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Financial Reform: Obama's takes on Wall Street, but will he win?

post #1 of 6
Thread Starter 
I think he will and it'll be more hugely popular reform. The American people want Wall Street crooks reigned in and we don't want to bailout these "too big to fail" institutions again. Republican's need to get on board and start supporting the people instead of Wall Street CEO's. If the Republican's get constructively involved, which they may, instead of just being the party of "NO!" then it might even benefit them at the polls too.

Here's Obama in a speech he gave today-

"But I repeat what I said then because it is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it. And make no mistake, that is exactly what will happen if we allow this moment to pass – an outcome that is unacceptable to me and to the American people," he said.

The sweeping regulation represents the broadest attempt to overhaul the U.S. financial system since the 1930s, and aims to prevent another crisis. Democrats are preparing to bring the Senate version of the bill up for debate, but solid GOP opposition has complicated the effort. Senate negotiators said they had made progress toward a compromise bill that could command support from both sides.
~ http://www.huffingtonpost.com/2010/0..._n_547456.html

Add Obama's financial reorm to the healthcare reform and we're talking about huge reductions to the defecit too-

" The Democratic Senate financial reform bill would reduce the U.S. budget deficit by $21 billion over the next 10 years, according to a cost estimate by the Congressional Budget Office obtained by Reuters on Wednesday."
~ http://www.reuters.com/article/idUSWEN319320100421
We are nurturing a nightmare that will haunt our children, and kill theirs.
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We are nurturing a nightmare that will haunt our children, and kill theirs.
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post #2 of 6
Quote:
Originally Posted by Hands Sandon View Post

I think he will and it'll be more hugely popular reform.

You're assuming there will actually be any reform. I believe that's a naive notion. But the you also believe that health care has been reformed, so, go figure.


Quote:
Originally Posted by Hands Sandon View Post

The American people want Wall Street crooks reigned in and we don't want to bailout these "too big to fail" institutions again.

The American people seem to want the crooks and liars in Washington reigned in too but we don't usually get what we want. The American people were against all of these bailouts, but yet they happened anyway.


Quote:
Originally Posted by Hands Sandon View Post

"But I repeat what I said then because it is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it.

Sadly, based on the actions since the crash, no one in Washington has learned any lessons.


Quote:
Originally Posted by Hands Sandon View Post

The sweeping regulation represents the broadest attempt to overhaul the U.S. financial system since the 1930s, and aims to prevent another crisis.

blah blah blah and...blah.


Quote:
Originally Posted by Hands Sandon View Post

Add Obama's financial reorm to the healthcare reform and we're talking about huge reductions to the defecit too-

" The Democratic Senate financial reform bill would reduce the U.S. budget deficit by $21 billion over the next 10 years, according to a cost estimate by the Congressional Budget Office obtained by Reuters on Wednesday."

I guess you'll have to give us your definition of "huge". By huge do you mean, well, not really all that huge at all? Because when I see a deficit reduction of about $2 billion a year against deficits of more than $1 trilllion (2/10ths of 1%), "huge" is not the word that comes to mind to describe that reduction. Minuscule? Sure. Tiny? Yep. Insignificant? Probably. Rounding error? Yeah.

The state is nothing more than a criminal gang writ large.

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The state is nothing more than a criminal gang writ large.

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post #3 of 6
Quote:
Originally Posted by Hands Sandon View Post

I think he will and it'll be more hugely popular reform. The American people want Wall Street crooks reigned in and we don't want to bailout these "too big to fail" institutions again. Republican's need to get on board and start supporting the people instead of Wall Street CEO's. If the Republican's get constructively involved, which they may, instead of just being the party of "NO!" then it might even benefit them at the polls too.

Here's Obama in a speech he gave today-

"But I repeat what I said then because it is essential that we learn the lessons of this crisis, so we don't doom ourselves to repeat it. And make no mistake, that is exactly what will happen if we allow this moment to pass an outcome that is unacceptable to me and to the American people," he said.

The sweeping regulation represents the broadest attempt to overhaul the U.S. financial system since the 1930s, and aims to prevent another crisis. Democrats are preparing to bring the Senate version of the bill up for debate, but solid GOP opposition has complicated the effort. Senate negotiators said they had made progress toward a compromise bill that could command support from both sides.
~ http://www.huffingtonpost.com/2010/0..._n_547456.html

Add Obama's financial reorm to the healthcare reform and we're talking about huge reductions to the defecit too-

" The Democratic Senate financial reform bill would reduce the U.S. budget deficit by $21 billion over the next 10 years, according to a cost estimate by the Congressional Budget Office obtained by Reuters on Wednesday."
~ http://www.reuters.com/article/idUSWEN319320100421

If a bunch of thieving kids enter the proverbial candy store when there's nobody watching, nobody is paid to watch, the store keeper's out, and their parents are all buddybuddy with, or *are* the local law enforcement.... would you expect any action to be taken against the kids? Ha! Silly question indeed.

Useful laws and regulations are for counteracting the flaws in human nature which go against the principles of a civilized society, or purely common sense reasons. For example, enforcing safety regulations in potential dangerous working areas, such as coal mines, or the rule governing that we all drive on the right-hand side of the road.

It is our (flawed) human nature to want more, and "more more", so laws to discourage people from taking other peoples' property (either by force ... or subtly by fraud and deception) has evolved as an essential tool of civilization. The Wall St. and banking shenanigans which culminated in the recent meltdown and collapse have relied on decades of elaborate deceptions, so complex that even experts in the SEC and seasoned FBI fraud investigators have been left scratching their heads. What's legal, what's not, and what is legal, but unethical (scumball behavior). How did the mobsters and fraudsters get away with it for so long? The unfortunate investors into Bernard Madoff's empire of fraud are still asking the same questions... everyone knew on the inside what was going on for years, and as long as they were profiting from it, the status quo was maintained. Same for Enron, and the avalanche of corporate thievery of recent years....

I cannot see any genuine Wall St. reforms going anywhere, not in the current Mafiocracy climate that exists in DC. Obama (a) doesn't have the balls, and (b) knows he won;t get the support. Whatever does get passed will be eviscerated and undermined by parties loyal to the bankster community and will end up being as toothless and unenforced/unenforceable as the current anti-trust (joke) regulations.

Greed is a part of the human condition. It used to be frowned upon almost universally.... but now is regarded in many circles as a positive attribute. Kleptomania is a compulsive condition that's hard to acknowledge, let alone treat. When the kids know what its like to romp free in the candy store and gorge themselves bloated, it''s going take a lot more to stop them than a polite notice on the front door. We're on a hiding to nothing here.
"We've never made the case, or argued the case that somehow Osama bin Laden was directly involved in 9/11. That evidence has never been forthcoming". VP Cheney, 3/29/2006. Interview by Tony Snow
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"We've never made the case, or argued the case that somehow Osama bin Laden was directly involved in 9/11. That evidence has never been forthcoming". VP Cheney, 3/29/2006. Interview by Tony Snow
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post #4 of 6
Quote:
Originally Posted by sammi jo View Post

Useful laws and regulations are for counteracting the flaws in human nature which go against the principles of a civilized society, or purely common sense reasons.

It is our (flawed) human nature to want more, and "more more", so laws to discourage people from taking other peoples' property (either by force ... or subtly by fraud and deception) has evolved as an essential tool of civilization.

Until laws and regulations become the tool for taking other people's property.


Quote:
Originally Posted by sammi jo View Post

I cannot see any genuine Wall St. reforms going anywhere, not in the current Mafiocracy climate that exists in DC. Obama (a) doesn't have the balls, and (b) knows he won;t get the support. Whatever does get passed will be eviscerated and undermined by parties loyal to the bankster community and will end up being as toothless and unenforced/unenforceable as the current anti-trust (joke) regulations.

This is spot on. This is a show. Obama is doing this now because he read in a poll somewhere that said the American people are more pissed off with Wall Street than with him, the Democrats and Washington in general.

The state is nothing more than a criminal gang writ large.

Reply

The state is nothing more than a criminal gang writ large.

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post #5 of 6
Thread Starter 
Quote:
Originally Posted by sammi jo View Post

If a bunch of thieving kids enter the proverbial candy store when there's nobody watching, nobody is paid to watch, the store keeper's out, and their parents are all buddybuddy with, or *are* the local law enforcement.... would you expect any action to be taken against the kids? Ha! Silly question indeed.

Useful laws and regulations are for counteracting the flaws in human nature which go against the principles of a civilized society, or purely common sense reasons. For example, enforcing safety regulations in potential dangerous working areas, such as coal mines, or the rule governing that we all drive on the right-hand side of the road.

It is our (flawed) human nature to want more, and "more more", so laws to discourage people from taking other peoples' property (either by force ... or subtly by fraud and deception) has evolved as an essential tool of civilization. The Wall St. and banking shenanigans which culminated in the recent meltdown and collapse have relied on decades of elaborate deceptions, so complex that even experts in the SEC and seasoned FBI fraud investigators have been left scratching their heads. What's legal, what's not, and what is legal, but unethical (scumball behavior). How did the mobsters and fraudsters get away with it for so long? The unfortunate investors into Bernard Madoff's empire of fraud are still asking the same questions... everyone knew on the inside what was going on for years, and as long as they were profiting from it, the status quo was maintained. Same for Enron, and the avalanche of corporate thievery of recent years....

I cannot see any genuine Wall St. reforms going anywhere, not in the current Mafiocracy climate that exists in DC. Obama (a) doesn't have the balls, and (b) knows he won;t get the support. Whatever does get passed will be eviscerated and undermined by parties loyal to the bankster community and will end up being as toothless and unenforced/unenforceable as the current anti-trust (joke) regulations.

Greed is a part of the human condition. It used to be frowned upon almost universally.... but now is regarded in many circles as a positive attribute. Kleptomania is a compulsive condition that's hard to acknowledge, let alone treat. When the kids know what its like to romp free in the candy store and gorge themselves bloated, it''s going take a lot more to stop them than a polite notice on the front door. We're on a hiding to nothing here.

Yes, I agree with much of what you wrote however reform will be forced onto the banks through taxes and restrictions on the amount of capital that they can hold that is risky. There's a worldwide consensus, at least among the G20, that will implement these changes. The banks will have to conform though, they will try to reduce it but they can't stop it.
We are nurturing a nightmare that will haunt our children, and kill theirs.
Reply
We are nurturing a nightmare that will haunt our children, and kill theirs.
Reply
post #6 of 6
Quote:
Originally Posted by Hands Sandon View Post

Yes, I agree with much of what you wrote however reform will be forced onto the banks through taxes and restrictions on the amount of capital that they can hold that is risky. There's a worldwide consensus, at least among the G20, that will implement these changes. The banks will have to conform though, they will try to reduce it but they can't stop it.

You haven't learned have you? This is a game of magic. "Watch the little birdie."

The state is nothing more than a criminal gang writ large.

Reply

The state is nothing more than a criminal gang writ large.

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