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  1. #31
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by pure_mercury View Post
    Which deregulation do you think was so bad?
    I'll answer for him: deregulation of derivatives. In particular the Commodities Futures Modernization Act of 2000. Though this was under Clinton, but pushed by Republicans.

  2. #32
    Senior Member ZPowers's Avatar
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    Honestly, the ones that I know most about are more environmental than economic. Cheney's 2001 plans relating to oil regulations, written while he was still on the Halliburton payroll and with input from major companies, allow for more lax safety concerns and opening new areas to drilling would be one example. It's no secret they weren't friendly to renewable energy and didn't have much care for environmental concerns.

    And I wasn't necessarily arguing it was still a viable excuse, merely examining Mondo's point. Obama's appeals are probably closer to "what we have done has helped, or at least caused America to avoid damage and essentially eliminate the threat of a full-on depression, but working out the largest economic slump in decades takes time". The idea of now just has a lot more clout than the idea of eventually. It's also usually not true.
    Does he want a pillow for his head?

  3. #33
    Order Now! pure_mercury's Avatar
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    Quote Originally Posted by ajblaise View Post
    I'll answer for him: deregulation of derivatives. In particular the Commodities Futures Modernization Act of 2000. Though this was under Clinton, but pushed by Republicans.
    So, which part under Bush did he mean?
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  4. #34
    nee andante bechimo's Avatar
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    Quote Originally Posted by ajblaise View Post
    I'll answer for him: deregulation of derivatives. In particular the Commodities Futures Modernization Act of 2000. Though this was under Clinton, but pushed by Republicans.
    Arguable impact considering the AIG conglomerate setup where the bulk of the derivatives and CDS transactions were facilitated in London and France.

  5. #35
    Order Now! pure_mercury's Avatar
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    Cheeky, but shows the reasons why I call a lot of his policies "Bush-Obama"

    http://whatinthefuckhasobamadonesofar.com/
    Who wants to try a bottle of merc's "Extroversion Olive Oil?"

  6. #36
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by Metaphor View Post
    Arguable impact considering the AIG conglomerate setup where the bulk of the derivatives and CDS transactions were facilitated in London and France.
    The subprime mortgage backed securities and credit default swaps were probably the two largest causes. You can't mention the financial crisis without them.

    What had more impact?

  7. #37
    nee andante bechimo's Avatar
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    Quote Originally Posted by ajblaise View Post
    The subprime mortgage backed securities and credit default swaps were probably the two largest causes. You can't mention the financial crisis without them.

    What had more impact?
    Not debating that the above were major causes. Just debating the impact of CFMA. Had CFMA not existed, more OTC swap and derivative business would have migrated off-shore with the same or similar ripple back effect to the mothership when the sub-prime market collapsed.

  8. #38
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by Metaphor View Post
    Not debating that the above were major causes. Just debating the impact of CFMA. Had CFMA not existed, more OTC swap and derivative business would have migrated off-shore with the same or similar ripple back effect to the mothership when the sub-prime market collapsed.
    Had CFMA not existed, which banned regulations on CDS, the SEC and CTFC could have had oversight and enforced transparency and raised capital requirements, probably preventing the collapse.

    This is all QFT.

  9. #39
    nee andante bechimo's Avatar
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    Quote Originally Posted by ajblaise View Post
    Had CFMA not existed, which banned regulations on CDS, the SEC and CTFC could have had oversight and enforced transparency and raised capital requirements, preventing the collapse.

    This is all QFT.
    What good is oversight when the transactions are out of the regulators jurisdiction?

  10. #40
    Minister of Propagandhi ajblaise's Avatar
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    Quote Originally Posted by Metaphor View Post
    What good is oversight when the transactions are out of the regulators jurisdiction?
    Most other places have stricter derivatives trading than we do. Germany just banned it outright. Also the CFTC has the authority to regulate trading done by foreign firms on behalf of U.S. clients, just not the rules in place on derivatives.

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