Banking used to be a very heavily regulated industry. During the Nixon Adminstration a report was created for congress (Hunt Report) suggesting how the banking industry should be changed to have freedom to move into different areas.
Since the financial industry received "more freedom" we have seen the S&L problems, ( based on combining multiple un-profitable companies into one and saying that they are profitable (called goodwill), we have seen Enron, sub-prime lending out of control and others that escape me now.
The common thread on all, government bail out..."Help me".
Should regulations be put back in place? It seems like this is an industry that can't manage itself....
2007-11-26 10:38:47 · 5 answers · asked by aqua_diente 5 in Business & Finance ➔ Corporations
Yes they have.
As well as mortgage Cos. & Credit Card Cos.
2007-11-26 10:42:33 · answer #1 · answered by Sailon 4 · 0⤊ 1⤋
If you want a Socialist country then move to Canada or Russia. Since the deregulation common people (like me) have been able to get competitive lending rates from Mortgage companies and Credit Unions.
With all good things comes a little evil. I think the good has FAR out weight the bad.
2007-11-26 18:43:53 · answer #2 · answered by Marshall Lee 4 · 0⤊ 1⤋
Nope. Credit Cards have. And ONE of these days- our wonderfull "House of Credit Cards"- is gonna come crashing down around our ears- & we're all gonna be standing on the same Soup line KICKING ourselves for being so stupid & selfish... (& like the Lord's judgement says, that time "comes right SOON..."). :)
2007-11-26 18:50:55 · answer #3 · answered by Joseph, II 7 · 0⤊ 0⤋
yes, and until the fed bails them all out, we will be on a losing battle for years.
2007-11-26 18:41:26 · answer #4 · answered by Dippin Dots of East Lansing 2 · 0⤊ 1⤋
banks have hurt but not destroyed our economy.
2007-11-26 18:43:42 · answer #5 · answered by tmac5445 1 · 0⤊ 0⤋