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Who predicted exactly what would happen before it did???
Who DIDN'T predict what would happen? The Bush admin. soled the American fairytale of home ownership to Americans and deregulation allowed the banks to get their swerve on.
What? Private banks wouldn't be here without g-force? LMAO..I've heard you Ron Paul heads were crazy but damn. Your boy has no chance because he's an idiot. Keep banging that looney drum all you want. You're just wasting your time.
The Free Market has very effective means of disposing of evil corporations.
Who DIDN'T predict what would happen? The Bush admin. soled the American fairytale of home ownership to Americans and deregulation allowed the banks to get their swerve on.
Ron Paul predicted it would happen
Quote:
Originally Posted by ergohead
The Free Market has very effective means of disposing of evil corporations.
Nah, let's bail them out, and then complain that they exist.
ANd what accountability does the financial sector have??? You must've slep through the last 4 years. Government officials are accountable to voters, the private sector NOBODY. Ron Paul and his delusional ideas will never go anywhere.
Are you dense? Do you not understand how a free market works? In a free market system a corporation is free to be unaccountable to it's stockholders and customers. It can completely and blatantly ignore them, but then it's also free to suffer the consequences. Instead of living on governmental subsidies and counting on bailouts, they will go broke and be run out of business, or they will have to change their ways and start producing results. You are right to decry crony capitalism and fat cat banksters who gamble and cheat, but you're misdiagnosing the cause of the problem. It's the government that enables them to keep existing. If Uncle Sam didn't subsidize their bad behavior the marketplace would have already taken care of them.
So you're right to say the financial sector does have an astonishing lack of accountability at the moment, but the piece of the puzzle you're missing is the government propping up these corrupt institutions.
Who DIDN'T predict what would happen? The Bush admin. soled the American fairytale of home ownership to Americans and deregulation allowed the banks to get their swerve on.
Well, no; again, that happened under the impeached Former President Clinton.
Are you intent on telling untruths or do you really just not know?
Who DIDN'T predict what would happen? The Bush admin. soled the American fairytale of home ownership to Americans and deregulation allowed the banks to get their swerve on.
Quote:
The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that officially ensured the deregulation of financial products known as over-the-counter derivatives. It was signed into law on December 21, 2000 by President Bill Clinton. It clarified the law so that most over-the-counter (OTC) derivatives transactions between “sophisticated parties” would not be regulated as “futures” under the Commodity Exchange Act of 1936 (CEA) or as “securities” under the federal securities laws. Instead, the major dealers of those products (banks and securities firms) would continue to have their dealings in OTC derivatives supervised by their federal regulators under general “safety and soundness” standards. The Commodity Futures Trading Commission's (CFTC) desire to have “Functional regulation” of the market was also rejected. Instead, the CFTC would continue to do “entity-based supervision of OTC derivatives dealers.” [1]These derivatives, especially the credit default swap, would be at the heart of the financial crisis of 2008 and the subsequent Great Recession.
The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat.1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999–2001). It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. With the passage of the Gramm–Leach–Bliley Act, commercial banks, investment banks, securities firms, and insurance companies were allowed to consolidate.
If you plan on being honest (which it appears you don't) then you must admit that deregulation was supported and signed into law by Democratic President Bill Clinton.
...........If you plan on being honest (which it appears you don't) then you must admit that deregulation was supported and signed into law by Democratic President Bill Clinton.
The troll has left the thread.
Quote:
Originally Posted by NorthGAbound12
You get the government you deserve.
Unfortunately we all get stuck with it.
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