首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Complaints and lawsuits cannot solve the problem of overregulation, only ideas can, but for an industry built on ideas for succe
Complaints and lawsuits cannot solve the problem of overregulation, only ideas can, but for an industry built on ideas for succe
admin
2016-03-10
77
问题
Complaints and lawsuits cannot solve the problem of overregulation, only ideas can, but for an industry built on ideas for success, Wall Street seems surprisingly short of creativity.
Broadly speaking, Wall Street exists for three reasons: 1)to provide a reliable system for the interchange of money: 2)to provide financial advice and capital for businesses, and: 3)to generate wealth for investors: and in serving these needs, Wall Street trade performs a valuable function for society. But there is also another reason for its existence, and that is to enrich the banking community itself, and in the case of our biggest banks, much of that wealth comes from the creation, sale, and trading of complex financial instruments called derivatives.
The sheer size of the derivatives market, estimated at $ 630 trillion dollars, and its inherent volatility offer opportunities for huge profit-making, but unfortunately also contain the potential for causing chaos throughout the economy, as we saw in 2008. In that case, subprime mortgage-backed securities and insurance policies on those securities(credit default swaps)combined to form a financial Molotov cocktail(燃烧弹), leading to bets being made on the same assets multiple times(thereby worsening the impact of defaults on the underlying mortgages), wiping out many billions of dollars in wealth, and ultimately bringing the entire economy down.
In the wake of that disaster, it is not unreasonable for the Commodity Futures Trading Commission(CFTC)to regulate the derivatives market closely, and to expect U. S. firms to follow roughly the same rules internationally as they do stateside, since cross-border transactions can impact our markets in much the same way that domestic ones do.
But now three Wall Street trade groups have filed a lawsuit against the CFTC over some of these rules, and a bruising battle between Wall Street and the U. S. government seems imminent.
Their specific complaint—that the CFTC issued new rules without soliciting(征求)public input by simply tacking them onto existing ones, has validity, but in trying to battle overregulation in this manner, Wall Street is making a mistake—especially when there is a better way.
It is important for the banking community to recognize two things. First, after the financial crisis, with Dodd-Frank now a reality, and with new asset bubbles forming in our economy again(for example, in the car loans business), it is virtually impossible that the financial arena will escape stricter regulation. Second, the reason that the government has to regulate the markets is because Wall Street has been unable to police itself, with the LIBOR scandal, the London Whale losses at JPMorgan Chase, and other transgressions(违反)belying any lip service that the industry might give to the public.
Since Wall Street’s primary objection in its lawsuit is that the CFTC issued new rules without public input, it would be better served advancing its own ideas publicly on what those rules should be rather than simply opposing whatever the CFTC does. So far Wall Street has been scathingly critical of Dodd-Frank, the Volcker Rule, and now the CFTC’s rules governing international derivatives transactions, but has failed to advance any constructive ideas of its own on how to regulate the financial markets in a way that protects the economy from Wall Street irresponsibility but does not impose an unreasonable burden on the industry. It is true that banking lobbies have been working behind the scenes to reshape Dodd-Frank even as it rolls out, but those efforts are mostly directed at weakening the law and not at solving the bigger problem.
Government bureaucrats may not be the best qualified to determine the right regulatory framework for the banking industry, but so far they are the only ones who have tried, and so Wall Street has no one to blame but itself for the regulations that it is now facing. Smart bankers could very likely craft more pragmatic rules but only if they show up to do so.
What Wall Street needs to do now is to accept the new regulatory reality that it faces, come up with creative solutions to reassure the public about how it will conduct its business profitably without endangering our economy, and push for a national debate on those ideas. That will not stop the government from acting(and neither should that be the goal), but it will at least enable Wall Street to provide some meaningful input into the process, and to reach some middle ground that will be acceptable to the nation as well as the banking industry.
CFTC regulates the market of Wall Street strictly because______.
选项
A、cross-border transactions can impact the domestic market
B、U. S. firms should follow almost the same rules internationally
C、Wall Street failed to regulate itself with effective policies
D、the size of the market is vast and it is profitable for the government
答案
C
解析
细节题。由第七段第三句Second,the reason that the government has to regulate the markets isbecause Wall Street has been unable to police itself…可知,政府介入规范市场的原因是华尔街未能有效监管自己,故答案为[C]。
转载请注明原文地址:https://kaotiyun.com/show/En7O777K
0
专业英语八级
相关试题推荐
WhichofthefollowinglanguagesdoesNOTbelongtotheSino-Tibetanfamily?
There’saschooloflinguisticsthatbelieveslanguagelearningbeginswitha"silentperiod".Justasbabieslearntoproducel
QuestionandAnswerChoiceOrderThislectureisapartofaseriesoflecturesonsurveydesigning.Wetendtotalkabout
NewstandardsforfilialpietyreleasedbytheChinesegovernmentspecifying24requirementsofdutifulchildrentriggeredahea
Thestudyofalanguagethroughthecourseofitshistoryiscalled______
Theincreaseininternationalbusinessandinforeigninvestmenthascreatedaneedforexecutiveswithknowledgeofforeignl
Asthe20thcenturybegan,theimportanceofformaleducationintheUSincreasedThefrontierhadmostlydisappearedandin191
Dr.FaustusisaplaybasedontheGermanlegendofamagicianaspiringfor____andfinallymeetinghistragicendasaresulto
Somesocialscientistshaveclaimedthatdivorceharmschildrenfortherestoftheirlivesleadingthemtoformmarriagesash
PASSAGETHREEWhydoesachimpstepintostopafightbetweentwoothers?
随机试题
号易安居士的是()
广义初级卫生保健的含义中不包括
女,40岁。教师。右下肢静脉迂曲扩张13年,长时间站立后有酸胀感,近两年左足靴区颜色加深,肿胀,大隐静脉瓣膜功能试验(+),深静脉通畅试验(-)。诊断是
最简单、最便宜的广播广告播出形式是()。
已知,则a=().
甲向乙借款20万元做生意,由丙提供价值15万元的房屋抵押,并订立了抵押合同。甲因办理登记手续费过高,经乙同意未办理登记手续。甲又以自己的一辆价值6万元的“夏利”车质押给乙,双方订立了质押合同,乙认为将车放在自家附近不安全,决定仍放在甲处。一年后,甲因亏损无
把下面的六个图形分为两类,使每一类图形都有各自的共同特征或规律,分类正确的一项是:
免疫研究室的钟教授说:“生命科学院从前的研究生那种勤奋精神越来越不多见了,因为我发现目前在我的研究生中,起早摸黑做实验的人越来越少了。”钟教授的论证基于以下哪项假设?
线条(中央民大2004年研)
张珊:尽管都知道吸烟有害健康,但国家并没有禁烟法规。在家里我可以自由地吸烟,但在飞机上却被禁止吸烟。这个规定实际上侵犯了我吸烟的权利。李思:在飞机或其他公共场合禁止吸烟,就是一种有限制的禁烟法规。这样的规定之所以必要,是因为你在家里吸烟只影响你自
最新回复
(
0
)