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Fix the Banking Industry

P

piasabird

Lifer
Bernanke Tells Congress to Make changes to the Banking Industry

http://finance.yahoo.com/news/...es&pos=2&asset=&ccode=

Is it just me or does anyone else lack confidence in the Congress to pass any legislation that has the ability to fix anything?

Is this the most do nothing government or what?

The president has been in office for 1 year and has not managed to do anything to attempt to fix the Banking industry or the Mortgage Business. We are still financing houses the same exact way and no one has gone to jail.

My guess is the idiots in congress have no interest in protecting citizens.
 
Originally posted by: piasabird
Bernanke Tells Congress to Make changes to the Banking Industry

http://finance.yahoo.com/news/...es&pos=2&asset=&ccode=

Is it just me or does anyone else lack confidence in the Congress to pass any legislation that has the ability to fix anything?

Is this the most do nothing government or what?

The president has been in office for 1 year and has not managed to do anything to attempt to fix the Banking industry or the Mortgage Business. We are still financing houses the same exact way and no one has gone to jail.

My guess is the idiots in congress have no interest in protecting citizens.
Click to expand...

Isn't it the right wing that keeps saying, "Let's take our time and get it right."

Or does that apply only to the health care bill?
 
Originally posted by: shira
Originally posted by: piasabird
Bernanke Tells Congress to Make changes to the Banking Industry

http://finance.yahoo.com/news/...es&pos=2&asset=&ccode=

Is it just me or does anyone else lack confidence in the Congress to pass any legislation that has the ability to fix anything?

Is this the most do nothing government or what?

The president has been in office for 1 year and has not managed to do anything to attempt to fix the Banking industry or the Mortgage Business. We are still financing houses the same exact way and no one has gone to jail.

My guess is the idiots in congress have no interest in protecting citizens.
Click to expand...

Isn't it the right wing that keeps saying, "Let's take our time and get it right."

Or does that apply only to the health care bill?
Click to expand...

Yea but since the left wing is in power it's our turn to ridicule you.

On a serious note, no party will make changes to the system at the detriment of the banks. Look at all the lobby money it is going everywhere.
 
It's a catch-22. Real fixes to get rid of the entire sham of Wall Street (FTD's in the MILLIONS on some stocks in a single day, total counterfeit bullshit, naked short-selling, etc) would be a severe shock to the system, and result in a pretty serious economic panic for probably several years before things improved. Obviously the (D)'s would be painted for better or worse as the culprits that caused the crash, resulting in them all being booted from office. The opposite tactic, to do nothing, is also pretty cowardly, but probably 95%+ of the voting populace is utterly ignorant about what's broken in the highest echelons of our economic structure and law.

IMHO the best option would be to introduce legislation and trickle the changes in piecemeal, so as not to take a shaky structure to its knees. The first piece of the puzzle has to be removing naked short selling, and after that is in place permanently, then move toward reforming the way stocks are accounted for. As it stands, the entire market is rife with counterfeit trades due to the lack of oversight.
 
While I fully agree the banking industry and Wall Street need different government regulations...

I have zero faith in the government's ability to do so. Especially this congress. They are more hell-bent on ideology and populism to ever have any serious discussion.

This is a government of the people. And the people of this nation elected congressmen based on a platform of hating Republicans.

Hating Republicans is not a solution.
 
Originally posted by: cubby1223
While I fully agree the banking industry and Wall Street need different government regulations...

I have zero faith in the government's ability to do so. Especially this congress. They are more hell-bent on ideology and populism to ever have any serious discussion.

This is a government of the people. And the people of this nation elected congressmen based on a platform of hating Republicans.

Hating Republicans is not a solution.
Click to expand...

lolol

Obvious spin is obvious. If you don't understand why Republicans are "hated", then you were in a coma for the last 8 years. They deserved defeat.
 
Back in the day, when a bank failed, it failed. The people running it couldn't find work in the industry again.


Has anybody run scorecard on Obamas administration to see where the bulk of them come from?
 
It would be nice to see them implement limited and responsible regulations, or more oversight, instead of simply throwing money at the problem every few years, but I won't hold my breath. Congress is too wrapped around the lobbyists to ever be effective. Seriously, this country will likely never see worthwhile reform, of any sort, ever again.
 
Originally posted by: Ozoned
Back in the day, when a bank failed, it failed. The people running it couldn't find work in the industry again.


Has anybody run scorecard on Obamas administration to see where the bulk of them come from?
Click to expand...

A failing Bank is fine, a failing Banking Industry is not.
 
Those who keep doing the same thing will fail over and over the same way. Is that what you want?

How long will it take for the FHA system to completely fail? Is O'Bammah just goint to wait for it to happen or will he do something before the second round of bank failures?

Why are we fixing the health care system if it is not broken? While O'Bammah is working on the Health Care, the Real Estate Business is getting ready to completely fail again.

Hope you like your communist Utopia???
 
Originally posted by: sandorski
Originally posted by: cubby1223
While I fully agree the banking industry and Wall Street need different government regulations...

I have zero faith in the government's ability to do so. Especially this congress. They are more hell-bent on ideology and populism to ever have any serious discussion.

This is a government of the people. And the people of this nation elected congressmen based on a platform of hating Republicans.

Hating Republicans is not a solution.
Click to expand...

lolol

Obvious spin is obvious. If you don't understand why Republicans are "hated", then you were in a coma for the last 8 years. They deserved defeat.
Click to expand...

I know where you're coming from.

But it still doesn't change the fact that "hating Republicans" is not a solution to the problems that really matter. Hating Republicans is not a solution to health care. Hating Republicans is not a solution to the banking industry. Hating Republicans is not a solution to the national debt.
 
Congress needs to listen to Bernanke. When the nation's top banker asks for regulation, for rules, for structure, it seems obvious that he knows what he's talking about.

Arkaign's right about naked shorting- it's an abomination. Synthetic derivatives are much the same, and real derivatives need to be put onto an open exchange. Obvious conflicts of interest need to be identified and made illegal, as they were in the past. Standards for mortgage securitization need to be established- the list goes on from there.

The whole laissez-faire approach of the last 30 years has led us to the brink of collapse, and perhaps beyond.We have allowed for the existence of financial giants that aren't too big to fail, but that are too big to be allowed to fail. That's obvious. So long as that situation remains, we'll have more supervision, more bailouts, or total collapse, take your pick.

It's like toddlers getting out of the yard, running out into traffic. Yeh, we got 'em back in the yard, but they'll do it again if we don't put a lock on the gate...
 
Originally posted by: cubby1223
But it still doesn't change the fact that "hating Republicans" is not a solution to the problems that really matter. Hating Republicans is not a solution to health care. Hating Republicans is not a solution to the banking industry. Hating Republicans is not a solution to the national debt.
Click to expand...

whats funny is the republicans have no solutions for any of those problems.
 
Originally posted by: JSt0rm01
Originally posted by: cubby1223
But it still doesn't change the fact that "hating Republicans" is not a solution to the problems that really matter. Hating Republicans is not a solution to health care. Hating Republicans is not a solution to the banking industry. Hating Republicans is not a solution to the national debt.
Click to expand...

whats funny is the republicans have no solutions for any of those problems.
Click to expand...

Nor, it seems, do the Dems and they have a majority in both houses.
 
I don't think it's a result of "hating republicans", at all. Confronted with abject and damaging failure from the leadership they supported, swing voters came to their senses. They couldn't help but recognize the philosophy of failure for what it is... well, at least to some degree, anyway.

Which is not to deny that some of my fellow Democrats are whores to the lootocracy, at all. They just haven't codified that into a philosophy, a political pitch, nor will they ever. They need to be more circumspect, a little less obvious, and they need to respond to the wishes of their constituents in ways that safe district rightwingers can ignore.
 
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