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Post by randomvioce on Mar 4, 2010 18:53:39 GMT
A regulator is there to, er, regulate. Yes, I agree, but capitalism demands that regulation should be as loose as possible and markets should be free. That is until things go wrong, then it is all hands to the pump. Perhaps brown should have put you in charge of the Farcical Standards Agency Had the regulator had the power to make a real difference, he would have been hung out to dry by the entire political World.
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Post by fretslider on Mar 4, 2010 19:03:45 GMT
A regulator is there to, er, regulate. Yes, I agree, but capitalism demands that regulation should be as loose as possible and markets should be free. That is until things go wrong, then it is all hands to the pump. Perhaps brown should have put you in charge of the Farcical Standards Agency Had the regulator had the power to make a real difference, he would have been hung out to dry by the entire political World. That has to be one of the lamest excuses of all time. Have a chat with Sants
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Post by randomvioce on Mar 4, 2010 19:52:44 GMT
That has to be one of the lamest excuses of all time. I am not sure you can say that, Fretty, not when you think what would have been needed to stop the actions the banks had taken.
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Post by fretslider on Mar 5, 2010 8:22:45 GMT
That has to be one of the lamest excuses of all time. I am not sure you can say that, Fretty, not when you think what would have been needed to stop the actions the banks had taken. Given your knowledge quotient that comes as no great surprise. The regulator failed miserably and has admitted that, so what's your problem?
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Post by randomvioce on Mar 5, 2010 12:40:58 GMT
The regulator failed miserably and has admitted that, so what's your problem? The problem I have is with the constant carping when things go wrong in this Country by people when they get what they asked for. It is easy to criticise after the event. It is a bit like Harry Enfield’s ‘You didn’t want to do that’ character. Always sniping, always carping and always moaning. The thing is people like you and the rest of the Tories are very bad at telling us what should have been done before such a calamity occurred. In fact, you people are normally the first to complain when anyone attempts to take the necessary steps to prevent something of this magnitude taking place. The same idiots that complain about things that go wrong are the same people that complain about ‘Health and Safety’, ‘Nanny State’, ‘State interference’, ‘Political Correctness’ and a plethora of other measures designed to take away the worse risks in life. So, you have trotted out your usual glib statement like ‘the regulator failed’, well done. No-one here (least of all me) who has read your other simplistic witterings will expect you to comprehend what the full implications of that statement. For people with more insight, we see that your statement is simply not good enough, because you need to understand what actually went wrong with the banks and how the regulator reacted to it. Let me give you an idea of what you, Neddy and Mouse are missing. The banking industry is driven by profits and their investment arms have staff who are motivated by huge bonuses. The staff are rewarded for taking huge risks that pay off. The sub prime market in America is one of those huge risks with potential rich rewards. This is the sector that caused the problems occurred. For the ‘regulator’ to have worked; they would have need the power to: Curtail the profits of banks and dividends paid out to shareholders. Directly intervene in the banks contracts of employment. Directly intervene in transactions it deemed ‘risky’. We could expand this even further. Stifle the bonus culture. Vet candidates and accept only ‘risk adverse’ as employees. In short, Fretty, the regulator would need to actually run the banks. This is the Week that the last Party Leader that advocated such radical measures has died, and I doubt anyone since 1983 has had such an appetite for this move. Certainly had Gordon Brown had made such a suggestion to stymie the banks the Tory press would have had a field day and no doubt the same people who carp now would be carping at an attack on capitalism. So, yes Fretty, I well understand why you think saying the regulator failed is a sufficient answer. It saves you having to think about it for too long.
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