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JAPAN NEWS AND DISCUSSION

Battered U.S. financial industry faces more oversight

World Oct. 06, 2008 - 04:23AM JST ( 4 )

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taniwhaOct. 06, 2008 - 10:19AM JST

If regulators had cracked down on abusive lending practices in the mortgage industry several years ago, much of the current meltdown could have been avoided, said Travis Plunkett, legislative director for the Consumer Federation of America.

The regulators didn't exist. Decades of deregulation rendered regulators such as they are impotent. Travis Plunkett is making appropriate noises now, but the position he occupies has been powerless to affect change in the lending practices of American companies ever since Reagan and particularly Clinton passed the bills that deregulated the industry and set the parasites loose on millions of hapless borrowers.

“It was a failure of will on the part of existing agencies to use their existing authority that triggered this crisis,” Plunkett said.

"Existing authority"? They had none.
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WilliBOct. 06, 2008 - 12:22PM JST

Reality check: The Glass-Steagal Act was removed under Bill Clinton.
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taniwhaOct. 06, 2008 - 12:42PM JST

The Glass-Steagal Act was removed under Bill Clinton.

Yes, that would be the 1999 repeal of the Glass-Steagall Act of 1933, the bill being passed into legislation under Bill Clinton's watch in agreement with the congressional Republicans.

Which demonstrates that both sides of the House were responsible for legislation that has led directly to the credit crises, and the current rapidly progressing financial meltdown.

A truly bipartisan effort.
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rajakumarOct. 06, 2008 - 02:27PM JST

US financial industry must rebuild strength under new administration from November 2008.

There must be more anti-meltdown protections taken by new administrators to up US financial strength.

Housing industries weakness also needs protections with more anti housing industry meltdown protection plans/ideas.

Dishonesty in business/trade is morally weakening all business fraternity. Oppressive dishonest ways of rich need to stop.

Trade ethics and morality of trade fraternity need to upgraded.

Mutually helping each other way in trade fraternity need to be increased to promote everyone's sucess.

Future of trade fraternity is in honesty,ethics,high morality and mutual assistance. Trade fraternity needs to protect itself more from deviant trade fraternity values.

There should be all out effort by all to improve trade system values and moral character.

Moral character of trade world needs to be protected from low values/corruption,low discipline and other forms of ruin. Competitions in trade fraternity need to be more free from dishonest ways and improve their moral character.

The means of income of all need to be protected and mutually assistance must be given to all.

Pollutions in values in trade fraternity need to reduced via more moral character improvement measures in trade fraternity.

Deviant trade values must corrected via more character improvement measures within trade fraternity.