Edwynn
Posts: 4105
Joined: 10/26/2008
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Good Lord, people. Just stop with the nonsense here, please.
In the first place, the Federal Reserve Bank is not a "government agency" as compared to any proper government agency. It is a government chartered independent corporation, conducting business at the behest of and according to the mandates as set out by the US congress; Alan ("I was wrong, sorry!") Greenspan was brought on board by Reagan after tossing Volker overboard after doing the dirty work of eliminating 16% inflation, for express purpose of implementing his "free market" delusions (such description as he now readily admits) to the most crucial part of any economy, that of the financial industry. The Republican registered and Republican Presidential appointee Bernanke only continued Greenspan's mantra of "we will never take away the punch bowl, no matter how far things get out of hand (i.e., keep interest rates well below what all market and macroeconomic indications say it otherwise should be, even well into an obvious bubble), we can just fix it after it crashes, no worries."
So here we are, three years later ...
What is the big deal about the government foisting Merrill Lynch upon Bank of America? If you are saying that "the government shouldn't tell banks what other banks they have to buy; so can we have our 3 trillion dollars back now?" then I'm with you. Unfortunately, the latter event will never happen, so here we are. The US Treasury took on all of AIG's credit default swaps at 100 cents on the dollar, when prior to the bailout they were begging for 40 cents, being offered 20 cents, and Hank Paulson throwing money at ALL the largest banks as fast as he could get away with it, as smoke for benefiting his compatriots at Goldman, with various stipulations placed upon the 'lesser' banks. The government did NOT force B of A to buy the shyster loan origination no-doc sub-prime scammers Countrywide Mortgage. B of A made that move in full anticipation of the bailouts, buying that company precisely because they were so far under water, knowing full well the bonanza yet to come. All the government said was; "we are having to bail out ALL you dumbfucks, and since you were the biggest dumfuck of all, you get Merrill. Congratulations." One of the precious few good things the financial-oligarchy-disguised-as-US-financial-regulation ever did.
Have you ever heard Ken Lewis talk? Or even far worse, his predecessor Hugh McColl? Starting from NCNB, all those fuckheads ever knew or were ever able to figure out was; "we don't know much about how to run banks or any other business, but les' jus' keep buyin' all them uther banks an' we won't never have to figger it out." I ran sound for their management meetings and seminars. Trust me on that one.
They deserve A LOT worse than Merrill; they were lucky to get away that easy, trust me.
Lastly:
Warren Buffet never "bragged" about his relatively low tax rate, he pointed it out for purpose of proposing that he and his compadres are vastly undercharged for the benefit obtained from this market system that all the rest of us are paying for. Are you really that fucking dense? Keep it up and I'll propose that we take Merrill off of B of A's hands and let YOU have it. Anyways, I'm sure it is conducive to mental health for some to have such a cavalier attitude towards bank CDO fraud, mortgage origination fraud, and foreclosure fraud to top it all off. Fuck everybody else, their house, their job, AND the horse they rode in on. Do they teach that stuff in those "feel better about myself" classes? BTW, buying shares when the price is low, trying to improve management and operations, etc. is pretty much a standard procedure for the few who know how to do it right. If some of those few vote Republican, then just par for the course, we should presume. But if someone is fantastically good at it and happens to vote for the "wrong" party ... "Hypocrite!" Yeah, hardly original, but we get it, even if you don't.
In any case, people seem to miss the fact that the " Section 23A of the Federal Reserve Act" is/was/always will be completely swamped by the Gramm-Leach-Bliley Act and the Commodity Futures Trading Act. This part of the article is truly hilarious;
"In 2009, the Fed granted Section 23A exemptions to the banking arms of Ally Financial Inc., HSBC Holdings Plc, Fifth Third Bancorp, ING Groep NV, General Electric Co., Northern Trust Corp., CIT Group Inc., Morgan Stanley and Goldman Sachs Group Inc., among others, according to letters posted on the Fed’s website."
Awww, isn't that so cute? The Fed acting and pretending so earnestly that they are actually independent of those whom they are supposed to regulate.
Isn't that right, provfivetine? The Fed just doing what Obama beats them into doing, right? Stay in school son, the real world would not suit you at all.
< Message edited by Edwynn -- 10/20/2011 5:29:00 AM >
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Bank of America, bad for America - 
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