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Thread: Warren Joins McCain to Push New Glass-Steagall Law for Banks

  1. #21
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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Tucker Case View Post
    I wondered why the banks went out of their ****ing minds, yes.
    yeah, I was rather lost on the point of citing that, as well.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Tucker Case View Post
    I wondered why the banks went out of their ****ing minds, yes.

    It's actually not terribly complicated. The sudden purchasing craze by Fannie and Freddie created a can't-lose environment for the banks in the early going since Fannie and Freddie underwriting had almost no requirements. This drove up the cost of housing, leading to the assumption throughout the financial industry that between the generous federal buy environment and the real estate resale costs loans couldn't lose money.

    But then the buyers also had that same delusion. If the fabled McDonald's worker bought a $700,000 home, and then couldn't make payments when the Arm expired then no big deal, they could just flip the house for $850,000 and walk away with more money then they had ever seen.

    Nobody was a victim, everyone was operating on the same motivations, and it was all fueled by a federal loan buying program that essentially broke the risk model that the banks have been operating on forever.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by jmotivator View Post
    Nobody was a victim...
    False. All of us who actually did it the right way (20% down, good credit, buying that which we could afford as first time homebuyers) ended up victims when we saw our investments turn to **** and out loans turn upside down due to the market being flooded by foreclosures from douchebags who took out 100% to 115% LTV NINA loans that they couldn't afford while ****hole banks ran off with billions in profits form ****ing the system.

    Those of us who had no clue that this garbage was going on got ****ed. Big time. I saw my property value drop by 60% of my purchasing price. Those who had good credit and were responsible didn't even imagine that those who weren't were being handed money.
    Tucker Case - Tard magnet.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by poweRob View Post
    You go girl! Keep pushing for this
    PLLLLLEEEEEEEAAAAAZZZZZZZZEEE!!!!!111!!!!! I'll have so much more faith in our economic future if Glass Steagall gets reimplemented.

    Warren Joins McCain to Push New Glass-Steagall Law for Banks

    U.S. Senator Elizabeth Warren said she and a bipartisan group of lawmakers are introducing a bill aimed at re-creating the Glass-Steagall Act, the Depression-era measure that separated commercial and investment banking.

    “Banking should be boring,” Warren, a Massachusetts Democrat, said yesterday in a conference call with reporters. “Anyone who wants to take big risks should go to Wall Street and should stay away from the basic banking system.”

    The bill sponsored by Warren along Senators John McCain, an Arizona Republican, Maria Cantwell, a Washington Democrat, and Angus King, a Maine independent, would separate traditional banks that offer checking and savings accounts insured by the Federal Deposit Insurance Corp. from “riskier financial institutions.” The latter category includes companies involved in investment banking, insurance, swaps dealing, hedge funds and private equity, according to the lawmakers’ statement.
    Should it be re-implemented ? Yes.

    DID the doing away with Glass-Steagal cause the 2008 finincial collapse ? No.

    Warren just reaches out to your average low information Liberal via the " evil bank narrative" and keeps her lying mouth shut when it comes to who put the policies in place that lowered 100 year old Standards for banks and 60 year old standards for Fannie Mae.

    All done under the false pretenses of "discriminatory" practices by lenders.

    In 2004 when Fannies regulator was warning Congress of the two GSEs eventual Collapse, Democrats were sitting in front of Republican held Comitees lieing their asses off.

    As the Republicans were trying to pass stricter regulations Fannie was doubling down on their extremely corrupt and irresponsible behaviour by getting into NINA loans and buying up massive amounts of privately issued mortgage backed securities.

    What any investment bank or lending corporation did as far as unethical practices pales in comparison to the Corruption that Continued through questioning of investigative comittees at the GSEs.

    When I hear her address the Government Sponsored Criminals at Fannie and Freddie I'll listen up but so far she's just another useless Democrat that only appeals to low information voters.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Fenton View Post
    Should it be re-implemented ? Yes.

    DID the doing away with Glass-Steagal cause the 2008 finincial collapse ? No.

    Warren just reaches out to your average low information Liberal via the " evil bank narrative" and keeps her lying mouth shut when it comes to who put the policies in place that lowered 100 year old Standards for banks and 60 year old standards for Fannie Mae.

    All done under the false pretenses of "discriminatory" practices by lenders.

    In 2004 when Fannies regulator was warning Congress of the two GSEs eventual Collapse, Democrats were sitting in front of Republican held Comitees lieing their asses off.

    As the Republicans were trying to pass stricter regulations Fannie was doubling down on their extremely corrupt and irresponsible behaviour by getting into NINA loans and buying up massive amounts of privately issued mortgage backed securities.

    What any investment bank or lending corporation did as far as unethical practices pales in comparison to the Corruption that Continued through questioning of investigative comittees at the GSEs.

    When I hear her address the Government Sponsored Criminals at Fannie and Freddie I'll listen up but so far she's just another useless Democrat that only appeals to low information voters.
    What complete nonsense, the Republicans had control of both houses of Congress in 2004 so they could have passed any legislation they desired. The Democrats took control of the House in Jan 2007. Low information voter? LMAO.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Unitedwestand13 View Post
    who would object to this? oh yeah the banks.

    i guess wall street made a mistake in blocking Elisabeth warrens nomination to the financial protection bureau.
    Excellent point about their blocking her nomination!

    Elizabeth Warren is a breath of fresh air! This is great news.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Fenton View Post
    Should it be re-implemented ? Yes.

    DID the doing away with Glass-Steagal cause the 2008 finincial collapse ? No.

    Warren just reaches out to your average low information Liberal via the " evil bank narrative" and keeps her lying mouth shut when it comes to who put the policies in place that lowered 100 year old Standards for banks and 60 year old standards for Fannie Mae.

    All done under the false pretenses of "discriminatory" practices by lenders.

    In 2004 when Fannies regulator was warning Congress of the two GSEs eventual Collapse, Democrats were sitting in front of Republican held Comitees lieing their asses off.

    As the Republicans were trying to pass stricter regulations Fannie was doubling down on their extremely corrupt and irresponsible behaviour by getting into NINA loans and buying up massive amounts of privately issued mortgage backed securities.

    What any investment bank or lending corporation did as far as unethical practices pales in comparison to the Corruption that Continued through questioning of investigative comittees at the GSEs.

    When I hear her address the Government Sponsored Criminals at Fannie and Freddie I'll listen up but so far she's just another useless Democrat that only appeals to low information voters.
    I don't think your claim that the repeal of GS had nothing to do with the collapse of '08 can be substantiated.

    Things move slowly, and the financial system is very much interconnected and complex.

    The repeal gave us the "casino mentality" and also all those credit default swaps and everything else that gave us the bubble that then deflated.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Tucker Case View Post
    False. All of us who actually did it the right way (20% down, good credit, buying that which we could afford as first time homebuyers) ended up victims when we saw our investments turn to **** and out loans turn upside down due to the market being flooded by foreclosures from douchebags who took out 100% to 115% LTV NINA loans that they couldn't afford while ****hole banks ran off with billions in profits form ****ing the system.
    OK, point taken. I was talking about the people in the transactions. Too many people are trying to turn the "McDonald's" worker into a victim, but you are right, of course. Those who owned homes the right way were certainly victims.

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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    Quote Originally Posted by Dr. Chuckles View Post
    Yeah, brah, it's like people are confusing our political system with a two party one, where democrat and republican become overly broad labels for various liberal and conservative factions ...
    i'm not trying to get into factions, im actually poking fun at most conservatives.
    "Conservatism is the blind and fear-filled worship of dead radicals."
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    Re: Warren Joins McCain to Push New Glass-Steagall Law for Banks

    My understanding is that Glass-Steagall is largely a red-herring. People like simple answers and it's appealing to pinpoint the cause of the financial crisis to something as simple and specific as the repeal of a solitary law. But, other than arguably making Citibank's situation worse, how did GLBA contribute to the crisis? What specific bad lending practices by, say, Lehman Bros or Bear Stearns would have been prevented by Glass-Steagall?

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