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RE: Illinois Loses Most Jobs in the Nation - 8/24/2011 4:31:37 PM   
Politesub53


Posts: 14862
Joined: 5/7/2007
Status: offline 		It`s odd to sanity and wilbur arguing for regulation, normally they both blame everything on too much regulation.

I am wondering why Bush didnt implement regulation after 2004, especially if he thought it was a good idea.

(in reply to EternalHoH)
Profile   Post #: 41
RE: Illinois Loses Most Jobs in the Nation - 8/24/2011 4:51:36 PM   
EternalHoH


Posts: 791
Joined: 5/30/2010
Status: offline 		Your not adding anything new. You still are not acknowledging the role of "financial innovation" in the crisis.

Mozillo and Raines and all the other elites on Wall Street were using unregulated insurance instruments to speculate. Here on Main Street, it is illegal for me to speculate using insurance. I would go to jail if I bought a fire insurance policy on Sanity's house, as I would then have a vested financial interest in his house burning down.  But the elites on Wall Street were enabled back in 1999 and 2000 with a different set of tools carrying a different set of rules, and they DID JUST THAT.  They bought speculative, unregulated insurance (credit default swaps), that pays them in the event the liar's who held mortgages defaulted. So not only did the rightful securities buyer insure their legitimate investment using credit default swaps, but so did the unconnected speculators.  This "multiplied insurance loss effect" that came from the ability of elites, and ONLY the elites, to insure someone esle's asset they didn't own multiple times is what made the Swaps problem so toxic and costly, and is what drove the need for the taxpayer bailouts.

This is the Wall Street portion of the problem.  Laying ALL that on Fannie & Freddie is utter bullshit.

The same politicians who were so against Fannie & Freddie by 2005 are the same ones who handed the elites their own parallel set of laws with unique privileges back in 1999 and 2000.

It was not until this Wall Street "financial innovation" ended up married to Fannie & Freddie did things really go sideways, and get costly in a hurry.







< Message edited by EternalHoH -- 8/24/2011 5:11:46 PM >

(in reply to Sanity)
Profile   Post #: 42
RE: Illinois Loses Most Jobs in the Nation - 8/24/2011 5:01:13 PM   
EternalHoH


Posts: 791
Joined: 5/30/2010
Status: offline
quote:

ORIGINAL: Politesub53

It`s odd to sanity and wilbur arguing for regulation, normally they both blame everything on too much regulation.




It was all about WHO was going to lose under new regulations.

The little guy who wants to buy a house, sure, regulate the mechanism that helps him.  The financial elites who want the special privileges, their own set of laws, to speculate via insurance, hell no, the Republicans were paving that deregulatory highway (Phil Gramm, Jim Leach, Tom Bliley, Tom Ewing).  And so were the Democrats (Larry Summers, Robert Rubin).  And the bi-partisans (Alan Greenspan). 

By defending Fannie & Freddie, the Dems simply didn't want to use regulations to discriminate based on social class, something that the Republicans were so willing to do.




< Message edited by EternalHoH -- 8/24/2011 5:23:22 PM >

(in reply to Politesub53)
Profile   Post #: 43
RE: Illinois Loses Most Jobs in the Nation - 8/24/2011 6:27:17 PM   
EternalHoH


Posts: 791
Joined: 5/30/2010
Status: offline
quote:

ORIGINAL: Sanity
That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged. The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.




By the way, Goldman Sachs and the other investment banks did the SAME EXACT THING.  Goldman sold mortgage securities to unsuspecting customers, and then turned around and bought credit default swaps via AIG's casino against an asset it no longer owned, betting against the durability of the very securities they just sold.

How come when a GSE engaged in that behavior, it was so wrong and worthy of regulation, but when Goldman did the same exact thing, none of those same Republican congressmen flinched? How many of those same Republicans called for legislation way back then to regulate Goldman and the other banks when it came to swaps?

Could it be because Goldman didn't want to share the profit pie with the GSE's?  Sorta like how the slave owner (Goldman) refuses to do profit-sharing with the slaves (the GSE's who were out doing the actual work of hustling the liars into mortgages).







< Message edited by EternalHoH -- 8/24/2011 6:42:04 PM >

(in reply to Sanity)
Profile   Post #: 44
RE: Illinois Loses Most Jobs in the Nation - 8/24/2011 6:40:49 PM   
Lucylastic


Posts: 40310
Status: offline 		Pssssssst USNews is not a viable source either.
They are more to the right than drudge

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Dont Hate Love

(in reply to EternalHoH)
Profile   Post #: 45
RE: Illinois Loses Most Jobs in the Nation - 8/25/2011 6:27:57 AM   
EternalHoH


Posts: 791
Joined: 5/30/2010
Status: offline 		I'm not too worried about his sources.

What intrigues me, tho, is his inability to formulate a strong position using his own words. He is either posting pictures, posting links, copy/pasting the brain-generated commentary of others, or offering nothing more than insult-laced one-liners.  He doesn't show any ability to formulate his own compelling arguments, or to cite his own justifications using his own words.

I give willbe some credit, at least he can accomplish that much.

Nothing is more fucking lame than making your point using other people's canned words and thoughts.

But then again, those "Idaho Freemen" types are not really known for their social skills.



(in reply to Lucylastic)
Profile   Post #: 46
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