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Republicans and the tea party were had. The right don't give a damn about trying to improve the economy or create jobs, all the want to do is further push the far right agenda giving breaks to their big business cronies and don't give a damn about the people. McConnell also states his only job is to take out Obama and Bohner will not be an adult and clearly states the right will continue the crybaby "my way or no way" tactics. Hope you learned your lesson right wingers.
This is just one of the things that Obama screwed up: he should have tackled financial/banking reform FIRST, while the people were still angry.
Investigations should have been conducted, people should have been indicted, tried, convicted and sent to jail.
Which is exactly why the Volcker Rule is a joke. When pressed by Republican Sen. Johanns, Volcker himself admitted that it doesn't address the actual problems.
All this talk about how banks are not lending money...
This is directly related to the governments involvement in the system.
Government has caused this mess, not the banks.
Banks risk your investment/deposits, to loan and receive interest on that loan. That interest pays you a little back, but also pays to run the bank. Now, those loans are a risk and the bank does not want to loose money for its depositors. Once strict protocol to qualify for a loan to protect the depositors, was dropped by rules and regulations the Progressive governments enacted so poorer people could qualify for loans.
See, Barney Frank has been in charge of this for some time now, as head of the Financial sectors.
So, this was the perfect storm, that was basically planned by our past Progressive government.
Have you read anything written by past Pres. Clintons friends, Cloward & Piven?
If you have you know how this fits perfectly in their strategy.
Once everything started downhill, the government that caused the problem, gets back in their and tries to save those they threw under the bus, helping their cause.
A lot of Politicking, like they were mad at the banks. Big bonuses with our money! It was planned!
They had you focused on Healthcare, Stimulus, Cap & Trade.
Now the banks won't let go of their cash after they were bailed out and gave their guys big bonuses.
Hell no they are not making loans. The rules and restrictions placed on them, to please the people the government propaganda machine have influenced to think it is the banks fault, are making the banks cling to there cash. Hahahaha! Because the government and the people want them to risk the money, yet they are guaranteed no reward. It is better to sit on what they have.
Had they been allowed to fail, the smaller banks that were not involved would have bought the failing bank. We would have been out of this mess long ago. Had they let the market play itself out, we would have pulled out of this stronger and long ago.
well said. we can prevent similar issues from happening in the future by doing three simple things
1: reinstate the glass-steagal act
2: repeal the community reinvestment act
3: bring the prime lending rate up to 6-8% where it belongs(this can be done gradually to prevent severe financial problems).
Quote:
Originally Posted by geofra
There are plenty of banks in this country who are healthy and wealthy and more than willing to lend money. The statement that banks won't lend money is incorrect. Banks exist to lend money. That is how they make money.
There are record low interest rates on loans and there are banks willing to lend; so, where are the borrowers?
Where are the big companies that want to expand? Where are the small businesses that want a loan to start up? Where are the home buyers?
While it is true that banks have tightened up their lending standards, I think that potential borrowers are still putting their finances in order before they start borrowing again as is evidenced by corporations building up their cash stockpiles (borrow, why when you have the cash?).
new business start ups, and business expansion will not happen until they know what the new regulations in the health care bill will cost them, and what the tax rates for next year will be.
and i agree that the people are putting their financial houses in order, just like they did in the 1930s.
Glass Steagall was repealed in 1999. That was what kept investment and commercial banks separate. Now they defacto co-mingle assets under the guise of "bank holding corporations."
Investment banks did not become bank holding companies until after the meltdown. Had nothing to do with the meltdown. Even before the Volker rule banks couldn't use depositers assests as their own.
RE:This is just one of the things that Obama screwed up: he should have tackled financial/banking reform FIRST, while the people were still angry.
Investigations should have been conducted, people should have been indicted, tried, convicted and sent to jail.
Quote:
Originally Posted by InformedConsent
Exactly! Why wasn't Obama on top of that?
Because he can't be on TOP of something he's in the MIDDLE of.
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