Geithner Seeks Broad New Regulation of Financial Markets

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	Geithner Seeks Broad New Regulation of Financial Markets

ratilfar

3-26-2009 4:01 PM

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tags:

geithner, obama, economy, regulation, money, markets

ratilfar says:

Cont...

• Set up a new, comprehensive framework of regulation of the complex financial instruments known as derivatives, including a central clearinghouse for trades in that market.

• Develop new, stronger requirements for money market funds so increased withdrawals won't threaten the broader financial system.

"What we need is better, smarter, tougher regulation," Geithner said.

Agreed, but is Geithner or anyone from Wall Street the right person(s) for the job?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ce17adcf-f6e1-4d1f-8107-057d667a4a74/BE9451AB-04A5-401F-91A8-5BCCB03E1922/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://crooksandliars.com/" href="http://crooksandliars.com/" style="font-size: 11px;">crooksandliars.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/"><P>The nice thing about having the Democrats in charge is, you actually do get <A href="http://www.latimes.com/business/la-fi-geithner-regulate27-2009mar27,0,3542585.story">some much-needed regulation</A> instead of idiotic blather about the self-healing properties of the Almighty Free Market:</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/"><P>In response to the worst economic downturn since the Great Depression, Geithner outlined a six-part framework that would result in <STRONG>the most significant new regulation of the financial system since the broad changes made during that crisis more than 70 years ago.</STRONG></P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/"><P>• Give a single government entity, possibly the Federal Reserve, the power and authority to oversee the entire economy for signs of "systemic risk."</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/"><P>• Establish a government mechanism to seize and dismantle large institutions whose failure threatens the nation's financial stability.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/"><P>• Enact tougher requirements for the amount of money and assets financial institutions need to have on hand so they can withstand economic troubles.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://crooksandliars.com/"><P>• Require large private investment funds to register with the Securities and Exchange Commission.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BE9451AB-04A5-401F-91A8-5BCCB03E1922/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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