On Thu, 03 Apr 2008 01:14:52 GMT, "John R. Carroll"
wrote:

You can review SecTreas Paulson's executive summary and proposed
changes to the Federal oversight of the financial sector here
http://media.npr.org/documents/2008/..._factsheet.pdf
http://media.npr.org/documents/2008/..._blueprint.pdf

While I have not yet completely read his entire proposal,

"His" entire proposal has as much chance of being effective as your cat and
dog do of having offspring.
This cluster **** looks a lot like the Department of Homeland Security, an
ineffective and costly combination of Boondogle and Fiasco that has been so
incompetently staffed that instead of a joke, it's a nightmare and a costly
one at that.
=============
John:

If you read and understood all that "you done good!"

I got through the summary (7 pages, several 1/2 filled) and only
about the first 75 pages of the actual document [out of 212, most
pretty dense with foot notes]

What seems to be clear is that the regulatory agencies have been
largely captured by the regulated, and the Treasury Department
and the Fed have almost no knowledge of what's actually
occurring, nor what sort of liabilities exist. Case in point is
the huge [but largely unknown] amount of CDS [credit debt swaps]
overhanging the market. Bear Stearns by itself had created 10
trillion $US notational/face value of these.

I may have missed it, but I never saw the words felony, fine,
prison term, disgorgement, or conspiracy, in this document.

More of the same only better, smaller, lighter, cheaper, quicker,
yada-yada-yada...


Unka' George [George McDuffee]
-------------------------------------------
He that will not apply new remedies,
must expect new evils:
for Time is the greatest innovator: and
if Time, of course, alter things to the worse,
and wisdom and counsel shall not alter them to the better,
what shall be the end?

Francis Bacon (1561-1626), English philosopher, essayist, statesman.
Essays, "Of Innovations" (1597-1625).