Monday, February 9, 2009

The US Bail Out - it is time for FSRA

This article in the New York Times is a little scary.

The Financial Services Reform Act that was implemented in this Country early this century has certainly seen the Banking system in this country in a much better state than it might have been. Clearly the open trade attitude of the Banks in Europe and USA has seen the world financial systems brought to the brink. The Governments of the world have been forced to implement "bail outs" at an unprecedented level. Surely the taxpayers of the world should need and want to reign in these - "greedy, selfish" organisations whom simply have thumbed their nose at prudent management.

I sincerely hope that President Obama and his legislators bring in a much stronger set of watch dog disciplines to protect those of us whom have trusted these organisations. The same disciplines need to also be considered across the UK and Europe. One feels that the market manipulation that has gone on without any from of control has been very largely responsible for this crisis. We will trust them again - we have no choice - but it would be much easier to do so if we knew a large dog with teeth was sitting watching on our behalf.
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