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Government doesn't have to run it Wall Street. The just have to put some restraints on the funny money practices that has put our economy in the shape it's in today.
Kenneth C. Griffin, founder and chief executive of the Citadel Investment Group, a Chicago-based hedge fund that manages $13 billion, said that regulators and lawmakers needed to impose rules so failing banks could be shut, rather than allowed to operate indefinitely with taxpayer support.
“We’ve taken a lot of steps for the worse, and not for the better, in terms of the structural underpinnings of our capital markets,” Mr. Griffin said. “We have to change the rules and correct the fundamental flaws in the financial system.”
To be sure, Wall Street is not exactly as it was before the cataclysm of last year.
Then, a dozen or so big banks formed the top tier. Now Goldman Sachs and JPMorgan Chase are clearly the strongest, with Morgan Stanley struggling to compete. Bank of America and Citigroup are the weakest big banks, heavily reliant on government guarantees to survive.
No wonder this country is so fucked right now.
Whatever happen to the hippy liberals who used to shun "big brother"? Now days, "big brother" (government) is the only one they trust to be fair, honest, and trust worthy! Whatever.
That's ok, let's all worry about partisan bullshit while they all stuff their pockets again.
I can't believe people will bicker like little children while wall street continues to do as they please and take this country down the tubes.
Do your homework so you all understand what wall street finance did to put us into the shape we're in today, them think about it and see if you want to let them do it all again.
You get mad and bitch when the government even mentions getting involved in free enterprise and then get mad if they don't or don't get involved enough.
I swear some of you don't know what the fuck you want except to bitch
Pit Row
And we, don't want our government to do a better job?
I'm not justifying wall street, just pointing out the ineptness our government has to make decisions that benefit us(their employers). Their decisions only benefit their own agenda, self serving, instead of serving us.
i haven't for 4 elections
I wouldn't vote for Obama or McCain and here in OK we had no independents on the ballot.
I showed but didn't get to vote.
Post a reply to: A year after cataclysm, little change on Wall St.