So much for Trump not being in bed with Wall Street (spokesman, radical)
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True because there is, after all, no one right way for folks to live. Never has been, & most likely never will be.
& paradoxical? Because we are, after all, human. This is part of the human 'condition' so to speak. & there is no one way for us to express that sometimes very beautiful & healthy (& sometimes very not) humanity.
We are flawed but there is always beauty. We make mistakes, we sometimes fix them, sometimes not, we sometimes ignore for expediency, sometimes not, we sometimes apologize, sometimes not, ... there's always something.
In other words, I don't understand either.
Like that old prophet Peter Gabriel so aptly put it:
I am pretty forgiving. Not as much as you it would seem.
"Trump will use a memorandum to ask the labor secretary to consider rescinding a rule set to go into effect in April that orders retirement advisers, overseeing about $3 trillion in assets, to act in the best interest of their clients..."
So banks get to take your money and do whatever they want with it because they will just get bailed out again, and they are not responsible for what happens to the money you are entrusting them with? They get to take your money and make themselves rich while not being required to ensure that you keep your money.
America's Banking System: Privatize Profits to the few hundred people that sit on the boards while socializing the losses to the American Taxpayer.
How did that work out with Goldman Sachs that best against their own clients.
The Big Financial Institutions in this country need to be reined in or shutdown, they are a scourge on this country
This crisis was not an accident. It was caused by an out-of-control industry. Since the 1980s, the rise of the U.S. financial sector has led to a series of
increasingly severe financial crises. Each crisis has caused more damage, while the industry has made more and more money.
The result was a global recession, which cost the world tens of trillions of dollars; rendered 30 million people unemployed; and doubled the national debt of the United States.
After the Great Depression, the United States had 40 years of economic growth, without a single financial crisis. The financial industry was tightly regulated.
Most regular banks were local businesses, and they were prohibited from speculating with depositors' savings. Investment banks, which handled stock and bond trading, were small, private partnerships.
-- Inside Job
Yep and it's absolutely coming again. I have shifted my investment focus entirely back towards equities again to ride this next wave but just a matter of time before the next bubble pops. Rolling back on financial regulations will accelerate the process. History has already taught us this lesson.
This crisis was not an accident. It was caused by an out-of-control industry. Since the 1980s, the rise of the U.S. financial sector has led to a series of
increasingly severe financial crises. Each crisis has caused more damage, while the industry has made more and more money.
The result was a global recession, which cost the world tens of trillions of dollars; rendered 30 million people unemployed; and doubled the national debt of the United States.
After the Great Depression, the United States had 40 years of economic growth, without a single financial crisis. The financial industry was tightly regulated.
Most regular banks were local businesses, and they were prohibited from speculating with depositors' savings. Investment banks, which handled stock and bond trading, were small, private partnerships.
-- Inside Job
The model as carried out as opposed to the theory is unsustainable.
This crisis was not an accident. It was caused by an out-of-control industry. Since the 1980s, the rise of the U.S. financial sector has led to a series of
increasingly severe financial crises. Each crisis has caused more damage, while the industry has made more and more money.
The result was a global recession, which cost the world tens of trillions of dollars; rendered 30 million people unemployed; and doubled the national debt of the United States.
After the Great Depression, the United States had 40 years of economic growth, without a single financial crisis. The financial industry was tightly regulated.
Most regular banks were local businesses, and they were prohibited from speculating with depositors' savings. Investment banks, which handled stock and bond trading, were small, private partnerships.
-- Inside Job
Yes Sir, very much so.
As Joseph Stieglitz is fond of saying:
"The reason that the invisible hand often seems invisible is that it is often not there."
"Trump will use a memorandum to ask the labor secretary to consider rescinding a rule set to go into effect in April that orders retirement advisers, overseeing about $3 trillion in assets, to act in the best interest of their clients..."
So banks get to take your money and do whatever they want with it because they will just get bailed out again, and they are not responsible for what happens to the money you are entrusting them with? They get to take your money and make themselves rich while not being required to ensure that you keep your money.
America's Banking System: Privatize Profits to the few hundred people that sit on the boards while socializing the losses to the American Taxpayer.
How did that work out with Goldman Sachs that best against their own clients.
The Big Financial Institutions in this country need to be reined in or shutdown, they are a scourge on this country
Seems maybe you aren't all forgiving. I hold those who do the bidding as guilty as those who pay for it.
True because there is, after all, no one right way for folks to live. Never has been, & most likely never will be.
While there is no one answer for every issue, there is a right way for people to live in many cases. It's never OK to screw people out of their money to simply benefit yourself.
One does need to note......people did go to prison over that. In the big picture it goes to support your position.
We deregulated, people took advantage of that, made a mess but we at least prosecuted them.
We deregulated again, people took advantage of that but no one was held accountable.
So what happens the next time? It was embedded in D/F. In D/F the banks could simple confiscate the deposits to cover their losses.
Some folks went to prison & some got 'get outta jail free' cards. (S&L Crisis of the 1980s)
President Reagan described deregulation as 'hitting the jackpot'. Even though he was wrong, I don't believe he was evil.
Quote:
“This bill is the most important legislation for financial institutions in the last 50 years. It provides a long-term solution for troubled thrift institutions. ... All in all, I think we hit the jackpot.” So declared Ronald Reagan in 1982, as he signed the Garn-St. Germain Depository Institutions Act.
He was, as it happened, wrong about solving the problems of the thrifts. On the contrary, the bill turned the modest-sized troubles of savings-and-loan institutions into an utter catastrophe. But he was right about the legislation’s significance. And as for that jackpot — well, it finally came more than 25 years later, in the form of the worst economic crisis since the Great Depression. ...
The increase in public debt was, however, dwarfed by the rise in private debt, made possible by financial deregulation. The change in America’s financial rules was Reagan’s biggest legacy. And it’s the gift that keeps on taking.
The immediate effect of Garn-St. Germain, as I said, was to turn the thrifts from a problem into a catastrophe. The S.& L. crisis has been written out of the Reagan hagiography, but the fact is that deregulation in effect gave the industry — whose deposits were federally insured — a license to gamble with taxpayers’ money, at best, or simply to loot it, at worst. By the time the government closed the books on the affair, taxpayers had lost $130 billion, back when that was a lot of money. ...
From President Reagan's speech referenced above:
"...Now, this bill also represents the first step in our administration's comprehensive program of financial deregulation. I particularly want to commend the leadership of the chairman, Senator Garn, and Chairman St Germain, along with Secretary Regan and his fine team at Treasury. They did a remarkable job forging a consensus within the Congress and among affected industries in favor of the bill's deregulatory provisions. I'd like to also thank Congressmen Stanton, Wylie, and LaFalce for their assistance.
What this legislation does is expand the powers of thrift institutions by permitting the industry to make commercial loans and increase their consumer lending. It reduces their exposure to changes in the housing market and in interest rate levels. This in turn will make the thrift industry a stronger, more effective force in financing housing for millions of Americans in the years to come. ...
Some folks went to prison & some got 'get outta jail free' cards. (S&L Crisis of the 1980s)
President Reagan described deregulation as 'hitting the jackpot'. Even though he was wrong, I don't believe he was evil.
I agree but indeed he was wrong. His theory was legit but unfortunately theory is just that.
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so aptly put it:
Please explain.
