tag:blogger.com,1999:blog-34928391.post534738102595835727..comments2023-10-12T03:32:59.387-05:00Comments on Truncated thoughts: Oil spills, financial debacles, and the limits of current institutionszbicyclisthttp://www.blogger.com/profile/10850387889082662189noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-34928391.post-59920894858956149352010-06-22T19:40:38.307-05:002010-06-22T19:40:38.307-05:00Great piece. Did you know when that person who &q...Great piece. Did you know when that person who "exposed" Madoff went to the SEC they never responded, like not once, to his very specific communications about Madoff because, as it turns out, all the people on the board were lawyers, and when his inquies got down to the mathematical "proof" that Madoff couldn't be trading the volumes of stock he reported, because it would have to show up in at least as a blip on the Dow Jones that day, the oversight board simply stopped reading because ... (drum roll please), they were all lawyers and had no idea what he was talking about. In other words, they were political appointments by other lawyers who mostly know about the law and other lawyers. Or is it the other way around? <br /> <br />So you don't try to regulate some things--instead, you don't allow them like they've done in Canada. They didn't let their "banks" become investment businesses. And they didn't allow their banks to issue mortgages without 15% down. <br /> <br />So, you don't regulate deep sea drilling, you only allow wells down to 1,500 ft. where everyone knows what to do if something goes wrong And you don't regulate derivatives--you simply don't allow them. Of course, you say things like this and real American everywhere simple go screaming from the room!Anonymousnoreply@blogger.com