Senate panel slams Goldman in scathing crisis report

[Thor]

I think sadly in order for a revolution to occur in which we make real changes to the economic model we currently use, re-introduce worker justice (yep socialist policies).. it will take a massive crash, much much worse than the recent one, probably in another 10-15 yrs.

[Azure]

Originally Posted by Weiser Wonder

Isn't this a good argument against capitalism? If business will always and forever seek higher profits, shouldn't there be massive controls in place to maintain the interests of the people? Unless you argue that the best interests of big business always line up with the best interest of the people, which would be absurd given the situation in the US.

The only logical conclusion is that government needs to be there to enforce regulation. Heavy regulation at that, otherwise you'll have a society based around maximizing profits. Which seems untenable in a society that maintains that each individual has the right to life.

Actually, I don't like the world 'heavy regulation.' It implies that banks will not be able to maximize profits, and will be stuck under the clout of government red tape. That is entirely not the case with 'proper' regulation, such as we have here in Canada.

Why do I say that? Because our banks are all doing very well, and have all posted very good profits this last quarter of 2010.

[Azure]

Originally Posted by Phanuthier

Thanked, but to add to that, I really think some of these laws, lingo and market derivatives are made so confusing that it confuses 99% of the world. It shouldn't be that complicated. I always followed the rule, if you don't understand it, don't invest in it. I live in a utopia, but part of more oversight/regulation is needing to make these laws, lingo and market derivative understandable.. I don't have a solution for this, but that would go a long ways to improving things.

Another great point. I find myself agreeing with almost every single post you make.

I think part of the solution in helping people understand how the market works, how economics work, and how the finance system works is in better education for our younger generations. I learned next to nothing about finance in high school, and if there would have been courses available, I would have taken them.

[Azure]

Originally Posted by Thor

I think sadly in order for a revolution to occur in which we make real changes to the economic model we currently use, re-introduce worker justice (yep socialist policies).. it will take a massive crash, much much worse than the recent one, probably in another 10-15 yrs.

I strongly disagree.

I hate to sound like a broken record when I keep saying 'Canada has made the financial system work', but we really have. I think that proves that a country with a strong foundation of capitalism can have the proper regulation in place to prevent crashes like the one in 2008.

The US just doesn't have the balls to implement that regulation.

[Phanuthier]

Originally Posted by Azure

Another great point. I find myself agreeing with almost every single post you make.

I think part of the solution in helping people understand how the market works, how economics work, and how the finance system works is in better education for our younger generations. I learned next to nothing about finance in high school, and if there would have been courses available, I would have taken them.

Finance is a funny thing, for whatever reason, some people don't understand it or want to understand it. I took CALM in grade 12 and they teach you a little bit, but even the teachers don't know very much themselves. I think simple financial statements like what a balance sheet and income statement is takes a day at most to learn.

Of coarse, all of that is all for not, as I know people who have accounting degrees or are otherwise very intelligent misuse the stock market as a casino any how, so I digress.

And I agree, Canada has a good balance as far as regulation goes (when it comes to banking). I still think some investing strategies are wrong and cause big problems, but thats a different soap box for a different thread.

[Thor]

Originally Posted by Azure

I strongly disagree.

I hate to sound like a broken record when I keep saying 'Canada has made the financial system work', but we really have. I think that proves that a country with a strong foundation of capitalism can have the proper regulation in place to prevent crashes like the one in 2008.

The US just doesn't have the balls to implement that regulation.

Recently on talk radio in Iceland, there has been lots of talk about ignoring the EU and moving to talks with Canada, the 'responsible' nation.

[Weiser Wonder]

Originally Posted by Thor

Recently on talk radio in Iceland, there has been lots of talk about ignoring the EU and moving to talks with Canada, the 'responsible' nation.

I'm down.

[SeeBass]

Perhaps we could talk Washington and Oregon into joining too.

[Phanuthier]

Originally Posted by Thor

Recently on talk radio in Iceland, there has been lots of talk about ignoring the EU and moving to talks with Canada, the 'responsible' nation.

I'm trying to think of some witty comment about bringing Iceland women in too