Sweeping Changes for USA Financial System

Treasury Secretary Henry Paulson proposed a set of sweeping changes on Monday aimed at modernizing the nation's financial system in what could herald the biggest regulatory overhaul of Wall Street since the Great Depression.

Finally someone trying to make changes to "Help" our falling economy. Is it too little to late? Or is this the kind of mentality we need to help fix our country?

money.cnn.com...

The plan, which would broadly expand the Federal Reserve's powers, comes as concerns about the housing crisis and its fallout in the financial system continues to fuel calls for change in Washington. The Paulson changes, if enacted, would be largely invisible to consumers but would drastically alter how the financial services industry is regulated.

"Government has a responsibility to make sure our financial system is regulated effectively," Paulson said. "And in this area, we can do a better job."

At least someone in this disfunctional governement see's a need for inmprovement. A modernization in the financial sector may be just what we need.

None of that made any sense to me.
What exactly are they going to do?

What I got from that was that they're going to (if enacted) do something very small that no one will notice, to drastically alter financial regulation.

Uh... okay?

I have spoken about this on several occasions. The first thing that should be done, at leads in regards to the housing bubble, is to regulate our lenders. Part of what has gotten America in trouble is the lending situation. You can't loan someone 400,000 dollars when their annual income is only 25,000-30,000 dollars a year. It doesn't make any sense fiscally. Yet, that is exactly what the banking system has done.

Also, Americans are in severe need of being taught how to not live above and beyond their means. How in the hell are you going to drive around a 40,000 dollar vehicle and live in a 200,000 dollar home on a 40,000 dollar a year income? Again, it doesn't make sense. When we think about the economic collapse that is coming, we should all look in the mirror and point our fingers at ourself, because that is where the blame truly lies.

TRUTH HURTS Yeah,yeah, cry me a river.


[edit on 31-3-2008 by SpeakerofTruth]

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