Busted: Bankers and The Global Economy

July 8, 2008

The Fed: Power and Protection Rules

The Federal Reserve, with new power in hand, intends to issue new rules next week aimed at protecting future home buyers from scandalous lending practices. The media has proclaimed the new rules are the most sweeping response to a housing crisis that has propelled foreclosures to record highs. Considering what is happening to American home buyers, this might considered to be true. The most sweeping response has been the bailout of Wall Street beginning with Bear Stearns in this writer’s humble opinion.

The fact is that there are plenty of regulations. Regulations did not stop bankers from breaking the law with predatory loans, nor stopped investors from (more…)

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