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Thread: Bernie Sanders To Introduce Bill To Break Up The Big Banks

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Fenton View Post
    No I support identifying and then addressing the issues that led to the 2008 Subprime mortgage crisis, not diverting attention away because its Politically inconvenient for one Political party.

    The GSEs were tax exempt, exempt from SEC reporting requirements, had access to a 4 Billion dollar line of credit straight from the US Treasury that NO Bank could touch , had a " AAA " debt status, could run their business with almost no equity or Capital requirements and were the single largest purchaser of both Securities backed by Subprime loans and Subprime loans themselves.

    They created demand for a toxic product, they distributed TRILLIONS in Securities backed by Subprime loans and they purchased Trillions in Subprime loans and Securities and they were being run like ENRON on steroids.

    The GSEs hid over a Trillion dollars in Subprime debt while they were the primary consumer of Securities backed by Subprime loans amd while they were getting Billions of dollars straight from the US Treasury. ( 2011 SEC investigation )

    There's a word for that. Its called Securities fraud. In this case it was unprecedented securities fraud.

    There's a good reason they were the only two Financial entities that were charged and investigated by the SEC.

    I haven't heard Bernie Sanders or Elizabeth Warren address this ONCE.

    While they perpetuate this " too big to fail " narrative and whine about Bailouts, over 5 Trillion dollars in GSE debt now sits on the books of the Treasury while the US FED buys another 3 Trillion from Banks via QE.

    So there's TARP, ( paid back ) and then there's the Trillions in GSE debt that we inherited. I think you guys have your priorities a little mixed up
    ok. let's address Fannie and Freddie as well as the so called "private" TBTF financial entities. agreed?

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by JohnWOlin View Post
    What is the purpose of those links, and what do you think they change about Fenton's post?
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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Helix View Post
    not every two story house is stable, but if it collapses, it causes a lot less damage than a one hundred story rickety skyscraper.

    and i'm not arguing against letting corporations grow. i'm arguing against letting corporations grow and consolidate to the point at which a collapse could bring down the entire economy.
    The economy didn't collapse, and the TARP outflow of $615 billion has all come back to the Treasury - with profit.

    I'm no fan of the big banks (I'm an advocate of community banks) but that said, why do we have a right to demand that they be split up? Honeywell is a big company. So is AT&T, and Exxon, and Apple, and Berkshire Hathaway, and General Electric.....I could go on forever. Should we demand that they also be split up? What happens if any of them fail?

    By the way, Dodd-Frank actually ensures the longevity of the big banks, and is strangling the smaller banks out of business. I know that the Democrats and Liberals pretend otherwise, but it doesn't hurt the big banks - it hurts the smaller ones.
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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Fenton View Post
    No I support identifying and then addressing the issues that led to the 2008 Subprime mortgage crisis, not diverting attention away because its Politically inconvenient for one Political party.

    The GSEs were tax exempt, exempt from SEC reporting requirements, had access to a 4 Billion dollar line of credit straight from the US Treasury that NO Bank could touch , had a " AAA " debt status, could run their business with almost no equity or Capital requirements and were the single largest purchaser of both Securities backed by Subprime loans and Subprime loans themselves.

    They created demand for a toxic product, they distributed TRILLIONS in Securities backed by Subprime loans and they purchased Trillions in Subprime loans and Securities and they were being run like ENRON on steroids.

    The GSEs hid over a Trillion dollars in Subprime debt while they were the primary consumer of Securities backed by Subprime loans amd while they were getting Billions of dollars straight from the US Treasury. ( 2011 SEC investigation )

    There's a word for that. Its called Securities fraud. In this case it was unprecedented securities fraud.

    There's a good reason they were the only two Financial entities that were charged and investigated by the SEC.

    I haven't heard Bernie Sanders or Elizabeth Warren address this ONCE.

    While they perpetuate this " too big to fail " narrative and whine about Bailouts, over 5 Trillion dollars in GSE debt now sits on the books of the Treasury while the US FED buys another 3 Trillion from Banks via QE.

    So there's TARP, ( paid back ) and then there's the Trillions in GSE debt that we inherited. I think you guys have your priorities a little mixed up

    Obviously there is a good reason for that. The only monopoly that a socialist despises is a private one. Government monopoly is the Socialist end game.
    Give a man a fish and he eats for a day. Teach a man to fish and he stops voting for the Free Fish party.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by tres borrachos View Post
    By the way, Dodd-Frank actually ensures the longevity of the big banks
    What ensures the longevity of the big banks is the comfort that no matter what they do they will have access to unlimited tax payer dollars for bailouts.
    Trump Attacked A Syrian Airfield. Trump will be a one-term president.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by tres borrachos View Post
    The economy didn't collapse, and the TARP outflow of $615 billion has all come back to the Treasury - with profit.

    I'm no fan of the big banks (I'm an advocate of community banks) but that said, why do we have a right to demand that they be split up? Honeywell is a big company. So is AT&T, and Exxon, and Apple, and Berkshire Hathaway, and General Electric.....I could go on forever. Should we demand that they also be split up? What happens if any of them fail?

    By the way, Dodd-Frank actually ensures the longevity of the big banks, and is strangling the smaller banks out of business. I know that the Democrats and Liberals pretend otherwise, but it doesn't hurt the big banks - it hurts the smaller ones.
    it didn't collapse? tell that to me and to everyone else who lost their jobs in 2008. mine was due to end of grant, but i had to job search in the middle of all of that bull****. to say that it sucked would be the understatement of the decade. probably set my career back five to six years, as well.

    the fact of the matter is that everybody got greedy and started casino gambling on risky ****, and it ****ed up the economy like it does every time. there is no reason to have a few massive banks gambling their asses off with most of the money. break them down into smaller, more competitive parts.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Helix View Post
    it didn't collapse? tell that to me and to everyone else who lost their jobs in 2008. mine was due to end of grant, but i had to job search in the middle of all of that bull****. to say that it sucked would be the understatement of the decade. probably set my career back five to six years, as well.

    the fact of the matter is that everybody got greedy and started casino gambling on risky ****, and it ****ed up the economy like it does every time. there is no reason to have a few massive banks gambling their asses off with most of the money. break them down into smaller, more competitive parts.
    I didn't say people didn't lose their jobs. I said the economy didn't collapse. It didn't. Not everyone in this country lost their jobs or their money. In fact, most people didn't. Not sure what your definition of collapse is, but to me it means break down or fail.

    Everyone didn't get greedy. Lots of stupid consumers did. A few investors did. But not everyone.
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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    One would think that an avowed socialist would want to nationalize the banks, not break them up. Sometimes, labels don't describe the real political philosophy of the person to whom the label is applied.

    Why shouldn't the banks be broken up? Why do we need our economy to be dependent on entities "too big to fail"?
    "Those were lies, pure and simple."

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by tres borrachos View Post
    I didn't say people didn't lose their jobs. I said the economy didn't collapse. It didn't. Not everyone in this country lost their jobs or their money. In fact, most people didn't. Not sure what your definition of collapse is, but to me it means break down or fail.

    Everyone didn't get greedy. Lots of stupid consumers did. A few investors did. But not everyone.
    remember the collapse any way that you choose to, and call it anything you want. a whole lot of us were really hurt by it. we should break up banks when they get too big to fail and are engaging in risky investment strategies that might make another bailout unavoidable. they won't be broken up, though, because they have too much power. and the next time they **** up, the taxpayers will bail them out again.

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    Re: Bernie Sanders To Introduce Bill To Break Up The Big Banks

    Quote Originally Posted by Helix View Post
    remember the collapse any way that you choose to, and call it anything you want. a whole lot of us were really hurt by it. we should break up banks when they get too big to fail and are engaging in risky investment strategies that might make another bailout unavoidable. they won't be broken up, though, because they have too much power. and the next time they **** up, the taxpayers will bail them out again.
    I never said a lot of people weren't hurt by it Helix. People lose their jobs all the time. I've lost jobs due to cutbacks. 47 retailers have announced they're closing thousands of stores this year. That's many thousands of jobs lost. Does that mean the economy has collapsed? No, it doesn't.

    The big banks won't be broken up, you're correct. They are extremely powerful and both parties are beholden to them. Dodd-Frank, contrary to popular belief, ensured their longevity. The small banks can't compete and will start closing and being acquired with alarming speed very soon. I don't personally believe that taxpayer bailouts are on the horizon for the big banks anytime soon though; they aren't involved in what they were involved in a decade ago. They actually right now aren't any more vulnerable than any company their size. It's the small banks that are being choked, thanks to our government.
    Horse sense is the thing a horse has which keeps it from betting on people. ~W.C. Fields

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