In what has to be a pretty much unprecedented move, members of the European parliament who are responsible for financial regulations admit defeat in the face of lobbyists and call for Non-Government Organizations to collect the expertise that is needed to counter the unchecked financial world: Call for a Finance Watch

I'm impressed to see that these politicians have the courage to admit their own shortcomings so openly. At the same time, even though this mostly just confirms what I've been saying for the last year or so, this open declaration of defeat is absolutely frightening. The power in our society ultimately has to be in the hands of democratically legitimated officials, and it seems we are really very far from that situation.

What do you think is going to happen?

Let us hope that your Parliament comes up with a sound template for other Western countries to follow for many decades to come.

But this leads me to wonder: I'm pretty sure that most countries know what activities lead to this unnecessary crisis in the first place. So why not just pass laws to prevent it and be done with it? Here in the US, I believe we already had a law place to regulate the financial industry. The law was "unlaw"ed and well you know the rest. Now to get that law put back on the books is some sort of difficult task. How are things like this even possible?

Quote: Original post by Alpha_ProgDes

I'm pretty sure that most countries know what activities lead to this unnecessary crisis in the first place.

Lawmakers and lawgivers are in bed with money.

Quote: So why not just pass laws to prevent it and be done with it?

People in power aren't going to remove themselves from those positions.

Quote: How are things like this even possible?

Human nature.

Quote: What do you think is going to happen?

Low-key people from industry will be given power in political functions. They'll proceed to funnel even more money into private hands. Meanwhile, the media will continue to spew semantic noise and claims of ignorance.

What we have today is effectively feudal society. There's just some left-overs which haven't completely vanished, such as concept of middle class.

Quote: Original post by Prefect
members of the European parliament who are responsible for financial regulations admit defeat in the face of lobbyists and call for Non-Government Organizations to collect the expertise that is needed to counter the unchecked financial world: Call for a Finance Watch

Oh fuck! So long stock market! So long! Farewell! Auf wiedersehen! Goodbye!

Quote: Original post by Prefect
The power in our society ultimately has to be in the hands of democratically legitimated officials, and it seems we are really very far from that situation.

The problem with this lovely ideal is that our 'democratically legitmated officials' rarely, if ever, have the background and skills in the areas they end up running or overseeing!

I've said it before, I'll say it again, Democracy is just a popularity contest with no basis in real skills for the job. If we had to hold these people up to some sort of skill check for the jobs they are doing (and being paid 1000s for) we would probably find them lacking.

Honestly as long as they don't go screwing up countries I couldn't care how the people in power got there; if they do a good job they should keep on doing it if they don't then have them out and get the next lot in.

Quote: Original post by Prefect
What do you think is going to happen?

If they fail in their reform efforts, you can expect outcomes like those seen in the charts found here: Reagan Revolution Home To Roost -- In Charts.

Quote: Original post by phantom
The problem with this lovely ideal is that our 'democratically legitmated officials' rarely, if ever, have the background and skills in the areas they end up running or overseeing!

I've said it before, I'll say it again, Democracy is just a popularity contest with no basis in real skills for the job. If we had to hold these people up to some sort of skill check for the jobs they are doing (and being paid 1000s for) we would probably find them lacking.

That's exactly as it should be in a representative democracy. The election is the skill check. Your complaint is based on the notion that they should have other skills beyond the skills needed to represent the people in their districts (e.g. diplomacy, mediation, listening, speaking, decision making). The question to ask is whether the experts they rely on for advice have the skills you think they should have. That points directly to the issue in the OP, the lack of civil servants with sufficient expertise in financial regulations.

Quote: Original post by LessBread

That's exactly as it should be in a representative democracy. The election is the skill check.

“The best argument against democracy is a five minute conversation with the average voter.”

-- Winston Churchill

Quote: Your complaint is based on the notion that they should have other skills beyond the skills needed to represent the people in their districts (e.g. diplomacy, mediation, listening, speaking, decision makinglying, bribing, coercing, tricking, cheating, manipulating).

Fixed.

Quote: Original post by PrefectThe power in our society ultimately has to be in the hands of democratically legitimated officials, and it seems we are really very far from that situation.

Lulz.