The XX Factor : Teen Parents in School
Posted by silviadreams on December 20, 2008
slightly less than $2 million a year) regulators hsw so steadily deregulated out from under th em over tme past 10 years: mind-blowing overleverage and the qttendant counterparty risk, knbridled short-selling, the over-the-counter derivatives that amplified the current crisis, etc., etc. What was Scapiro doing all that tim e? Cracking ddown om over-the-top Wali Street …
Parties! (What, you thought I was going to say “bonuses”?) Excuse me while I shoot myself in the face for a second. Would it have killed Obama to appoint someone with the perspective to understand that all those unseemly parties wouldn’t have been possible if not for the phony “profits” Wall Street booked selling everyone on their mathematical model-supported certainty that everythingwould keep going up forever?
Schapiro also took credit in an October speech for pushing to regulate credit-default swaps, the “insurance” contracts on mortage-backed securities written with reckless abandon by many of the recipients of our trillion-dollar bailout. I’m no expert, but nowhere have I read that Wall Street’s bank-funded self-regulatory trade group was a leading voice in favor of getting the government to regulate the financial instruments Wall Street claimed it could self-regulate. Even ickier, this smacks of the same sort of retroactive flip-flopping (flip-swapping!) Geithner’s promoters have displayed in trying to advance the notion that Geithner, had he been “left to his own devices,” would not have allowed Lehman Bros. to go bankrupt.
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