Re: ProgressiveThe article does say that Buffet and Munger place much of
the problems with Wall Street on "faulty government regulations of the financial
industry" and on the "permissiveness and stupidity" of those regulations.Changes in those regulations are needed; however, based on past
performance, I do not have much confidence in some of the reforms being proposed
by the Obama administration. For instance, one of the provisions
included in the house version of financial regulation gives the FTC regulatory
authority over the internet. Not only does this have no relevance to the
financial collapse that prompted the financial reform bill, but it would allow
the FTC to issue rules much quicker than the FCC can and even allow the FTC to
impose civil penalties on companies. The internet is one of the few areas of
business growth. This particular provision will dampen and hurt that growth.Buffet said that "faulty government regulations" of the financial
industry helped to create the financial mess. Additional "faulty government
regulations" if passed will only add to the woes!
Gr8Dane, read the quote again. They aren't saying Wall Street shuldn't be
regulated but that it has been regulated poorly. In fact one of the problems
they see is too much permissiveness. I'm sorry Obama fixing the financial
regulation is not wrong headed or even what Buffett is worked up about. His
gripe is the singling out of Goldman. Maybe you could get worked up
next time about how Obama is rasisng his dog?
Oh, I get it. So now Obama wants to pass more regulations of Wall Street in
order to "prevent" another meltdown? This , from a guy who never had a real job
before being President other than Lawyer of corrupt ACORN? At least Buffett
knows what he's talking about based on experience.