Comments on: Did Deregulation Cause the Wall Street Crisis? http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/ Tue, 14 Feb 2012 11:16:50 +0000 hourly 1 http://wordpress.org/?v=3.3 By: Dan - IL http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-40816 Dan - IL Tue, 07 Jul 2009 12:21:03 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-40816 Billions lost and no one goes to jail or fired except for some politcal changes. Where can I get a chance to become a millionaire like that? Billions lost and no one goes to jail or fired except for some politcal changes. Where can I get a chance to become a millionaire like that?

]]> By: Chris, Alexandria http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-6879 Chris, Alexandria Sat, 11 Oct 2008 23:04:10 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-6879 Mr. Mason - the PCAOB does not set accounting rules. That's the job of the Financial Accounting Standards Board (FASB). So when you reference "mark to market" accounting in your response to jjb, I presume you are referring to FAS 157, which the FASB promulgated - not the PCAOB. The PCAOB is now in charge of what was formerly known as Generally Accepted Auditing Standards, but again, they have no say in the writing or interpretation of accounting rules. You should do some research before you write an article. In fact, don't worry about research - just go to the website of the entities you slam to get an understanding of what they actually do. Mr. Mason – the PCAOB does not set accounting rules. That's the job of the Financial Accounting Standards Board (FASB). So when you reference "mark to market" accounting in your response to jjb, I presume you are referring to FAS 157, which the FASB promulgated – not the PCAOB. The PCAOB is now in charge of what was formerly known as Generally Accepted Auditing Standards, but again, they have no say in the writing or interpretation of accounting rules.

You should do some research before you write an article. In fact, don't worry about research – just go to the website of the entities you slam to get an understanding of what they actually do.

]]> By: Pages tagged "fatuous" http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-6164 Pages tagged "fatuous" Mon, 29 Sep 2008 03:45:14 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-6164 [...] bookmarks tagged fatuous Did Deregulation Cause the Wall Street Crisis? saved by 3 others     mikeb998 bookmarked on 09/28/08 | [...] [...] bookmarks tagged fatuous Did Deregulation Cause the Wall Street Crisis? saved by 3 others     mikeb998 bookmarked on 09/28/08 | [...]

]]> By: Richard Thomas http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5960 Richard Thomas Thu, 25 Sep 2008 18:36:08 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5960 Most of the world doesn't know about the 65 Trillion Dollar Credit Swap Defaults still looming. It dwarfs the mortgage crises and it all has more to do with a Fiat Currency Bubble Burst. The info is on <a href="http://www.coinage.me/default.htm" rel="nofollow">http://www.coinage.me/default.htm</a> Where the flaws are articulated in detail unlike anything you see on the news, such that you can understand them and so the workings are not obfuscated with complexity. A detail solution is provided to fix the foundation, which everyone else speaking about the problem seems to lack. Many people only see the appearances they do not see the fundamental flaw in the system itself. The bailout should go directly to the homeowners or to stimulate the economy so they can pay their mortgages. <a href="http://storyline.me/default.htm" rel="nofollow">http://storyline.me/default.htm</a> “reports Congress being blackmailed, wealth extorted from citizens” Most of the world doesn't know about the 65 Trillion Dollar Credit Swap Defaults still looming. It dwarfs the mortgage crises and it all has more to do with a Fiat Currency Bubble Burst.

The info is on http://www.coinage.me/default.htm

Where the flaws are articulated in detail unlike anything you see on the news, such that you can understand them and so the workings are not obfuscated with complexity. A detail solution is provided to fix the foundation, which everyone else speaking about the problem seems to lack.

Many people only see the appearances they do not see the fundamental flaw in the system itself. The bailout should go directly to the homeowners or to stimulate the economy so they can pay their mortgages.

http://storyline.me/default.htm “reports Congress being blackmailed, wealth extorted from citizens”

]]> By: Carlos, Milwaukee http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5940 Carlos, Milwaukee Thu, 25 Sep 2008 10:57:18 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5940 I think that the government should not approve the bail out. People and companies need to start taking responsibility for their own actions. Instead, the government should use the 700B, if needed, to help the many inocent people affected by poor decisions made in Wall Street. I think that the government should not approve the bail out. People and companies need to start taking responsibility for their own actions. Instead, the government should use the 700B, if needed, to help the many inocent people affected by poor decisions made in Wall Street.

]]> By: Victoria, Florida http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5898 Victoria, Florida Wed, 24 Sep 2008 16:36:38 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5898 No Bail Out!!!!!, I've been bailing out WALL Street, Fanny May, FREDDY MAX,ETC. as a tax payer. Enough is enough. I'd rather see the whole thing go down the darain and start all over for this Nation. Most of the greedy Congress and the Senate as well as the Wall Street, need to go home and find another job. I am tired of playing into their hands and have them take another cent from me as a tax payer and I believe I am not alone. Most of the Senate and Congress have had years to put us into this finacial break down while we have been feeding them and their lobbyist, and CEO's. It is my opinion to have them all arrested and locked up. America??? let's clean house and start all over. Walk on to WASHINGTON and show them we mean business this week-end while they are being served cocktails while they are getting drunk on putting us deeper in the whole. Both Parties have been drunk for along time, and the only intervention we as American can do is to sober these men and women up by replacing them for their greed. No Bail Out!!!!!, I've been bailing out WALL Street, Fanny May, FREDDY MAX,ETC. as a tax payer. Enough is enough. I'd rather see the whole thing go down the darain and start all over for this Nation. Most of the greedy Congress and the Senate as well as the Wall Street, need to go home and find another job. I am tired of playing into their hands and have them take another cent from me as a tax payer and I believe I am not alone. Most of the Senate and Congress have had years to put us into this finacial break down while we have been feeding them and their lobbyist, and CEO's. It is my opinion to have them all arrested and locked up. America??? let's clean house and start all over. Walk on to WASHINGTON and show them we mean business this week-end while they are being served cocktails while they are getting drunk on putting us deeper in the whole. Both Parties have been drunk for along time, and the only intervention we as American can do is to sober these men and women up by replacing them for their greed.

]]> By: Dav Mason, Heritage http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5896 Dav Mason, Heritage Wed, 24 Sep 2008 15:02:04 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5896 Tom V is right, the rating agencies played a role in this mess as well. One problem is that the effective government seal of approval on the three leading rating agencies may have induced -- or allowed -- some to put excessive reliance on the agencies' ratings. "Washington" is technically correct, PCAOB regulates auditors, but publicly-traded companies are required to be audited to PCAOB standards. So the PCAOB rules affect those companies directly. As for "jjb's" point about blaming auditors: its not the auditors, its the government-mandated audit rules that clearly played a role in this crisis. This has been written about widely. See JD Foster's web memo discussing revising the "mark-to-market" accounting rule at: <a href="http://www.heritage.org/Research/Economy/wm2075.cfm" rel="nofollow">http://www.heritage.org/Research/Economy/wm2075.c...</a> Tom V is right, the rating agencies played a role in this mess as well. One problem is that the effective government seal of approval on the three leading rating agencies may have induced — or allowed — some to put excessive reliance on the agencies' ratings.

"Washington" is technically correct, PCAOB regulates auditors, but publicly-traded companies are required to be audited to PCAOB standards. So the PCAOB rules affect those companies directly.

As for "jjb's" point about blaming auditors: its not the auditors, its the government-mandated audit rules that clearly played a role in this crisis. This has been written about widely. See JD Foster's web memo discussing revising the "mark-to-market" accounting rule at: http://www.heritage.org/Research/Economy/wm2075.c…

]]> By: Jeremy http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5893 Jeremy Wed, 24 Sep 2008 14:26:34 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5893 A search of this page did not find a single occurrence of the term "credit default swap". Why not? A search of this page did not find a single occurrence of the term "credit default swap". Why not?

]]> By: jjb, washington dc http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5888 jjb, washington dc Wed, 24 Sep 2008 12:42:46 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5888 Involving PCAOB and Sarbanes-Oxley in the current financial mess is akin to saying that auditors are the reason for the current situation, which, is something that I haven't read anywhere - in fact, I've read the exact opposite, that auditors are not involved. And besides, you, and I, and all the readers know that Republicans DON'T regulate; the only reason Bush passed Sarbanes-Oxley was because of OUTRAGE on the behalf of everyone in the country, and because Congress HAD to. We also all know that Bush was fine to let it all slide b/c his good buddies were the ones in charge over at Enron... It's too bad this site is completely partisan; as a writer, you would look much more intelligent if you left out the partisan ranting, and focused on the only decent paragraph in your entire piece: "It would be nice, once the immediate crisis is addressed, if Congress took a considered look at this regulatory contraption. Undoubtedly there are some parts that aren’t working well", because I'm sure that is something on which we can all agree. Unfortunately, throwing stones without any suggestions for fixing the situation doesn't help anyone at all. Involving PCAOB and Sarbanes-Oxley in the current financial mess is akin to saying that auditors are the reason for the current situation, which, is something that I haven't read anywhere – in fact, I've read the exact opposite, that auditors are not involved.

And besides, you, and I, and all the readers know that Republicans DON'T regulate; the only reason Bush passed Sarbanes-Oxley was because of OUTRAGE on the behalf of everyone in the country, and because Congress HAD to. We also all know that Bush was fine to let it all slide b/c his good buddies were the ones in charge over at Enron…

It's too bad this site is completely partisan; as a writer, you would look much more intelligent if you left out the partisan ranting, and focused on the only decent paragraph in your entire piece: "It would be nice, once the immediate crisis is addressed, if Congress took a considered look at this regulatory contraption. Undoubtedly there are some parts that aren’t working well", because I'm sure that is something on which we can all agree. Unfortunately, throwing stones without any suggestions for fixing the situation doesn't help anyone at all.

]]> By: Washington, DC http://blog.heritage.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5874 Washington, DC Wed, 24 Sep 2008 07:33:55 +0000 http://www.foundry.org/2008/09/23/did-deregulation-cause-the-wall-street-crisis/#comment-5874 Fact check: The PCAOB does not regulate companies. It has oversight responsibilities for the auditing profession. Fact check: The PCAOB does not regulate companies. It has oversight responsibilities for the auditing profession.

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