Republicans try to derail Financial reform bill by slashing regulatory budgets

[wuliheron]

You underestimate the Republicans. They want everything they can possibly get their hands on including your little sister and unborn children. If maintaining the status quo is all they can get then that's what they'll settle for.

 

[Jhhnn]

Barny Frank
Chris Dodd

---------------------

Well, I wanted them to cut the gov budget.

This isn't for the reasons I wanted it cut, but these days a conservative has to take what they can get.

Fern

Take a long hard look at yourself and the position you've just taken, Fern. Remember how we got here, by way of the greatest looting spree in the history of finance, sponsored by The Republican party and the Bush Admin in particular.

It's the direct cause of our current malaise, of the expressed need to trim spending, and it'll just keep happening if Repubs have their way.

Is that what you want? Really?

 

[Darwin333]

Please provide some concrete authority for the claim of yours that I highlighted. W certainly drove up the expense of government-particularly the military and homeland security sectors, but outside of those sectors (near and dear to GOP hearts) I doubt greatly W doubled the SIZE of the federal government.

Medicare Part D

 

[Craig234]

Lol @ you think we have anything close to free markets

You can't have self-regulation when government takes the risk away and fuels the fire with cheap money. Jus sayin.
The markets were totally screwed up, but you can at least admit the government + fed are at least partly to blame for all of this?

One of the things you get wrong is to refer to 'the governent' as one static thing.

You can say, 'earthquakes crash buildings'. They don't build them. You can say, 'baseball teams play baseball'. Then tend not to put out forest fires.

But you are saying the equivalent of 'the private sector was at least partly at fault for the Madoff scam'. 'Motherhood is partly responsible for a woman who killed her children'.

It's not 'government' that's at fault as a general statement. It's a particular group of people in government.

One group might do something terrible, while another group does something great for people.

Not having government would take us back to a private tyranny, unelected. That's not a 'solution'.

The same form of government that gave us a corrupt who help Wall Street against the people is the one that can give us the people who will protect the people from Wall Street.

You need to learn to say GREENSPAN did this wrong, to say THE ROLE OF MONEY IN OUR SYSTEM NOW causes Wall Street to have excessive influence.

To deal with the real issues causing the problems - not in effect attack democracy and argue for the destruction, implicitly, of the best system to address the problems.

BUSH was bad, GREENSPAN was bad, CLINTON was bad, SUMNERS was bad on a lot of this.

On the other hand, FDR put all kinds of GOOD thins in place, with his appointees.

Government doesn't *INHERENTLY* bail out too big too fail Wall Street firms. Better government can BAN them, can not let them have that blackmail over the economy, can ban the gambling that they did expecting a government bailout. That's government, too, which you don't understand. We need GOOD government not NO government that lets the crooks take over society.

 

[matt0611]

One of the things you get wrong is to refer to 'the governent' as one static thing.

...

I agree with you its certain elements in the government that caused it. (or at least can share in the blame IMO)
I don't mean to lump every piece of our government together or the idea of government as a whole.
I don't advocate for no government either.

 

[ConstipatedVigilante]

For those of you who complain about Wall Street making profit, try opening a stock account.

Hint: You get profit!

 

[MooseNSquirrel]

Sorry, I don't often say this, but that is an incredibly stupid thing to write.

 

[ayabe]

For those of you who complain about Wall Street making profit, try opening a stock account.

Hint: You get profit!

Regular joes aren't allowed to invest in the big money scams nor are we granted access to all of the wink-wink inside bullshit going on.

The fact that if you're smart and lucky, you can make a little money isn't enough to cancel out the rampant and thus far unchecked criminality occurring on Wall St.

As long as you give me my allowance guv'na feel free to continue raping and pillaging, sound about right?

 

[Zebo]

For those of you who complain about Wall Street making profit, try opening a stock account.

Hint: You get profit!

That's how they suck you in to asset strip you when they are not quasi forcing you with 401K/403B, legislation set up to get your money on Wall Street instead of Main Street.

 

[PokerGuy]

So funny and ironic to see people like Frank and Dodd, themselves very much part of the group responsible for the crash, setting up regulations to supposedly prevent something like that. The correct alternative it so not fund their stupidity.

 

[her209]

Lol @ you think we have anything close to free markets

You can't have self-regulation when government takes the risk away and fuels the fire with cheap money. Jus sayin.
The markets were totally screwed up, but you can at least admit the government + fed are at least partly to blame for all of this?

In a free market, is there such things as "bankruptcy protection laws"? Just sayin'.

 

[matt0611]

In a free market, is there such things as "bankruptcy protection laws"? Just sayin'.

Are you claiming they are a problem? if so, again, government problem.

 

[her209]

Are you claiming they are a problem? if so, again, government problem.

No, I'm just trying to determine what your definition of "free market" is, i.e., how much government intervention? How about "limited liability"?

 

[Thump553]

For those of you who complain about Wall Street making profit, try opening a stock account.

Hint: You get profit!

Ha! Look up the track record of the average small investor (without insider knowledge, fulltime and immediate access to markets, without 40:1 leveraging, etc) and get back to me why wall streeters pull down millions per year and the average retail account is lucky to go positive. It's awfully easy for a noob to lose their shirt on the casino that is Wall Street.

 

[Zebo]

Ha! Look up the track record of the average small investor (without insider knowledge, fulltime and immediate access to markets, without 40:1 leveraging, etc) and get back to me why wall streeters pull down millions per year and the average retail account is lucky to go positive. It's awfully easy for a noob to lose their shirt on the casino that is Wall Street.

There are millions of ways to make money besides Wall Street casino. I've never understood why people do it most of whom have realized zero gain or worse last 10 years. There are carrying fees with every transaction that go to Wall Street (brokers, fund managers, etc) They get rich always, you don't so much. If you're a trader you better be really talented to beat the market because those on inside know which direction things are going. You don't. You're usually too busy working on Main Street.

Some examples of ways to keep your money away and still do well include
Rentals - my MIL owned 30+ houses in SF by time she retired most of which was paid off by renters.
O&G - you can % gathering systems, working interests in oil and gas wells
Small business - everything from franchising to starting your own.
etc...

THESE ARE INVESTMENTS WITH CASH FLOW UNLIKE WALL STREET.

I don't fuck with stock market casino unless I know something which is not very often. About once every two years I do some speculation on something I have a really good feeling about. Did Ford about two years ago and Motorola last Fall. But I've been burned too.... But it's play money NOT what I depend on for retirement.

The only way I'll get into it with any seriousness is my IPO with Goldman Saches having back,😉 That's who makes the real money,

 

[GuitarDaddy]

There are millions of ways to make money besides Wall Street casino. I've never understood why people do it most of whom have realized zero gain or worse last 10 years. There are carrying fees with every transaction that go to Wall Street (brokers, fund managers, etc) They get rich always, you don't so much. If you're a trader you better be really talented to beat the market because those on inside know which direction things are going. You don't. You're usually too busy working on Main Street.

Some examples of ways to keep your money away and still do well include
Rentals - my MIL owned 30+ houses in SF by time she retired most of which was paid off by renters.
O&G - you can % gathering systems, working interests in oil and gas wells
Small business - everything from franchising to starting your own.
etc...

THESE ARE INVESTMENTS WITH CASH FLOW UNLIKE WALL STREET.

I don't fuck with stock market casino unless I know something which is not very often. About once every two years I do some speculation on something I have a really good feeling about. Did Ford about two years ago and Motorola last Fall. But I've been burned too.... But it's play money NOT what I depend on for retirement.

The only way I'll get into it with any seriousness is my IPO with Goldman Saches having back,😉 That's who makes the real money,

:thumbsup: Stock market is only for crooks and fools anymore

My 85yo dad is an ex bank pres that used to spend his days helping people invest and get better than savings account interest return on their money, now days the only investments he has are highly secured personal notes to AAA rated borrowers that happen to be long time partners and family members. The rest he keeps in safety deposit box or in his mattress 🙂

I don't go as far as him in my distrust of banks and financial institutions, I still think 1% return is better than 0% return that he gets from his safety deposit box or matress 🙂, but it's certainly a statement on the state of financial institutions and investment vehicles when a guy like him who grew up in banking and made his living that way, now won't trust them with more than a few thousand to cover the checks he wants to write.

 

[werepossum]

:thumbsup: Stock market is only for crooks and fools anymore

My 85yo dad is an ex bank pres that used to spend his days helping people invest and get better than savings account interest return on their money, now days the only investments he has are highly secured personal notes to AAA rated borrowers that happen to be long time partners and family members. The rest he keeps in safety deposit box or in his mattress 🙂

I don't go as far as him in my distrust of banks and financial institutions, I still think 1% return is better than 0% return that he gets from his safety deposit box or matress 🙂, but it's certainly a statement on the state of financial institutions and investment vehicles when a guy like him who grew up in banking and made his living that way, now won't trust them with more than a few thousand to cover the checks he wants to write.

Older people often have a fear of banks. Is your father old enough to remember the Depression?

My grandfather use to carry between $4,000 and $6,000 every day. When he died, he had over $30,000 in the house IIRC, including about $6,000 in change. (Lord only knows why the closet floor hadn't broken through.) Kind of scary in a former bank pres though.

 

[Zebo]

Yeah it's pretty sad sound investments like CDs, treasuries, etc can't even beat inflation. It's almost like you have to gamble your hard earned money. My sister, after losing a ton in TIAAcref said something interesting to me. "they all expect us to be financial experts to hold on to what we have"

 

[Zebo]

I personally don't understand fear of banks, they are insured unlike stock market casino.

 

[GuitarDaddy]

Older people often have a fear of banks. Is your father old enough to remember the Depression?

He was born in 1925 so he lived through the depression as a child but he was really too young to remember much, although I'm sure he learned alot about it from stories told by his dad who was born in 1894 and supported their family through the depression.

His fear of banks does seem irrational to me, but who better to know what kind of shenanigans they are capable of than a former pres. I will say part of his resentment comes from the fact that he saw his retirement pension disappear through corruption and repeated buyouts in the days just before 401k regs placed federal guarntees on retirement plans.

 

[Zebo]

Cash is fleeting..about 3-5% every year. GUARANTEED LOSER. At least buy a potentially appreciating asset - house, land, 59 Corvette, or even metals.

 

[matt0611]

Yeah it's pretty sad sound investments like CDs, treasuries, etc can't even beat inflation. It's almost like you have to gamble your hard earned money. My sister, after losing a ton in TIAAcref said something interesting to me. "they all expect us to be financial experts to hold on to what we have"

Thank the federal reserve for printing money and manipulating the interest rates.
Its better this way though, so people claim. :\

 

[Acanthus]

Great! this bill will does nothing but make it impossible for Wall St. to make a profit and will collapse the US economy which is why Obummer is for it.

Wall street (finance) is 40% of our economy now.

We now have 40% of our economy that literally does nothing but leech dividends off of the other 60%.

How is that not a massive problem? Wall Street needs to make substantially less money.

 

[Acanthus]

Cash is fleeting..about 3-5% every year. GUARANTEED LOSER. At least buy a potentially appreciating asset - house, land, 59 Corvette, or even metals.

Precious metals are nuts right now.

 

[PokerGuy]

We now have 40% of our economy that literally does nothing but leech dividends off of the other 60%.

You sure you're not talking about the government??