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Thread: House, Senate leaders finalize details of sweeping financial overhaul

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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    This bill is not enough now Obama wants a tax.

    Obama calls for bank tax as next step in reform | Reuters


    Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.

    "We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.

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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    Quote Originally Posted by ptif219 View Post
    This bill is not enough now Obama wants a tax.

    Obama calls for bank tax as next step in reform | Reuters


    Obama wants to slap a 0.15 percent tax on the liabilities of the biggest U.S. financial institutions to recoup the costs to taxpayers of the financial bailout.

    "We need to impose a fee on the banks that were the biggest beneficiaries of taxpayer assistance at the height of our financial crisis -- so we can recover every dime of taxpayer money," Obama said in his weekly radio and Internet address.
    Good to see he's still riding that populist horse.

    http://www.debatepolitics.com/breaki...ank-taxes.html

    It's going to be entertaining watching him try to explain that the tax is needed because the bank bailout cost us so much money while the Treasury is simultaneously trumpeting how the bank bailout earned us a profit.
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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    Quote Originally Posted by RightinNYC View Post
    Good to see he's still riding that populist horse.

    http://www.debatepolitics.com/breaki...ank-taxes.html

    It's going to be entertaining watching him try to explain that the tax is needed because the bank bailout cost us so much money while the Treasury is simultaneously trumpeting how the bank bailout earned us a profit.
    Oh you naughty boy, you are not supposed to remember that fact, let alone broadcast it.

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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    Quote Originally Posted by obvious Child View Post
    Easy. No regulation on banks on verification to get a loan. Banks didn't have regulation over that aspect of their business. Banking regulation deals more with what type of assets they can/must have and what their ratios are.

    And there was little regulation on derivatives. AIG had CDS that total liability easily exceeded its total assets and equity. There was no way they could ever pay even a fraction if those derivatives went bad.



    And you can explain this with actual facts and not partisan propaganda in actual economics terms? Or are you just another person RightinNyc is describing as effectively ignorant?
    Banks were forced to give loans to people that couldn't/didn't qualify for them because ****s like Barney Franks and Co. wanted to push "Affordable Housing for All". They used Freddie3 and Fannie as a money shell game to keep the laons going.

    It had nothing to do with "lack of regulation" and everything to do with DC dicatating business practices to banks. So now we must endure a "solution" by the same bunch.
    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: House, Senate leaders finalize details of sweeping financial overhaul

    What law forced banks to give loans to people that could not afford them? Have any evidence to back up such statements?
    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: House, Senate leaders finalize details of sweeping financial overhaul

    Quote Originally Posted by Goldenboy219 View Post
    What law forced banks to give loans to people that could not afford them? Have any evidence to back up such statements?
    Community Reinvestment Act - Wikipedia, the free encyclopedia

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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    The CRA forced banks to make faulty lending decisions. Fascinating.
    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: House, Senate leaders finalize details of sweeping financial overhaul

    The Community reinvestment Act was passed to stop redlining, not to encourage banks to give people mortgages that they couldn't pay back, and certainly not to force banks to give loans to people that could not afford them.
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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    Quote Originally Posted by MrVicchio View Post
    Banks were forced to give loans to people that couldn't/didn't qualify for them because ****s like Barney Franks and Co. wanted to push "Affordable Housing for All". They used Freddie3 and Fannie as a money shell game to keep the laons going.
    And you are one of the people RightinNYC is talking about. Loud and ignorant.

    The CRA loan program had been in existence for years before with such loans being declared profitable by the banks for decades. If the CRA was indeed responsible, we would have seen this happen long before and I mean 1980s. Second, the majority of subprimes were issued by banks not covered by CRA legislation. Third, you are explicitly ignoring how the Bush administration and at the time Republican Congress pushed the ownership society agenda which systematically stripped out obstacles to home ownership. This is why you are a partisan hack. You look solely to bash Democrats without any understanding of what actually happened. Was Barney to blame? Absolutely, but there was a whole host of characters that made the play possible. You being a partisan pretend only that Democrats are to blame. No one forced investment banks to buy the securitized mortgages with leverage. No one forced Moody's to commit massive fraud in its ratings. Much of the problem that actually occurred was because good banking practices were ignored in the pursuit of greed. Furthermore, housing by itself would not have caused this mess. Many managed brokerage firms have gotten whacked because they did not see the connection between the securitized loans and the ridiculous leverage on Wallstreet. Housing by itself is too small a part of the economy to cause this mess. But when investment banks buy the securitized mortgages with debt and the stream of income stops, they still have a liability to cover.

    I fully realize you don't understand how this works and I'm willing to give you a pass considering 95% of this forum doesn't either, but stop being an outrageous partisan. Realize you are ignorant and take steps to alleviate that. Or I will make an exception to my signature just to make your life unpleasant.

    It had nothing to do with "lack of regulation" and everything to do with DC dicatating business practices to banks. So now we must endure a "solution" by the same bunch.
    Says the person who cannot explain how it actually happened.

    It amazes me how people so incredibly ignorant of such topics think they can talk about it to those who have demonstrated time and time again they actually understand.

    I see you flat up ignored my part about CDS and asset coverage. Probably because you don't have a clue about what I'm actually talking about
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: House, Senate leaders finalize details of sweeping financial overhaul

    Quote Originally Posted by Goldenboy219 View Post
    The CRA forced banks to make faulty lending decisions. Fascinating.
    Two types of research on loan profitability have been conducted, one based on a special survey of banking institutions’ experiences and the other on statistical analysis of standardized reports filed by all banking institutions. The Federal Reserve Bank of Kansas City’s 1995 survey focused on home-purchase lending; its main finding was that CRA-related lending was profitable, but somewhat less so than traditional lending. Statistical analysis of Call Report data, merged with data on home-purchase lending, showed that institutions doing relatively more lower-income mortgage lending are no less profitable than other institutions.
    The Performance and Profitability of CRA-Related Lending

    Huh. I'm still amazed how people think the CRA caused this mess when it was enacted in 1977. I'm still amazed people think that a tiny part of the economy could have caused this mess. Apparently they don't seem to understand how purchasing securities that end up being worthless with leverage is a big fat problem. Or how issuing what amounts to specific contractual issurance when you don't have anywhere near the assets to cover a fraction of the potential liability is a problem as well.

    No wonder we have bad government. We have idiot, uninformed voters.
    Last edited by obvious Child; 06-27-10 at 02:46 AM.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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