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Old 10-28-2011, 08:58 PM
 
Location: Dallas
31,290 posts, read 20,625,215 times
Reputation: 9314

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The ignorance regarding business and market pressures on this board are beyond astronomical.
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Old 10-28-2011, 09:01 PM
 
Location: Georgia
1,258 posts, read 2,303,679 times
Reputation: 675
Quote:
Originally Posted by EdwardA View Post
You see folks all of this bellyaching over debit card fees and many of the banks that were considering it have decided against it. Even B of A is scaling down the impact of the fees.

Yet the Dems and Obama lit in B of A and wanted to pass yet more legislation. Why don't Dems understand how markets work?

Big Banks Blink On Debit-Card Fees - WSJ.com
So Republicans understand how free markets work when they fight to keep giving oil companies billions of dollars in subsidies via the tax payers?????

I never get how Republicans can be so hypocritical...
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Old 10-28-2011, 09:18 PM
 
6,137 posts, read 4,842,859 times
Reputation: 1516
Quote:
Originally Posted by fibonacci View Post
B of A was just using legislation as an excuse to raise fees. Instead of making money hand of first many, many, many times over, they can only make money hand over fist many times over now. What B of A never tells you is that even with legislation in place, they still make 19 cents per debit card transaction and rake in $3.3 billion per year in debit card transaction fees. B of A can go to hell.
I "rake in" a couple K per month on certain ventures. That means absolutely nothing. I spend more than that on infrastructure. You are taking an arbitrary number and getting emotional over it while ignoring everything behind it.

Sure, banks are responding to pressure and dropping these fees, but chances are you'll be saying goodbye to that free checking and/or rewards on your debit card. On top of that, if everyone moves to smaller banks (which are exempt from the cap) we'll be right back where we started on transaction fees as well.
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Old 10-28-2011, 10:01 PM
 
3,457 posts, read 3,609,111 times
Reputation: 1544
Quote:
Originally Posted by nononsenseguy View Post
When you say, "these banks", which banks are you referring to?
well, i mean the financial system. that includes commercial banks and lenders, hedge funds and private equity, the market makers, the primary dealers...

Quote:
Most banks did not need, nor did they want the 'bailout' money. They were forced to take it, and then they had to pay it back with interest.
HA! banks didn't WANT the money. Right.

No , they all made a pinky swear that nobody will tell who got the bailouts, because nobody was supposed to find out which institutions were vulnerable.

As far as giving it back, they paid back some of TARP, but they didn't pay back the other trillions' worth of bailouts. The idea that bailouts begin and end with TARP is just plain ignorant. I posted that earlier in the thread but I reckon you were too busy to read it.

Quote:
And further, it had nothing to do with the generosity of the American people, who, if they had there way, would NEVER have agreed to this Obama administration scheme.
i'm pretty sure the bailouts occured under Bush and Paulson.

Quote:
The debit card fee "jack up" as you put it, was as a direct result of an amendment inserted into the Frank-Dodd bill by Dick Durban, which robbed banks of some of their profit from fees charged to retail stores for card services (when consumers use a credit/debit card, a fee is charged to the merchant).
yes, it ROBBED them. poor banks. government just pushes them around.

Quote:
Banks have to earn their money somewhere. They cannot provide you with free checking and the many other free services that banks offer YOU if they aren't earning a profit from loans or merchant services. What world are you living in?
Yeah they used to "pay" you just to hold your deposits. Just having your MONEY was good enough for them.

That was back before there was a fed discount window for them to borrow as much as they wanted to from the government. Now deposits are just a formality. They don't need your money. They need you to take on debt.

How many deposits you think Goldman Sachs has? Why did they get so much bailout money?

Quote:
Lastly, shareholders are part owners in any business. They have invested their hard earned money and put it at risk (if the company doesn't make a profit, they may lose big). They expect and deserve a return on that investment.
they don't deserve a god damn thing. all they deserve is insolvency for investing in a company that lost billions of dollars and had to go begging to the government to save it so it wouldn't have to declare bankruptcy.

in a capitalist society, those investors lose their money. in our society, the Fed prints money and makes the boo- boo okay.

Quote:
Executives should get bonuses for their performance, or the performance of the company, and it isn't for the government, or you and me, to decide how much that should be. I don't care, if they are honest. They earn their money.
Sure. unless they get their money from the Fed. then they aren't earning it anymore.

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But, I suppose to you, profit is evil, right? Greedy?
you suppose wrong.

Quote:
Now get up off the grass and out of that park and go get a job, but you might take a shower and put on some clean clothes if you expect any business to give you the time of day.

The capitalist, free market system, is NOT greedy. Some people may be. But the system works, and it works well. It has made this country great, given us the highest standard of living of any country in the world, and people like Steve Jobs have given us some mighty fine products for their efforts; that is what they "give back" — their innovative ideas which you doubtless used to post your message.

Get a job, punk.
Get a clue, chump.
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Old 10-28-2011, 10:02 PM
 
1,568 posts, read 1,545,069 times
Reputation: 414
Quote:
Originally Posted by GAisGreat View Post
So Republicans understand how free markets work when they fight to keep giving oil companies billions of dollars in subsidies via the tax payers?????

I never get how Republicans can be so hypocritical...
The tax write offs for exploration expenses aren't subsidies and they are typical of similar industries.
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Old 10-28-2011, 11:41 PM
 
9,855 posts, read 15,156,601 times
Reputation: 5481
Quote:
Originally Posted by Cletus Awreetus-Awrightus View Post


I posted some in the last thread where we talked about this.

If I remember correctly, your argument was that the bailouts to Fannie and Freddie weren't "banking bailouts." I reject that argument, because banks are Fannie and Freddie's counterparties, and banks have been using Fannie and Freddie to dump their risk. That's where the discussion ended.
Can you reference that? Again, you are making things up, with complete disregard for facts. Please stop putting words in my mouth.

Quote:
i'll let you know when i need investment advice from a kid in business school.
I am someone who earned enough by investing to buy a house before my 23rd birthday. I know more than most about investing. Do you want to actually discuss issues or do you want to dodge them by attacking me personally? I hope you are not ignorant enough to resort to personal attacks.

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yes, i can see that you're proud of yourself.
Again, a personal dig instead of discussing the issues. Typical from you.

Quote:
Warren Buffett's 15% capital gains rate is lower than what i pay on my wages.
I am talking about YOUR capital gains. Why the hell aren't you investing? Don't get mad at the wealthy because they take advantage of capital gains when you are simply too lazy to do so.

Quote:
it's a meaningless question.
So again, no explanation as to why you aren't investing. No explanation as to why you aren't making money in the market. Are you capable of answering a question, or do you simply deflect anything that you aren't capable of responding to?

[/quote]
just because anyone in this country can invest does not mean that we all benefit equally from the bank bailouts.
Quote:

It absolutely does. Given a bailout with an 8.2% return, ANYONE could benefit from the bailout. Those who don't are simply too busy watching American Idol at night to spend time learning how to invest.


I'm not bothered by this, considering that you use inadequate numbers. Your link said:



The government spent $580 billion, which is far more than $309 billion.

Furthermore, this does not even include the guarantees that were made, the accounting standards which were changed, or the trillions in short-term low-interest loans that were made.

Here is a slightly-more comprehensive view of the bailout costs:
Total Wall Street Bailout Cost - SourceWatch
$4.76 TRILLION DISBURSED $13.87 TRILLION MAX. AT-RISK $1.54 TRILLION OUTSTANDING

I mean think about this for a minute. You seriously think the entire banking system was at risk of collapsing over $309 billion?
Absolutely. The Chicago shadow market was at risk of collapsing over MUCH less than that in the early '90s (as anyone with half a brain knows). Do you actually do research? My god. It is like you just blindly listen to whatever is posted on msnbc. Educate yourself for once in your life.
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