Uncle Sam is Auntie Cyclical?

Federal Reserve Chairman Ben S. Bernanke urged a sweeping overhaul of U.S. financial regulations in an effort to smooth out the boom-and-bust cycles in financial markets. [1]

Holy Genesis 41, Batman!  Come back in another 7 years when conditions for the next boom might be brewing and we’ll talk.  Bringing it up now is totally pointless, IMHO :(

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[1]: "Bernanke Urges Rules Overhaul to Stem Risk Build-Ups", by Craig Torres and Scott Lanman, Bloomberg, March 10, 2009.

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6 Comments for this entry

  1. Linenoise says:
    March 10, 2009 at 1:03 PM

    I dunno.. seems like the first step to fixing the problem is admitting you are part of it. Wasn’t alot of this mess caused by the regulations in place not being enforced to begin with?

  2. twist says:
    March 10, 2009 at 7:20 PM

    Even if Bernanke manages his reforms, what do you want to bet that someday when another asset bubble forms, folks will be saying how “this time it’s different” and all those old regulations should be done away with.

    We seem to be able to build on the technology of past generations, but sadly, we don’t seem to be able to use more common sense than the generations before us.

  3. Hutch says:
    March 11, 2009 at 2:24 AM

    But twist, we are so much smarter and more sophisticated than those dinosaurs of 1873, and 1929. Why, with this new improved leadership, we still might pull off a glorious exponential growth of wealth for everyone. If not; then the lessons we are learning now will be the springboard for our next attempt to bring Utopia (which will surely succeed.)
    Because “We know EVERYTHING!” (worth knowing)
    http://www.youtube.com/watch?v=ihbL8ewkP-o&feature=related

  4. twist says:
    March 11, 2009 at 6:01 AM

    Hutch-

    It looks like a technical information bubble to me. : )

    A crash would be a good thing- it would be my only chance to ever catch up!

  5. AZSALUKI says:
    March 11, 2009 at 9:55 AM

    twist,

    exactly…..we were definitely smart enough in the late ninties and early years of this decade to do away with all those silly regulations that stemmed from the depression.

  6. John M. says:
    March 11, 2009 at 12:16 PM

    Must … control … fist … of … death …

    “The Looting of America’s Coffers”, by David Leonhardt, New York Times, March 10, 2009.

    Now, it would have been nice if the Fed had shown some of this regulatory zeal before the worst financial crisis since the Great Depression. But that day has passed. So people are rightly starting to think about building a new, less vulnerable financial system.

    … and this will be entirely forgotten by the time the effects of The Panic of ’08™ wear off. Even Igor is “dejected.” Well, if nothing else the NYT is great at hindsight. This assertion neatly summarizes one thing we bubble bloggers (and selected mainstream prophets) have been saying for years.

    In effect, the bankers had siphoned off this bailout money in advance, years before the government had spent it.

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