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RE: Bank, auto rescues aren't getting the credit they d... - 10/18/2010 7:23:11 AM   
rulemylife


Posts: 14614
Joined: 8/23/2004
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quote:

ORIGINAL: DarkSteven

It was a risky bet, to say the least.  Any private investor would have demanded a hefty discount.  I'm not saying that we should have demanded as stiff a discount, but... c'mon.  The banks fucked up big time and acted unethically - I want to at the very least see something in place so they don;t gamble again, knowing that it's taxpayer money they're risking and not their own.



And yet the new financial regulations were opposed by Republicans who threaten to repeal them if they gain control of Congress.

Which is what I cannot understand. 

The same people that piss and moan about the bank bailout are also the ones opposed to regulatory reform of the banks to prevent future bailouts.


Republicans Want to Revisit Financial Regulation Reform Bill

Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said Monday.

Richard Shelby, the top Republican on the powerful Senate Banking Committee, said lawmakers must revisit the legislation enacted this summer, which is the broadest overhaul of financial rules since the Great Depression.

"The bill is so sweeping and such a game changer in many ways that it's incumbent upon us to revisit it,'' Shelby said at the Reuters Washington Summit.

..........Republicans despise the consumer bureau and have long argued that consumer protections should not trump the safety and soundness of banks. They fear that the bureau would hurt the availability of credit by burdening banks with piles of new regulations.





(in reply to DarkSteven)
Profile   Post #: 21
RE: Bank, auto rescues aren't getting the credit they d... - 10/18/2010 7:33:12 AM   
samboct


Posts: 1817
Joined: 1/17/2007
Status: offline 		RML

Two points-

1) The people being prosecuted for fraud, aren't the large Wall St investment firm CEOs who reaped billions with risky gambles and then needed a public bailout of their corporations according to your link, they're the bank managers, definitely smaller fish. The public, rightfully in my eyes, sees that these CEOs skated away after committing fraud- outright lying to shareholders about the health of their institutions to shore up their stock prices. These people need to go to jail- it's the only way to prevent the cynicism that now pervades our financial industry and its customers. The idea that the system will freeze up if we start putting CEOs in jail is nonsense- it's the fresh wind blowing through this corrupt industry that's needed.

2) First hand experience- my bank has told me its raising fees and adding a minimum balance to my account- but has disguised this by saying that they're providing me additional "services"- none of which are anything I want, or probably already have. I'm not pissed off enough to trade banks, but it's given me thoughts to do so. Businesses that lie aren't trustworthy- and that's the first requirement of banking.

Sam

(in reply to DarkSteven)
Profile   Post #: 22
RE: Bank, auto rescues aren't getting the credit they d... - 10/18/2010 5:02:48 PM   
Real0ne


Posts: 21189
Joined: 10/25/2004
Status: offline
quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: Real0ne

quote:

ORIGINAL: rulemylife
And here's the point that nobody in politics seems to get: The government interventions worked.

No they just put a veil over it for a little while

The companies were saved. Most of the money that taxpayers invested is likely to be repaid. Many politicians talk as if the whole process was a disaster, but it wasn't. Private actors made bad decisions, but public officials generally made good ones.


paying tax as an investment now thats a novel idea!


First, learn how to cite and quote.

Doesnt change that you advocate what the article states, so you want to now claim immunity from your citations by proxy?

Don't post the words of the author of the article as if they were mine.

Why post it if they do not support your position?

Second, if we had not made that investment the economy would be in a lot worse shape.

Ok then you did in fact post it to support your position.  Pretty POOR INVESTMENT IMO!

Third, the point that you made about an investment is accurate.  These bailouts were not the giveaway many people assume.  Most of this is being paid back with interest.

So I can expect a dividend check from the gubmint every year right?

quote:

ORIGINAL: Real0ne
quote:

MONEYNETDAILY
Bernanke: Federal Reserve
caused Great Depression Fed chief says, 'We did it. …
very sorry, won't do it again'
Posted: March 19, 2008
9:02 pm Eastern

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.



wake up and smell the coffee LOL



What am I supposed to wake up and smell?

Your link says the same thing I did:

The problem within the Fed was largely doctrinal: Fed officials appeared to subscribe to Treasury Secretary Andrew Mellon's infamous 'liquidationist' thesis, that weeding out "weak" banks was a harsh but necessary prerequisite to the recovery of the banking system.

I posted the link for reference to the source I posted the text to what I specifically referred.  I did not post the link as a foundation for my argument based on everything in it.


A concept that failed.

Yet, we have people complaining today that this should have been the approach to the current problems.




The nature of the monetary system is set up to crash and there is no way out its only a matter of time.

Shuffling it around only creates a facade that something can be done in that manner and unfortunately the only solution is to completely overhal it.

http://www.youtube.com/watch?v=kTv1fo6sKmo&NR=1



http://www.youtube.com/watch?v=_doYllBk5No




Attachment (1)

< Message edited by Real0ne -- 10/18/2010 5:06:14 PM >

_____________________________

"We the Borg" of the us imperialists....resistance is futile

Democracy; The 'People' voted on 'which' amendment?

Yesterdays tinfoil is today's reality!

"No man's life, liberty, or property is safe while the legislature is in session

(in reply to rulemylife)
Profile   Post #: 23
RE: Bank, auto rescues aren't getting the credit they d... - 10/19/2010 6:22:45 AM   
rulemylife


Posts: 14614
Joined: 8/23/2004
Status: offline 		?



< Message edited by rulemylife -- 10/19/2010 6:26:18 AM >

(in reply to Real0ne)
Profile   Post #: 24
RE: Bank, auto rescues aren't getting the credit they d... - 10/19/2010 4:46:27 PM   
popeye1250


Posts: 18104
Joined: 1/27/2006
From: New Hampshire
Status: offline
quote:

ORIGINAL: Hippiekinkster


quote:

ORIGINAL: popeye1250


quote:

ORIGINAL: rulemylife

quote:

ORIGINAL: brokedickdog

Um, the banks were bailed out when they should have been subjected to criminal prosecutions. No circumstances under which that was a good decision.



Um, yes.

Because a lot of us had money in those banks.



Rule, the FDIC is there to protect depositors.
If banks take a loss it (should) be passed on to their stockholders.
I agree.

Except, if banks fail, there is no mechanism for funding businesses. There's nobody to loan me money to expand my restaurant. I'm entirely dependant on cash flow. And cash flow barely pays payroll, buys new inventory, accrues for Fica/FUT/SUT, or even pays utilities.

You've never actually run a businees, have you, Pops? I have. WITH MY OWN FUCKING MONEY.

So don't you dare talk to me about shit you have no fucking idea about, you who sucks at the Federal Tit.



Hippie, I'm running my own business right now. I have an LLC involved in the investment business with two employees.
If banks fail there's other banks that pop right up looking to get a share of their business.
In this area we always have new banks poping up.
And, veteran's benefits are not "sucking at the federal tit." They are "earned" benefits. You should visit a V.A. Hospital sometime.

_____________________________

"But Your Honor, this is not a Jury of my Peers, these people are all decent, honest, law-abiding citizens!"

(in reply to Hippiekinkster)
Profile   Post #: 25
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