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We made a bit of a show in extracting fines out of investment banks but that is all it was. Give them a billion they have no problem paying $150 million back in fines. If you think about it, it's all a pretty sleazy set up all the way around. It's a huge trickle up tax that no one actually has to vote on and be held accountable for.
More than any one factor, it was & continues to be the ideological flaws that were most responsible for the recent global financial system imbroglio & failures. Without changing, it appears its role will be the 'elephant in the room' in the next one.
There was & continues to be, too much 'faith' placed in the self-correcting power of free markets. There's no such thing as a 'free market', that's an ideology-based perception & one not rooted in reality. The reality includes the fact that the market, particularly financial markets, are globally interrelated & interconnected. The ideology that insists governments have no role in the economy has encouraged, at best, the exponential increase in 'economic rent-seeking'. At worst, the 'de-regulate, de-supervise, & de-criminalize' ideology has created, maintained, & perpetuated the crimogenic environments that will very likely be the source of the next global financial systems breakdown.
Capitalism has never been about reducing the role of government in the economy. Rather it has encouraged the nature of government intervention away from protections of the worker & toward the defense of interests of large capital (primarily through economic rent-seeking).
If the desire to resolve, solve, or trouble shoot the problems of fraudulent & corrupt practices is real, a 'change in mind' is in order.
Real freedom necessarily includes the freedom to change one's mind, to admit mistakes or wrong-headedness, & so on.
More than any one factor, it was & continues to be the ideological flaws that were most responsible for the recent global financial system imbroglio & failures. Without changing, it appears its role will be the 'elephant in the room' in the next one.
There was & continues to be, too much 'faith' placed in the self-correcting power of free markets. There's no such thing as a 'free market', that's an ideology-based perception & one that is not rooted in reality. The reality includes the fact that the market, particularly financial markets, are globally interrelated & interconnected. The ideology that insists governments have no role in the economy has encouraged, at best, the exponential increase in 'economic rent-seeking'. At worst, the 'de-regulate, de-supervise, & de-criminalize' ideology has created, maintained, & perpetuated the crimogenic environments that will very likely be the source of the next global financial systems breakdown.
Free markets would have self corrected. The problem is that people who argue this had absolutely no desire to actually see it carried out. In the scenario of Free Market many of these businesses would have went under. In the bigger picture I'm good with that. The problem now is that we did not do that so if you are a free market proponent, screw off.
Free markets would have self corrected. The problem is that people who argue this had absolutely no desire to actually see it carried out. In the scenario of Free Market many of these businesses would have went under. In the bigger picture I'm good with that. The problem now is that we did not do that so if you are a free market proponent, screw off.
There's no such thing as a free market, that's a faith-based construct & doesn't exist in reality.
Even if there are 'true believers' in the 'faith', it would take a global-wide 'theocracy' to pull it off.
I don't understand why this we need to go back to pre-2008 and remove bank regulations. Removing capital requirements on large banks is a big mistake although adjustments to assist small banks are in order.
Restoring Glass-Steagall, is now gutting regulations???
Bill Clinton's push to get rid of Glass-Steagall, and signing the China Free Trade Act, started the mess we are in now.
I don't see any indication of restoring Glass-Steagall in this bill. The repeal may have contributed to the crash but certainly not the major reason. This bill is very investment banking friendly, their lobby is behind these changes. So what exactly is the problem this bill wants to address, I understand the need to address the problems with community banks but what are the other issues that require sweeping changes to Dodd Frank? The large banks have done quite well yet they are the ones behind these changes.
I don't see any indication of restoring Glass-Steagall in this bill. The repeal may have contributed to the crash but certainly not the major reason. This bill is very investment banking friendly, their lobby is behind these changes. So what exactly is the problem this bill wants to address, I understand the need to address the problems with community banks but what are the other issues that require sweeping changes to Dodd Frank? The large banks have done quite well yet they are the ones behind these changes.
Which is what many of said was what Dodd/Frank was all about to start with. It only took all of these years to acknowledge it.
Dodd/Frank needs gutted but no, the GOP isn't going to do it right......again though, I do not understand how one expects the GOP to do what the (D)'s would not do.
Free markets would have self corrected. The problem is that people who argue this had absolutely no desire to actually see it carried out.
No,the problem was too big for the "free market" to self correct.Yes we know you were fine with millions and millions of people out of work and homeless and the US economy completely destroyed,yes, we know you would be ok with it.All socialist and communist would be.
Restoring Glass-Steagall, is now gutting regulations???
Bill Clinton's push to get rid of Glass-Steagall, and signing the China Free Trade Act, started the mess we are in now.
Doggone it, I didn't know you were going all out to encourage Elizabeth Warren's bill? Will wonders never cease.
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Will wonders never cease. 
