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Thread: Major makeover of Wall Street regs passes House

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Dav View Post
    Yes, what we need is an elite class of political guardians who watch over the stupid masses and protect them from themselves
    Exactly right. Can you imagine a congressman going home to campaign to his constituents, promising to lower/raise the interest rate? Ughhh. Congressmen know nothing about monetary policy, the voters know nothing about monetary policy, yet somehow they all think they're qualified to have an opinion on the subject.
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Kandahar View Post
    Exactly right. Can you imagine a congressman going home to campaign to his constituents, promising to lower/raise the interest rate? Ughhh. Congressmen know nothing about monetary policy, the voters know nothing about monetary policy, yet somehow they all think they're qualified to have an opinion on the subject.
    You have already stated your view about how stupid you think most people are in another thread (where you supported the findings of a poll which has since been proven fraudulent), so we are working from different premises here. Anyways, if there's one thing I detest, it's elitism.

    Think of it like this: In a war, it is usually the generals making the tactical decisions; however, the President has the power to step in wherever he wants to make his own decisions, and the Generals must listen to him. That's the kind of relationship that the Fed and Congress should have. I'm not saying that Congress should be making all the decisions, but they should ultimately have total power over the Fed. Incidentally, the Constitution is pretty clear about who has the power to coin money.

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Kandahar View Post
    Exactly right. Can you imagine a congressman going home to campaign to his constituents, promising to lower/raise the interest rate? Ughhh. Congressmen know nothing about monetary policy, the voters know nothing about monetary policy, yet somehow they all think they're qualified to have an opinion on the subject.
    Why can't we let the market set interest rates?

    Who said anything about the Congress being able set interest rates?

  4. #74
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Ethereal View Post
    Why can't we let the market set interest rates?
    How do you propose we do this?
    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

    Quote Originally Posted by Goldenboy219 View Post
    How do you propose we do this?
    Market forces, which can only exist if the Fed's plenary influence over credit conditions is restricted or redefined in some way.

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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?
    When the Government started telling banks to lend to high risk minority "voters" and let's be honest here, that's all that was, vote getting. It had the upshot of letting millions of people buy houses they couldn't afford. The downside was... 2008.

    But let's not quibble over what REALLY happened, they meant well right?
    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

    Blaming minorities. Classy.

  8. #78
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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Orius View Post
    Blaming minorities. Classy.
    Where the hell did I blame Minorities?
    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 Orius View Post
    Blaming minorities. Classy.
    I didn't notice anyone blaming minorities. Are you claiming that minorities are the only folks that took out loans they couldn't afford? No white folks did that?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Major makeover of Wall Street regs passes House

    Quote Originally Posted by Ethereal View Post
    Market forces, which can only exist if the Fed's plenary influence over credit conditions is restricted or redefined in some way.
    Who are banking going to borrow from as the last resort? You do realize that interest rates are initially set from the fed no? They set the base rate upon which all other rates are derived from. How do you intend to replace that base rate?
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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