How the Big Banks Rigged the Market

[Red1966]

[QUOTE="Fogdog, post: 11614715, member: 889677" Its important to note that by and large this scandal grew into monstrous size under the regulatory averse Bush administration. [/QUOTE]
It's important to note the free pass given to this scandal and the subsequint payment of fines was forced onto shareholders instead of the actual perpetraters was under the Obama administration. The scandal started in the Clinton administration. You are blind to that which you do not wish to see.

 

[schuylaar]

[QUOTE="Fogdog, post: 11614715, member: 889677" Its important to note that by and large this scandal grew into monstrous size under the regulatory averse Bush administration. (/QUOTE]
It's important to note the free pass given to this scandal and the subsequint payment of fines was forced onto shareholders instead of the actual perpetraters was under the Obama administration. The scandal started in the Clinton administration. You are blind to that which you do not wish to see.

In order to create a chicken and egg problem, the dichotomy specialist must break a continuum into discrete parts and assert that one part occurs therefore before another. In order to accomplish his task the dichotomy worker must suppress the obvious, observable facts outside his knothole, of what chickens do when they are naked.

 

[Harrekin]

told?

citation?

i voted for obama in the 2008 primary. he had more to say to the middle class, that's why he got elected.

Didn't Obama lose the vote but get nominated anyway?

 

[schuylaar]

Didn't Obama lose the vote but get nominated anyway?

yup. just like bernie will.

sanders2016!

EDIT: that needs to be a poll..hillary or bernie from those on the right, if they had to vote left.

@desert dude?

 

[ttystikk]

yup. just like bernie will.

sanders2016!

EDIT: that needs to be a poll..hillary or bernie from those on the right, if they had to vote left.

@desert dude?

Better if they just didn't vote. That's what the righties tell poor people, so it must be okay.

 

[see4]

Didn't Obama lose the vote but get nominated anyway?

That would be Bush.

 

[schuylaar]

Better if they just didn't vote. That's what the righties tell poor people, so it must be okay.

i'm just curious..if their life depended on choosing one or the other which would it be?

simple enough?

 

[see4]

[QUOTE="Fogdog, post: 11614715, member: 889677" Its important to note that by and large this scandal grew into monstrous size under the regulatory averse Bush administration. (/QUOTE]
It's important to note the free pass given to this scandal and the subsequint payment of fines was forced onto shareholders instead of the actual perpetraters was under the Obama administration. The scandal started in the Clinton administration. You are blind to that which you do not wish to see.

Please man. Carter and Reagan and Bush Sr are also to blame. Deregulation started under Carter in 1980 and snowballed up through 1996, Clinton actually started closing off some deregulation loopholes, trading financial regulation for trade deregulation. Bush Jr, deregulated it all, because you know.. 'Murica and all. Mission Accomplished.

 

[dabadaba]

i'm just curious..if their life depended on choosing one or the other which would it be?

simple enough?

sanders or warren of course........... cankles doesn't have an honest bone in her.

 

[Fogdog]

Please man. Carter and Reagan and Bush Sr are also to blame. Deregulation started under Carter in 1980 and snowballed up through 1996, Clinton actually started closing off some deregulation loopholes, trading financial regulation for trade deregulation. Bush Jr, deregulated it all, because you know.. 'Murica and all. Mission Accomplished.

Plenty of deregulation took place during the Clinton administration. The difference between Clinton and Bush in this regard was that Clinton cooperated with the Republican congress to reduce regulation while Bush worked with Republican congress to implement Hands-Off regulation:
From: http://www.cepr.net/documents/publications/dereg-timeline-2009-07.pdf:

1996, Fed Reinterprets Glass-Steagall

• 1998, Citicorp-Travelers Merger

• 1999, Gramm-Leach-Bliley Act – repeals the Glass-Steagall Act completely.

• 2000, Commodity Futures Modernization Act – prevented the Commodity Futures Trading Commission from regulating most over-the-counter derivative contracts, including credit default swaps.

• 2004, Voluntary Regulation – allowing investment banks to hold less capital in reserve and increase leverage

"The day after the Supreme Court effectively decided the fate of the 2000 Presidential election, the Commodity Futures Modernization Act of 2000 passed in Congress, attached as a rider to an 11,000-page spending bill. The legislation, passed without debate or review,exempted derivatives from regulation and made a special exemption for energy derivative trading that would gain notoriety as the “Enron loophole.”"

"In a completely unregulated market, derivatives trading expanded quickly, increasing from a total outstanding nominal value of $106 trillion in 2001, to a value of $531 trillion in 2008. This rapid growth overwhelmed the legal and technological infrastructure of the industry. Commercial banks – the major players in the market – could make trades so quickly and enter contracts so freely that oftentimes no firm was certain who owed exactly how much to whom. Regulators placed their trust in the self-regulation of the firms to avoid potential risks."

edit: my underlining

Clinton, under fire from the Republican Congress and probably with an eye on post presidential opportunities, relaxed regulation of banks like JP Morgan. Bush, ever the bumbling fool, covered his eyes and said "in JP we Trust". As @see4 said: 'Murica and all. Mission Accomplished.

 

[Fogdog]

i'm just curious..if their life depended on choosing one or the other which would it be?

simple enough?

How bout turning the question around. If they had to choose, which Republican candidate would the left side vote for as president?

 

[Padawanbater2]

The difference between Clinton and Bush in this regard was that Clinton cooperated with the Republican congress to reduce regulation while Bush worked with Republican congress to implement Hands-Off regulation

That's the distinction conservatives fail to acknowledge

Deregulating the banks is a republican policy. Is there a single republican in gov. similar to Elizabeth Warren or Bernie Sanders in regards to regulating the banks so we don't end up with another, far worse financial crisis 5-10 years down the line? All of them are in favor of deregulation.

How bout turning the question around. If they had to choose, which Republican candidate would the left side vote for as president?

Rand Paul simply by process of elimination, every other republican candidate is too crazy, so by comparison, he doesn't seem so bad, but then you look at some of his policies..

 

[Harrekin]

That's the distinction conservatives fail to acknowledge

Deregulating the banks is a republican policy. Is there a single republican in gov. similar to Elizabeth Warren or Bernie Sanders in regards to regulating the banks so we don't end up with another, far worse financial crisis 5-10 years down the line? All of them are in favor of deregulation.

Rand Paul simply by process of elimination, every other republican candidate is too crazy, so by comparison, he doesn't seem so bad, but then you look at some of his policies..

And yet he's still at least 147x moar likely to be elected President than Bernie the Commie.

 

[Padawanbater2]

And yet he's still at least 147x moar likely to be elected President than Bernie the Commie.

Which adds credibility to the fact that our politics is bought by corporations and billionaires

 

[Harrekin]

Which adds credibility to the fact that our politics is bought by corporations and billionaires

Have I ever denied that?

Here individuals can make donations up to €200 each and that's it.

 

[Padawanbater2]

Have I ever denied that?

Here individuals can make donations up to €200 each and that's it.

I'm not sure if you've ever denied that specifically, but you've certainly denied the effect it has on American society, namely working poor wages, unequal opportunities based on arbitrary circumstances, the shrinking middle class, the unequal distribution of income upwards, etc.

 

[Harrekin]

I'm not sure if you've ever denied that specifically, but you've certainly denied the effect it has on American society, namely working poor wages, unequal opportunities based on arbitrary circumstances, the shrinking middle class, the unequal distribution of income upwards, etc.

I would have more pointed to the fact it promotes cronyism with the Corporations on top.

I may be a capitalist through and through, but I naturally support SME's because THEY are "the people".

 

[Padawanbater2]

I would have more pointed to the fact it promotes cronyism with the Corporations on top.

I may be a capitalist through and through, but I naturally support SME's because THEY are "the people".

How well do you think that would work in America? From your perspective, what does Ireland do better than the US and if America adopted the better Irish policy, do you think it would work the same way here?

 

[Harrekin]

How well do you think that would work in America? From your perspective, what does Ireland do better than the US and if America adopted the better Irish policy, do you think it would work the same way here?

Well the first thing would be simplifying your tax code, too much crap in there with massive discounts for certain sectors which completely skews the market.

Secondly you need to reduce red tape surrounding individuals starting businesses thus allowing local economies to retain more $$$ than giving them to large national corporations (Small local businesses also generally provide a better quality product too).

Thirdly removing corporate donations to the political class is absolutely crucial, if our politicians were caught doing the shit your guys consider "business as usual" they'd be hung out to dry.

Free education and healthcare are commonsense, what sort of advanced nation let's people die rather than subject their presumably already financially pressed family to massive debt?

There's a laundry list more, that's probably a good start tho.

 

[schuylaar]

How bout turning the question around. If they had to choose, which Republican candidate would the left side vote for as president?

easy..who's running?