Senate Approves Historic Overhaul of Financial Regulation (WashPost)

[Fergasun]

zoony,

Capping the size of the banks is the "smart regulatory control".

It doesn't rely on great regulators, it relies on rules in place.

I know there is a lot about "global economy" and financial institutions, but if other countries want to let their institutions get so big they can hold a gun to those countries, its for them to decide. I'd rather not have that for my country.

The attitude of financial institutions really galls me. In 2008 they said, "If we go down, YOU go down too!". First of all, who has more to lose? Mr. and Mrs. Middle Class; or Mrs. and Mrs. Bankster? It's the bankster who has more to lose. The American people are resilient. We lived through wars including numerous on our soil, we survived our own civil war, endured a surprise attack at Pearl Harbor, and survived a global depression already. Personally I think all this government intervention is ignoring the fact that people have soldiered on for generations, better or worse. What's going to happen when all of this comes down anyway? The plan is to paper over bad debt with new debt? That's simply buying time... but there's no end-game that doesn't leave a hecukuva lot of pissed off unhappy people. Are we going to go full Zimbabwe?

So I'm sorry, but I for one wouldn't have minded a crash 2 years ago. Maybe we would've gone through hell; I doubt it. It would've been a huge adjustment for many people, but practically 90% of us are pretty "poor" compared to the other 10%, and had very little to lose. Instead the 90% of us are working to bail out the 10%. Sure it's simplification, but its the truth.

It looks like financing has ceased to add value to society.... except for those who benefit from piling on the debt. It would nice to see goods and services revalued in a world where people are only allowed to take the debt they can support. We're living in such a ponzi. I'm sorry, but go back and listen to what was said in the fall 2008. Paulson, Bernanke, said, in front of Congress, "If the credit market freezes our economy goes under!". Yes, that's right; not imply the cash market, but we are so dependent on *credit*!