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Here's why Wall Street has a hard time being ethical

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It takes a real moron to blame libertarianism for the financial crash. Banks were forced by government to give loans to people who couldn't afford them and the government was responsible.

The banks should have never been bailed out and the US would be better off. For the idiots saying they should have been bailed out you guys really need to educate yourselves.
 
Incorruptible said:
It takes a real moron to blame libertarianism for the financial crash. Banks were forced by government to give loans to people who couldn't afford them and the government was responsible.

The banks should have never been bailed out and the US would be better off. For the idiots saying they should have been bailed out you guys really need to educate yourselves.
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Prove definitively that CRA was at fault. Prove that liar NINJA no-down low/no doc teaser rate option arm silent second mortgages financed by subprime RMBS with mezzanine/subordinate tranches funded by CDO, CDO^2 and CDO^3s covered by CDS which were sold from synthetic CDOs and AIG were CRA loans.

Do it. I dare you.
 
legendkiller said:
prove definitively that cra was at fault. Prove that liar ninja no-down low/no doc teaser rate option arm silent second mortgages financed by subprime rmbs with mezzanine/subordinate tranches funded by cdo, cdo^2 and cdo^3s covered by cds which were sold from synthetic cdos and aig were cra loans.

Do it. I dare you.
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m-i-c...k-e-y...m-o-u-s-e
 
The Wall Street Journal shows that Janet Yellen has been the top ranked economic forecaster predictor since 2009. I imagine she will also put the breaks on all the nonsense and deregulation of the banking industry. Wall Street Journal
 
LegendKiller said:
Prove definitively that CRA was at fault. Prove that liar NINJA no-down low/no doc teaser rate option arm silent second mortgages financed by subprime RMBS with mezzanine/subordinate tranches funded by CDO, CDO^2 and CDO^3s covered by CDS which were sold from synthetic CDOs and AIG were CRA loans.

Do it. I dare you.
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The government forced banks to give loans to people who couldn't afford them. If they didn't do this then the crash wouldn't have happened.
 
rudder said:
How long has the fed been bailing out wall street now? The government is covering the losses... so these people can come up with sketchy products because there is no downside.
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There is no downside to letting them fail. The workers don't care. They will go to another company with no penalty.

The only real penalty would be jail time, fines, etc.
 
Incorruptible said:
The government forced banks to give loans to people who couldn't afford them. If they didn't do this then the crash wouldn't have happened.
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Oh stfu. The banks knowingly and greedily made loans that they knew were bogus. They were raking in the profits.

Do you know what happened in well regulated countries like Canada? ZERO BANKS FAILED!
 
Anarchist420 said:
the reason Wall Street can do this shit is because of the State protecting it. in a free society, there would be organizations as wealthy as wall street for a time but they would eventually fail as no institution is perpetual in a free society.
true, but greed can be exacerbated by the State.
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I'll repeat it again. In countries with good regulation, like Canada, there were ZERO BANK FAILURES. This was pure and unadulterated greed of the "free market."
 
It is funny how the article is all about the culture of greed in a private sector and mentions how no one is punished, only rewarded for their greed and predatory nature... Yet, the same suspects here are blaming the government. You people really are twisted.
 
shadow9d9 said:
Oh stfu. The banks knowingly and greedily made loans that they knew were bogus. They were raking in the profits.

Do you know what happened in well regulated countries like Canada? ZERO BANKS FAILED!
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the gov also didn't force the banks to lever up as much as they did.
 
shadow9d9 said:
Oh stfu. The banks knowingly and greedily made loans that they knew were bogus. They were raking in the profits.

Do you know what happened in well regulated countries like Canada? ZERO BANKS FAILED!
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Make me. The banks made those loans because the government forced them to. If the government stayed out and there was a free market then the economy would be much better.

And the banks were heavily regulated.
 
shadow9d9 said:
Oh stfu. The banks knowingly and greedily made loans that they knew were bogus. They were raking in the profits.

Do you know what happened in well regulated countries like Canada? ZERO BANKS FAILED!
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You conveniently forgot to mention how the government was forcing the banks to make these loans and helped to encourage the banks. The banks didn't do anything wrong but the government is responsible.
 
Incorruptible said:
You conveniently forgot to mention how the government was forcing the banks to make these loans and helped to encourage the banks. The banks didn't do anything wrong but the government is responsible.
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Where is your proof? You say this as fact but don't have a slice of evidence that you have provided.
 
Incorruptible said:
I have provided proof numerous times before. You just can't handle that your precious big government failed and the free market wasn't responsible for the crash.
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I worked at the banks during this period. I know for a *fact* that nobody forced them to make the loans. Furthermore, I know for a *fact* that there were huge holes in regulations.

You can deny this all you want but your proof is bullshit. I dare you post it and I dare you prove that no/low doc NINJA liar loan option arms were government forced.

Do it or STFU.
 
Paul98 said:
Until we start to massively penalize and keep much tighter watch on this it will continue.

Oh we can't raise taxes on them ether because they are the job creators.
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How about we just don't subsidize the entire thing and allow failure to occur. You do realize that the entire system has been rigged so that failure does not occur right? When you know government is going to bail you out what incentives are their to being ethical?
 
DucatiMonster696 said:
How about we just don't subsidize the entire thing and allow failure to occur. You do realize that the entire system has been rigged so that failure does not occur right? When you know government is going to bail you out what incentives are their to being ethical?
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Nobody knew the government was going to bail them out. It was a fact that nobody thought something bad would happen.
 
DucatiMonster696 said:
Nobody knew because they innocently created 600 trillion or so in toxic derivatives world wide and they all thought it was going to fix itself right? Gotcha. lol
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First off, the notional amount is meaningless. Second, nobody thinks that the government is going to bail them out, they just don't think it's going to fail.

I had some very interesting conversations at a major bank I worked at pre-crisis. Keep in mind, I wasn't some junior level financial analyst and I had access to the highest echelons. If you asked them they thought they knew it all. I was espousing that there was going to be a huge downturn in housing, they chuckled. I did convince them to double their wholesale funding plans from $2bn to $5bn, which I put in place in the summer of 2006 and which helped them out significantly through the credit crisis.
 
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