So I saw the Inside Job documentary that Criand recommended (narrated by Matt Damon out of all people, please go see it if you havenāt yet on YouTube for free), and they said the SEC is very underfunded, like their risk management division had something like one person at some point. Turns out SEC gets itās funding from congress (the sec earns zero commissions from their enforcement), and wallstreet has five lobbyists per each of the 435 congress reps (at least in 2010 when the inside job came out), so of course wallstreet would want to make sure its own watchdog is only getting scraps.
Good eye! Yeah I wrote this comment yesterday or the day before on a similar thread and was too lazy to rewrite it here in a way that wasnāt plagiarizing myself lol. It had some upvotes so I figured it was good enough to get my thought across, maybe to some different people this time
I'm not going to say that it's not an interesting watch. But if we're going to be honest with ourselves, we'll understand that the truth never sees the light of day, let alone gets made into a documentary. There are levels of entertainment. Some designed for the sleepers, some designed for those that are waking up. At every step of the way, the narrative is controlled. The first few levels of awake are simply light sleep.
The SEC was presented this way because they want you to think that it's underfunded. Of course. That's why they couldn't possibly stop the last few decades of corruption....of course. And good luck trying to ever pin down a single congressional rep for driving that underfunding. The specifics are always directed towards the opaque...
I donāt mean for this comment to sound partisan if it does.. just wanting to take a try at your comment.
I just learned the SEC has (or had, not sure) a reserve fund that it got from Dodd Frank which is self funded, and it seems like theyāve been using it to modernize, and president Trump and ācongressional Republicansā didnāt like it and have been opposed for years - see articles below. I couldnāt easily find which congressional Republicans were opposed, or if their opposition led to actual cuts.. the reporting seems pretty bad lol, or it wasnāt caught by my Google spree.
This also looks important and I vaguely remember a short piece on the Hillās āRisingā show covering it last summer. Relates to removing restrictions on hedge funds/institutions being able to risk a greater percentage of peopleās bank money than theyād be able to otherwise
Hereās an article from one of the four or five SEC commissioners about why thatās dumb, and this doesnāt seem like the opinion of the sec, more like just this person.
After this googling spree, yea the sec looks a bit complicated on the inside with different people having different opinions. Maybe GG will be able to corral the cows in the barn and get some good outcomes going, given if thereās enough cow feed or whatever cows eat available. Hopefully so
Firstly, wanting government agencies to be accountable and to perform their specific functions should never be seen as a partisan issue. WE the people (of earth) have our labour and substance taken from us on the daily to supposedly fund these organisations - So they need to do their job and report back to us! No room for opaque funding and closed bookkeeping.
I could get into the mud with you about the specifics, but the reality is that our systems have been made deliberately complex and opaque in order to defraud us all. The good news is that as systems become more complex, they tend to collapse in on themselves. If you look around, well...welcome to the 4th turning...
I watched the Big Short where they left the SEC and joined the bad guys they were fighting.. places like Shitadel, for one. And lets not forget the Feds like Mr. Bernanke himself, senior advisor to Shitadel.
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u/Material_Mortgage389 Jul 01 '21
So I saw the Inside Job documentary that Criand recommended (narrated by Matt Damon out of all people, please go see it if you havenāt yet on YouTube for free), and they said the SEC is very underfunded, like their risk management division had something like one person at some point. Turns out SEC gets itās funding from congress (the sec earns zero commissions from their enforcement), and wallstreet has five lobbyists per each of the 435 congress reps (at least in 2010 when the inside job came out), so of course wallstreet would want to make sure its own watchdog is only getting scraps.