Comment Text:
Submitter Info:
First Name: Abigail
Last Name: Howes
Mailing Address: 105 Bayview Ave.
City: Berkley
Country: United States
State or Province: MA
Postal Code: 02779
I recently heard that there are regualations that are proposed which would punch loopholesin recently passed regualtions in finance. That would allow the unethical and dangerous practices that caused us to have the finaicial crash that resulted the present crisis in the economy.
Some years ago, during past adminsitrations, many regualations that were put in to regualate wall street were repealed, some dating back to 1909. Most were put into place during the Rosavelt years as they experienced the same type of criisis we are suffering today.
It is foolish, dangerous, and greedy to punch holes in the present regualation which is weaker than what in place after the 1930's depression. We must use restraint and common sense.
Things such as credit default swaps, and other types of exotic financial instruments was mearly betting on or gambling, on stocks, mortages, loans and other sound investments,which was against the law sincie 1909 until recently (past 10-15 years).
Ploease strengthen, rather than weaken regulations regarding these financial instruments.
