The one thing missing in financial reform...

[sack316]

been trying to study what I can on these things forthcoming. And I must say, it seems to address a lot. Hell, I even have it on good authority that it even addresses person to person loans (that's right, if ya wanna loan your buddy some bucks for something, there will be some kind of legislation on the books with rules for it). Now what that rule will be, I do not know. It may even be a good thing. I can't pass opinion until I actually know what it says (which'll probably be AFTER it's all signed into law anyway).

But what I have thus far found missing, is something to address the ROOT problems of the financial crisis. Maybe somebody can help me find it, but I have yet to see anything addressing transparency for Wall Street firms and their funds. The shield of work product proprietary information will still exist, and thus leave the door open for... well same old same old.

What this means is, if ya wanna know what is in 'Super duper happy growth fund X', not all the information has to be given. i.e. could be future (or current even) toxic assets, for example. The firm would just have to say "proprietary information" and the black sheet is draped over the magic box.

It's possible I have just missed this, and if anyone can find that info for me that'd be great. But in the mean time, I don't see it... and that makes this 'reform' incomplete. As with anything, there is likely to be some good and bad things in this. But lacking language to address this very important piece of the puzzle will leave Wall Street with the loophole to remain relatively unchanged in terms of the topic here.

Sack

[cushioncrawler]

Sack -- They hav your money. There iz nothing u or anyone kan do.
In the finance world it iz the mafia v's the mafia.
The Root Problems. Well, the whole usofa system stinx, Wall Street sux. Its a system that creates a financial krisis out of nothing. Amazing.

Lets say that the mafia woz in the bizness of making Holy Water, and that they were diluting it 50/50 with fake holy water.
And, lets say the mafia infiltrated the Holy Kathlick Church, and pushed a scheme selling shares of Heaven.
This sort of bizness-system would work very well. But, Wall Street, the Wall Street system sux, makes no sense at all.
madMac.

[Sev]

It wasnt designed to address the root problem. Neither was the health care bill.

Its a Helter Skelter of ideas mashed together. With various amendments that have noting to do with the intent of the bill.

Another disaster in the making, further constricting the rights of the citizenry.

[cushioncrawler]

Sev -- The mafia works in many ways.
They do illegal bizness illegally.
They do legal bizness illegally.
They do illegal bizness legally.
Wall St, they just do ill.
madMac.
Its an ill wind (system) that blows nobody good.

[sack316]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: cushioncrawler</div><div class="ubbcode-body">...the bizness of making Holy Water...
</div></div>

I learned a little while back how to make holy water. Take some water, and boil the hell out of it /forums/images/%%GRAEMLIN_URL%%/wink.gif

More on topic... the system (even as is) is sound. It's people that suck.

Sack