House passes massive overhaul of Wall Street regulations
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0
adaydream
It's about time that Wall Street was reined in. I don't care who you blame for how it got to this point, but it's got to be stopped. Everybody lost money on Wall Street except Wall Street. We lost large parts of our 401s, etc and Wall Street folks walked home with bonuses.
Pass this bill. < :-)
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Badsey
This is a good start and now we need to make the Federal Reserve Cartel accountable for their actions. -The corruption should come to an end.
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medievaltimes
If you dont know who to blame, how do you stop it?
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adaydream
You change the laws. Simple.
I didn't say that we don't know how to change things or we didn't know which laws to change, I said it makes no difference who made the laws so lucritive for Wall Street.
Two different things. < :-)
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skipthesong
It's about time that Wall Street was reined in." But not the federal government???? I don't care who you blame for how it got to this point" Yes you do. "but it's got to be stopped" So does the gov but letting them do this, you've just increased their power but be sure, the politicians behind this are well taken care of or did you really think they cared about us. Everybody lost money on Wall Street except Wall Street." No, I haven't and neither have many that I know. Thought you said you were a financial consultant. We lost large parts of our 401s" Boom, right there! There has been enough info for, since I can remember, as to why a 401k is a ridiculous investment; why do you think most countries including Japan have not opt for it? , etc and Wall Street folks walked home with bonuses." And so have the federal employees - but they are paid on tax dollars. There are only a handful of companies that have taken the bail out that shouldn't have been offered in the first place. We are the bailouts for the small to mid sized companies? Oh, I forgot, they don't have union people. As for large bonuses, why don't you have an issue with politicians, gov employees (including those picking up trash), sports players salaries, or even actors. Maybe you want a gov that is going to tell you how much toilet paper you can have, but I don't. The problem with Wall St. is the gov that is allowed to play on Wall St. First law to be changed is that NO sitting politician should be allowed, including their family members, to be involved in biz that benefits them.
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skipthesong
we should be calling for the government to clean its own house up first before they come marching in.
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adaydream
Good call skipthesong.
Okay I'll blame the ones who made the fiasco on Wall Street. It was the republican congress who voted the bill in as opposed by the democrats and Bill Clinton who signed the bill that allowed us to be screwed by Wall Street. < :-)
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skipthesong
us to be screwed by Wall Street." Tell me, how did Wall Street screw you?
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medievaltimes
Hmmmm...back to the story. Im pleased that the house passed this. In general, I think there should be more regulations on wall street as opposed to fewer.
As for all the typical cynical attitude directed towards 401ks and wall street etc there is an easy solution. Invest your money however you want. Or dont invest at all. Invest your money in Europe if you think its better for you. Build up a 401k...or dont. Or keep it in a bank. Or put it in bonds. Or keep it in a shoe box under your bed. Or etc etc etc....The point is, its up to you the individual to decide how to manage your money.
There are risks to all avenues of money management. Some risks are high and some are low. But its your personal responsibility to manage your money as you see fit. Freedom of choice, right?
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adaydream
The actions that the powerful and greedy on Wall Street caused a crash of markets across the world. This crash meant investments of all kinds lost value, while the executives on Wall Street walked away with $Millions in bonuses. The loss in values across the board has helped to cause the collaspe of businesses.
skipthesong, do you think that the losses that Wall Street massed, the bonuses that they took away and the laws that allowed them need to be protected and why or why not? < :-)
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medievaltimes
Ahhhhhhhh not quite. Im not trying to have a go at you, but this is a typical cynical, simplistic, and uneducated stance taken to an issue that is a bit more complex.
I suggest reading this for a fair and pretty balanced look at what caused the most recent crash.
http://en.wikipedia.org/wiki/Causesofthefinancialcrisisof2007%E2%80%932009
When I hear people complaining about the crash, I almost never hear anyone talk about how a lot of people had loans that they could not afford to maintain. Many people were simply living way beyond their means. Just becuase a bank offers me a loan on a $465,000 house, doesnt mean I should take it. Of course the easy answer is to blame the banks, but it would be nice to hear a bit of complaining about the irresponsibility of the masses of individuals that were living at a standard they could not afford. Some people might even use the word "greedy" to describe them.
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SushiSake3
Not a single Republican voted for a bill to clean up financial regulations.
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SushiSake3
GOP - United in Failure.
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USARonin
Sushi bucko, President Obama's popularity in the US and around the globe is goin' down faster than okra through a hounddog.
-As predicted.
Enjly.
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SushiSake3
USARonin, I thought for a moment your last post actually had something to do with the thread.
I was wrong.
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USARonin
Sushi, sorry...
I thought your post had somethin' to do with President Obama bein' a modicum (?) of responsible for current American economic affairs.
Please let me know when you think he's the president of the United States of America so we can continue our discussion.
0
WilliB
Another massive government take-over of yet another industry.
At this rate, the US is not only overtaking Europe politically on the left lane, but are rapidly heading towards a situation like Venezuela.
Who would have thunk...
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SushiSake3
WillB - "Another massive government take-over of yet another industry."
And more unnecessary hype from the misinformed Right.
It was primarily lax financial regulations that were behind the global economic meltdown, and yet as we see today - not a single Republican voted to change them and there's still conservatives out there who are spinning misinformation about it.
Stop listening to Rush Limpbough and co. and start looking up facts.
Your Rightwing talking points are boring and bring nothing to any serious conversation you contribute them to.
0
yabits
That's pretty funny.
The banks knew when they lent the money that many people would default, and so your statement betrays the fact that you are simply wrong. The crash was not caused by people defaulting on loans. After all, when the bank loans money on a house that is appraised at $465,000 and the loan is not paid, the bank still has the house.
The real problem was over-inflated housing prices, bolstered by the blind faith of bankers that property prices in the U.S. would never decline significantly for long. Then there was the fact that all those mortgages were taken and sliced and diced into newfangled investment vehicles (rated AAA), and derivatives and insurance bets written to hedge against the mortgages.
And you claim that ordinary people living beyond their means was the problem. Sheer ignorance. The people living way to far beyond their means were and are the Wall Street types who created and fostered the housing bubble -- starting with Alan Greenspan.
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GJDailleult
I think you have that backwards. It is all another massive industry take over of government.
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sailwind
Hate to dumb here...Who gave the people the means to live far and beyond it in the first place?
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yabits
That's like asking who gave Nero the right to burn down Rome.
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medievaltimes
The people also knew that they could not count on future re-financing. They also knew they could not predict future interest rates.
I didnt say banks were not at fault. I said banks were not the only ones at fault.
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medievaltimes
Banks dont want to own empty houses.
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medievaltimes
Read my post/link again. I claim it was part of the problem.
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medievaltimes
They arent the only ones dude/dudette.
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medievaltimes
What do you mean exactly by "wall street types"? Cant a family of three earning a household income of $70,000 live far beyond their means too?
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yabits
Take a look at your earlier words: The banks offered people loans. And you want to cast a proportion of blame on the people who took them??
Nevertheless, loan defaults played as much a part in the crash that brought down Wall Street as did bank tellers miscounting money at their counters. It was the crash in property values and all the leveraged "bets" that were placed on the odds that those values would not decline. That is why you almost never hear people blaming those who took the loans the banks were offering: it has little basis in reality.
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yabits
Of course not. But owning an empty house is preferable to a bank than having someone live in it who is not paying their mortgage.
As long as banks demand collateral, they will have property. It is when they make a loan on property and then afterwards the underlying value of the property declines that the banks get caught in a serious bind. The banks were THE major factor in inflating the housing bubble.
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yabits
They don't live far beyond their means by raking in millions off of credit default swaps, giving out bad loans and rating them triple-A, and creating derivatives to leverage those bad loans. Those are the "Wall Street types" I am referring to.
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sfjp330
Policymakers did not recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. These institutions had become as important as commercial banks in providing credit to the U.S. economy, but they were not subject to the same regulations. These institutions as well as certain regulated banks had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults. The losses impacted the ability of financial institutions to lend, slowing economic activity. Concerns regarding the stability of key financial institutions drove central banks to take action to provide funds to encourage lending and to restore faith in the commercial paper markets, which are integral to funding business operations. Governments also bailed out key financial institutions, assuming significant additional financial commitments.
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