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Thread: Major makeover of Wall Street regs passes House

  1. #31
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by the makeout hobo View Post
    Look at the golden parachute the people running AIG made. They don't care that AIG got bailed out, they're rich.
    How does the bailout not matter for them? Obviously they were rich to begin with, but you don't think that their company failing would have been a bad thing for them?

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by spud_meister View Post
    just a bit off topic, what exactly makes obama a marxist, i mean, sure he's a bit more left than bush, but still, the entire Australian political system is left, our right wing party is called the liberals, and we're no where near communism, sadly enough, so unless he starts dissloving the state, i guess he's not marxist, but for those who claim he is, what makes him so?

    Lots of luck with that question, I started a thread asking someone to ďDescribe the meaning of socialismĒ and got three responses. Most here use the term because Ö.well because of Rush,Sean,etc etc said so.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Dav View Post
    How does the bailout not matter for them? Obviously they were rich to begin with, but you don't think that their company failing would have been a bad thing for them?
    Please explain to me how it was bad, personally, for them, seeing as they made out with several million dollars.
    The Makeout Hobo is real, and does indeed travel around the country in his van and make out with ladies... If you meet the Makeout Hobo, it is customary to greet him with a shot of whiskey and a high five (if you are a dude) or passionate makeouts (if you are a lady).

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by the makeout hobo View Post
    Please explain to me how it was bad, personally, for them, seeing as they made out with several million dollars.
    What, the bailout? I'm confused now. I said that the lack of bailout would have been a bad thing for them.

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Dav View Post
    What, the bailout? I'm confused now. I said that the lack of bailout would have been a bad thing for them.
    And I'm saying that they were already rich from doing shaky financial deals, and got a huge severance package, so why would it have been bad for them?
    The Makeout Hobo is real, and does indeed travel around the country in his van and make out with ladies... If you meet the Makeout Hobo, it is customary to greet him with a shot of whiskey and a high five (if you are a dude) or passionate makeouts (if you are a lady).

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by the makeout hobo View Post
    And I'm saying that they were already rich from doing shaky financial deals, and got a huge severance package, so why would it have been bad for them?
    Which people are these, specifically? Do you have links?

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Dav View Post
    Which people are these, specifically? Do you have links?
    I remember it was all over the news. I'm working on a term paper right now so I'm a bit too busy to do any other research, but you can look it up if you want.
    The Makeout Hobo is real, and does indeed travel around the country in his van and make out with ladies... If you meet the Makeout Hobo, it is customary to greet him with a shot of whiskey and a high five (if you are a dude) or passionate makeouts (if you are a lady).

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by apdst View Post
    I have a huge probem with this. Who gets to decide which companies war broken up and on what grounds do they make that decision?

    This is bad. I can see it already.
    What are your views on anti trust legislation?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Major makeover of Wall Street regs passes House

    And this is what an expert on economics has to say, and republican fat cats and their lackeys in congress won't like it one bit.

    Letís recall how we got into our current mess.
    America emerged from the Great Depression with a tightly regulated banking system. The regulations worked: the nation was spared major financial crises for almost four decades after World War II. But as the memory of the Depression faded, bankers began to chafe at the restrictions they faced. And politicians, increasingly under the influence of free-market ideology, showed a growing willingness to give bankers what they wanted.

    The first big wave of deregulation took place under Ronald Reagan ó and quickly led to disaster, in the form of the savings-and-loan crisis of the 1980s. Taxpayers ended up paying more than 2 percent of G.D.P., the equivalent of around $300 billion today, to clean up the mess.

    But the proponents of deregulation were undaunted, and in the decade leading up to the current crisis politicians in both parties bought into the notion that New Deal-era restrictions on bankers were nothing but pointless red tape. In a memorable 2003 incident, top bank regulators staged a photo-op in which they used garden shears and a chainsaw to cut up stacks of paper representing regulations.

    And the bankers ó liberated both by legislation that removed traditional restrictions and by the hands-off attitude of regulators who didnít believe in regulation ó responded by dramatically loosening lending standards. The result was a credit boom and a monstrous real estate bubble, followed by the worst economic slump since the Great Depression.

    Given this history, you might have expected the emergence of a national consensus in favor of restoring more-effective financial regulation, so as to avoid a repeat performance. But you would have been wrong.

    Talk to conservatives about the financial crisis and you enter an alternative, bizarro universe in which government bureaucrats, not greedy bankers, caused the meltdown. Itís a universe in which government-sponsored lending agencies triggered the crisis, even though private lenders actually made the vast majority of subprime loans. Itís a universe in which regulators coerced bankers into making loans to unqualified borrowers, even though only one of the top 25 subprime lenders was subject to the regulations in question.

    Oh, and conservatives simply ignore the catastrophe in commercial real estate: in their universe the only bad loans were those made to poor people and members of minority groups, because bad loans to developers of shopping malls and office towers donít fit the narrative.NY Times
    I continue to be amazed at conservatives who scream at big spending by govt., but scream at controlling those that caused this mess......who caused bigger spending to fix!

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by the makeout hobo View Post
    I remember it was all over the news. I'm working on a term paper right now so I'm a bit too busy to do any other research, but you can look it up if you want.
    All I could find in regards to a severance package was one that was rejected.

    Wait... I just found this, which I assume is what you were talking about.

    Still, I can't find proof that Sullivan was richer when he left than before the crisis, nor can I find the reason why the severance package was paid; it could be that they wouldn't have paid it without knowing that a bailout was just around the corner. Plus, it's not like Sullivan was solely responsible for AIG's decline.

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