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DCA will notify applicants of their available financial aid within one month of receiving all required forms and evaluation results from SSS. How is financial aid awarded? When do I apply for financial aid? What type of financial information is needed to apply for financial aid? To whom do I submit the application? When will I know the amount of financial aid offered? When you complete the initial DCA Financial Assistance Program application, you will receive an e-mail with further instructions.
On a positive note, the aims of the policymakers surely lay in the right direction. No sane person would argue against measures to safeguard the welfare of the investing public as well as the health of the global economy.
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If the past is prologue, though, the pile of cuffs cobbled together by the lawmakers merely serves to muck up the machinery of the financial system. In that case, the main impact of the legislation is an upsurge of bureaucracy and busywork in the marketplace in tandem with a cutback of productivity and prosperity in the economy at large. To spotlight the crux of the problem, we can compare the situation to the task of stamping out wildfires in a forest. The knee-jerk response to a financial crisis is akin to forcing every camper in a forest to keep a detailed record of their activities, and to validate each entry by obtaining a seal of compliance from a licensed inspector.
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On the other hand, a shortage of make-work was not the cause of the firestorms in the first place. As a result, piling on the paperwork will merely serve to degrade the experience of the great outdoors for every camper without having any material effect on the root of the problem. For this reason, a slew of red tape will have scant impact on the frequency or severity of wildfires. On the contrary, a false sense of security may well prompt the campers to pay less attention to the activities that really matter in stoking a blaze: lighting bonfires, smoking cigarettes, dumping flammables, and other acts of similar ilk.
Moving closer to home, the same type of bungling cropped up after the binge of speculation and fraud that beset the stock market during the Internet craze of the s. The mound of regulations whipped up in the aftermath of the blowout merely ended up imposing a heavy burden on public companies. The inevitable outturn was to throttle productivity in every segment of the financial forum as well as the real economy.
One direct impact was the cutdown of earnings for millions of shareholders standing behind the companies listed on the stock exchange.
Another noxious outcome was an uptick in the cost of products for all types of consumers. Since the shackled vendors had to recoup the billions of dollars frittered away in witless paperwork every year, their obvious recourse was to pay for the waste by hiking the prices charged to their customers.
Worst of all, though, the pile of legislation was unable to prevent the next bubble that began to flare up within a couple of years. The newborn craze led to a bubble in real estate and related assets, followed in due course by the blowup of As things turned out, the knock-on crisis caused far more damage than the earlier bust due to the Internet bash. In fact, the latest bombshell turned into the biggest blowup of the financial sector since the s.
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Another turnout was the worst recession in the global economy since the Second World War. Needless to say — but surely worth saying — the mass of regulations cooked up during the first few years of the millennium failed to meet its objectives. On the contrary, the mound of ill-conceived yokes merely served to exacerbate the follow-on flap. For one thing, the chains on public companies caused them to dissipate a lot of time, money and energy on revamping their procedures and documenting their activities. The resources expended could have been put to much better use by expanding the scope of operations or improving the level of productivity.
The huge waste of effort doubtless played a crucial role in the anemic recovery in the business sector along with the overall economy. As a result, the central bank had to keep interest rates at abnormally low levels for years on end in a grim attempt to nudge up the pace of economic activity.
Cutting down the basic rate of interest is accomplished by unleashing a gush of money into the financial system. Given the deluge of liquidity sloshing around the marketplace, it was only a matter of time before a raft of assets in the financial forum as well as the real economy would bubble up and boil over. In this frothy setting, a gaggle of gamesters on Wall Street and Main Street joined hands to cook up the shakiest of schemes. The piddly rates of interest provided the backdrop for churning out a torrent of loans to borrowers regardless of their credit ratings.
The torrent of debt included scads of mortgages issued to applicants with little or no ability to keep up with the installment payments in the years to follow. The loans pumped out were then sold by the banksters to a bunch of promoters. The hucksters in turn packaged the hunks of debt into a welter of securities for sale to the investing public. In this way, the mountain of regulations stamped out in the wake of the Internet madness failed to serve its mission with great distinction.
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The objective of the busywork was to stamp out deceptive marketing and mindless speculation. The outcome was precisely the opposite. The heart of the problem lay in the muff of dealing with the symptoms rather than the causes of the malaise. Not surprisingly, the heap of legislation had no effect on the disease itself.
For this reason, the main impact of the sanctions was to destroy wealth year after year by imposing gobs of busywork on hapless firms in every industry. In a similar way, the heap of laws cranked out in and thereafter would at best treat a few of the byproducts rather than root out the germs of the ailment. If any diktats are to fulfill their goals, though, the real causes need to be addressed. To this end, sweeping changes in regulation are required in order to counter the threat from hedge funds armed with weapons of mass mayhem.
As a starting point for sorting out the muddle, a basic goal of this book is to uncover the real sources of sickness in the marketplace.
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A related task is to present a wholesome set of remedies designed to wipe out the pandemic by the roots. To sum up, hedge funds have played a growing role in causing or abetting blowups in the capital markets as well as banking institutions. The biggest blowup thus far was the crisis of , which ended up wrecking the financial system and trashing the larger economy to boot. The catastrophe obliterated trillions of dollars from each of the major stock markets of the world.
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