McCarthyism is back

[KMFJD]

Noted Rhodes scholar John Kennedy questioning Biden’s pick for currency comptroller Saule Omarova

https://twitter.com/x/status/1461369421889519618

https://twitter.com/x/status/1461372365821075458

And it wasn't just that dimwit...some ^%@hole from North Carolina as well

https://twitter.com/leee_harris/status/1461386160815624193

these f^%kers are just in it to get soundbytes out to their f^%king moronic base

 

[hal2kilo]

But it's just fine if you showed up at the Capitol to show your patriotism on Jan. 6.

 

[rommelrommel]

It's been back for a while. Qanon is big on the sekrit communism takeover.

 

[ch33zw1z]

Rwnj always have to boogey man to "cleverly" go to

 

[MrSquished]

Shitty people putting their shittiness on display so their shitty base can eat it all up.

 

[nakedfrog]

Oh, fuck me running
The level of intellectual dishonesty is really appalling.

 

[GoPackGo]

Yet it was these same A$$holes kissing Putin's A$$

 

[dawp]

I don't think it really ever left

 

[Vic]

I just want to say that the Republicans who pull this shit are not stupid. His goal was to get it out there that Biden's Comptroller candidate has "communist ties." That will be the headlines on all the right-wing media, while that she was born in the former USSR will get shoved under the rug. This shit is cleverly crafted.
An effective Democratic strategy here would be to point out this is the kind of suspicion and distrust that Republicans have for legal immigrants from communist counties.

That said: I am not in agreement with her fairly radical policy ideas. Democratizing finance is something I support, but turning the Fed into the one big state-owned bank for everything does sound kinda commie.

 

[ivwshane]

I just want to say that the Republicans who pull this shit are not stupid. His goal was to get it out there that Biden's Comptroller candidate has "communist ties." That will be the headlines on all the right-wing media, while that she was born in the former USSR will get shoved under the rug. This shit is cleverly crafted.
An effective Democratic strategy here would be to point out this is the kind of suspicion and distrust that Republicans have for legal immigrants from communist counties.

That said: I am not in agreement with her fairly radical policy ideas. Democratizing finance is something I support, but turning the Fed into the one big state-owned bank for everything does sound kinda commie.

Commie? No but if your priority is taking care of your people it makes perfect sense. Why would have a third party to give out loans that are guaranteed by the government anyway? Other than larger non fdic insured loans what is the benefit to the consumer?

 

[trenchfoot]

And this is what the Repub party have devolved into because they have no credibility, no honor, no morals, no ethics, no ideals. All they have left is their gerrymandering, their voter suppression and disenfranchisement laws, the Big Lie and all those other lies, hoax conspiracy theories, slanderous accusations and that ever present disinformation campaign to rely on.

You could call it Trump chronic withdrawal syndrome and it wouldn't be too far off the mark.

 

[Vic]

Commie? No but if your priority is taking care of your people it makes perfect sense. Why would have a third party to give out loans that are guaranteed by the government anyway? Other than larger non fdic insured loans what is the benefit to the consumer?

Because a decentralized banking system fosters competition and innovation while mitigating risk. Because the banking system is not just a third party, it is thousands of third parties, in competition with each other to provide the best products and services to their customers, and each individually taking on the risks of their lending decisions and policies. Moving to a single central bank will remove any incentive to act in the interests of customers due to lack of competition (which is that taking care of people thing) and would amplify the effects and risks of poor policy decisions. It would also be so powerful as to certainly be prone to massive corruption.

 

[MrSquished]

Because a decentralized banking system fosters competition and innovation while mitigating risk. Because the banking system is not just a third party, it is thousands of third parties, in competition with each other to provide the best products and services to their customers, and each individually taking on the risks of their lending decisions and policies. Moving to a single central bank will remove any incentive to act in the interests of customers due to lack of competition (which is that taking care of people thing) and would amplify the effects and risks of poor policy decisions. It would also be so powerful as to certainly be prone to massive corruption.

Working out well for all those Wells Fargo customers. Or bank of America customers

Bank of America to Pay $16.65 Billion in Historic Justice Department Settlement for Financial Fraud Leading up to and During the Financial Crisis

Attorney General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history — to resolve federal and state...

www.justice.gov

 

[ivwshane]

Because a decentralized banking system fosters competition and innovation while mitigating risk. Because the banking system is not just a third party, it is thousands of third parties, in competition with each other to provide the best products and services to their customers, and each individually taking on the risks of their lending decisions and policies. Moving to a single central bank will remove any incentive to act in the interests of customers due to lack of competition (which is that taking care of people thing) and would amplify the effects and risks of poor policy decisions. It would also be so powerful as to certainly be prone to massive corruption.

That makes zero sense (not the corruption part). All the competition we have now is still puts loan rates above the fed rate, remove the competition and the default is the fed rate. All the negative consequences we’ve faced due to lending have been at the hands of third parties, not bad policies. Also what risks are currently being mitigated that wouldn’t be if we cut out the middle man?

 

[Vic]

Working out well for all those Wells Fargo customers. Or bank of America customers

Bank of America to Pay $16.65 Billion in Historic Justice Department Settlement for Financial Fraud Leading up to and During the Financial Crisis

Attorney General Eric Holder and Associate Attorney General Tony West announced today that the Department of Justice has reached a $16.65 billion settlement with Bank of America Corporation – the largest civil settlement with a single entity in American history — to resolve federal and state...

www.justice.gov

I am no fan of either of those institutions, and I've worked for both. And I can say with confidence that their problem is that they are way too big, and should be broken up. The reason they don't care about their customers is because they're so big they think they'll never run out of them.
Are you really sure you want to have just one Wells Fargo or one BofA for the whole country?

 

[ivwshane]

I am no fan of either of those institutions, and I've worked for both. And I can say with confidence that their problem is that they are way too big, and should be broken up. The reason they don't care about their customers is because they're so big they think they'll never run out of them.
Are you really sure you want to have just one Wells Fargo or one BofA for the whole country?

Am I sure I want to have one Wells Fargo? No I wouldn’t want one third party to be in charge, however a government ran entity with no middleman is accountable to the people, not share holders, not CEO’s, but the people themselves.

 

[Vic]

That makes zero sense (not the corruption part). All the competition we have now is still puts loan rates above the fed rate, remove the competition and the default is the fed rate. All the negative consequences we’ve faced due to lending have been at the hands of third parties, not bad policies. Also what risks are currently being mitigated that wouldn’t be if we cut out the middle man?

First, there will never be just the fed rate at the retail level, because there are operating costs for lending at the retail level.
Second, the most severe negative lending consequences I'm aware of was the housing bubble, and that occurred almost entirely due to bad policies.
Which was a kind of tragedy of the commons, wherein Wall Street took advantage of high-risk stated income loans whichever other lender was required to adopt in order to keep the lights on.
Which is a perfect example of what can happen when bad policies become universal.
The best practice is to spread out the risk to as many lenders as possible, each in competition with each to reduce operating costs (thus improving their retail pricing relative to the fed rate), while using effective regulation to weed out bad actors and bad policies.

 

[ivwshane]

First, there will never be just the fed rate at the retail level, because there are operating costs for lending at the retail level.
Second, the most severe negative lending consequences I'm aware of was the housing bubble, and that occurred almost entirely due to bad policies.
Which was a kind of tragedy of the commons, wherein Wall Street took advantage of high-risk stated income loans whichever other lender was required to adopt in order to keep the lights on.
Which is a perfect example of what can happen when bad policies become universal.
The best practice is to spread out the risk to as many lenders as possible, each in competition with each to reduce operating costs (thus improving their retail pricing relative to the fed rate), while using effective regulation to weed out bad actors and bad policies.

The housing crisis absolutely was not caused by bad policy (I assume you mean public policy not industry wide policies). Banks lowered their lending standards, that wasn’t what the public policy said to do. They then bundled those low quality loans and sold them where they were rated incorrectly (fraudulently in my opinion). The industry built a house of cards and made a shit ton of money and most made out like bandits when it all came crashing down and then more unscrupulous people picked up the broken pieces while millions of Americans got screwed and lost their home.

 

[ivwshane]

Let’s be honest here, you are being defensive because you are in the industry, this sort of policy (which will never happen btw) could put your job at risk.

I get it, that’s your livelihood but take away the emotion and fear and you know damn well, the finance industry and the health care industry would all be better off without third parties like banks, credit card companies and insurance companies.

At the very least they need to be heavily regulated and reigned in.

 

[MrSquished]

I am no fan of either of those institutions, and I've worked for both. And I can say with confidence that their problem is that they are way too big, and should be broken up. The reason they don't care about their customers is because they're so big they think they'll never run out of them.
Are you really sure you want to have just one Wells Fargo or one BofA for the whole country?

I am not an expert on banking systems, but as far as I am aware Europe has a central bank for countries with the euro, certain countries have their own central banks, and Europe has over 6,000 private banks. I was not aware they could not co-exist together.

 

[Vic]

Am I sure I want to have one Wells Fargo? No I wouldn’t want one third party to be in charge, however a government ran entity with no middleman is accountable to the people, not share holders, not CEO’s, but the people themselves.

Supposedly so are the police, how's that been working out?

 

[ivwshane]

Supposedly so are the police, how's that been working out?

Seems like voters have been made aware of issues with the police and have been demanding action and politicians are currently trying to make policing better through policies like having social workers (or mental health workers) take certain types of calls, as well as more accountability and transparency (body cameras for example). Meanwhile we are still dealing with loan discrimination in 2021!

Trustmark Bank to pay $5 million ‘redlining’ fine

Trustmark National Bank will pay $5 million in fines to federal regulators to settle allegations it actively avoided offering and marketing home loans to Black and Hispanic customers, federal offic…

thehill.com

 

[Vic]

The housing crisis absolutely was not caused by bad policy (I assume you mean public policy not industry wide policies). Banks lowered their lending standards, that wasn’t what the public policy said to do. They then bundled those low quality loans and sold them where they were rated incorrectly (fraudulently in my opinion). The industry built a house of cards and made a shit ton of money and most made out like bandits when it all came crashing down and then more unscrupulous people picked up the broken pieces while millions of Americans got screwed and lost their home.

Yes, there was public policy on that. The Bush administration pushed several programs to encourage lower lending standards. There will also legislative policy as well with the GLBA. Because it wasn't the banks pushing for those lending standards, it was Wall Street investors who found out that real estate lending can't lose as long as collateral values increase faster than the interest rates on the notes.
And finally, I want to let you in on a dirty secret. The banking industry did not build that house of cards. Wall Street and the Republican party did that. It was a pump and dump scheme on a grand level. Meanwhile, hundreds of thousands of the good people who work in the banks lost their jobs (myself included at the time). And while a great many innocent homeowners did get screwed, about half of those people who lost their homes intentionally defaulted on their mortgages. Limbaugh, Hannity, and Beck were all running propaganda encouraging their listeners to stop paying their mortgages because "Obama's socialism will make it so home values will never go back up!" And those fucking suckers still vote GOP.

 

[Vic]

Let’s be honest here, you are being defensive because you are in the industry, this sort of policy (which will never happen btw) could put your job at risk.

I get it, that’s your livelihood but take away the emotion and fear and you know damn well, the finance industry and the health care industry would all be better off without third parties like banks, credit card companies and insurance companies.

At the very least they need to be heavily regulated and reigned in.

No, the issue that you don't lecture doctors on how to do their jobs, do you? Seriously.
And yes, bad public policy can negatively affect by job. Just like bad public policy can negatively affect any industry.
Reasonable regulation is something I'm very much in favor of. Dodd-Frank isn't perfect but has been very successful, both for consumers and the industry.
Look, I agree with the Democrats on certain things but this constant demonization of the banking industry is just stupid. You guys act like we're all a bunch of Mr Potter's from It's a Wonderful Life, but the reality is that we're the home of one of the last great factory jobs in America. Millions of Americans work in the banking industry, most in what are basically white collar factory jobs, and we are probably the last industry in America where someone can get a job right out of high school and work their way up to the top.
Stop attacking us.

 

[ivwshane]

Yes, there was public policy on that. The Bush administration pushed several programs to encourage lower lending standards. There will also legislative policy as well with the GLBA. Because it wasn't the banks pushing for those lending standards, it was Wall Street investors who found out that real estate lending can't lose as long as collateral values increase faster than the interest rates on the notes.
And finally, I want to let you in on a dirty secret. The banking industry did not build that house of cards. Wall Street and the Republican party did that. It was a pump and dump scheme on a grand level. Meanwhile, hundreds of thousands of the good people who work in the banks lost their jobs (myself included at the time). And while a great many innocent homeowners did get screwed, about half of those people who lost their homes intentionally defaulted on their mortgages. Limbaugh, Hannity, and Beck were all running propaganda encouraging their listeners to stop paying their mortgages because "Obama's socialism would make it so home values will never go back up!" And those fucking suckers still vote GOP.

I suggest looking into the findings from the financial crisis inquiry commission as you are repeating Republican talking points.

Government policies and the subprime mortgage crisis - Wikipedia

en.m.wikipedia.org

Financial Crisis Inquiry Commission - Wikipedia

en.m.wikipedia.org

You’ll note that the largest failed banks did not fall under CRA guidelines.