Tim Sloan/AFP/Getty Images
SEC Chairwoman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler making the best of it.
SEC Chairwoman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler making the best of it. Tim Sloan/AFP/Getty Images
On today's Planet Money:
Much of this economic crisis has been caused by strange financial products that fell between the cracks of regulatory agencies. As we now know, more regulators didn't always make things better, they often made things worse.
Adam Davidson and Alex Blumberg tell the story of the SEC and the CFTC, two agencies that have fought hard to stay apart while the products they regulate grow more and more intertwined. Both Republicans and Democrats agree the two should become one, but former House Financial Services Committee chairman Mike Oxley says the chances of that happening are about as good as him beating Tiger Woods.
Bonus: After the jump, a desperate sale in Los Angeles.
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Far away from home. Liza White
Liza White sent the picture above. She writes:
I live in and was walking through Westwood in Los Angeles, CA this morning. At a heavily trafficked intersection at the entrance to UCLA I saw this child's bicycle, locked to a bus station with a primitively hand-written sign in pen: reading $30 with a phone number to call (at an area code that would place the seller far away.)
Is this a stolen bike being sold far away from the theft? a bike being sold in a community where there my be money to afford it? Lots of possibilities but certainly the first sale of a child's possession I have seen sold in this lonely way to gain $30. Seemed poignant and a sign of our times.