JimBowie1958
Old Fogey
- Sep 25, 2011
- 63,590
- 16,772
- 2,220
Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
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Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
And derivatives are simply insane.
I assume you mean Bush, not Obama.I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
And derivatives are simply insane.
Oh it is much worse than that. It isn't a Casino.
The key word here.... LEVERAGE.
And the government gave these investment banks taxpayer dollars, virtually for free, $trillions over several decades.
What is leverage?
Well let's say you know some good properties, that are sure to turn a profit. They are all worth $100 million, potential profit is $20 million.
But you only have $1 million. If you get investors to line up with you... you have divide that $20 million between all of them, and potentially they will get more of it than you since it is their money you are risking.
But wait...
There is SUPER FEDMAN to the rescue... "we will give you taxpayer money so you don't have to get investors!!".... Yay!!! ... GO SUPER FEDMAN!!!
So you take $99 million of taxpayer dollars at 1%... you made $20 million, and only have to give the government back $990,000 in interest.
So you keep $19 million.
LET'S DO THIS AGAIN!!!
And again, and again, and again.
And that is still happening today...and while Obama was President it happened at record amounts.
I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
And derivatives are simply insane.
Oh it is much worse than that. It isn't a Casino.
The key word here.... LEVERAGE.
And the government gave these investment banks taxpayer dollars, virtually for free, $trillions over several decades.
What is leverage?
Well let's say you know some good properties, that are sure to turn a profit. They are all worth $100 million, potential profit is $20 million.
But you only have $1 million. If you get investors to line up with you... you have divide that $20 million between all of them, and potentially they will get more of it than you since it is their money you are risking.
But wait...
There is SUPER FEDMAN to the rescue... "we will give you taxpayer money so you don't have to get investors!!".... Yay!!! ... GO SUPER FEDMAN!!!
So you take $99 million of taxpayer dollars at 1%... you made $20 million, and only have to give the government back $990,000 in interest.
So you keep $19 million.
LET'S DO THIS AGAIN!!!
And again, and again, and again.
And that is still happening today...and while Obama was President it happened at record amounts.
It began as TARP with Bush and continued as Quantitative Easing under Obama. Most of the money given to Wall Street SuperBanks was under Obama by far.I assume you mean Bush, not Obama.
.
I assume you mean Bush, not Obama.I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
And derivatives are simply insane.
Oh it is much worse than that. It isn't a Casino.
The key word here.... LEVERAGE.
And the government gave these investment banks taxpayer dollars, virtually for free, $trillions over several decades.
What is leverage?
Well let's say you know some good properties, that are sure to turn a profit. They are all worth $100 million, potential profit is $20 million.
But you only have $1 million. If you get investors to line up with you... you have divide that $20 million between all of them, and potentially they will get more of it than you since it is their money you are risking.
But wait...
There is SUPER FEDMAN to the rescue... "we will give you taxpayer money so you don't have to get investors!!".... Yay!!! ... GO SUPER FEDMAN!!!
So you take $99 million of taxpayer dollars at 1%... you made $20 million, and only have to give the government back $990,000 in interest.
So you keep $19 million.
LET'S DO THIS AGAIN!!!
And again, and again, and again.
And that is still happening today...and while Obama was President it happened at record amounts.
.
It is in the interest of national security to break up the Too Big to Fail Banks, and therefor the President can do it by Executive Order.All of this began before Bush. And really Bush, himself, had little to do with it. He knew nothing. If there was ever a manchurian President, it was Bush.
Bush would sign whatever Cheney, advisors, and the FED wanted him to because he figured they knew what they were doing.
Obama was different. I absolutely believe he knew what had happened in the past, as equally well as what happened while he was President. Including providing $70 Billion PER MONTH in taxpayer dollars for direct debt buyout including the debt holders profits, leverage money and slush money. The result was record rise and record profits for the VERY SAME PEOPLE who created the mortgage crises. Meanwhile people lost everything, they got nothing. But the people who held the mortgages got it all. Including 100% of their profits.
So you agree that GW was the dumbest piece of shit that ever walked the earth.I assume you mean Bush, not Obama.I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
And derivatives are simply insane.
Oh it is much worse than that. It isn't a Casino.
The key word here.... LEVERAGE.
And the government gave these investment banks taxpayer dollars, virtually for free, $trillions over several decades.
What is leverage?
Well let's say you know some good properties, that are sure to turn a profit. They are all worth $100 million, potential profit is $20 million.
But you only have $1 million. If you get investors to line up with you... you have divide that $20 million between all of them, and potentially they will get more of it than you since it is their money you are risking.
But wait...
There is SUPER FEDMAN to the rescue... "we will give you taxpayer money so you don't have to get investors!!".... Yay!!! ... GO SUPER FEDMAN!!!
So you take $99 million of taxpayer dollars at 1%... you made $20 million, and only have to give the government back $990,000 in interest.
So you keep $19 million.
LET'S DO THIS AGAIN!!!
And again, and again, and again.
And that is still happening today...and while Obama was President it happened at record amounts.
.
Oh hell no.
All of this began before Bush. And really Bush, himself, had little to do with it. He knew nothing. If there was ever a manchurian President, it was Bush.
Bush would sign whatever Cheney, advisors, and the FED wanted him to because he figured they knew what they were doing.
Obama was different. I absolutely believe he knew what had happened in the past, as equally well as what happened while he was President. Including providing $70 Billion PER MONTH in taxpayer dollars for direct debt buyout including the debt holders profits, leverage money and slush money. The result was record rise and record profits for the VERY SAME PEOPLE who created the mortgage crises. Meanwhile people lost everything, they got nothing. But the people who held the mortgages got it all. Including 100% of their profits.
Lol, I think that is the Democrat equivalent of 'Obama is a Kenyan Muslim'.So you agree that GW was the dumbest piece of shit that ever walked the earth.
I assume you mean Bush, not Obama.I agree 110%. Banks should not be allowed to take the peoples savings and play with it at the Wall Street Casino.Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
And derivatives are simply insane.
Oh it is much worse than that. It isn't a Casino.
The key word here.... LEVERAGE.
And the government gave these investment banks taxpayer dollars, virtually for free, $trillions over several decades.
What is leverage?
Well let's say you know some good properties, that are sure to turn a profit. They are all worth $100 million, potential profit is $20 million.
But you only have $1 million. If you get investors to line up with you... you have divide that $20 million between all of them, and potentially they will get more of it than you since it is their money you are risking.
But wait...
There is SUPER FEDMAN to the rescue... "we will give you taxpayer money so you don't have to get investors!!".... Yay!!! ... GO SUPER FEDMAN!!!
So you take $99 million of taxpayer dollars at 1%... you made $20 million, and only have to give the government back $990,000 in interest.
So you keep $19 million.
LET'S DO THIS AGAIN!!!
And again, and again, and again.
And that is still happening today...and while Obama was President it happened at record amounts.
.
Oh hell no.
All of this began before Bush. And really Bush, himself, had little to do with it. He knew nothing. If there was ever a manchurian President, it was Bush.
Bush would sign whatever Cheney, advisors, and the FED wanted him to because he figured they knew what they were doing.
Obama was different. I absolutely believe he knew what had happened in the past, as equally well as what happened while he was President. Including providing $70 Billion PER MONTH in taxpayer dollars for direct debt buyout including the debt holders profits, leverage money and slush money. The result was record rise and record profits for the VERY SAME PEOPLE who created the mortgage crises. Meanwhile people lost everything, they got nothing. But the people who held the mortgages got it all. Including 100% of their profits.
Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
That will not fix it. The only thing that will fix it is letting them stand. We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
I would not mind banks having to actually hold the debt they incur though rather than repackaging it and selling it off. Particularly to the government.
Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
That will not fix it. The only thing that will fix it is letting them stand. We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
I would not mind banks having to actually hold the debt they incur though rather than repackaging it and selling it off. Particularly to the government.
We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
Exactly!!
And never mind that cascading bank failures would have cost trillions in actual losses, compared to tens of billions in profits thru bank TARP.
Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
That will not fix it. The only thing that will fix it is letting them stand. We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
I would not mind banks having to actually hold the debt they incur though rather than repackaging it and selling it off. Particularly to the government.
We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
Exactly!!
And never mind that cascading bank failures would have cost trillions in actual losses, compared to tens of billions in profits thru bank TARP.
Except it wasn't fixed. The root problem is still the 'Too Big to Fail Banks', and they still stand; how much will it cost tax payers to save them from their freaking stupidity another time?
Until we bring back something pretty damn similar to Glass Steagall, banks will continue to have outsized influence in our economy.
.
That will not fix it. The only thing that will fix it is letting them stand. We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
I would not mind banks having to actually hold the debt they incur though rather than repackaging it and selling it off. Particularly to the government.
We should have never bailed the banks themselves out. They will change their behavior in a hurry should they actually reap what they sow.
Exactly!!
And never mind that cascading bank failures would have cost trillions in actual losses, compared to tens of billions in profits thru bank TARP.
Those tens of billions should have been directed elsewhere rather than to the institutions that created the fallout.