Has America learned anything from Jack Abramoff and the economic collapse?

It worries me that America was pretty close to an economic collapse fueled by deregulation (which Abramoff and later on Wall Street were huge advocates of) and corruption in both the financial sector and our own government.

Much of the corruption was fueled by the need for political contributions so that elected officials can stay in power. Instead of bringing campaign reform to America to prevent this kind of behavior, the SCOTUS makes it so that there are no limits in contributions.

So what have we done as a country to prevent this from happening again? All I see is that we threw a ton of money at them to essentially cement the fact the Wall Street and lobbyists control the U.S. government.

This is a serious question, what steps should we or have we taken to prevent this? It seems like everyone has already forgotten about it and instead we are arguing about Unions and Libya as if they almost caused an economic depression two years ago.

The recession wasn't caused by deregulation. Better regulatory institutions could have prevented the meltdown of the industry, but it's not as if the derivatives market was ever regulated. Glass-Steagall was effectively a symbolic gesture.

Nothing. I believe that we have learned nothing and it will happen again eventually.SF_KiLLaMaN

The recession wasn't caused by deregulation. Better regulatory institutions could have prevented the meltdown of the industry, but it's not as if the derivatives market was ever regulated. Glass-Steagall was effectively a symbolic gesture.

coolbeans90

We can really agree or disagree about what happened and why but something needs to be done, well i'm not big ongovernment control.In this case free trade isn't working how its supposed to work and the government needs to step in. Plan and simple, the idusturies are not working how they should. The only thing that has changed is give money to everyone, now its give money to no one.

I feel that the little man will continue to be trampled by the government and the corporate sector. Sure, we wish that things would change, and we would like them to, but those in power will resist change with red tape and the continual flow of money. Even though the little man is the driving force, we're essentially cattle that fuel the big corporations and Wall Street's profits. And sadly, there isn't anything we can do about it. Who is going to look out for us? So far it doesn't seem the government, nor the politicians, and definitely not the corporations and lobbyists. We will be ignored and exploited until the end of time.

The dollar is dead...

China/Russia has quite the dollar. China has put alot money into the u.s dollar but they have said forget it. You use to go their with a U.s dollar and they would be happy to accept it but not no more...

French president even said the dollar was great but it time is near.

The bailout was stupid majority of the people didn't even want it. Shoot look at other nations who has done it. It IS a SHORT TERM to hold up the dollar. What a waste!!!

America people want Cheap goods but want jobs. But it doesn't work like that WE Americans have high standards we will not work for a dollar a day ect. China man working for Honda building cars get backed 500 bucks a month here in America can get backed 30-40 bucks an hr... Shoot GM has janitor's get paid 28 bucks...

A: American people need take a stand and start forcing company's to come back by refuse of buying non u.s made products

B Government needs to lower the business tax. Why because when a ceo is asked why they shipping the jobs out they say it's not the cost of a product/ or the wage they have to pay it's the tax. Also it's funny how all these big business get tax cuts while America was build on small business and they never get a tax cut.

C: Government can say Hey no more if a % of these products are not made Here then your product is no longer welcome on the shelves. The business will say ok forget you we don't need you but latter they will move back because America is one of the largest consumers in the world on electronics. BUT that would destroy the free market we have here...

Can you imagine If u.s gov told Apple that if they wanted to sell other ipod That it would have to be created and made in U,S? 250 milion ipods been sold at the beining of 2010. i wounder what it is now... Hey maybe if apple moved their factorys they wouldn't have to put up suicide nets inside the factory... Google it if you don't believe me

Considering the resistance to financial reform we experienced after the crash, I don't think we learned much at all.mattbbpl

Not only that but there are efforts to undo what little attempts we have made to correct the problem.

[QUOTE="mattbbpl"]Considering the resistance to financial reform we experienced after the crash, I don't think we learned much at all.Former_Slacker

Not only that but there are efforts to undo what little attempts we have made to correct the problem.

The dollar is dead...

China/Russia has quite the dollar. China has put alot money into the u.s dollar but they have said forget it. You use to go their with a U.s dollar and they would be happy to accept it but not no more...

French president even said the dollar was great but it time is near.

The bailout was stupid majority of the people didn't even want it. Shoot look at other nations who has done it. It IS a SHORT TERM to hold up the dollar. What a waste!!!

America people want Cheap goods but want jobs. But it doesn't work like that WE Americans have high standards we will not work for a dollar a day ect. China man working for Honda building cars get backed 500 bucks a month here in America can get backed 30-40 bucks an hr... Shoot GM has janitor's get paid 28 bucks...

A: American people need take a stand and start forcing company's to come back by refuse of buying non u.s made products

B Government needs to lower the business tax. Why because when a ceo is asked why they shipping the jobs out they say it's not the cost of a product/ or the wage they have to pay it's the tax. Also it's funny how all these big business get tax cuts while America was build on small business and they never get a tax cut.

C: Government can say Hey no more if a % of these products are not made Here then your product is no longer welcome on the shelves. The business will say ok forget you we don't need you but latter they will move back because America is one of the largest consumers in the world on electronics. BUT that would destroy the free market we have here...

Can you imagine If u.s gov told Apple that if they wanted to sell other ipod That it would have to be created and made in U,S? 250 milion ipods been sold at the beining of 2010. i wounder what it is now... Hey maybe if apple moved their factorys they wouldn't have to put up suicide nets inside the factory... Google it if you don't believe me

k2theswiss

The government also gives incentives through tax breaks for corporations to create jobs overseas.

[QUOTE="SF_KiLLaMaN"]Nothing. I believe that we have learned nothing and it will happen again eventually.EntropyWins

[QUOTE="EntropyWins"][QUOTE="SF_KiLLaMaN"]Nothing. I believe that we have learned nothing and it will happen again eventually.mattbbpl

There's your problem. :P

[QUOTE="mattbbpl"][QUOTE="EntropyWins"] Are you serious? Do you think we can do anything about it? Former_Slacker

There's your problem. :P

Nope, We've learned nothing

[QUOTE="Former_Slacker"]

[QUOTE="mattbbpl"] We can vote the clowns out of office. We have a government that's set up so that an informed populace can eliminate those who stand against it's best interests. We just have to A) vote and B) Base our vote off more than 30 second campaign ads and sound bites.mattbbpl

There's your problem. :P

Sigh... Don't I know it.

Vote them out lol funny.... if they want who they want there they will be there. The people truly don't have control. sadly

[QUOTE="mattbbpl"][QUOTE="Former_Slacker"]

There's your problem. :P

k2theswiss

Sigh... Don't I know it.

Vote them out lol funny.... if they want who they want there they will be there. The people truly don't have control. sadly

You guys need to start buying more US made goods... By buying Chinese made ones your encouraging china to walk away with your jobs.

First step would be to centralize the banks. Countries with cenrtalized banking systems weren't hit as hard and recovered fairly quickly. With centralized banks you have more regulation and disclosure requirements to clients.

[QUOTE="mattbbpl"][QUOTE="Former_Slacker"]

There's your problem. :P

k2theswiss

Sigh... Don't I know it.

Vote them out lol funny.... if they want who they want there they will be there. The people truly don't have control. sadly

The people have complete control; it's just that they're so lazy they let politicians and pundits do their thinking for them.

[QUOTE="k2theswiss"]

[QUOTE="mattbbpl"]

Sigh... Don't I know it.

GabuEx

Vote them out lol funny.... if they want who they want there they will be there. The people truly don't have control. sadly

The people have complete control; it's just that they're so lazy they let politicians and pundits do their thinking for them.

First step would be to centralize the banks. Countries with cenrtalized banking systems weren't hit as hard and recovered fairly quickly. With centralized banks you have more regulation and disclosure requirements to clients.

Aku101

What?

I don't think it's so much of a matter of learning or not learning anything. If you're just talking about the financial markets, I believe that the abundance of information available as well as how easy it is to trade nowadays (nearly anyone with money can do it) has made the markets a hell of a lot more volatile than they have ever been. There's no practical way that such liquid, levered, layered, and complicated markets can be competely regulated. Besides, no matter how much regulation you attempt to put on the financial markets or the banking industry, they're just going to find a way around it.

I've also been wondering what kind of regulation has what kind of place in these new technological and economic realities. Ideally, you want something that will not stifle healthy activity, and at the same time, impartial, and does not factor into already complicated business. And of course, something that is effective.

[QUOTE="Aku101"]

First step would be to centralize the banks. Countries with cenrtalized banking systems weren't hit as hard and recovered fairly quickly. With centralized banks you have more regulation and disclosure requirements to clients.

Former_Slacker

What?

US banks dont have enough regulation because the banks are not centralized then you end up with a myriad of problems, most notably banks taking high risk investments without letting their depositors know.

[QUOTE="k2theswiss"]

[QUOTE="mattbbpl"]

Sigh... Don't I know it.

Vote them out lol funny.... if they want who they want there they will be there. The people truly don't have control. sadly

The people have complete control; it's just that they're so lazy they let politicians and pundits do their thinking for them.