Financial Reform
To quote Jamie Dimon of JP Morgan Chase before Congress on June 13, 2012, "I believe in strong regulation, not necessarily more regulation". He also said continuing to add regulation on top of bad, ineffective regulation would just make it more complex and costly and less effective. That is the common sense approach, with out political maneuvering. People are concerned when they hear that Congress invites industry experts in to discuss development of laws and regulations for fear of watering down the law/regulation. So, that means they would rather have politicians in Congress who DO NOT understand the industry, develop a new law/regulation on their own? That hurts the industry, the economy and the employees and clients of the industry in question. If Congress is the "executive" representing the people of the US, they should use industry experts and make strong and proper executive decisions that create effective laws with positive results for the country.

What You Need to Know About “The Big Short”

by John Goodman,

One of the most intriguing movies I’ve seen in a long time is The Big Short. It’s about the housing bubble and what we now call the Great Recession, based on Michael Lewis’s bestselling book “The Big Short: Inside the Doomsday Machine.” The main characters are money managers who not only realized that the housing bubble was being supported by unsustainable subprime mortgages, but also found a way to make millions of dollars from the inevitable crash. Here are 10 things moviegoers need to know.

Lesson 1: There will always be bubbles. Lesson 2: Financial bubbles need not cause widespread economic harm. Lesson 3: A simple financial reform would have prevented the Great Recession. Lesson 4: The Big Short is mainly a movie about fraud. Lesson 5: It is also a movie about a massive failure of government. Lesson 6: But the movie ignores the role of government in contributing to the problem it exposes. Lesson 7: It was the private sector that came to the rescue. Lesson 8: Deregulation was not the cause of the problem. Lesson 9: The response of Congress to the financial crisis has apparently made things worse. Lesson 10: Instead of more regulations, banks should revert to being banks and government should perform its traditional function.

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