Comments on: Henry Kaufman: Fed Failed as Regulator http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator.html Sun, 22 Nov 2009 22:11:10 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator.html#comment-6842 Anonymous Tue, 15 Apr 2008 11:13:00 +0000 http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator/#comment-6842 This so called administration is running around blaming everyone and everything else for their failed policies. It has been an unmitigated disaster of policy rather more than a lack of regulatory tools. <br/><br/>It was obvious early in 2002, and not just in monetary policy, that the inmates were running the asylum. Bill Donaldson was one of the first beheadings because he was actually trying to regulate. <br/><br/>There was a conscious policy decision by the Bushco to expand the money supply through credit. Anyone with the timerity to oppose was paid a visit by the administration legbreakers, Dick Cheney and Rumsfeldt, and their idealogue minions. <br/><br/>The current crisis, and policy agenda that has led up to this crisis, is a rerun of the Reagan real estate mess, right down to the same policy team. <br/><br/>More or new regulatory institutions will not address the underlying problem: An idealogue, incompetent administration that has been derelict in its duties to faithfully execute the laws of the United States for the good of our citizens. The administration's actions appear to be criminally negligent in this regard. This so called administration is running around blaming everyone and everything else for their failed policies. It has been an unmitigated disaster of policy rather more than a lack of regulatory tools.

It was obvious early in 2002, and not just in monetary policy, that the inmates were running the asylum. Bill Donaldson was one of the first beheadings because he was actually trying to regulate.

There was a conscious policy decision by the Bushco to expand the money supply through credit. Anyone with the timerity to oppose was paid a visit by the administration legbreakers, Dick Cheney and Rumsfeldt, and their idealogue minions.

The current crisis, and policy agenda that has led up to this crisis, is a rerun of the Reagan real estate mess, right down to the same policy team.

More or new regulatory institutions will not address the underlying problem: An idealogue, incompetent administration that has been derelict in its duties to faithfully execute the laws of the United States for the good of our citizens. The administration’s actions appear to be criminally negligent in this regard.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator.html#comment-6807 Anonymous Mon, 14 Apr 2008 15:21:00 +0000 http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator/#comment-6807 Well, Henry the director at Lehman, attempts to shift the blame for their own mistakes since Adam and Eve (Adam: the woman made me do it; Eve: it was that snake). Nice try on your part, but I ain't buying. You took the risks and enjoyed the acclaim while it last. Now it's time to suffer the consequences of poor choices. Well, Henry the director at Lehman, attempts to shift the blame for their own mistakes since Adam and Eve (Adam: the woman made me do it; Eve: it was that snake). Nice try on your part, but I ain’t buying. You took the risks and enjoyed the acclaim while it last. Now it’s time to suffer the consequences of poor choices.

]]> By: TallIndian http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator.html#comment-6789 TallIndian Mon, 14 Apr 2008 08:43:00 +0000 http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator/#comment-6789 Surely, LEH is an innoncent victim (collateral damage, if a pun be allowed), of the evil Dr. Greenspan.<br/><br/>Wise old men on, such as those on the board of LEH, were speaking up lo these many years about the dangers of leverage and the corruption of the ratings agencies.<br/><br/>Wise old men, such as thsoe on the board of LEH, strenoulsy criticized the use of FED discount window to prop up over-leveraged investment banks.<br/><br/>Hypocricy thy name name Henry. Surely, LEH is an innoncent victim (collateral damage, if a pun be allowed), of the evil Dr. Greenspan.

Wise old men on, such as those on the board of LEH, were speaking up lo these many years about the dangers of leverage and the corruption of the ratings agencies.

Wise old men, such as thsoe on the board of LEH, strenoulsy criticized the use of FED discount window to prop up over-leveraged investment banks.

Hypocricy thy name name Henry.

]]> By: Jojo http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator.html#comment-6788 Jojo Mon, 14 Apr 2008 08:13:00 +0000 http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator/#comment-6788 These guys are all part of the same 'ol boy network. How can anyone expect independent thought/action that would impact their relationships and potential future livelihood? <br/><br/>The only thing that might work is some sort of penalty to be assessed if their decisions prove wrong on review. Maybe public stoning? These guys are all part of the same ‘ol boy network. How can anyone expect independent thought/action that would impact their relationships and potential future livelihood?

The only thing that might work is some sort of penalty to be assessed if their decisions prove wrong on review. Maybe public stoning?

]]> By: Anonymous http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator.html#comment-6785 Anonymous Mon, 14 Apr 2008 06:43:00 +0000 http://www.nakedcapitalism.com/2008/04/henry-kaufman-fed-failed-as-regulator/#comment-6785 Re: Fed's "role as a regulator", that is a joke! They play politics and Greenspan was like a grandfather with soothing verbage like frothy, but never did you see The Fed regulate! You did however, see Greenspan pump the notion of ARMS and subprimes as he backed the housing bubble, with his fellow crooks!<br/><br/>The Fed Had All It Needed to Avoid Crisis<br/>April 14, 2008; Page A13<br/><br/>http://online.wsj.com/article/SB120813709440711857.html?mod=googlenews_wsj<br/><br/>Re: The failure of the Fed to exercise even a minimal standard of prudent regulatory responsibility has been attributed to the opposition of former Chairman Alan Greenspan to interfering with the market process. Yet the chairman was only one of seven members of the Board of Governors and did not have the power to override the wishes of the other six, had they voted to take a strong stance against some of the most egregious practices. The only Fed governor who appears to have comprehended the magnitude of the issue was Edward Gramlich who, unfortunately, was suffering from a terminal illness. Re: Fed’s “role as a regulator”, that is a joke! They play politics and Greenspan was like a grandfather with soothing verbage like frothy, but never did you see The Fed regulate! You did however, see Greenspan pump the notion of ARMS and subprimes as he backed the housing bubble, with his fellow crooks!

The Fed Had All It Needed to Avoid Crisis
April 14, 2008; Page A13

http://online.wsj.com/article/SB120813709440711857.html?mod=googlenews_wsj

Re: The failure of the Fed to exercise even a minimal standard of prudent regulatory responsibility has been attributed to the opposition of former Chairman Alan Greenspan to interfering with the market process. Yet the chairman was only one of seven members of the Board of Governors and did not have the power to override the wishes of the other six, had they voted to take a strong stance against some of the most egregious practices. The only Fed governor who appears to have comprehended the magnitude of the issue was Edward Gramlich who, unfortunately, was suffering from a terminal illness.

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