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Thread: Labor Unions Join Wall Street Occupiers for "Mass Rally'

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by KevinKohler View Post
    A confidence booster, exactly. And why would one need a confidence booster? Why not let banks fight among themselves over how best to keep customer confidence high about their services they offer? Competition, to put it another way. But no, instead, people don't think too much, nor care, about what the bank does with your money after you deposit it, because uncle sam promises that, no matter what, it'll be there when you want to take it back out. I want to open a business where I can put government backed guarantee on my product...

    As it is, it is ONLY a confidence booster. As we saw at the beginning of the housing crisis, bank runs still ruin banks, regardless of the FDIC.
    I get it. However, no bank can withstand a "run." When people got nervous, they went to their banks demanding their money. Well, guess what? Your money's not at your bank. It's been lent out (to within the reserve requirements set by the Federal government). The domino effect completely destroyed our banking system. We cannot ever afford for that to happen again; so....."Insured by the Full Faith & Credit of the United States Government."

    Now. When banks make risky loans and the FDIC has to step up (oh, and btw, banks pay insurance premiums, 1/12% of their deposits), my personal question is: "What happened?" When the FDIC steps in to take over a bank, is it thoroughly investigated for fraud? Malfeasance? Stupid loans to family/friends? In 2010, the FDIC opened criminal investigations on 50 failed banks. Where are the prosecutions? That's the real question we ought to be asking. A Wave of Bank Prosecutions Is Unlikely - NYTimes.com
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by haymarket View Post
    The alternative was much worse - to allow GM and Chrysler to go belly up putting millions more out of work and provide the push necessary to take a recession over the cliff into a full fledged depression.
    Only temporarily, and VERY temporary at that. Nature abhors a vacuum. Look at all the cars GM and Chrysler were selling at the time. Granted, not enough to pay off all the union pensions and other concessions garnered over the years...but still, a LOT of personal transportation being sold there. Now, imagine where all these people would have gone if those cars were not available on the market. The competitors. Most all of whom build their cars right here in the good ol US of A.

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by cpwill View Post
    Congratulations, guys. You could not have picked a more inchoate, idiot group of hippies to tie your public image too. Half these people want to destroy your jobs... but you can't help yourself, and rush to join in with anyone yelling about the rich.


    alternate headline for this story: Unions Jump Shark.
    It is just another way to meet babes...what could be better? Drugs, sex, and smashing things in the name of, uh, oh, hmmm. Well not really in the name of anything.

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by MaggieD View Post
    I get it. However, no bank can withstand a "run." When people got nervous, they went to their banks demanding their money. Well, guess what? Your money's not at your bank. It's been lent out (to within the reserve requirements set by the Federal government). The domino effect completely destroyed our banking system. We cannot ever afford for that to happen again; so....."Insured by the Full Faith & Credit of the United States Government."

    Now. When banks make risky loans and the FDIC has to step up (oh, and btw, banks pay insurance premiums, 1/12% of their deposits), my personal question is: "What happened?" When the FDIC steps in to take over a bank, is it thoroughly investigated for fraud? Malfeasance? Stupid loans to family/friends? In 2010, the FDIC opened criminal investigations on 50 failed banks. Where are the prosecutions? That's the real question we ought to be asking. A Wave of Bank Prosecutions Is Unlikely - NYTimes.com
    I totally agree about the investigations that WILL NEVER put anyone behind bars, unless it's someone low on the ladder...BUT. Why would we accept that NO bank could withstand a bank run? Is not their advertised service that they will hold my money and keep it safe? Why, then, do they get a federal prop to ensure that advertisement is not false? Again, why can't MY business get a federal seal of promise, like banks do? Their job is to hold my money. That's what I pay them to do. I guess what I'm saying is, I hold the FDIC partly responsible for this "cowboy" attitude that leads banks to make investments with money that is not their own that does not have a 100% geurantee of yield.

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by megaprogman View Post
    And that certainly helps, but when people are opposing the very infrastructure that makes this country great, such as public schooling, our retirement system, necessary changes to our health system, and other things that allow people to focus on what makes them successful as opposed to just getting by day to day, they are not performing their responsibilities.
    interesting. that's what makes this country great? not... you know... the Constitution, limited government, popular sovereignty, the sovereign indivisible rights of man..... but dependency on big government? that's what has made us great? why is Europe risking collapsing into chaos, then, instead of beating our pants off at every turn?

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by KevinKohler View Post
    I totally agree about the investigations that WILL NEVER put anyone behind bars, unless it's someone low on the ladder...BUT. Why would we accept that NO bank could withstand a bank run? Is not their advertised service that they will hold my money and keep it safe? Why, then, do they get a federal prop to ensure that advertisement is not false? Again, why can't MY business get a federal seal of promise, like banks do? Their job is to hold my money. That's what I pay them to do. I guess what I'm saying is, I hold the FDIC partly responsible for this "cowboy" attitude that leads banks to make investments with money that is not their own that does not have a 100% geurantee of yield.
    Yes, it is their "implied" promise to keep our money safe; but, actually, there's no such promise. Banks are lending institutions. The money they lend is only as safe as the borrower. I'm not willing to go back to the days when people's savings could be wiped out by improper/imprudent behavior on the part of bank personnel. I understand why you would question it, but it ain't goin' anywhere.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by cpwill View Post
    interesting. that's what makes this country great? not... you know... the Constitution, limited government, popular sovereignty, the sovereign indivisible rights of man..... but dependency on big government? that's what has made us great? why is Europe risking collapsing into chaos, then, instead of beating our pants off at every turn?
    Those things certainly help, however, a modern economy requires infrastructure to support it or else it won't happen. However, the best expression of freedom is people being able to do what they want and this requires physical resources.

    Second, mere freedom without the means and resources to utilize it is not useful.

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by haymarket View Post
    ........
    I believe that statement is misleading. It is somewhat truthful - in a limited way - in that the Republicans did provide votes necessary for its passage. However, the way you stated it leaves one with the impression that the Republicans were the principal party responsible for Congress passing the bill. Perhaps that was not your intention but that is how I read your comments. In reality, passage of the 64 Civil Rights Act was a bipartisan effort in which both parties contributed greatly to the bills passage. One cannot demonize either party nor credit just one party. It was a true bipartisan effort in which both parties made the passage possible.

    One could also say that it was the Democrats who gave Johnson the support he needed to pass the bill and that would also be somewhat truthful - in a limited way - in that the Democrats did provide votes necessary for its passage. But I think that too would be misleading.
    My statement was accurate. It was response to someone misinformed about the role that the GOP in Congress played in passing LBJ's Civil Rights Act. It is not uncommon to have liberals mischaracterize the efforts of the GOP on that piece of legislation. I take issue when I see liberals talking out of their ass.

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by KevinKohler View Post
    Where? All the places I have ever rented required a credit check, and before I built any up, had to have a cosigner. Unless you save up, like, a huge sweaty wad of cash, you're not buying a car without credit, and if you have the sorta job that pays well enough to do this, you're not going to qualify for bankruptcy anyway.
    Unfortunately, this is a result of the electronic mass-communication age. I do not see a way to stop it. Like everything else, supply and demand will adjust. Perhaps charging higher resnts or requiring larger deposits, where poorer credit is involved.

    I do not think you mentioned it, but one of the newer zingers is auto insurance and credit ratings. Many companies will now charge you a higher insurance premium if you have a lesser credit rating. Perhaps somewhere there is an actuarial stat that says lesser credit folks crash more cars. Again, the market will adjust. And you may pay more regardless.

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    Re: Labor Unions Join Wall Street Occupiers for "Mass Rally'

    Quote Originally Posted by megaprogman View Post
    Those things certainly help, however, a modern economy requires infrastructure to support it or else it won't happen. However, the best expression of freedom is people being able to do what they want and this requires physical resources.

    Second, mere freedom without the means and resources to utilize it is not useful.
    "Mere" freedom ? Mere freedom will create the means and develop the resources. Better than anything besides freedom.

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