Jim Cramer of MSNBC Predicts a Great Depression

[Esther]

Originally Posted by rgcraig

It's a pain for corporate America!

http://www.soxlaw.com/

Introduction
The legislation came into force in 2002 and introduced major changes to the regulation of financial practice and corporate governance. Named after Senator Paul Sarbanes and Representative Michael Oxley, who were its main architects, it also set a number of deadlines for compliance.

ok thanks

[Ferd]

Originally Posted by Esther

What is number 2?

RGC pointed out what it is, but let me say it might be the single biggest bit of stupididty ever handed down by congress.

I would like to take senator Sarbanes and beat Senatro Oxley with him over it. It has cost American business (read real jobs) nearly a trillion dollars.

It has caused the vast majority of new companies to go public in EUROPE instead of America.

It is mindless REGULATION that is at the root of what is wrong with our economy now.

[Jermyn Davidson]

Originally Posted by Ferd

Fact is my friend, the laws that we are living with were written in the 1990's

there was an attempt by both the Bush adminsration and republicans in the Senate (including John McCain) to deal with this mess in 2005 but the dems blocked that in commettee.

The "Guardians of the Gate", financially speaking, should have seen this coming and could have taken actions to thwart what we are dealing with today.

Bad policies from the 1990's do not cover for incompetence 8 years into the 21st century.

I don't buy that this is all Clinton's fault. Most objective folks don't buy that either.

We've gone through a couple of financial down turns since 2000. When will it stop being Clinton's fault? When will Bush take responsibility-- this stuff is happening on his watch. This is the burden and responsibility of leadership!

The buck stops with him. Clinton, Affirmative Action, 1990's bills-- these are all excuses.

The BULK of the current foreclosures are from bad loans written within the last 4 years, not from mortgages originating in 1991.

[Praxeas]

Next stop, the Amero and the North Atlantic Union