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Volcker and Reform Defeated

by Stephen Michael Apatow

I would like to extend a special thanks [1] for facilitating international peer reviewed discussion of subject matter associated with the global economic crisis.

As noted in the paper “Financial Market Legitimacy Critical for Sustainable Global Recovery” [2], containment of the damage caused by regulatory failures facilitated by the Glass-Steagall repeal and deregulation of OTC derivatives, is critical.

Today the article “The Coming Pan-European Sovereign Debt Crisis: What Country Is Next?” [3] has focused international attention on non-performing assets (NPA) [4] and their relation to Denmark, Spain, France, United Kingdom, Ireland, Italy and Sweden. We are currently seeking a NPA statistical analysis for all 192 United Nations member countries and would like to focus your attention to the paper “The Global Financial Crisis: Analysis and Policy Implications” [5] published by the Congressional Research Service in the United States.

In the article “NASAA President Tells Crisis Investigators To Take Three Steps,” [6] Denise Voigt Crawford, Texas Securities Commissioner and president of the North American Securities Administrators Association (NASAA), told the federal investigative panel in her testimony that three actions should occur to prevent further potential crisis:

(1) Restore provisions of Glass-Steagall, (2) reinstate state oversight of Rule 506, and (3) boost state regulation of advisors.

Retroactive implementation (to 1999) of commercial banking regulatory standards, for all combined commercial/investment banking and insurance entities (including capitol requirements), are vital for containment of the unregulated OTC derivatives distortions that caused the global economic collapse. In conjunction with these emergency economic response actions, efforts to conduct unmet needs analysis on the grassroots level in the United States [7], would be constructive to duplicate in every UN country. [8]

In the hope of progress,

Stephen Michael Apatow
Founder, Director of Research and Development
Humanitarian Resource Institute
Phone: (203) 668-0282

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