Hi Doc,

I want to make sure I am clear about my references to regulators.

I honestly don't know how much of today's problems are due to incompentence, how much are due to corruption, and how much are due to the "system".

As I have stated on RB, I do believe that the financial system is broken and needs a complete overhaul. The basis for this comment is rooted in my belief that there are far too many creative Wall Street firms and far too few regulators who have a long-range view of the US economy in mind. I also believe that there are far too many people who wish to enrich themselves at the expense of others.

I will even submit that accepted ways of managing a business have been built on false pretenses. For example, retirement funds at most companies (I believe) don't consist of cash in a bank somewhere waiting to be drawn upon by individuals when they retire. GM and Chrysler are great examples of this... when the economic model fails, the retirees are left without their promised benefits. I believe that is criminal, yet it is accepted practice. When private pension plans fail, guess who gets to pay whatever portion of their retirement these hard-working people end up receiving... the taxpayers (at least in the US). This is but one example of accepted deception.

There's a lot to be said for money under the mattress or in coffee cans in the backyard.

Jeff