House debating whether or not to tighten regulation of the financial services market. The Washington Post leads with Bhutan preparing to conduct its first elections on Monday, despite resistance from some citizens who are wary of the tumult of electoral politics. The Los Angeles Times leads locally, with its top national story saying that Sen. John McCain is staking his White House bid on the war in Iraq. The NYT compares the debate surrounding the current financial crisis to the reaction following the Sept. 11 attacks. Just as the attacks highlighted problems with coordinating intelligence and law enforcement agencies, the paper says the current crisis points out the lack of coordination between financial regulators. The paper finds the White House and Congress sparring over how best to correct a flawed system of financial regulations that Wall Street has learned to exploit. The Bush administration favors streamlining regulations and possibly creating an umbrella agency to handle duties currently split between different regulatory bodies. Congressional Democrats, however, want to tighten the rules by applying banking regulations to investment firms. Both sides claim their solution will benefit the free market the most. The White House says that investment capital would wither if the industry were overly regulated. Democrats, however, say that unless the industry becomes better regulated, investor confidence will shrivel and take the market with it. (bold added)  More on the US political debate over shadow financial system regulation, in the quoted NYT paper: 

In Washington, a Split Over Regulation of Wall Street 

In Congress, Democrats are drafting bills that would create a powerful new regulator — or simply confer new powers on the Federal Reserve — to oversee practices across the entire array of commercial banks, Wall Street firms, hedge funds and nonbank financial companies. (…) At least four federal agencies — the Federal Reserve, the F.D.I.C., the Office of the Comptroller of the Currency and the Office of Thrift Supervision — have some jurisdiction over mortgage lending. (…)

Ms. Bair of the F.D.I.C. cautioned that industry and government turf battles would make it difficult to agree on a single regulator, especially a strong one. But she said the need for one was clear.

 

“We need to go in the direction of more regulatory consolidation,” Ms. Bair said. “It would make more sense to have some type of umbrella agency, if for no other reason than facilitating information.” 

Advertisements

The URI to TrackBack this entry is: https://enzofabioarcangeli.wordpress.com/2008/03/23/ground-0-by-shadow-finance-rentiers-terrorists-work-to-dismantle-civil-society-solidarity-networks-democracy/trackback/

RSS feed for comments on this post.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: