Tuesday, September 16, 2008

Wall Street Woes

Obama blamed the crisis in the housing and financial markets on the failure of President George W. Bush's administration to monitor markets and push for more oversight...Obama said Treasury Secretary Henry Paulson was correct in calling for a streamlined regulatory system and that the Federal Reserve can't be expected to shoulder the whole load..."

Thought to ponder:

Federal Reserve = Monetary Policy

Government = Fiscal Policy

I agree that a streamlined MONETARY regulatory system is necessary but shouldn't the Federal Reserve Bank shoulder the whole load? That's their expertise... We have a separation of State and Church but we cannot arbitrarily change the degree of separation when it suits us. Same with the governance of Monetary Policy and Fiscal Policy.

Yes Mr. Obama, blame it all on Mr. Bush - it looks like you need a refresher on Monetary Policy & Federal Policy. Gosh, maybe you were absent when the subjects were taught at Harvard and Columbia, your alma maters.

Oh I forgot, more goverment oversight = bigger government which is exactly what you want. Got it.

Instead of blaming Mr. Bush (I know, I know you are just playing politics after all it's election time) - let's do something about the FOMC and the Federal Reserve Bank's disastrous policymaking that caused this meltdown.

And oh, as far as regulation? I agree with more regulatory oversight - let's make sure those millions of dollars of bonuses to these Investment Bankers are put to a halt - better still, let's have them give it back so those wives of theirs can stop buying those $10,000 Hermes bags.