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Thread: Major makeover of Wall Street regs passes House

  1. #61
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by tjinta ibis View Post
    You mean like sex and no moral code?
    Yeah, because that's entirely relevant to the topic

    p.s. if you actually knew Ethereal you wouldn't have said that....

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Redress View Post
    Major makeover of Wall Street regs passes House - Yahoo! News



    Not sure what to make of this. I think reforms need to be made in this area, but I don't know enough on the topic to know if these are the right reforms.
    I think they're right to want to break up "too big to fail" companies, or at least put a cap on the amount of liabilities they can hold. Capping their liabilities would reduce the systemic risk to our economy of individual companies going bust. It's really the most sensible option that I can see. Allowing them to go bankrupt would create a domino effect that could lead to economic disaster, whereas constantly bailing them out isn't fair to the taxpayers and it isn't good for the budget when there are other (cheaper) alternatives available.

    However, the bill is also trying to dilute the Fed's power...and I don't like that at all. The Federal Reserve should remain the way it is for the most part; I shutter at the thought of Congress trying to micromanage monetary policy. I have much more confidence in independent technocrats, than I do in partisan hacks in Congress who don't even know what a demand curve is.
    Last edited by Kandahar; 12-17-09 at 01:01 AM.
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Dav View Post
    I suspect that the recession wouldn't have become such a crisis if we had just let bad companies die and not had the government come in to "save" the day.
    Who would have replaced the millions of jobs those companies provide in America? I'll give you a hint. Nobody. The 'big' companies collapsing doesn't only have economic ramifications it has social ones too. What happens if GM entirely collapses? Ford? What happens to the millions of people who's livelihoods are almost entirely dependent on these companies? Please explain that in detail. I'd rather the government give those companies a hand than watch millions more depend on welfare programs because economic conservatives are still masturbating to the empty words of Reagan.
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by the makeout hobo View Post
    Do you think there should be any reforms of our financial system, seeing the failures that culminated last year?
    Seeing as most of the problems were the fault of the Government to begin with, having them "reform" the system fails to inspire.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by tjinta ibis View Post
    You mean like sex and no moral code?
    I'm not sure I understand.

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by MrVicchio View Post
    Seeing as most of the problems were the fault of the Government to begin with, having them "reform" the system fails to inspire.
    ^^^
    That man gets it.

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    Re: Major makeover of Wall Street regs passes House

    How was the government responsible for Adjustable Rate Mortgages? Or subprime lending?
    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
    How was the government responsible for Adjustable Rate Mortgages? Or subprime lending?
    The Reiche-wing is responsible for removing key regulation that would have prevented it from occurring.

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Vader View Post
    The Reiche-wing is responsible for removing key regulation that would have prevented it from occurring.
    ....led by Barney Frank and Chris Dodd.

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Kandahar View Post
    However, the bill is also trying to dilute the Fed's power...and I don't like that at all. The Federal Reserve should remain the way it is for the most part; I shutter at the thought of Congress trying to micromanage monetary policy. I have much more confidence in independent technocrats, than I do in partisan hacks in Congress who don't even know what a demand curve is.
    Yes, what we need is an elite class of political guardians who watch over the stupid masses and protect them from themselves


    Quote Originally Posted by Hatuey View Post
    Who would have replaced the millions of jobs those companies provide in America? I'll give you a hint. Nobody. The 'big' companies collapsing doesn't only have economic ramifications it has social ones too. What happens if GM entirely collapses? Ford? What happens to the millions of people who's livelihoods are almost entirely dependent on these companies? Please explain that in detail. I'd rather the government give those companies a hand than watch millions more depend on welfare programs because economic conservatives are still masturbating to the empty words of Reagan.
    Well, they basically are on welfare as it is, so I don't see how it could be worse.

    One possible scenario is that a bigger, more competent company would just buy them up. And if not, eventually more jobs would rise up to replace the old ones (and it's not like the same people are always unemployed at the same time, so I'm not saying that the specific people who worked in Detroid would have to wait for said new jobs). Both of those options are better, in my mind, than rewarding incompetence. Why was nobody calling for a bailout of Enron? Lots of people lost their jobs over that.

    Also, I'm not sure how anyone can defend what happened to GM. That the Federal government nationalized a freaking car company sets a horrible precedent. Nor am I sure how anyone can defend the initial bailout, which was voted down by Congress and which most people were against.

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