Financial "reform" bill .... the latest legislative disaster

• QuakerOats

  http://www.cnbc.com/id/37314297
  
  http://www.usatoday.com/news/opinion/editorials/2010-05-24-editorial24_ST2_N.htm
  
  "The problem comes if you actually read and study the legislation as I have. Then, the inconvenient truth emerges — that the bill actually makes some problems worse and completely ignores others."
  
  
  Just when you thought the obamaKare legislation was the worst piece of legislation to ever come out of D.C. (and it is), then the socialists in congress toss out another doozy. The financial reform bill is incredibly flawed and does not address the real problems. About all it does is allow those in power to continue to determine winners and losers based on politics. What a sad commentary.
  
  Change we can believe in ..............................
• CenterBHSFan

  

  QuakerOats wrote: http://www.cnbc.com/id/37314297
  
  http://www.usatoday.com/news/opinion/editorials/2010-05-24-editorial24_ST2_N.htm
  
  "The problem comes if you actually read and study the legislation as I have. Then, the inconvenient truth emerges — that the bill actually makes some problems worse and completely ignores others."
  
  
  Just when you thought the obamaKare legislation was the worst piece of legislation to ever come out of D.C. (and it is), then the socialists in congress toss out another doozy. The financial reform bill is incredibly flawed and does not address the real problems. About all it does is allow those in power to continue to determine winners and losers based on politics. What a sad commentary.
  
  Change we can believe in ..............................

  
  Yeah well, the healthcare bill was a big fat zero loser bill too....
  
  This bunch of jackass, stupid, hypocritical, lazy, guttersniping, thieving, two-faced, uncourageous, unpatriotic, lying SOB's in our government spit in the face of America when they pass that healthcare bill and they won't hesitate to do it again.
  
  I don't put anything past them.
• QuakerOats

  CenterBHSFan wrote: This bunch of jackass, stupid, hypocritical, lazy, guttersniping, thieving, two-faced, uncourageous, unpatriotic, lying SOB's in our government spit in the face of America when they pass that healthcare bill and they won't hesitate to do it again.
  
  I don't put anything past them.

  Why beat around the bush .......... ................................
• jhay78

  

  We feel this financial reform bill, and overzealous government intervention in general, are good things that will only lead to greater economic prosperity for all Americans.
  
  Sincerely,
  
  Herbert Hoover
  FDR
  the New Deal
  the 1930's
  the Great Depression
  20% unemployment
  
  Great point from the USA Today article:

  Finally, the bill doesn't even address the two major contributors to the housing loan failures that dragged down our economy: Fannie Mae and Freddie Mac. These two taxpayer-supported entities became the backstops for reckless loans. They actually encouraged and offered the government's consent to the irresponsible lending practices that were the root cause of the crisis.
  

• believer

  

  jhay78 wrote: We feel this financial reform bill, and overzealous government intervention in general, are good things that will only lead to greater economic prosperity for all Americans.
  
  Sincerely,
  
  Herbert Hoover
  FDR
  the New Deal
  the 1930's
  the Great Depression
  20% unemployment

  Here....I fixed it for you:
  
  We feel this financial reform bill, and overzealous government intervention in general, are good things that will only lead to greater economic prosperity for all Americans.
  
  Sincerely,
  
  Barrack Hussein Obama
  Nancy Pelosi
  Harry Reid
  the Raw Deal
  the 2010's
  the Great Recession
  10% unemployment
• jhay78

  

  believer wrote:

  jhay78 wrote: We feel this financial reform bill, and overzealous government intervention in general, are good things that will only lead to greater economic prosperity for all Americans.
  
  Sincerely,
  
  Herbert Hoover
  FDR
  the New Deal
  the 1930's
  the Great Depression
  20% unemployment

  Here....I fixed it for you:
  
  We feel this financial reform bill, and overzealous government intervention in general, are good things that will only lead to greater economic prosperity for all Americans.
  
  Sincerely,
  
  Barrack Hussein Obama
  Nancy Pelosi
  Harry Reid
  the Raw Deal
  the 2010's
  the Great Recession
  10% unemployment

  Exactly. But the people and events in your list should've learned from the people and events in my list. Then again, that would involve abandoning leftist ideology for common sense and rational economic thinking.
• majorspark

  

  Well looks like this thing will be coming up for a vote. God only knows whats in this thing. Literally.
  
  http://www.washingtonpost.com/wp-dyn/content/article/2010/06/25/AR2010062500675_pf.html

  "It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd (D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate. "No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."

  Is Chris Dodd competing for the biggest fool in Washington? The dude is so drunk with power he gets teary-eyed over federal legislation. God save the republic.
• Manhattan Buckeye

  I'm a glass half-full guy, I have something that I can review all weekend and send an update to business contacts early next week!
• Footwedge

  Kudos to Obama for standing up to the Robber Barons who created this world wide depression through their unbridled greed. The "heads I win, tails I win too" attitude will probably be forever changed. Now, you shouldn'thave to see such people like president Bush approving 700 billion to bailout the corporatists...deferring tax money payments that has been saddled with the younger generation in the form of IOU's.
• believer

  

  Footwedge;401492 wrote:Kudos to Obama for standing up to the Robber Barons who created this world wide depression through their unbridled greed. The "heads I win, tails I win too" attitude will probably be forever changed. Now, you shouldn'thave to see such people like president Bush approving 700 billion to bailout the corporatists...deferring tax money payments that has been saddled with the younger generation in the form of IOU's.

  Screw Obama for greatly adding to the Great Recession through his unbridled deficit spending and forced government health care insurance. The "I will implement socialism and you will like it" attitude will forever change Amerika. Now you will continue to see such people like BHO, Pelosi, and Reid approving $870 Billion in Porkulus spending to appease their Democrat cronies...deferring to future generations tax increases that will insure on-going economic mediocrity for decades to come.
  
  There...I fixed it for you!
• IggyPride00

  

  Finally, the bill doesn't even address the two major contributors to the housing loan failures that dragged down our economy: Fannie Mae and Freddie Mac. These two taxpayer-supported entities became the backstops for reckless loans. They actually encouraged and offered the government's consent to the irresponsible lending practices that were the root cause of the crisis.

  I have no problem getting on the government for being a disaster, but Fannie/Freddie's shareholders were as much or more responsible for the race to the bottom in lending standards as the government was.
  
  The very idea of a GSE was absurd because it is a walking conflict of interest because you can't have private shareholders running a company with an implicit government guarantee. Conceptually it was a flawed idea from the start as it was ultimately bound to be abused.
  
  Around the turn of the century, F & F's shareholders, not the government, put the gun to management's head to buy anything and everything in site mortgage wise because the Wallstreet Investment banks were stealing market share in the mortgage market, and making money hand over fist operating in sub-prime.
  
  The standard fallback to everything is "blame fannie/freddie." They aren't the problem though, it is the securitization practices of our banking sector. Were it not for all the various financial vehicles created that bring no real value to anyone but the people passing paper around, we could have isolated the bad mortgages and the world economy wouldn't have been on the brink.
  
  By allowing Wallstreet to package horseshit together, buy a AAA rating for it, and then create derivitive products 3 and 4 times removed from the underlying assets the bets were being made on and then litter the world with worthless paper is what turned the economy into a big clusterfuck.
  
  This bill is a joke, it doesn't address leverage, it doesn't address underwriting standards, it doesn't eliminate "Too Big to Fail", and it doesn't do anything to take away the vehicles banks use to hide losses from investors while they base compensation on the fraudulent numbers.
  
  The government doesn't want people to know this, but most of our banks are technically insolvent, regardless of how well capitalized they appear.
  If they actually took the write-downs that they should be some of them would go belly up.
  
  The banks are using mark to myth accounting gimmicks to carry homes Heloc's and 2nd liens at full value on the balance sheet at a multiple of what they are really worth. Those are worth nothing theoretically if the house goes underwater. There are hundreds of billions of dollars off these things the banks refuse to write down or recognize losses on because it would wipe them out.
  
  What is Zimbabwe Ben's answer, another round of quantitative easing (I.E fire up the printing presses) where we buy the shit off the banks balance sheets again to socialize the losses and privatize gains. The Feds buys worthless paper from the banks with tax payer money ultimately, and the bank rids itself of shitty assets and then hands out billions of dollars in bonuses based on the appearance the banks are healthy and thriving. If the American people realized the scope of the back door bailout these firms got there would be rioting in the streets. TARP was nothing but a diversion to take the attention away from the real giveaway.
  
  If you haven't figured it out yet I am very cynical about this bill as it does nothing to address the fact our financial system is corrupt and designed to continue to saddle taxpayers with future losses and decreased purchasing power because of the inflation we have to create rather than having the banking overlords ever realize losses. It is criminal the lengths to which the government will go to protect the profit streams of the major financial institutions. No loss is too great for the taxpayer to bear if it means protecting profits and bonuses.
• believer

  

  IggyPride00;401555 wrote:It is criminal the lengths to which the government will go to protect the profit streams of the major financial institutions. No loss is too great for the taxpayer to bear if it means protecting profits and bonuses.

  Not to mention campaign contributions and votes.
• IggyPride00

  

  believer;401714 wrote:Not to mention campaign contributions and votes.

  
  That goes without saying. That is the quid pro quo. Government facilitates the banking industry's undue abstraction of wealth from the American people and in return members of both parties get their campaign coffers filled among other perks. Earlier in the year Dick Durbin candidly said the banks run the place, and he included his own party in that.
• gibby08

  

  jesus...if you're going to accuse someone of being a socialist...atleast know what the hell you're talking about
• believer

  

  gibby08;401835 wrote:jesus...if you're going to accuse someone of being a socialist...atleast know what the hell you're talking about

  OK.......... By the way, what's Jesus have to do with it?
• Bigdogg

  believer;401960 wrote:OK comrade.

  
  And the moderators continue to let you get away with insulting and calling people names. Nice come back by the way.
• believer

  

  Bigdogg;402667 wrote:And the moderators continue to let you get away with insulting and calling people names. Nice come back by the way.

  
  I see you ignore that Gibby uses the Lord's name in vain (which is quite offensive to at least some of us). But if calling someone comrade is more offensive than - say - the time-honored Ohio Chatter tradition of calling people "douche bag" then I see your point. I fixed it so you don't get your panties in a bunch.
• majorspark

  

  Bigdogg;402667 wrote:And the moderators continue to let you get away with insulting and calling people names. Nice come back by the way.

  
  Come on dude (oh wait did I just call you a name) you can't be serious. Comrade means friend, college, or ally. It was used by some socialist governments as an allegiance to the government an their fellow countrymen.
  
  It was easy to see believer had no malice. He was just being funny. gibby was bitching about calling people socialist and believer lays down comrade. Lighten up.
• QuakerOats

  http://www.thisweeknews.com/live/content/lickingcounty/stories/2010/07/03/new-financial-reform-puts-community-banks-at-risk.html?sid=104
  
  
  Once again D.C. got it completely ass backwards ----------- incredible.
  
  Change we can believe in ...............................
• jhay78

  

  QuakerOats;414471 wrote:http://www.thisweeknews.com/live/content/lickingcounty/stories/2010/07/03/new-financial-reform-puts-community-banks-at-risk.html?sid=104
  
  
  Once again D.C. got it completely ass backwards ----------- incredible.
  
  Change we can believe in ...............................

  
  Nice article- is Chris Dodd in jail yet?
• QuakerOats

  When you put radical leftists in charge, this is what happens:
  
  http://www.realclearmarkets.com/articles/2010/07/08/diversity_in_the_financial_sector_98562.html
  
  
  "...searching the bill for a provision about derivatives. What did I find but Section 342, which declares that race and gender employment ratios, if not quotas, must be observed by private financial institutions that do business with the government. In a major power grab, the new law inserts race and gender quotas into America's financial industry."
  
  The lunacy continues ..........................
  
  Change we can believe in ..................................
• gibby08

  

  majorspark;402800 wrote:Come on dude (oh wait did I just call you a name) you can't be serious. Comrade means friend, college, or ally. It was used by some socialist governments as an allegiance to the government an their fellow countrymen.
  
  It was easy to see believer had no malice. He was just being funny. gibby was bitching about calling people socialist and believer lays down comrade. Lighten up.

  What did I bitch about??
• gibby08

  

  Brown Will Back Wall Street Reform Bill
  Sen. Scott Brown (R-MA) will support the financial-overhaul bill, "taking the White House and Democrats to the verge of the support needed to pass the bill," the Wall Street Journal reports.
  
  "Brown's support is crucial in giving Democrats and the White House the 60 votes needed to block a filibuster on the bill, which recently passed the House of Representatives. Mr. Brown's support likely means Democrats now have the 60 votes they need."
  
  A vote in the Senate could come as soon as this week.
  
  Update: NBC News looks at how Democrats get to 60 votes in the Senate.
  
  Will now pass the Senate
• majorspark

  

  gibby08;421811 wrote:What did I bitch about??

  
  Like I said people throwing the word socialist around
  

  gibby08;401835 wrote:jesus...if you're going to accuse someone of being a socialist...atleast know what the hell you're talking about

• gibby08

  

  I wasn't bitching about someone calling him a socialist,it's well within your rights to do so...
  
  I just wish those that do know what the definition of socialist really is before they use it