[GTALUG] Are you on the watch list?

[Russell Reiter]

On Jul 16, 2016 4:54 PM, "James Knott via talk" <talk at gtalug.org> wrote:
>
> On 07/16/2016 04:42 PM, Russell Reiter via talk wrote:
> >
> > > The wallstreet guys came up with a method to manage risk and it
> > worked well till everybody used it then all the risk was back but in a
> > slightly different form.
> >
> > Could you clarify that? I think I have a different opinion about wall
> > street risk management than you do.
> >
> > Sub prime mortgages decimated Fannie May & Freddy Mac. Enron wiped out
> > pensions and Bernie Madoff got 150 years in the slammer for his Ponzi
> > scheme, pretty much all within the last decade.
> >
>
>
> A big part of the problem is business has been claiming they need
> deregulation to grow. Well, that,

I recall it more as threats to relocate to jurisdictions with lesser
regulations, which they did anyway after getting major concessions from
unions and government regulators.

coupled with lack of enforcement led
> to the 2008 collapse.  Bernie Madoff is a perfect example of what lack
> of enforcement can do, as the SEC was pretty much handed the case on a

It boils down to who can you really trust, Madoff was a chairman of NASDAQ.

> silver platter yet did nothing.  Another example of the "benefits" of
> deregulation is the Lac Mengantic train wreck, which had just a single
> person running the train after the railway convinced the government they
> could do it safety.  The investigation

I left the construction industry around the time the government fired most
of the workplace standards staff. This coincided with the industry cry for
an increase in foreign worker permitting.

Industry said Canadians just didn't want to do the work. In reality the
skilled workers didn't want to do the work for lesser pay and fewer
standards. The number of skilled people who left saying my union sold me
out was pretty high at one time.

showed that the trigger for this
> was the engine fire, which was due to lack of maintenance.  It also
> showed that the track was in such poor condition that it wasn't safe to
> run any trains over it.  Of course, we can't forget that our own federal
> government set up the mechanism that enabled the wealthy and large
> corporations to hide money offshore and evade taxes on it.

Has there ever been a truly poor government worker or politician? Even if
they started out that way, they don't stay poor.

>
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