Social science - What decadence wrought (the end of an era):<blockquote>"The clout of the press has decayed enormously over the last 40 years. The fourth estate was feared, resented, and begrudgingly respected in the corridors of power. But rule by beancounters, savvy media spin, and access journalism (journalists who write pointed stories get frozen out) have largely leashed and collared the press.
Indeed, a friend who grew up in Eastern Europe when it was Communist said as of roughly 2000 that the news felt controlled."
- Yves Smith,
Are the Knives Coming Out for Geithner?, April 27, 2009 (emphasis added)</blockquote>
What kind of 'regulation'...<blockquote>"I really should be past being surprised at misconduct in the securities industry, but when it extends to supposed regulators, it is a clear sign that the entire system is hopelessly beyond redemption.
The case example is FINRA. Some excerpts from its
website:
<blockquote>
The Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator for all securities firms doing business in the United States. All told, FINRA oversees nearly 5,000 brokerage firms, about 173,000 branch offices and approximately 653,000 registered securities representatives.
Created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services....
In today's fast-paced and complex global economy, FINRA is a trusted advocate for investors, dedicated to keeping the markets fair, ensuring investor choice and proactively addressing emerging regulatory issues before they harm investors or the markets.</blockquote>
If you believe the last sentence, I have a bridge I'd like to sell you.
- Yves Smith,
Now It's Official: Securities Industry Regulator Takes Care of Self, Not Investors, May 6, 2009</blockquote>
<blockquote>"FINRA is the ultimate insider."
- Dan Solin,
...FINRA Has No Shame, May 5, 2009</blockquote>