When the tiger gets out and starts creating damage

"When the tiger gets out and starts creating damage,
it's insane to blame the tiger — it's the idiot tiger keeper."


~ Charlie Munger, Warren Buffett's longtime business partner, blaming lax and dysfunctional government regulations for the ills of Wall Street.

I was just reading the latest on the Druge Report about how the Wall Street dive may have been manipulated and how the White House doesn't rule out sabotage in market fluctuation...

http://thehill.com/homenews/administration/96713-white-house-doesnt-rule-out-sabotage-in-market-fluctuation


Any intelligent person would reason out that this was no accident. Someone, somewhere made a lot of money off of what happened and I personally would like to know who was behind this and why.

Once again the small investor and those who money are invested in IRAs, etc lost. These days having any money in the stock market is just as risky as going to Las Vegas and playing roulette

Here is a follow-up article by Rep. Paul Tonko.

Wall Street reform: families vs. big banks
By Rep. Paul Tonko (D-N.Y.) - 05/07/10 01:48 PM ET

During the last three months of the Bush Administration, we lost, on average 726,000 jobs per month. In the last three months under the Obama Administration, we have created an average of 54,000 jobs per month – a sharp contrast. Since passing and enacting the Recovery Act, the Dow Jones has gone up over 60%; the S&P is up over 70%; and the NASDAQ is up nearly 90%. Finally, average tax refunds are up 10%, to nearly $3,000 per family. However, our work is not done until we reform the heart of the root cause of this recession: Wall Street.

Wall Street reform is currently under debate in the United States Senate. In my opinion, the debate is straightforward; those who support hard working American families and small businesses against those who wish to protect the status quo and big Wall Street banks, which are to blame for the current recession. For example, last year the House passed HR 4173, the Wall Street Reform and Consumer Protection Act of 2009. The number of Republicans that voted for the bill: zero.

Now, the Senate is debating Wall Street reform, a bill similar to the one passed after debate in the House. Every single Republican in the United States Senate voted three times to try to block reform from going forward. One leading Republican Senator even said, “We need to be in a room… nailing down the language.” In other words, we will only agree to move forward after we make some backroom deals, out of the eye of the American public. The irony, of course, is that this is exactly what Republicans wrongly accused Democrats of doing during the health care debate.

The time for shady campaign fundraising and backroom deals needs to end. After Republicans huddled with lobbyists and Wall Street banks, they realized they should honor the will of the American people and respond to taxpayer concerns in a thoughtful and compassionate manner. They can no longer ignore American families who worked hard and played by the rules, only to see their home foreclosed on, their retirement savings lost, their businesses destroyed, or their jobs wiped out. This legislation caps over a year’s worth of common sense reforms and stronger consumer protections to ensure that a crisis on this order of magnitude never happens again. Let us resolve to enhance transparency, return cash to the taxpayer and return the watchdog to the day-to-day operations.


The rest of the article is at the link.

http://thehill.com/blogs/congress-blog/economy-a-budget/96691-wall-street-reform-families-vs-big-banks-rep-paul-tonko