Here's some interesting information on the current uncertainties in money, insurance and housing markets.

Full text available at http://bigpicture.typepad.com/comments/2008/09/regulatory-exem.html

How SEC Regulatory Exemptions Helped Lead to Collapse
Thursday, September 18, 2008 | 06:00 AM

The losses incurred by Bear Stearns and other large broker-dealers were not caused by "rumors" or a "crisis of confidence," but rather by inadequate net capital and the lack of constraints on the incurring of debt.

--Lee Pickard, former director, SEC trading and markets division.

Is Financial Innovation just another word for excessive and reckless leverage?

Apparently so.

As we learn this morning via Julie Satow of the NY Sun, special exemptions from the SEC are in large part responsible for the huge build up in financial sector leverage over the past 4 years -- as well as the massive current unwind

Satow interviews the above quoted former SEC director, and he spits out the blunt truth: The current excess leverage now unwinding was the result of a purposeful SEC exemption given to five firms.

nope.

not the SEC.

the warnings were not heeded when the legislature and clinton colluded to put the nation under the "ether of clintonian economics" in the 90s, as was warned against by those in the know at the time.

The country was under the influence of an inebriant.

Time to detox from the addiction of Bills R Us.


But just like crack heads, this country is in denial.


I know..........

sobreity is boring.

ah So exemptions for regulatory over-sight didn't have a thing to do with it?

heh