Could take a couple years to regulate $592T derivatives market

According to Bloomberg news:

President Barack Obama sent Congress his plan to rein in the $592 trillion over-the-counter derivatives industry, a measure that would cut into a profitable market for banks led by Goldman Sachs Group Inc. and JPMorgan Chase & Co.

And:

“Operationally and legally, at least for a few years, it seems like it’s going to be complicated and costly,” he said.

Obviously it'll take a couple years, even in a perfect world, to regulate something so large & complicated. Wonder what kind of an affect on stock & bond values, interest rates, etc there will be. Think you should still invest like it's 1989?

Goldman Ex-CEO Paulson talked to Goldman a lot while Treasury Secretary

From nakedcapitalism.com post:

“The waiver was in anticipation of a need to rescue Goldman Sachs,” Ms. Davis said, “not to bail out A.I.G.”

In case you didn't realize, "rescuing" AIG was not to rescue AIG, it was to rescue the planet's financial system as AIG's failure would have not only bankrupted "x" number of international companies, but would have further destroyed confidence in our ponzi scheme, I mean, confidence in our financial system.