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| Name: |
roswellric
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| Subject: |
Unintended Consequences....
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Date:
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7/30/2010 12:07:31 PM
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Part of the FINREG bill creates the OLA or “Orderly Liquidation Authority”. It supplants “financial” companies’ legal right to bankruptcy or the right of their creditors to force bankruptcy in a court of law. Here’s simply what happens:
1. The FDIC (run by political appointees) will determine if a company is in danger of default.
2. They can throw out the management with 24 hours notice.
3. They will have to power to decide what creditors get what in a liquidation of the company’s assets.
The result of all this totalitarianism?
This is going to cause sudden crisis situations. When creditors even suspect a financial problem in the company, they will liquidate their receivables as fast as possible. I.E. Start a “run on the bank”.
This sound like regulation or stabilization to you? This sound like common sense to you?
What happened to addressing the two very things that caused this financial crisis?
1. The FED creating loose and easy money after 2001
2. The politicians attempting to get votes by pressuring Fannie Mae and Freddie Mac to lower standards for getting home mortgages.
Forget the Wall Street involvement. They just took advantage of 1 & 2.
Answer: NOTHING
When we return 95% of incumbents each election should we expect anything to change?
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