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Christopher Cox, Chairman Securities and Exchange Commission Quote

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September 27, 2008 – Comments (2)

I got this off Big Picture.

“The last six months have made it abundantly clear that voluntary regulation does not work."

Gee....   You think....

I have 4 favourite quotes, which I did on my introduction blog on blogger.  This is the one that I think should be posted in every school and students should be assigned to find today examples where things are repeat in history...

"What experience and history teach is this -- that people and governments never have learned anything from history, or acted on principles deduced from it" - Georg Wilhelm Hegel, 1770 - 1831

History has made it abundantly clear that voluntary regulation does not work.  I'd say by around 2060 to 2100 what's happening in the financial markets will be completely forgotten and this kind of thing will happen all over again.  Little blimps like the Savings and Loans "crisis" in the early 90s did nothing to advert this and give a warning that things needed to change.

It isn't going to surprise me that calling it a "crisis" is going to prove to be a misnomer once it is compared to what's happening today...

Also, it is a sad victory void of poetic justice that all those that were giving warnings for the past 10 years to nothing but ridicule...

2 Comments – Post Your Own

#1) On September 27, 2008 at 5:49 PM, bostoncelitcs (59.34) wrote:

SEC Chairman Cox....is to the 2008 Wall St. meltdown.....what FEMA head Michael D. Brown was to Hurrican Katrina in 2005.   He and the board succumed to pressure from lobbyists to remove the "uptick" rule allowing foreign interests to decimate the retirement savings of millions of hard-working Americans.........This $700bil bailout should not go through.......but if it does it should go through with limits on executive compensation!

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#2) On September 27, 2008 at 8:31 PM, dwot (97.03) wrote:

I don't understand why this uptick rule is such a big deal...

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