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Old 01-12-2010, 07:44 PM
 
Location: nunya
566 posts, read 972,471 times
Reputation: 227
I should draw your attention to my previous statement.

Quote:
That's not to say that Fed policy alone is responsible, but it's at least one bale of straw on the camel's back. [LEFT]
[/LEFT]
My opinion of any study by the FRB... (censored)

Carry on.
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Old 01-12-2010, 08:05 PM
 
Location: Lost in Montana *recalculating*...
4,569 posts, read 7,147,432 times
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Obstinate seems to be the key word of the day, kids.
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Old 01-12-2010, 09:46 PM
 
Location: nunya
566 posts, read 972,471 times
Reputation: 227
What is that cryptic post supposed to mean? Overwhelmed?
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Old 01-13-2010, 01:39 AM
 
11,962 posts, read 7,336,600 times
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I can't agree with abolishing the FED, but from shareholder perspective I see incredible conflict of interests going on when everyone's related to Rubin. When everyone at the table is in self service, or worse lockstep worshiping paradigms of greenspan, at what point are Americans- passively subjected to the outcome- being served?

Threerun if this were any other industry... where else would people be guilty of gross malfeasance, then get promoted to solve the problem they created & profited? Whose testimony was relied upon for bonehead congress to go along with deregulation? Brooksley Born was the only qualified candidate where I stand. FRONTLINE: the warning | PBS
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Old 01-13-2010, 05:29 AM
 
Location: Lost in Montana *recalculating*...
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I don't believe the FRB has been grossly malfeasant, especially as it pertains to the current crisis. I believe the Maestro- Greenspan, was philosophically bent on the total 'free market forces' BS but the long and short of it is (and was) the FRB has never regulated non-bank securities and investment firms, which for the most part was where our systemic failures began.

The FRB does regulate the 'banks', and to that I can attest handily.

Interestingly enough, what Bernanke DID when he pumped AIG and the investment banks with loans was a first- The FRB never loaned non-bank institutions money. However the financial system became so intwined, we were witnessing the apocalyptic meltdown of the entire system.

So is the Fed guilty of politically pushing deregulation? Yes- definitely. But that's why my earlier comment "The Fed has become too politicized" hammers home. They should not be involved in espousing de-regulation or pandering lawmakers who wish for either or. They should be managing the money supply and be our watchdogs for inflation (and banking meltdowns). Get the investment banks and securities OUT of the day to day banking industry.

Remember- us little banks, the non-CITI's and such, were wholly exempt from most of this crap, because we are indeed regulated.
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Old 01-13-2010, 02:29 PM
 
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I remember in the 70's how it was perceived everyones fate hinged on the nuance of speech from the Fed quarterly reports-- one sleight word this way, stocks surged wildly for days, one word that way, other stocks plunged. Rather bizarre to see grown men on Wall Street carrying on these drama's to the extent they did, not realizing at the time it was the movement of money they were addicted. This politicization isn't exactly new, but the hero worship status turning all in the industry into bobble heads seems to me the fatal flaw.

I don't have a vested interest in holding up a singular scapegoat to blame. Greenspan wouldn't have the overreaching influence he enjoyed if not for countless masses placing him on that pedestal. When what appears to be the lone voice of dissent-- Brooksley, is marginalized to hell, who lost? We did, and we as a culture have done it to ourselves. Crucial checks and balances are weakened. We're purportedly the driving force behind media headlines, so when it's rife with tabloid sensationalism, when critical analysis and scrutiny are getting flabby... having 300 cable channels all telling me what they think I want to hear is the same thing as diversity?

Subject of regulations... Eliot Spitzer, the guy who brought Enron down, said the regulations on the books were adequate but the law was not being interpreted properly/ not being enforced. Claims from SEC responded they were underfunded and didn't get a round 'tuit. Repeated the same defense for Madoff ponzi scheme. I'll presume your career, your employer, was doing the right thing, but suffered unfair competition from crooks. The moral of the tale-- those in finance who refused to swallow the bait came out relatively unscathed, and if not for the fact they were by and large the smaller fish in the pond, would have been the natural successors to gobble up failed institutions. Too big to fail is a euphemism for monopoly. Monopoly runs contrary to a healthy expression of capitalism. Properly regulated capitalism is GOOD for business, not harmful, as so many Reaganomic fans insist by pushing their ideology to it's breaking point.

In the spirit of practical enforcement, knowing your competitors (say countrywide selling mortgage products) were engaged in impropriety, is there an 800# you can call to report them to regulators? In my estimation, the best watchdogs are competitors and consumers (greenspan isn't entirely wrong), but if no one is taking them seriously on the other end, that's a willful abdication of responsibility plaguing our government. This is how I believe Greenspan pushed his ideology to it's breaking point, and how poli parties following this pied piper fell down on the job. Yes, even the Dem's acquiesced to the persuasions of R's. Clinton signed deregulation because he failed to see harm coming our way. Every check and balance in our system was overridden. Do I dare say this greenspan worship has decimated the GOP's traditional reputation as fiscal conservative? Not bashing R's, just hoping they wake up and get well soon.

Ron Paul is very difficult to listen to in extremes, but I hope you can sort through what he's saying with filters so that the legitimate concerns he raises are considered. What Bernanke had to do-- when financial epidemics are afoot, the equivalent of marshall law is appropriate (particularly when our own BS is spilling out on global scale). We dodged a huge bomb, but it was impossible to come out unscathed. I'm not going to sit here as an armchair quarterback, unqualified, and commence whining about woulda shoulda coulda. Whatever losses we've incurred should be attributed to when the ball was set in motion, and the moment credit card policies were being authored. I'd like to hear your input on how this could have been prevented, and especially, what the appropriate response in the future should be, from your perspective as industry insider.

Subject of industry outsiders, you need to understand that the rest of us are furious with Wall Street, Finance, Insurance, Congress... a very very long line of purps. Social injustice goes unchecked too long, things get seriously ugly and misattributed blame notoriously punishes the innocent in those social climates. Please take the time to explain to laymen. No, it's not your job, but it's needful. People need to hear more than FOX version of reality. They also need to hear more than the NPR version of reality. Finding the truth in a haystack of poetic license in an age of information... it's dangerously easy to mislead the masses now.
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Old 01-13-2010, 03:46 PM
 
Location: Lost in Montana *recalculating*...
4,569 posts, read 7,147,432 times
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Quote:
Originally Posted by harborlady View Post
Subject of industry outsiders, you need to understand that the rest of us are furious with Wall Street, Finance, Insurance, Congress... a very very long line of purps. Social injustice goes unchecked too long, things get seriously ugly and misattributed blame notoriously punishes the innocent in those social climates. Please take the time to explain to laymen. No, it's not your job, but it's needful. People need to hear more than FOX version of reality. They also need to hear more than the NPR version of reality. Finding the truth in a haystack of poetic license in an age of information... it's dangerously easy to mislead the masses now.
Oh I'm furious as hell. I'm equally as made with the BS bonuses being racked up that should be used to pay down TARP money. I'm furious over a lot of things. I remember sitting around loan committee discussing who in the hell was buying all the crap mortgages that were being brokered in the Eastern Panhandle. Little did we know it'd be all of us, lol.

If you haven't seen this little 'diddy' called sub-prime explained, you owe it to yourself to view it. It's pretty funny in a sickening sort of way.

Subprime Explained (adult langauge)
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Old 01-13-2010, 06:36 PM
 
11,962 posts, read 7,336,600 times
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Excellent link, thanks.

Smoke and mirrors packaging caught you too? See, I don't know if this is nostalgia on my part, or if times have changed to horrific standards or what. I seem to recall when baffle them with BS was not a legit business practice. The only way credit cards can make a buck is play shell games with fine print, fight plain vanilla products tooth and claw?? WTH are the Wharton schools teaching these days?

Those bonuses- the rewards system in USA is so turned on it's ear how the hell can anyone teach young people about the value of work ethics without being laughed out of the building? They've been telling me work ethics are for chumps, and with examples like these leading the way, who can argue?
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