Saturday, November 15, 2008

Ringing Alarm Bells

This article from the AP seems reasonable enough but it is ringing my alarm bells.
Lines like:
"To that end, the leaders called for such mundane things as "supervisory colleges" where financial regulators can compare market notes across countries, better cooperation between nations on regulations, the eventual standardization of accounting rules governing how companies can value potentially tricky assets, and new attention to credit-rating agencies."

And:
"None of the items was splashy, and most would be understandable to few outside of financial experts, but officials argued they have far-reaching potential."

But this gives me hope:
"The inclusion of the developing nations was demanded by Bush, in part in hopes they would act as a brake on European desires for tough new regulations of financial firms or products. But the decision also was hailed as necessary to the effectiveness of such a meeting, because the financial crisis that began in the U.S. had spread to the poorer nations."

As much as President Bush has been vilified by both the right and the left, he does have a few conservative principles left.

But we have to be careful, "mundane" things like "supervisory colleges" can slip under the radar and then next thing you know, our financial and business regulations are being written by a supranational organization that does not have our best interests at heart.

Paranoid? Yes, but just because they're not all out to get you, still leaves the door open for the few who really are out to get you.

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