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Reply #59: So then, please tell me what measures were taken... [View All]

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IrateCitizen Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-18-09 04:15 PM
Response to Reply #53
59. So then, please tell me what measures were taken...
... in terms of sweeping reform of the financial services industry to prevent such a meltdown from occurring in the future. Because as far as I've followed things, there has been NOTHING done to prevent another meltdown.

You do realize, of course, that derivatives trading has INCREASED over the past year, right? This is the ticking time bomb that will ensure that the next meltdown is worse than the last one -- and there WILL be another meltdown to clear out the trillions of dollars in the unregulated derivatives market that isn't really backed up by anything.

The FACT is that the Obama administration missed the moment of real reform, and instead set out to save the banking industry that contributed so heavily to his campaign. Now, the crisis moment has passed, and the likelihood of real, meaningful reform has passed -- despite all of the feel-good speeches to the contrary.
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