Barry O For President 2012

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Thursday, March 26, 2009

Geithner Clarification

Posted by Barry O Thursday, March 26, 2009, under ,, | No comments

I wanted to "add some meat" to Geithner's explanation of the new financial system we intend to impose.

Imposing tougher standards on financial institutions judged to be so big that their failure would represent a risk to the entire system.
Under our financial system this will never again be a worry. Our policies will ensure that no financial institution can grow to the point of being to large.

-- Extending federal regulations for the first time to all trading in financial derivatives, exotic financial instruments such as credit default swaps that were blamed for much of the damage in the meltdown.
Under our system all exotic financial instruments such as "Stocks" will be worthless. It's only a matter of time.

-- Requiring hedge funds and other private pools of capital, including private equity funds and venture capital funds, to register with the Securities and Exchange Commission if their assets exceed a certain size. The threshold amount has yet to be determined.
The registration is the important thing. We progressives have hampered gun ownership with registration- and the results are fewer guns. Soon, we will hamper capitalism the same way!

-- Creating a systemic risk regulator to monitor the biggest institutions.
There's nothing that big government can't fix. With this in mind we will have GS-5 level employees riding roughshod (did Geithner just squeal?) over our most successful entrepreneurs.

Have faith, America- change is coming. And it's a good thing too- because change is all that will be left in your pockets.