Our lovely administration is going to outline a new plan for keeping this recession at bay!!
Let the government take over all the banks, and make sure that none of them collapse. After all, they're so much better at handling debt than you are!!
Everyone involved with money in Washington should be required to sit down and read Dave Ramsey's Total Money Makeover. Seriously. That book would help them. A lot.
Anyway- the plan would make it so that larger banks ('To big to fail' banks!!) will be required to submit stricter records to the government, and make sure they're lending to the right people.
This plan will also put stricter regulation on things like hedge funds, private equity funds, and venture capital funds. The people who manage these funds would be required to submit records about who, what, and where they're investing.
The records given to the government would be reviewed by a 'systemic risk regulator.' And who is this 'systemic risk regulator' going to be? Well, they aren't sure yet. Let's just eliminate the job before it's created, how 'bout that?
These hedge funds haven't been hurt by the recession (maybe that's why people have one?!). Apparently, that automatically makes them a bad thing. (Remember, the owners of the funds aren't 'sharing' their hard earned money! Oh no!)
From the page- I quote- " Now, a growing number of lawmakers and policy makers are worried that hedge funds have become too big a part of the financial market to operate without government monitoring."
This. Is. Not. The. Government's. Job. Period, end of story.
So why do they think it is? Why do they think that 'monitoring' the economy is their job, not ours, the people's?
I don't know. But they need to get their act together. This is not their job. It doesn't matter how much of a mess Wall Street has made of things. Wall Street will fix it- we hope- and if it doesn't, it still isn't the government's place to get involved!
That is what capitalism is. It rises, it falls, it ebbs, but it always recovers by itself.
In fact, what has caused this recession is government intervention! We would never have had this recession if they had just let the free market take it's own road. Instead, they had to get involved in every minute area of the market- monitoring jobs, finances, lending...
When will it stop? Where will it stop?