Anyone notice the financial crash hearings just started?

[Craig234]

You might think the financial crash investigation was a big deal. Back after the great depression, the nation was rivited as wrong doing was exposed at the hearings.

The hearings then led to major reforms such as the creation of the SEC and the Glass-Steagall Act.

Thw government is holding hearings for this crash, too. They've fund the scandalously small figure of $8 million dollars total for the committee.

It's being headed by former CA treasurer (quiet, peanut gallery) Phil Angeliides. They started today, with major Wall Street CEOs summoned to testify.

It's not going great so far. You can read an opinion of today's hearings here.

http://www.huffingtonpost.com/les-leopold/letting-the-big-boys-off_b_422176.html

I'd like to see this getting huge funding and OJ Simpson press befitting the serious issue it is for the nation.

 

[StageLeft]

I knew but I am sure this is a dog and pony show, a waste of time with nothing coming out of it. Even a few tough questions will ultimately lead to nothing.

For example, Bernanke was grilled recently on paying at par and he said banks wouldn't take any less, but yesterday GS said that at least in regard to the AIG bailout they weren't even asked to take less.

EDIT: And now I read what happened on the first day and realized my cynicism was well founded; what a waste of time. Despicable. The arsons are still being asked to put out the fires. I find this so egregious how the government has handled this situation.

 

[Craig234]

The investigator seems like a decent guy, but $8 million for this?? We'll see what comes ot of it. It's too bad the media seems to have all but a blockout.

 

[MotF Bane]

This is a joke. The culprits are running this sham.

 

[KB]

Congress does this every time. They are major contributors to a problem, then have a big witch trial trying to lay blame on everyone else.

 

[BoberFett]

Phil Angeliides? Was Ken Starr unavailable?

 

[Craig234]

Phil Angeliides? Was Ken Starr unavailable?

Phil seems to be an honest guy. He's not like Ken Starr, you posted ridiculously as usual.

 

[Specop 007]

Congress does this every time. They are major contributors to a problem, then have a big witch trial trying to lay blame on everyone else.

That nails it. All about government control, nothing more. Congress tried to ride in on their Green Horse of taxpayer dollars, force money into banks, then ride BACK in and blame the banks for taking money.

WTF over?

Maybe Congress should have taken the advice many told them long time ago. Stay the hell out of it.

 

[Craig234]

That nails it. All about government control, nothing more. Congress tried to ride in on their Green Horse of taxpayer dollars, force money into banks, then ride BACK in and blame the banks for taking money.

WTF over?

Wall Street's excesses, not Congress, are the cause. They got Congress to let them ands bail them out.

Maybe Congress should have taken the advice many told them long time ago. Stay the hell out of it.

Cingress staying out and not restricting them is what caused the problem.

 

[daishi5]

Wall Street's excesses, not Congress, are the cause. They got Congress to let them ands bail them out.



Cingress staying out and not restricting them is what caused the problem.

I don't know how you could contradict yourself so clearly in such a short time. You seem to be well aware of the idea that bankers are greedy, and that when regulations are removed they will be greedy. They are the scorpion, congress put them on their back, and now they are holding a triall because they were stung. This hearing won't get attention because no one doubts the answer. Depending on the political bias of the person, we either interefered too much, or not enough.

The other problem is there are two groups that are mainly blamed for this crisis, government and wall street, one group is holding an investigation of the other group, do you honestly believe that will be a non-biased open and honest investigation?

 

[Jaskalas]

Cingress staying out and not restricting them is what caused the problem.

You would have been run out of the country by the masses for suggesting a limitation on their income pre-crash. The entire nation was invested in double digit housing gains, and you think you can and should regulate that investment?

 

[totalnoob]

You would have been run out of the country by the masses for suggesting a limitation on their income pre-crash. The entire nation was invested in double digit housing gains, and you think you can and should regulate that investment?

Like all tyrannical assholes, Craig thinks he can and should regulate everything to do with money. Hugo Chavez is his idol.

 

[MotF Bane]

Like all tyrannical assholes, Craig thinks he can and should regulate everything. Hugo Chavez is his idol.

ffy. you had a few unneeded words in there.

 

[StageLeft]

Like all tyrannical assholes, Craig thinks he can and should regulate everything to do with money. Hugo Chavez is his idol.

Or perhaps he doesn't like gov giving a free pass to bankers and then when the bankers fvck up that government this time decides to get involved and give them money.

 

[BoberFett]

Phil seems to be an honest guy. He's not like Ken Starr, you posted ridiculously as usual.

And I'm sure these hearings will be as effective and worthwhile as the Lewinsky hearings.

 

[Nemesis 1]

Oh ! Look at nice Wolf sheparding the sheep

 

[GroundedSailor]

And I'm sure these hearings will be as effective and worthwhile as the Lewinsky hearings.

Lewinsky hearings were a witch hunt. These hearings are on widespread actions by wall street which have had a massive impact on the economy, here and elsewhere around the globe.

 

[MotF Bane]

Lewinsky hearings were a witch hunt. These hearings are on widespread actions by wall street which have had a massive impact on the economy, here and elsewhere around the globe.

It's a witch hunt.

 

[Arkaign]

You would have been run out of the country by the masses for suggesting a limitation on their income pre-crash. The entire nation was invested in double digit housing gains, and you think you can and should regulate that investment?

IMHO housing should be significantly de-coupled from speculators and investors beyond families. Commercial real estate, sure, but artificially driving up the cost of housing because a bunch of assholes are trying to get rich buying and reselling at higher and higher prices causes more harm than good to the general economy I think.

 

[daishi5]

IMHO housing should be significantly de-coupled from speculators and investors beyond families. Commercial real estate, sure, but artificially driving up the cost of housing because a bunch of assholes are trying to get rich buying and reselling at higher and higher prices causes more harm than good to the general economy I think.

Buying to resell at a higher price serves a function, it allows people who need to sell quickly to sell quickly to the speculator. The speculators do help, but it is hard to put a dollar value on them. More important are the people who buy, then improve and resell a house. They offer a real value in improving the quality of housing. I think normal speculation is good, it was the bubble and un-realistic expectations of growth that were bad, but that is not unique to housing.

 

[ElFenix]

i blame the national association of realtors and HGTV.

 

[BoberFett]

Lewinsky hearings were a witch hunt. These hearings are on widespread actions by wall street which have had a massive impact on the economy, here and elsewhere around the globe.

Which part of the word "effective" did you not understand?

 

[Nemesis 1]

Like all tyrannical assholes, Craig thinks he can and should regulate everything. Hugo Chavez is his idol.

Now why do ya want to piss Hugo off , Dam

 

[Nemesis 1]

Buying to resell at a higher price serves a function, it allows people who need to sell quickly to sell quickly to the speculator. The speculators do help, but it is hard to put a dollar value on them. More important are the people who buy, then improve and resell a house. They offer a real value in improving the quality of housing. I think normal speculation is good, it was the bubble and un-realistic expectations of growth that were bad, but that is not unique to housing.

Look when you run a billion dolllar Fund. and ya got a couple friends doing the same . You can comtrol price of stocks . One guy buys driving up pricies the next guy after a time sells driving down pricies . wash and repeat . Any clown can do this . But it takes more than 1 or you get caught really easy . These guys have been stealing 401 K money for years . I wish someone could figure how much americans have put into these funds . Because If it were all there and done on the up and up . Fund managers be way poorer and stock way higher . Their thieves its that simple.

 

[Craig234]

You would have been run out of the country by the masses for suggesting a limitation on their income pre-crash.

Wrong. People aren't as misguided or as informed as you think. They didn't understand why the prices were going up, or the bubble or the consequences; and they weren't as locked into bad policy as you think.

There were people on Wall Street, who were reaping the real payoffs, who would scream, but the public wasn't as committed to Wall Street profits as you think. There a nugget of truth to your post, though.

The entire nation was invested in double digit housing gains, and you think you can and should regulate that investment?

Again, the public that wasn't invested in Wall Street deregulation allowing them to profit by excessive, unprotected risk.

Had that been regulated - we're not talking abiout direct regulation of housing much - it would have caused less of a bubble.

And the American people wouldn't know that, and they wouldn't miss double digit gains they didn't get.