The Bush Administration to Propose Overhaul Financial Regulation

The Bush administration today proposed an overhaul of the financial regulatory system so big that it surpasses or equals the one in the great stock market crash of 1929.

According to AP News article, the plan would change how the government would regulate thousands of business from the largest banks down to the mortgage brokers.

Treasury Secretary Henry Paulson unveiled a 218 page plan today that would restructure the financial system not only for Wall Street but for all working Americans.

Some highlights of the plan that AP outlined includes:

The Federal Reserve would have more power in protecting the stability of the entire financial system.

The overhaul would create one super agency in charge of business practices and consumer protection.

Congress to establish a federal Mortgage Origination Commission that would set up licensing standards for Mortgage Brokers; many of them now are operating out of federal regulation.

Secretary Paulson went on to say: "I do not believe it is fair or accurate to blame our regulatory structure for the current market turmoil." "I am not suggesting that more regulation is the answer or even that more effective regulation can prevent the periods of financial market stress that seem to occur every five to 10 years."

My take on what secretary Paulson stated is that the American people should not blame this administration (2 terms of office, 8 years) for the financial upheaval of our finical institutions and our economy.

Also the unemployment rate with the continuation of financial institutions lying off thousands of workers should not be blamed on this administration.

Does anyone see any relief in sight? I sure do not.

We still have gasoline prices going up, and they will continue to. I haven't seen gasoline prices go down for the past 40 years. Along with the rise of gasoline prices comes the rise of all our produces that are transported to our supermarkets.

Mass transit and bridge/highway tolls are also on the rise.

Healthcare is out of control and you have insurances companies' cancelling polices on some cancer patients because their treatment is becoming too expensive. This should never happen and the government needs to put a stop to this. As far as I'm concern insurance companies who cancel people polices in the middle of their treatments need to be bought up on criminal charges.

Has anything went down in price at a steady rate and remained down for any period of time? If anyone knows of any please comment about it because I can't think of anything.