Too Big To Fail Bank Bill Killed By Bought Politicians
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I’m sorry I might be knee jerking at this point but this and a couple of other things brings out my liberal side. I’m sorry we can not continue to have our economy in the hands of so few people. I know what my fellow conservatives would say “this is the government trying to control the banks”. I say to that somebodies got to get control of this train to make sure it doesn’t fly off the tracks again and I’m sure you know what I mean.
the problem is that they have 100 more times on derivates. not the whole wealth the world can cover them
@sluttyfrogmagician Try to get liquid with some hard assets. No, I dont mean a case of Cuervo Gold. Well, maybe thats fine too.
Its great Cenk called all their names out.
@luvcheney1 Well that would be nice – I’ve got a student loan and credit card to pay off!
@lapiz4azulli The “meltdown” is only the worlds debt being erased. Bailouts, stimulus, both here and in Europe only change the “form” of the meltdown. Rather than banks collapsing and debt being erased “deflationary”, the currencies are being debased by easy money, and debt will be erased “inflationary”. Either way, all public, and private debt will be erased.
@dangerouslytalented The price of oil “should be” whatever the market makes it. When the price gets high enough it WILL encourage alternatives, without subsidy. The least we can do is encourage safe, widespread production, at market prices. Subsidies are a waste of money, and forcing a price above market lowers the standard of living. Oil in1980 about $50, today about $70, but 30 years later. China, India have increasing standards of living with increased oil use, due to “sweatshops”
@luvcheney1 … and this stimulated demand by halting the drive toward fuel efficiency and energy independence, which caused the skyrocketing prices since 1999. Bin Laden himself said that oil was not costing nearly enough, and said that it SHOULD cost $160 a barrel. This level was reached towards the end of Bush’s term, or eithin 8 years of the $11 minimum of 1999.
@dangerouslytalented The oil crisis was caused by price controls on domestic supplies. Domestic production was limited to around $28 a barrel, which meant any oil costing more than 28 a barrel had to stay in the ground, and we used more than what was available at 28 a barrel. So we paid OPEC over $45 to make the difference. ( Lib stupidity) In 1980, Reagan removed domestic controls, and the price began a long fall, until it was $10 by around 1999. Arco was broke (now BP). Opec was broken too.
@lapiz4azulli Mortgages, and mortgage backed securities went bust. That broke the institutions. American mortgages were always the safest of investments, Americans always paid their mortgages. Even if the DIDNT pay them, the home was the collateral, so that made them totally secure. Until the VALUE of the homes declined so much! Which virtually nobody anticipated. Whoever created the bubble, is the bad guy here.
Instead of the Senators voting, the vote should be put to the people
@dangerouslytalented Corporations dont/ cant tell who makes money for them? Mortgages, and investments based on mortgages were very safe investments, as homeowners in the US always paid their debts on homes, from the 1940`s till the housing bubble burst, over 65 years. When they stopped paying their debts to banks, the banks collapsed. Few banks anticipated this, and Goldman Sachs is being sued by the Federal Govt BECAUSE they actually had made investments to profit IF mortgages failed!!
@dangerouslytalented Sorry, I didnt see this funny post. “Both are factors?” Now you do admit easy money as a component of the issue, and Fannie, Freddie. That is the GOVT, not banksters.
@Navywxman You have stated banks “gambled and speculated”. You feel that is negative. Fine, lets go with that. Name an investment, that is not gambling or speculating. Surely a man as smart as you, who knows how banks need to behave, who knows about derivatives can think of just 1 investment that isnt gambling, or speculating. As a self declared expert on banking, just state one investment thats not gambling! You have refused for 4 consecutive posts.
@luvcheney1 Hey stupid, I havent avoided shit. You posed something that I never claimed so why the hell would I care about your nonsense? All you had to do was say yes, your very stupid and dont know what the hell your talking about as that is painfully obvious. Maybe you shouldnt be commenting dumbass if you dont know wtf the difference is between investing in something and speculating.
@Navywxman A bubble cant burst if it didnt happen. Mortgage based investments would not have failed, if the mortgages did not fall in value, and they wouldnt fall without the bubble bursting. Banks own mortgages, Gee! What a concept! Discover WHY the housing bubble occurred, and you have the bad guys!
@Navywxman You avoid naming a “non- gambling” ( safe) investment through 3 replies now, calling me stupid. If you claim banks are bad, because they gamble, then just name a SAFE investment. If there is a world of difference between speculation and investment, and you are not stupid, tell me a safe investment. My whole life (59 years) I was told by my elders, and everyone else, that a home was a good, safe investment.
@luvcheney1 Goddamn your stupid boy! Is your last name Palin!? There is a world of difference between speculation and actual investment. Wall street has been flooding the world with speculation not investment. And yes speculation ie. derivatives did bring the system down since it was that mass of speculation which is what was unsustainable. Damn your fucking stupid!
@dangerouslytalented Interest rates on homes were never the “easy” 5% we have been used to. The govt “knowingly” encouraged loans to “rotten” people through the CRA, through forcing banks wanting to enter new markets to have the “correct” percent of minority, shit loans made or they cant enter the new market, by allowing Fannie and Freddie to buy all the mortgages made to shit people, and dont forhet the Fed fueling it all with easy money policies. And then, you blame banks.
@RAMKING61 Greek finances sent interest rates soaring. The “pigs” falling too, will make things worse, but Greece is bad for rates, and high rates make life much harder for everyone. I agree Greece should be not given cash, and default. But that too, will cause fear, and that means higher rates, and more problems too. Europe will need to stop the spending, regardless.
@luvcheney1 ‘Silly little Greece’ because having Greece go under would be like the United States losing Idaho….big deal. Saving Greece is the mistake, they need to let the lazy ass country go under. When Spain falls, that will be like the United States losing Florida…much more significant. The Bankster’s needed to kill the euro because it had been directly opposite of the dollar for years. Now the dollar is relatively strong at 86.43(DXY) – much more to the Bankster’s liking.
@luvcheney1 Both are factors, The easy money was promoted, however, because the spending power of the middle class was being eroded by supply side economics.
@luvcheney1 The oil crisis was caused by OPEC turning off the tap.
And higher fuel costs do NOT result in higher transportation costs, as people will buy more fuel efficient vehicles, which is why European and Japanese cars are so fuel efficient these days.
@dangerouslytalented Fannie, Freddie began lowering standards in Clinton`s term. When govt promotes “easy money”, malinvestment” will occur. In other words, when tons of money are floating around, it has to go somewhere, standards relax. The same thing is the fact homeowners borrowed on their homes, and wasted the money. Stupid? Sure! BUT, “easy money” encouraged that. Banks dont make easy money, they just react to it, like everyone did.
@dangerouslytalented “Oil Crisis? Caused by price controls. Reagan removed price controls, prices fell. End of phony “Crisis”. Now, Obama works very hard to create a new “Crisis” in energy too. Wants you paying $7 gas. Then things will be beautiful.