Plunge Shows Need for Oversight of Financial System

[Donnachaidh]

http://www.nationofchange.org/plunge-shows-need-oversight-financial-system-1312558440

Thurs­day’s dizzy­ing stock mar­ket plunge is a sign that the U.S. fi­nan­cial sys­tem still needs se­ri­ous re­form, ad­vo­cates for tougher reg­u­la­tion of the fi­nan­cial in­dus­try say.

The mar­ket swoon – the steep­est drop in U.S. stocks since the 2008 fi­nan­cial cri­sis – comes amid a con­tin­u­ing de­bate over the eco­nomic im­pact of reg­u­la­tions to carry out the Wall Street re­form law.

If the De­moc­rats “had any­thing on the ball they would be ham­mer­ing away at the no­tion that it was be­cause of the lack of over­sight that the mar­ket is crash­ing,” John Tay­lor, ex­ec­u­tive di­rec­tor of the Na­tional Com­mu­nity Rein­vest­ment Coali­tion, told iWatch News .

“The roots of our re­ces­sion and con­tin­u­ing eco­nomic de­cline are firmly dug into the soil of dereg­u­la­tion. Every day the mar­ket drops is an op­por­tu­nity for those who passed Dodd-Frank to re­mind peo­ple that over­sight, ac­count­abil­ity and the rule of law mat­ter im­mensely – we need a free mar­ket, free to com­pete but also free from abuse and un­sa­vory prac­tices,” Tay­lor said.

More at the link --

[sakabatou]

1. I can already see the Repubs blocking it.

[Name removed]

2. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Skink]

3. A good old fashion correction is what that was.

[tularetom]

4. Need to reinstate the "plunge protection team"

Back in the bush era whenever the Dow took a big dump, it was widely suspected that the federal reserve would release a big chunk of money into the market, buying shares and stopping the hemorraging. The fiscal ineptitude of the bush administration would be disguised.

I don't know if this was ever proven, but it was the subject of many threads on DU, back in the day.

[FarCenter]

5. How would oversight keep the stock market from plunging?

[bvar22]

6. Can't be happening!

But we had "Historic" Reform!
It is right there on The List.

[RB TexLa]

7. Because people chose to move out of stocks?