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Still think we need less regulations?
Regulators are investigating whether several major U.S. banks failed to monitor transactions properly, allowing criminals to launder money. The Office of the Comptroller of the Currency, the federal agency that oversees the biggest banks, is leading the money-laundering investigation.
1. The Federal Reserve Banks (the Fed) are private monopolies - not part of the U.S. Government. In 2008 they advanced the funds for JPMorgan & Chase Bank to buy investment bank Bear Stearns for pennies on the dollar. 2008, the Federal Reserve also bought the world’s largest insurance company - AIG
2. Fannie Mae & Freddie Mac, have operated since 1968 as gov’t sponsored enterprises (GSEs), meaning that altho the two companies are privately owned and operated by shareholders, they are protected financially by the support of the Federal Government.
3 Answers
- ?Lv 79 years agoFavorite Answer
Absolutely, it was deregulation brought in by George Bush that caused the global financial meltdown and countries like Canada who have better rules didn't have the same problems. Those who took advantage of the lax rules destroyed the financial stability of so many - not just themselves. The rules are there for a purpose.
- Anonymous9 years ago
@Yac;
You are wrong! It was Democrat policies (sub prime mortgage loans to name one) brought in during the Clinton admin. that unltimately led to the financial crisis. The Republicans for years tried to warn them about it and the Democrats continued to force banks to lend money to people they knew would never be able to pay back causing the banks to lose billions of dollars.
I know most of you Dems can't see through the rose colored glasses, but it's about time y'all take some responsibility and stop blaming Bush. All you have to do is some research and look at any major city that has been under Democrat control for years to see what shambles most of them are in.
- Anonymous9 years ago
well dih, wall st. is gambling with money given to them by the fed. If at a high school dance the chaperon spikes the punch bowl, you don't get mad at the teenagers for acting drunk, you get mad at the chaperon for spiking the punch bowl with alcohol. So get rid of the fed, and wall st will have no choice but to shape up