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The president has packed his economic team with Wall Street insiders intent on turning the bailout into an all-out giveaway
What's taken place in the year since Obama won the presidency has turned out to be one of the most dramatic political about-faces in our history. Elected in the midst of a crushing economic crisis brought on by a decade of orgiastic deregulation and unchecked greed, Obama had a clear mandate to rein in Wall Street and remake the entire structure of the American economy. What he did instead was ship even his most marginally progressive campaign advisers off to various bureaucratic Siberias, while packing the key economic positions in his White House with the very people who caused the crisis in the first place. This new team of bubble-fattened ex-bankers and laissez-faire intellectuals then proceeded to sell us all out, instituting a massive, trickle-up bailout and systematically gutting regulatory reform from the inside.
How could Obama let this happen? Is he just a rookie in the political big leagues, hoodwinked by Beltway old-timers? Or is the vacillating, ineffectual servant of banking interests we've been seeing on TV this fall who Obama really is?
Whatever the president's real motives are, the extensive series of loophole-rich financial "reforms" that the Democrats are currently pushing may ultimately do more harm than good. In fact, some parts of the new reforms border on insanity, threatening to vastly amplify Wall Street's political power by institutionalizing the taxpayer's role as a welfare provider for the financial-services industry...
They have been lieing cheating and stealing for so long. Lets stop with the fines and start with the jail.
Why not start by finding a federal law that was broken. It should be against the law for a commercial bank to gamble with your savings, but Bill Clinton made that legal when he repealed the Glass-Steagall Act. It was also not against the law for Tim Geithner to allow the federal reserve to give tens of billions to the big banks who gambled and lost our money either.
I'd love to see the banksters go to jail, but the sad truth is it was legal to destroy our economy, hell, it was even profitable for them to do so.
What specific act have bankers taken that was cheating or stealing? What laws have they broken?
Dude, I can find cite after cite of where big banks break laws and work out a settlement agreement to pay a fine for less than they made off of the scheme. You start putting some of the CEO'S in jail and I think we will see more honest dealing.
Dude, I can find cite after cite of where big banks break laws and work out a settlement agreement to pay a fine for less than they made off of the scheme. You start putting some of the CEO'S in jail and I think we will see more honest dealing.
So your complaint isn't with banks or wall street, it is with the government then? If you agree with that article, then you should be out protesting the SEC, not wall street.
Besides, are you really saying that settling should not be allowed in trial cases? Settling out of court is commonplace in the American legal system. Why is it OK for everyone EXCEPT big banks?
So your complaint isn't with banks or wall street, it is with the government then? If you agree with that article, then you should be out protesting the SEC, not wall street.
Besides, are you really saying that settling should not be allowed in trial cases? Settling out of court is commonplace in the American legal system. Why is it OK for everyone EXCEPT big banks?
My complaint is with both. The banks for breaking the law to begin with and the govt. for not writing laws to put the SOB's in jail.
Settlements of fines is all well and good if it is a deterrent. The sheer volume of these violations is a good indication that it is not working. Lets try putting the CEO's in jail, maybe that will work.
So if I throw a baseball through my neighbor's window and we both agree that I will pay him $200 so he doesn't sue me, I should still be charged with destruction of property?
That is the precedent you are proposing.
Quote:
Originally Posted by hotair2
My complaint is with both. The banks for breaking the law to begin with and the govt. for not writing laws to put the SOB's in jail.
Settlements of fines is all well and good if it is a deterrent. The sheer volume of these violations is a good indication that it is not working. Lets try putting the CEO's in jail, maybe that will work.
So you are just angry and looking to lash out at someone? Emotional decision making like this has no place in politics or business.
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