Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And nothing was done about them in the following 8 years.
There were over 6 years of attempts to do something about them. They were blocked by Congressional Democrats. Didn't you read the White House link I posted? Or watch the video I posted all the way to the end to see Clinton say the same thing?
There were over 6 years of attempts to do something about them. They were blocked by Congressional Democrats. Didn't you read the White House link I posted? Or watch the video I posted all the way to the end to see Clinton say the same thing?
In the 109th Congress they held the House and a 55-45 majority in the Senate. There was NO attempt to shut this down despite the growing evidence that it was going to end badly.
And they are paying that money back with interest.
Quite a difference there.
They paid off Gramm and Clinton to get Glass-Steigal repealed.
Rubin and Summers tell Clinton there is no need to regulate derivatives and he agrees.
Reluctant Democrats are brought on board with the promise that even more people who shouldn't be getting loans will get to play too while the corporate ***** wing of the Republican Party is just happy to be face down in the bank's lap.
A few big bank and GSE bundled over leveraged morgage-backed derivatives later and sure as **** the whole thing comes crashing down.
The same federal government that said yes to ****ing the public at the banks request decided to fix the problem they created by borrowing money on our credit card, loaning this money to the same banks that ****ed us before and watching as the banks bought up our now devalued assets at fire sale prices because, flush with our borrowed cash, they were the only ones in a position to buy.
Now that the assets we got ****ed out of by the banks have increased in value, our reward for rescuing these banks is that we may buy back our former assets at full retail.
Are we supposed to be satisfied by the fact they paid back the money we were forced to lend them?
I can't believe Clinton, Rubin, Summers and Gramm along with all the bank CEOs aren't getting raped in prison right now.
This thread has wandered a little bit but I never understood why a thread would get closed for evolving the discussion especially when what is being discussed is all related to the problem.
Such as this (and I will tie it in to the original discussion).
He is America’s most iconic banker. Okay. He isn’t a real banker, but we all know and love him; he’s George Bailey from the quintessential Christmas movie It’s a Wonderful Life. Bailey, the local banker from Bedford Falls, N.Y., confronts slumlord and all-around bad guy Henry Potter for control of his father’s bank, Bailey Building and Loan. Potter tries to bribe Bailey, then tries to steal the bank from the young idealist and businessman. It was a movie, and it was the 1940s, so the good guy won. George Bailey got the bank and the girl, and the bad guy lost, humiliated and shamed by a public that hated him.
Today, thousands of George Baileys around the country — men and women who run community banks — are battling a new and more insipid villain: their own government. And they are losing.
Small banks, saddled with the extra costs of legal compliance from Dodd-Frank and other new regulations designed to protect us from another banking crisis, are disappearing. According to the Federal Deposit Insurance Corp., there were 6,812 banks in America at the end of 2012, down from 8,534 at the end of 2007.
I recall people saying that those who noted that Dodd/Frank would only make the problem of "too big to fail" an even bigger problem as opposed to fixing it didn't know what they were talking about. It is doing just that. You can't expect those who helped create the problem in the first place come up with a decent fix.
But to tie it in to the topic......how else will students get loans when all the small local banks are no more? How is this helping the problem or the country? Do we really want Goldman Sachs, Bank of America and Chase own the banking in this country?
Absolutely not, we should not bail out students who got loans. Those students signed that paper, they chose how much they wanted to take, they KNEW they had to pay it back, and now that it's hard, they want to be bailed out? **** up a rope. I had to pay for my education, you pay for yours. Tough crap if it's "too hard". Wah.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
