Alan Grayson, AIG, and Insurance Experts: When do you say enough is enough?
This hearing on how the Federal government should oversee insurance took place in the Financial Services Subcommittee on Capital Markets. The hearing notice and witness statements are located here: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hrcm051409.shtml
The witnesses were:
Mr. Baird Webel, Specialist in Financial Economics, Congressional Research Service;
Ms. Patricia Guinn, Managing Director, Global Risk and Financial Services Business, Towers Perrin;
Mr. J. Robert Hunter, Director of Insurance, Consumer Federation of America;
Mr. Martin F. Grace, James S. Kemper Professor, Department of Risk Management and Insurance, Georgia State University
Mr. Scott Harrington, Alan B. Miller Professor, Wharton School, University of Pennsylvania.
Duration : 0:6:42
This video utilizes …
This video utilizes some of the key concepts at the heart of the debate in an efficient way. Thanks, Representative, for posting this, which I am using in an insurance business English class in Norway to explore current insurance news and legal issues – active issues for present resolution.
hi owned …
hi owned that room
I love that both …
I love that both Republicans and Democrats say (publically) that the Wall Street crisis is wrong, and we should do something to prevent it in the future… but nobody has. No new rules, no new oversight. I feel like we’re staring at the equivalent of the hole at Ground Zero.
Single-payer …
Single-payer GRAYSON Single-payer
…It would have been just too expensive to remove all that asbestos from the Twin Towers…
As the 9/12 Tea Party looks into the events of 9/11 they have many questions concerning the Official Story.
They know not to trust the Government & Media.
Only the guilty fear inquiry.
An ill wind comes arising
Across the cities of the plain
There’s no swimming in the heavy water
No singing in the acid rain
Red alert
Red alert
That’s exactly what …
That’s exactly what they are implying. Not only that, but if the market determined the interest rate (which it should), then companies like AIG would have never leveraged like they did.
GRAYSON 4 PRES.!
GRAYSON 4 PRES.!
I guess the …
I guess the respondents are unanimously saying that the market can determine when enough is enough.
Let people who make mistakes fail. Stop bailing out the cronies and creating the too-big-to-fails in the first place!
Wow. I never even …
Wow. I never even though about this argument being used against Wal-Mart. But, yeah, I would imagine that would be entire spirit behind the scheme, since you don’t need the government to “destroy” inefficient and losing companies. Thus it could ONLY be used to target SUCCESSFUL, non-unionized, competition. I could see them bringing down Wal-Mart.
good point. the …
good point. the answer is obvious: govt must cut big companies down to size because these companies threaten its monopoly on power. if your company is too successful, the government must either own you or destroy you. this is why the government hates walmart.. it would not surprise me if the govt made a move somewhere down the line on a company like walmart, rationalizing it as being systemic to consumer purchasing power.. or something
So, you would …
So, you would rather have government flaks telling you what to do?
You don’t understand profit. Profit is a two way street. When you buy a car, at the time of the agreement, the dealer profits and so does the buyer. The dealer would rather have $X than the car and the buyer would rather have the car than $X. Both parties profit. Think about it.
Abolish the FED!
Abolish the FED!
sickening…… …
sickening……taxpayer dollars at work…LOL!
Alan Rocks!!!!
Alan Rocks!!!!
Oh this is a …
Oh this is a pointless argument. All that you have now is the product of a free market, including your govt, its regulations and your money cartel the Fed. At the end of the day all of these things where bought and paid for by the consumer or industry itself. Markets cycle, and we will therefor forever cycle between less and more govt control regardless of what either of us think, this is how it has been for a very, very, long time.
How does this work? …
How does this work? Is the government not TOO BIG and CARRYING TOO MUCH RISK? Think about this folks. If entities shouldn’t become “too big” and “carry too much risk,” then shouldn’t the same apply to the government itself?
enough will be …
enough will be enough when the gubmint stops giving away money to the failed companies. they will continue to take as long as the beltway is giving it away.
ItalicBold: about …
ItalicBold: about efficiency: nobody can me more efficient than free markets. Government couldn’t even distribute water during Katrina. And if you think products and services provided based on profit motive are bad, you have to check out products&services that have been produced with no profit motive in mind. Look at Cuba, USSR. BTW.. companies that produce products that break down go out of business, but if gov is involved, they keep producing them forever. Russia produced junk autos for 70 y.
Your are naive if …
Your are naive if you think free markets are about efficiency, they are not, they are about profit. PROFIT TRUMPS ALL. Companies pollute, because it is more PROFITABLE to do so. They build their products to break, because it is more PROFITABLE to do so. They form cartels because it is more PROFITABLE to do so. Why do we even have a Fed? Perhaps because it was a profitable endeavor? Whatever we have now was born out of a ‘free market’, therefor I can tell you that they do not work on their OWN.
Monday everyday
…
Monday everyday
Opportunity limited
No competition
Oligarchy owned and operated
People are commodities
Only 5% of employees worth a decent paycheck.
Lied to constantly
Your mom raised a slave.
The obvious answer …
The obvious answer is that all the bailouts starting last fall were the biggest criminal fraud in the history of the world!
This should bve stopped and investigated!
Top people governmentasl and financial are criminals and should be in prison!
You have never seen …
You have never seen free market in action? You don’t live in Cuba, no:)? Just look at pizza shops and dry cleaners on your street–they operate on free market principles. Prices down, quality up. You have a problem with that? Then look at our bloated educational system. Why are prices not falling, like on LCDs, with the introduction of the Internet. It is about government loans and subsidies that keep the college tuitions up.
I didn’t say it was …
I didn’t say it was, nor did I imply it was. I stated that neither on its own has ever made a good solution. Perhaps you would like to point out the period in history where we had these magical free markets of which you speak and explain to me why we no longer have them?
I watched this …
I watched this video a few times. The question was really simple, “When is enough, enough?”. The answer was given in the question. Enough is enough, the when is now.
i think the last …
i think the last guy nailed it and got no credit for the wisdom……
if the leverage “levels” of all companies were transparently visible to all consumers, both individual and corporate, it’s stupid to use market share as a limit. that would prevent the most efficient company from growing, even if they were “doing EVERYTHING right”!
looks to me like “truth in investing” and insurance might do us all a LOT of good!
Alan.. pay attention to that!
credit goes to …
credit goes to quintin tarantino in( kill bill) loved the saying had to apply it here.
its like the fry guy is running the franchise/
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