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Thread: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

  1. #121
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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Catawba View Post
    There was no choice, as we had stupidly allowed investment banks and commercial banks to combine.
    Free market says they made their choice and the winds of fate swept them upon the rocky shores of reality. Not "Well if you screw up and have to face the music for us, I don't care how many billions of tax payer dollars it takes to keep you afloat....we'll do it!". We had a system set up to handle this sort of thing, bankruptcy can be handled through the courts.

    Quote Originally Posted by Catawba View Post
    Apparently you have missed HR 1489 with 58 co-sponsors that would once again establish the firewall between investment banks and commercial banks, and you missed the tax cuts for the middle class and the extension of unemployment benefits, and the American Jobs Act, and the Stimulus funds to the states that saved millions of middle class jobs.
    We'll see if Glass-Steagall is ever fully reestablished. As for the rest, those were band aids at best. They had to extend unemployment because we had severely high unemployment sustained over a very long period of time.
    You know the time is right to take control, we gotta take offense against the status quo

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  2. #122
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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Now, let's look at the S&P 500 since Obama took over...

    Capture.JPG

  3. #123
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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Catawba View Post
    By removing the half century firewall that separated investments banks, we allowed the creation of banks too big to fail.
    I don't disagree. We should note, those actions were bi-partisan.

    If the firewall had still been in place, we could have let the investment banks fail without risking the commercial banks and the economy.
    No, we could have anyway but we chose not to. What would have happened is that they wouldn't have made the mess to start with.

  4. #124
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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Ikari View Post
    Free market says they made their choice and the winds of fate swept them upon the rocky shores of reality. Not "Well if you screw up and have to face the music for us, I don't care how many billions of tax payer dollars it takes to keep you afloat....we'll do it!". We had a system set up to handle this sort of thing, bankruptcy can be handled through the courts.

    The courts couldn't fix the economic collapse that would have occurred if we had allowed commercial bank failure. What we learned from the repeal of the Glass-Steagall Act is that the free market does not keep adequate checks on greedy investment bankers that don't mind risking peoples life savings and taxpayer dollars to fatten their pockets.

    We'll see if Glass-Steagall is ever fully reestablished.
    I think a better approach would be that we demand it be reestablished.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  5. #125
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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by 1Perry View Post
    I don't disagree. We should note, those actions were bi-partisan.
    As should be its reestablishment, but the reality is that of the 58 co-sponsors in the house, only one is a Republican.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Catawba View Post
    As should be its reestablishment, but the reality is that of the 58 co-sponsors in the house, only one is a Republican.
    We've covered this. The Dems didn't need even one and they didn't take it up.

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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by 1Perry View Post
    We've covered this. The Dems didn't need even one and they didn't take it up.
    Just as you refused to acknowledge the last time, they didn't have 58 co-sponsors then, many just signed on last year. I credit the OWS for the increased support for the bill!
    Last edited by Catawba; 02-29-12 at 10:28 PM.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  8. #128
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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Catawba View Post
    Just as you refused to acknowledge the last time, they didn't have 58 co-sponsors then, many just signed on last year. I credit the OWS for the increased support for the bill!
    Couldnt they have included it in Dodd-Frank?

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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Fletch View Post
    Couldnt they have included it in Dodd-Frank?
    Dodd Frank doesn't reestablish the Glass Steagall separation of investment banks and commercial banks.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: BREAKING: Dow Jones Closes Above 13,000 For The First Time Since May 2008

    Quote Originally Posted by Catawba View Post
    Dodd Frank doesn't reestablish the Glass Steagall separation of investment banks and commercial banks.
    But couldnt they have put that in there if they wanted to?

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