Thursday February 16, 2012

JAPAN NEWS AND DISCUSSION

Obama warns Wall Street not to block tighter regulations

World Sep. 15, 2009 - 04:59AM JST ( 11 )

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11 Comments

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MolenirSep. 15, 2009 - 09:08AM JST

He wants to give more oversight powers to the same organization that for years, despite repeated complaints, failed to do even the simplest of investigations into Bernie Madoff. Just looking into the situation would have revealed it was a pyramid scheme, yet they couldn't be bothered to do that. Now however they're getting more power. I certainly hope they can use their new powers more effectively then they used their powers previously.

When you consider that the whole meltdown was the fault of regulations that forced banks to lend to low income families... The statements made by Obama are even more egregious.
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adaydreamSep. 15, 2009 - 10:29AM JST

The melt down was a result of spiny investors that set up derivatives, gave themselves $$Millions in bonuses at the expense of their investors. Investors that took their companies down the road of uninsured bad investments.

Yes there were a lot of bad loans made. but that didn't bring down the system. Another part was all the jobs sent overseas at the expense of American workers. Now those laid off workers can't make their house payments because their jobs are in Mexico, China or somewhere else outside the states.

It was the last administration that allowed these practices to go the way of morons.

It was a republican congress and Clinton's farewell signature that dropped the regulations that kept the thieves honest. With no regulations, it was malfeasance running ramped.

But let's blame Obama when he wants to make sure it doesn't happen again. < :-)
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skipthesongSep. 15, 2009 - 11:38AM JST

I think we should make it tighter on who the gov gives money to as well....

It was the last administration that allowed these practices to go the way of morons." And you've been a financial wizard for how long?
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adaydreamSep. 15, 2009 - 11:53AM JST

Read my last post again. I'm smarter then the wizards on Wall Street. And if you think they were so smart, then you're not as smart as I thought. You apparently think they were so smart, based on your post. It's their brains that broke Wall Street. < :-)
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skipthesongSep. 15, 2009 - 12:38PM JST

psst aday, who walked away and had a party?
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skipthesongSep. 15, 2009 - 12:40PM JST

and aday, I never approved of him giving them anything, nothing, nada! Where I differ from you is you approved of the bailouts, bought into the fear that the entire country was going to collapse and then you approved of the billions of handouts he went ahead and gave to those who caused the problem...
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GJDailleultSep. 15, 2009 - 01:57PM JST

He declared that a bailout-weary public will not break their fall again.

That might be a case of making a promise you can't keep. A lot of people who know much more than anybody on JT think the worst is still to come. Nothing has been fixed and seeing as the banking industry basically owns the US government (Democrat or Republican) nothing will be. All Obama is talking about is making some superficial changes, not dealing with the underlying causes.

And by the way, nobody was forcing banks to lend to low income families. They were lining up to do it, so they could package the loans and sell them on. That was the scam. Check out Angelo Mozilo at Countrywide for one, he took home $160 million in pay in 2005. You think he was "forced" to lend out money and pay himself that salary?
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SuperLibSep. 16, 2009 - 02:17AM JST

The system itself isn't bad, it's the abuse of the system.
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zurcroniumSep. 16, 2009 - 05:13AM JST

What a joke saying the banks were forced to make loans. The banks were giving loans to homeless people so they could pocket the fees. It was a huge scan and was driven by greed. Now millions are losing their homes due to this greed.

Under bush the whole financial industry was given a pass. Until it nearly collapsed and then bush gave the banks billions without any management controls. AIG got over $100 billion. The folks running these banks were criminals and should be in jail.

Now that the inmates are not running the asylum any longer and the adults have taken over hopefully real regulation will start so that we do not have another bush like depression anytime soon.
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yabitsSep. 16, 2009 - 05:31AM JST

When you consider that the whole meltdown was the fault of regulations that forced banks to lend to low income families...

Oh, the lies conservatives have to tell themselves in order to face the man in the mirror.

As if someone forced Lehman to create a mountain of collateralized debt on mortgages that were written that vastly exceeded the actual price of homes. Nobody forced Lehman, Bear Stearns, AIG, and Goldman Sachs, but the Republicans sure enabled them.
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adaydreamSep. 16, 2009 - 12:23PM JST

skipthesong, you bought george bush's WMD and all that jazz he passed along as truth.

I bought Bernacki's assessment of the financial situation and bush's and Obama's decision to prop up Wall Street.

You'll bring back all our boys and everything is rebuilt and the $Trillion will come back home when?

Wall Street has already started repaying the American people with interest.

I like my decision better.

Now I want tighter controls on Wall Street. < :-)