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Getbig Main Boards => Politics and Political Issues Board => Topic started by: loco on May 12, 2011, 05:37:32 AM
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Clinton picked Gensler to do absolutely nothing about the derivative issue.
Watch this movie "inside job" it tells the story behind the 2008 Financial crisis..Download link enclosed.
http://www.getbig.com/boards/index.php?topic=367301.0
Just watched it yesterday in blu-ray format. Great film. A lot of research went into making this. Everybody needs to watch this since the economic melt-down affects the whole world.
In the end, it makes you realize that to these financial institutions and banks, we are nothing but insects. They actually made millions from the meltdown, lost none of it, and it was tax free. All the while everyone else lost savings, jobs, homes, lives. And as of today, nothing has been done to correct the broken system. So this will happen again, and worse.
The film explains in terms that anyone can understand that between the Great Depression and the 80s, America had no recessions because banks and the markets were heavily regulated to prevent another Great Depression. But starting with Reagan in the 80s, and even now under Obama, all of that has changed. The system has not only been deregulated, but laws have been passed to make these elites commit fraud without going to jail, keep all of their wealth even after a melt down and pay no taxes on it. They actually want more meltdowns in the future because they make millions from this.
I'm all for freedom, small government and deregulating the markets. But these people are too immoral and greedy for that. They must be regulated to protect those of us who are not in the little club.
The film really makes one wanna pick up a torch and pitch fork and go to Wall Street and Washington. These melt downs start there, but they spread and ruin people's lives all over the world.
Discuss? :-\
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Obamas administration is using regulations to force banks back into providing loans to low income individuals again that will never be able to pay back the money. Regulations mean nothing if they enforce stupid decision making.
But yeah, the movie was well done and if you have a pulse will get your blood pressure going. Still no one in prison and business as usual. Frigging joke.
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Just watched it yesterday in blu-ray format. Great film. A lot of research went into making this. Everybody needs to watch this since the economic melt-down affects the whole world.
In the end, it makes you realize that to these financial institutions and banks, we are nothing but insects. They actually made millions from the meltdown, lost none of it, and it was tax free. All the while everyone else lost savings, jobs, homes, lives. And as of today, nothing has been done to correct the broken system. So this will happen again, and worse.
The film explains in terms that anyone can understand that between the Great Depression and the 80s, America had no recessions because banks and the markets were heavily regulated to prevent another Great Depression. But starting with Reagan in the 80s, and even now under Obama, all of that has changed. The system has not only been deregulated, but laws have been passed to make these elites commit fraud without going to jail, keep all of their wealth even after a melt down and pay no taxes on it. They actually want more meltdowns in the future because they make millions from this.
I'm all for freedom, small government and deregulating the markets. But these people are too immoral and greedy for that. They must be regulated to protect those of us who are not in the little club.
The film really makes one wanna pick up a torch and pitch fork and go to Wall Street and Washington. These melt downs start there, but they spread and ruin people's lives all over the world.
Discuss? :-\
Great movie..
Freemarkets= bunch of bullshit..
Capitalism for the poor, socialism for the rich..I'm pretty sure this isn't how capitalism was suppose to work.
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This film should stop the retarded left/right debate and instead focus on us vs them
Seing as both Reagan and Obama enforce(d) these policies we should agree that politicians and bankers are the enemy not liberals/repub
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Obamas administration is using regulations to force banks back into providing loans to low income individuals again that will never be able to pay back the money. Regulations mean nothing if they enforce stupid decision making.
But yeah, the movie was well done and if you have a pulse will get your blood pressure going. Still no one in prison and business as usual. Frigging joke.
Exactly! The films mentions this about the Obama administration. One of the financial experts interviewed in the film, who long ago warned about the financial meltdown, laughed when asked about Obama's so called reforms that have been introduced so far. The broken system is pretty much still the same and will trigger future meltdowns, each worse than the previous one.
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This film should stop the retarded left/right debate and instead focus on us vs them
Seing as both Reagan and Obama enforce(d) these policies we should agree that politicians and bankers are the enemy not liberals/repub
Reagan, Bush 1, Clinton, Bush 2 and Obama are all responsible for making it easier for these banks and financial institutions to trigger and profit from economic meltdowns, without going to jail for it, without losing their profits and without paying any taxes on their profits. Congress is not innocent either. They introduced these bills and the president signed them.
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Reagan, Bush 1, Clinton, Bush 2 and Obama are all responsible for making it easier for these banks and financial institutions to trigger and profit from economic meltdowns, without going to jail for it, without losing their profits and without paying any taxes on their profits. Congress is not innocent either. They introduced these bills and the president signed them.
Glass Steagall Cabron, Glass Steagall... ;)
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Glass Steagall Cabron, Glass Steagall... ;)
Exactamente!
Glass–Steagall Act
"The Banking Act of 1933, Pub.L. 73-66, 48 Stat. 162, enacted June 16, 1933, was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.[1] It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.
Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act.[2][3]
The repeal of provisions of the Glass-Steagall Act of 1933 by the Gramm-Leach-Bliley Act effectively removed the separation that previously existed between Wall Street investment banks and depository banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2010."
http://en.wikipedia.org/wiki/Glass-Steagall_Act
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Exactamente!
Glass–Steagall Act
"The Banking Act of 1933, Pub.L. 73-66, 48 Stat. 162, enacted June 16, 1933, was a law that established the Federal Deposit Insurance Corporation (FDIC) in the United States and introduced banking reforms, some of which were designed to control speculation.[1] It is most commonly known as the Glass–Steagall Act, after its legislative sponsors, Carter Glass and Henry B. Steagall.
Some provisions of the Act, such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm–Leach–Bliley Act.[2][3]
The repeal of provisions of the Glass-Steagall Act of 1933 by the Gramm-Leach-Bliley Act effectively removed the separation that previously existed between Wall Street investment banks and depository banks. This repeal directly contributed to the severity of the Financial crisis of 2007–2010."
http://en.wikipedia.org/wiki/Glass-Steagall_Act
What amazes me is that the American people should be on Wallstreet and Washington with pitch forks and torches, demanding justice and/or blood. These Wallstreet scum should be in terror of their lives but instead they are back at it, raking it in...people obsess over Obama but they should be paying attention to Wallstreet and the Fed...
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Great movie..
Freemarkets= bunch of bullshit..
Capitalism for the poor, socialism for the rich..I'm pretty sure this isn't how capitalism was suppose to work.
Correction: The "Free" markets that we have had for the last 2 decades or so turned out not to be free at all.
And, hell yes, Glass-Steagall should have been re-implemented as a part of TARP or whatnot. Instead we received a "Reform" bill from Dodd/Frank (who just so happen to be the 2 BIGGEST puppets of the financial system) that made Too Big To Fail a part of this nations law.
Funny how G-S was fully repealed in 1999 and it took a scant 7 years for the newly created Mega-TBTF institutions to completely wreck the world economy. What's more funny is that the act that fully repealed it was called the "Financial Modernization Act". Should have just been honest and called it the "You're All Going to be Raped" Act.
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What amazes me is that the American people should be on Wallstreet and Washington with pitch forks and torches, demanding justice and/or blood. These Wallstreet scum should be in terror of their lives but instead they are back at it, raking it in...people obsess over Obama but they should be paying attention to Wallstreet and the Fed...
Obama re appointed Bernake, appointed Geithner, took more money from Goldman and JPM than anyone else in history, has Goldman/Citi/JPM/BOA flacks all over the admn, etc.
Bama was, is, and will always be a tool and shill for those interests.
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Obama re appointed Bernake, appointed Geithner, took more money from Goldman and JPM than anyone else in history, has Goldman/Citi/JPM/BOA flacks all over the admn, etc.
Bama was, is, and will always be a tool and shill for those interests.
Bush II had Henry Paulsen who was the inside man in D.C. that did a lot to fuck us all.
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Obama re appointed Bernake, appointed Geithner, took more money from Goldman and JPM than anyone else in history, has Goldman/Citi/JPM/BOA flacks all over the admn, etc.
Bama was, is, and will always be a tool and shill for those interests.
AS was Bush and Clinton and Bush I and Reagan...they are all fakes and sell-outs....
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Bush II had Henry Paulsen who was the inside man in D.C. that did a lot to fuck us all.
Yup - and Geithner was Paulson's right hand man and chairman of the New York Fed.
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Yup - and Geithner was Paulson's right hand man and chairman of the New York Fed.
I think we are starting to sense a pattern here....
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What's more funny is that the act that fully repealed it was called the "Financial Modernization Act". Should have just been honest and called it the "You're All Going to be Raped" Act.
;D :'(
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I think we are starting to sense a pattern here....
You mean that scumbag sell-outs have ruled us for the last three decades? Nice pattern... :-\
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The film quoted someone saying "it's a Wall Street government."
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The film quoted someone saying "it's a Wall Street government."
Seriously, THESE are the criminal and 90%+ of our politicians are backed by them and fo their bidding.
I don't understand why people just sit there and do nothing; at the very least these people should be in jail, in former times counterfeiting was punishable by death and I personally think they should be publically hanged and deserve nothing less.
Last year when I lived in NYC I tried to get together with people and start a discussion group hopefully leading to more but there were not enough people because I think THIS is the problem, but people should sit there and take it up the ass. People of all political stripes should unite under the banner of justice and fairness and punish these people and fix the system.
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May 12, 2011
Blame Washington, D.C., Not Wall Street
By Investor's Business Daily
http://www.realclearmarkets.com/articles/2011/05/12/blame_washington_dc_not_wall_street_99019.html
Subprime Scandal: The left is unhappy that no high-profile bankers have gone to jail in the financial crisis. But the real culprits were - and still are - in Washington. They've gotten off scot-free.
A growing chorus is complaining that federal prosecutors have dragged their feet in the aftermath of the mortgage mess. Despite a raft of referrals against financial giants alleging securities fraud and "predatory lending," no senior bank executives have been charged or imprisoned.
The media elite demand to know why it is that almost three years after the meltdown, Goldman Sachs CEO Lloyd Blankfein, ex-AIG CEO Hank Greenberg and other Wall Street honchos aren't rotting behind bars.
The New York Times, for one, is directing its venom at Wall Street enforcers and regulators like Timothy Geithner and Andrew Cuomo. The paper says the former New York Fed chief and New York attorney general cut a deal in 2008 to go easy on Wall Street firms to focus on "stabilizing world financial markets."
But what they did or didn't do to investigate the mess is not the issue. The real controversy is why they weren't investigated for their own role in the mess. Geithner and Cuomo no doubt worried that if they leaned too hard on bankers, their own guilt in the crisis would be exposed in court showdowns.
Before the crisis hit, Geithner was well aware of the risk building in the system. Yet he sat on his hands. The New York Fed had more oversight responsibilities for more institutions that failed or came under stress than any other agency. Yet the Financial Crisis Inquiry Commission, chaired by ex-California State Treasurer Phil Angelides, never investigated Geithner's office.
Angelides, a Democratic operative rumored to be Geithner's heir apparent at Treasury, failed to hold a single hearing focusing on the New York Fed. Nor did he order a case study on its role in the crisis - unlike the scores of case studies his investigators conducted putting banks in a bad light.
And he sandwiched Geithner into an unrelated hearing, during which the Treasury secretary managed to avoid any questions about his role as head of the New York Fed. His testimony was confined to the economy and when it might be coming back.
Subscribe to the IBD Editorials Podcast Angelides also let fellow Democrat Cuomo off the hook, though the historical record is clear that Clinton's housing secretary plunged Fannie Mae and Freddie Mac into the dangerous subprime market - while insisting they ease their "rigid" credit requirements.
HUD's own documents show that Cuomo prodded Fannie and Freddie to dominate what had been a risky fringe industry, arguing that they'd find their "goals-qualifying" mortgages there.
Just before leaving office in 2001, Cuomo required that the now-failed mortgage giants for the first time devote fully half their business to loans tailored to minority borrowers with poor credit. His quotas remained in effect through the Bush years.
Cuomo argued that Fannie and Freddie's "expanded presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas." So he directed them to "play a significant role in the subprime market."
Cuomo admitted that "there'll be a higher default rate on those mortgages." But he didn't care, because as he put it, this was "affirmative action" lending - and he wanted more of it. "It will help reduce the huge homeownership gap dividing whites from minorities and suburbs from cities," he said.
Cuomo also pushed Fannie and Freddie to buy subprime securities to earn credits against his drastic affordable-housing goals. They in turn drove Wall Street demand for subprime investment. In 2004, HUD credited Cuomo's policies for "increasing (Fannie and Freddie's) business in the subprime market."
But even before the subprime bubble burst, Fannie and Freddie strained under the tougher mandates, absorbing some $200 million in annual costs just to subsidize the risky political loans HUD freighted them with.
Though a prime suspect in the financial crisis, Cuomo managed to escape scrutiny by the Angelides commission during his successful run for New York governor last year.
Instead of clamoring for indictments against bankers, the media should hold these policymakers accountable for their own hand in the crisis. Bankers simply complied all too well with their reckless social mandates.
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May 12, 2011
Blame Washington, D.C., Not Wall Street
By Investor's Business Daily
http://www.realclearmarkets.com/articles/2011/05/12/blame_washington_dc_not_wall_street_99019.html
Subprime Scandal: The left is unhappy that no high-profile bankers have gone to jail in the financial crisis. But the real culprits were - and still are - in Washington. They've gotten off scot-free.
A growing chorus is complaining that federal prosecutors have dragged their feet in the aftermath of the mortgage mess. Despite a raft of referrals against financial giants alleging securities fraud and "predatory lending," no senior bank executives have been charged or imprisoned.
The media elite demand to know why it is that almost three years after the meltdown, Goldman Sachs CEO Lloyd Blankfein, ex-AIG CEO Hank Greenberg and other Wall Street honchos aren't rotting behind bars.
The New York Times, for one, is directing its venom at Wall Street enforcers and regulators like Timothy Geithner and Andrew Cuomo. The paper says the former New York Fed chief and New York attorney general cut a deal in 2008 to go easy on Wall Street firms to focus on "stabilizing world financial markets."
But what they did or didn't do to investigate the mess is not the issue. The real controversy is why they weren't investigated for their own role in the mess. Geithner and Cuomo no doubt worried that if they leaned too hard on bankers, their own guilt in the crisis would be exposed in court showdowns.
Before the crisis hit, Geithner was well aware of the risk building in the system. Yet he sat on his hands. The New York Fed had more oversight responsibilities for more institutions that failed or came under stress than any other agency. Yet the Financial Crisis Inquiry Commission, chaired by ex-California State Treasurer Phil Angelides, never investigated Geithner's office.
Angelides, a Democratic operative rumored to be Geithner's heir apparent at Treasury, failed to hold a single hearing focusing on the New York Fed. Nor did he order a case study on its role in the crisis - unlike the scores of case studies his investigators conducted putting banks in a bad light.
And he sandwiched Geithner into an unrelated hearing, during which the Treasury secretary managed to avoid any questions about his role as head of the New York Fed. His testimony was confined to the economy and when it might be coming back.
Subscribe to the IBD Editorials Podcast Angelides also let fellow Democrat Cuomo off the hook, though the historical record is clear that Clinton's housing secretary plunged Fannie Mae and Freddie Mac into the dangerous subprime market - while insisting they ease their "rigid" credit requirements.
HUD's own documents show that Cuomo prodded Fannie and Freddie to dominate what had been a risky fringe industry, arguing that they'd find their "goals-qualifying" mortgages there.
Just before leaving office in 2001, Cuomo required that the now-failed mortgage giants for the first time devote fully half their business to loans tailored to minority borrowers with poor credit. His quotas remained in effect through the Bush years.
Cuomo argued that Fannie and Freddie's "expanded presence in the subprime market could be of significant benefit to lower-income families, minorities, and families living in underserved areas." So he directed them to "play a significant role in the subprime market."
Cuomo admitted that "there'll be a higher default rate on those mortgages." But he didn't care, because as he put it, this was "affirmative action" lending - and he wanted more of it. "It will help reduce the huge homeownership gap dividing whites from minorities and suburbs from cities," he said.
Cuomo also pushed Fannie and Freddie to buy subprime securities to earn credits against his drastic affordable-housing goals. They in turn drove Wall Street demand for subprime investment. In 2004, HUD credited Cuomo's policies for "increasing (Fannie and Freddie's) business in the subprime market."
But even before the subprime bubble burst, Fannie and Freddie strained under the tougher mandates, absorbing some $200 million in annual costs just to subsidize the risky political loans HUD freighted them with.
Though a prime suspect in the financial crisis, Cuomo managed to escape scrutiny by the Angelides commission during his successful run for New York governor last year.
Instead of clamoring for indictments against bankers, the media should hold these policymakers accountable for their own hand in the crisis. Bankers simply complied all too well with their reckless social mandates.
They should both be held accountable and hanged.
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One can only wonder the payoff Geithner will get after this white house gig.
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May 12, 2011
Blame Washington, D.C., Not Wall Street
By Investor's Business Daily
http://www.realclearmarkets.com/articles/2011/05/12/blame_washington_dc_not_wall_street_99019.html
No, 333386, Wall Street is just as guilty. When they sell a bundle of Subprime loans to a client and claim that they are rated AAA when they are more like F, then bet against those same loans so that the more money the client loses the more money the seller makes, that's greedy and immoral. We are insects to these people.
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The film also exposes University business school professors as guilty of the economic meltdown too.
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No, 333386, Wall Street is just as guilty. When they sell a bundle of Subprime loans to a client and claim that they are rated AAA when they are more like F, then bet against those same loans so that the more money the client loses the more money the seller makes, that's greedy and immoral. We are insects to these people.
Read the article. They are not letting wall street off the hook. Its saying that people like geithner and others knew about the problem and never did or said anything about it and let the bad actors go scot free.
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The film also exposes University business school professors as guilty of the economic meltdown too.
They all should be hanged and if the American people or the people of the world united, they would be shut down tomorrow...
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None of the problems with wall street have been addressed yet? The TBTF's are bigger than ever. The top 6 banks have close to 66% of the assets as of now. An increase from before the 2008 financial crisis. They are still trading huge sums of money with themselves. once things go bad and liquidity drys up, and another tax-payer bailout will be needed.
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The film quoted someone saying "it's a Wall Street government."
And they are right.
The sad thing is that it is right out in plain sight for anyone paying attention.
Take money out of politics and most of these problems are solved....of course that's why it won't happen but a man can dream
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None of the problems with wall street have been addressed yet? The TBTF's are bigger than ever. The top 6 banks have close to 66% of the assets as of now. An increase from before the 2008 financial crisis. They are still trading huge sums of money with themselves. once things go bad and liquidity drys up, and another tax-payer bailout will be needed.
The Dodd-Frank "Reform" Bill literally institutionalizes the TBTF firms, literally.
The Bill has a provision that, in the time of "emergency" the firms that are deemed to be to systemically important will be targeted and protected.
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The Dodd-Frank "Reform" Bill literally institutionalizes the TBTF firms, literally.
The Bill has a provision that, in the time of "emergency" the firms that are deemed to be to systemically important will be targeted and protected.
Hope and Change. Wait till 2012 - we will hear endlessly what a "historic" accomplishment barry made with this.
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Hope and Change. Wait till 2012 - we will hear endlessly what a "historic" accomplishment barry made with this.
It will make you :-X thats for sure
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And they are right.
The sad thing is that it is right out in plain sight for anyone paying attention.
Take money out of politics and most of these problems are solved....of course that's why it won't happen but a man can dream
True words