Why the Financial Industry is so Corrupt

[EdwardBaiamonte]

'

"It's worth remembering that the wealthiest have been winning the distributional fights.

too stupid!!! in a free society there are no fights, you earn what you can peacefully in the market place. If you don't like someone getting rich you stop buying from him, you don't employ the government as your criminal to steal on your behalf.

Do you see democracy as theft somewhere in the Constitution??

What not move to Cuba where they have perfectly liberal distribution
and perfectly distributed poverty? Does the genius liberal know why they all drive '59 chevys in Cuba?? Because thats when the liberals took over.

 

[EdwardBaiamonte]

[Mondragon, for example, have shown they can compete effectively with traditional corporations.

too stupid!!! if you could be more competitive that way all corporations would instantly convert or go bankrupt!! A liberal will lack the IQ to understand how competitive capitalism works.

 

[EdwardBaiamonte]

nothing prevents US workers from lawfully buying up the companies they work for.

this is true but the companies would soon go bankrupt since union worker know nothing about management and since they would vote themselves higher pay than other non-union managed companies.

A liberal lacks the IQ to understand how competitive capitalism works.

 

[EdwardBaiamonte]

Proving yet again that if it wasn't for lies, capitalists would have little to say:

"On comprehensive measures such as the UN Human Development Index the United States is always in the top twenty, currently ranking 4th.

Dear, the UN is made up of 3rd world communist or totalitarian countries always out to get the USA. THey put Gadaffi as chair of the human rights commission just before he was murdered. THe USA is the economic engine of the world and its moral policeman with 80% of recent medical patents, for example, and that is with a huge cancerous liberal anti business population.

Here are the OECD numbers:


Rank Country Value Date of Info
1 Qatar $145,300 2010 est.
2 Liechtenstein $122,100 2007 est.
3 Luxembourg $81,800 2010 est.
4 Bermuda $69,900 2004 est.
5 Singapore $62,200 2010 est.
6 Norway $59,100 2010 est.
7 Jersey $57,000 2005 est.
8 Kuwait $51,700 2010 est.
9 Brunei $50,300 2010 est.
10 United States $47,400 2010 est.
11 Hong Kong $45,600 2010 est.
12 Andorra $44,900 2008
13 Guernsey $44,600 2005
14 Cayman Islands $43,800 2004 est.
15 Switzerland $42,900 2010 est.
16 San Marino $41,900 2007
17 Australia $41,300 2010 est.
18 Netherlands $40,500 2010 est.
19 Bahrain $40,400 2010 est.
20 Austria $40,300 2010 est.
21 United Arab Emirates $40,200 2010 est.
22 Canada $39,600 2010 est.
23 Sweden $39,000 2010 est.
24 British Virgin Islands $38,500 2004 est.
25 Iceland $38,400 2010 est.
25 Gibraltar $38,400 2006 est.
26 Equatorial Guinea $37,900 2010 est.
26 Belgium $37,900 2010 est.
27 Ireland $37,600 2010 est.
28 Denmark $37,000 2010 est.
29 Germany $35,900 2010 est.
29 Greenland $35,900 2007 est.
30 Falkland Islands (Islas Malvinas) $35,400 2002 est.
31 Finland $35,300 2010 est.
32 Taiwan $35,100 2010 est.
32 United Kingdom $35,100 2010 est.
33 Isle of Man $35,000 2005 est.
34 Japan $34,200 2010 est.
35 Faroe Islands $34,000 2008 est.
36 France $33,300 2010 est.
37 Macau $33,000 2009
38 European Union $32,900 2010 est.
39 Italy $30,700 2010 est.
40 Korea, South $30,200 2010 est.
40 Greece $30,200 2010 est.
41 Monaco $30,000 2006 est.
42 Spain $29,500 2010 est.
42 Israel

 

[georgephillip]

Is your point the collapse of the US housing market stemmed from too much regulation?

yes of course!! The entire federal government was organized to regulate the free market to get people into homes the unregulated free market said they could not afford!!

Did you think they created Fan Fred so fewer people could buy homes??? See why we are positive a liberal will be slow?

Who bribed "the entire federal government" into condoning sub-prime crime?
"Free market" capitalists or the North Koreans?
BTW, Fannie and Freddie came to the sub-prime party late, and only after they started losing market share to Wall Street crime syndicates.

 

[EdwardBaiamonte]

Did you think they created Fan Fred so fewer people could buy homes??? See why we are positive a liberal will be slow?

Who bribed "the entire federal government" into condoning sub-prime crime?
"Free market" capitalists or the North Koreans?

you said regulation didn't cause the crisis. I said FanFred caused it by regulating people into homes the free market said they could not afford. Then you changed the subject to North Korea????

see why we are positive a liberal will be slow???

BTW, Fannie and Freddie came to the sub-prime party late, and only after they started losing market share to Wall Street crime syndicates.

J. Bridges says:

Beginning in 1992, Congress pushed Fannie Mae and Freddie Mac to increase their purchases of mortgages going to low and moderate income borrowers. For 1996, the Department of Housing and Urban Development (HUD) gave Fannie and Freddie an explicit target -- 42% of their mortgage financing had to go to borrowers with income below the median in their area. The target increased to 50% in 2000 and 52% in 2005.

For 1996, HUD required that 12% of all mortgage purchases by Fannie and Freddie be "special affordable" loans, typically to borrowers with income less than 60% of their area's median income. That number was increased to 20% in 2000 and 22% in 2005. The 2008 goal was to be 28%. Between 2000 and 2005, Fannie and Freddie met those goals every year, funding hundreds of billions of dollars worth of loans, many of them subprime and adjustable-rate loans, and made to borrowers who bought houses with less than 10% down.


If you want the whole story in 400 pages read "Reckless Endangerment"

See why we are positive a liberal will be slow?

 

[georgephillip]

'

"It's worth remembering that the wealthiest have been winning the distributional fights.

too stupid!!! in a free society there are no fights, you earn what you can peacefully in the market place. If you don't like someone getting rich you stop buying from him, you don't employ the government as your criminal to steal on your behalf.

Do you see democracy as theft somewhere in the Constitution??

What not move to Cuba where they have perfectly liberal distribution
and perfectly distributed poverty? Does the genius liberal know why they all drive '59 chevys in Cuba?? Because thats when the liberals took over.

Does the conservative prefers fascist dictators in service to US corporations?
Of course he does since his morality depends on obedience to authority.

"U.S. arms embargo had been in force since March 1958 when armed conflict broke out in Cuba between rebels and the Fulgencio Batista regime."

United States embargo against Cuba - Wikipedia, the free encyclopedia

How many times do you find the word "corporation" in the US Constitution?

If you think the divergence between the fortunes of working America and ownership America is peaceful, you need to get out more:

"There are forgotten corners of this country where Americans are trapped in endless cycles of poverty, powerlessness, and despair as a direct result of capitalistic greed.

"Journalist Chris Hedges calls these places 'sacrifice zones,' and joins Bill this week on Moyers & Company to explore how areas like Camden, New Jersey; Immokalee, Florida; and parts of West Virginia suffer while the corporations that plundered them thrive."

Journalist Chris Hedges on Capitalism's "Sacrifice Zones": Communities Destroyed for Profit

 

[EdwardBaiamonte]

Does the conservative prefers fascist dictators in service to US corporations?

no idea what you mean or what your subject is??????????????

Of course he does since his morality depends on obedience to authority.

what??????? too stupid!! Conservatives are for very very limited government and very little authority!!! It is liberalism that is based on central authority. Our liberals spied for Stalin and want always bigger government authority. Ever wonder why?? You are perfectly stupid!!. Sorry

"U.S. arms embargo had been in force since March 1958 when armed conflict broke out in Cuba between rebels and the Fulgencio Batista regime."

too stupid !!! did you think the USA was the only car manufacturer in the world!!!!!! OMG!!!!!

How many times do you find the word "corporation" in the US Constitution?

why on earth do you ask????? You forgot to say??????????????????

If you think the divergence between the fortunes of working America and ownership America is peaceful, you need to get out more:

"There are forgotten corners of this country where Americans are trapped in endless cycles of poverty, powerlessness, and despair as a direct result of capitalistic greed.

Of course if true you would not be so afraid to identify the best example for the whole world to see!! What does your fear tell you???

 

[georgephillip]

nothing prevents US workers from lawfully buying up the companies they work for.

this is true but the companies would soon go bankrupt since union worker know nothing about management and since they would vote themselves higher pay than other non-union managed companies.

A liberal lacks the IQ to understand how competitive capitalism works.

There's no shortage of pro-union economists is there, JP?

"Dean Baker (b. July 13, 1958) is an American macroeconomist and co-founder of the Center for Economic and Policy Research, with Mark Weisbrot. He previously was a senior economist at the Economic Policy Institute and an assistant professor of economics at Bucknell University. He has a Ph.D. in economics from the University of Michigan.

"Since 1996 Baker has been the author of a weekly online commentary on economic reporting. The Economic Reporting Review was published from 1996 to 2006; subsequently he has continued this commentary on his weblog Beat The Press, which was formerly published at The American Prospect, but is now located at the CEPR website."

Dean Baker - Wikipedia, the free encyclopedia

Conservatives just can help backing authoritarians, can they?

 

[EdwardBaiamonte]

There's no shortage of pro-union economists is there, JP?

who are you talking to and about what????

Conservatives just can help backing authoritarians, can they?

dear, are you real stupid?? Conservatives are for limited government authority, liberals are for the opposite. They spied for Stalin- remember????

 

[georgephillip]

Did you think they created Fan Fred so fewer people could buy homes??? See why we are positive a liberal will be slow?

Who bribed "the entire federal government" into condoning sub-prime crime?
"Free market" capitalists or the North Koreans?

you said regulation didn't cause the crisis. I said FanFred caused it by regulating people into homes the free market said they could not afford. Then you changed the subject to North Korea????

see why we are positive a liberal will be slow???

BTW, Fannie and Freddie came to the sub-prime party late, and only after they started losing market share to Wall Street crime syndicates.

J. Bridges says:

Beginning in 1992, Congress pushed Fannie Mae and Freddie Mac to increase their purchases of mortgages going to low and moderate income borrowers. For 1996, the Department of Housing and Urban Development (HUD) gave Fannie and Freddie an explicit target -- 42% of their mortgage financing had to go to borrowers with income below the median in their area. The target increased to 50% in 2000 and 52% in 2005.

For 1996, HUD required that 12% of all mortgage purchases by Fannie and Freddie be "special affordable" loans, typically to borrowers with income less than 60% of their area's median income. That number was increased to 20% in 2000 and 22% in 2005. The 2008 goal was to be 28%. Between 2000 and 2005, Fannie and Freddie met those goals every year, funding hundreds of billions of dollars worth of loans, many of them subprime and adjustable-rate loans, and made to borrowers who bought houses with less than 10% down.


If you want the whole story in 400 pages read "Reckless Endangerment"

See why we are positive a liberal will be slow?

If you really want the whole story, it starts with private greed corrupting government:

"The Subprime Market Surged From 2004 To 2006. As reported by McClatchy: 'Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.' [McClatchy, 10/12/08]

"From 2004 To 2006, Fannie And Freddie's Share Of Subprime Market Fell From Almost Half To Just Under One-Quarter. As reported by McClatchy: 'But these loans, and those to low- and moderate-income families represent a small portion of overall lending. And at the height of the housing boom in 2005 and 2006, Republicans and their party's standard bearer, President Bush, didn't criticize any sort of lending, frequently boasting that they were presiding over the highest-ever rates of U.S. homeownership. Between 2004 and 2006, when subprime lending was exploding, Fannie and Freddie went from holding a high of 48 percent of the subprime loans that were sold into the secondary market to holding about 24 percent, according to data from Inside Mortgage Finance, a specialty publication.' [McClatchy, 10/12/08, emphasis added]

"Fannie And Freddie Faced Tougher Regulatory Standards Than The Private Firms.

"As reported by McClatchy: 'One reason is that Fannie and Freddie were subject to tougher standards than many of the unregulated players in the private sector who weakened lending standards, most of whom have gone bankrupt or are now in deep trouble.' [McClatchy, 10/12/08]
2006: Private Firms Issued About Six Out Of Every Seven Subprime Mortgages. As reported by McClatchy:

"Federal Reserve Board data show that:

"More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.
Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.
Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics. [McClatchy, 10/12/08, emphasis added]
2008: The 15 Largest Subprime Servicers Were All Private Companies, Despite Large Drops In The Volume Of Their Subprime Business Compared To 2007. McClatchy prepared a graphic based on Inside Mortgage Finance data showing the 15 largest subprime service companies in 2008..."

Private Wall Street Companies Caused The Financial Crisis — Not Fannie Mae, Freddie Mac Or The Community Reinvestment Act | Political Correction

If you really want people to read your pathetic "arguments", include a few links.

 

[signelect]

This has been going on for years, why are we surprised now. The amount of insider trading is terrible. These guys have been abusing their position for years, it is not new. It is not going away either. That is what they have congress for.

 

[georgephillip]

I don't think it's possible to control the bankers by "choosing" between Democrat OR Republican in the voting booth. Both parties depend on the 1% to fund their campaigns; both parties are heavily invested in driving levels of inequality in the US ever-higher.

"Our analysis suggests alternatively that increased financial sector compensation has been an important driver of inequality.

"Quite apart from this finding, it is unfortunate that the authors of the OECD study appear to have missed their own story. Perhaps in the future we will see less blame on 'technology' and greater attention paid to other factors that may contribute to inequality—such as the large rents that are earned by bankers operated in a bloated financial system."

What’s Really Driving Income Inequality? » Counterpunch: Tells the Facts, Names the Names

 

[EdwardBaiamonte]

I don't think it's possible to control the bankers by "choosing" between Democrat OR Republican in the voting booth.

Of course it is!! Republicans would deregulate and capitalists would decide who can afford a house not Fanny Freddy FHA CRA etc etc!!

We have regulation only because liberals lack the IQ to understand capitalism.

 

[EdwardBaiamonte]

The amount of insider trading is terrible.

only to a liberal who lacks the IQ to understand capitalism. Insiders know most so when they are done trading the price is most accurate. That way when Granny goes to invest her pension funds she gets an accurate price, not one determined by idiot outsiders who will mis-price a stock based on misinformation.

 

[EdwardBaiamonte]

If you really want the whole story, it starts with private greed corrupting government

too stupid!!! Jefferson gave us freedom from corrupt government by giving us government that was too tiny and impotent to be worth corrupting.

Jefferson understood from his study of human history that liberal government was by definition corrupt.


Welcome to your first lesson in American History

 

[georgephillip]

The amount of insider trading is terrible.

only to a liberal who lacks the IQ to understand capitalism. Insiders know most so when they are done trading the price is most accurate. That way when Granny goes to invest her pension funds she gets an accurate price, not one determined by idiot outsiders who will mis-price a stock based on misinformation.

For the benefit of our ethically challenged "conservative" trolls:

"'Insider trading' is a term that most investors have heard and usually associate with illegal conduct. But the term actually includes both legal and illegal conduct. The legal version is when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies. When corporate insiders trade in their own securities, they must report their trades to the SEC..."

"Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include 'tipping' such information, securities trading by the person 'tipped,' and securities trading by those who misappropriate such information."

You're welcome, Troll.

Insider Trading

 

[georgephillip]

If you really want the whole story, it starts with private greed corrupting government

too stupid!!! Jefferson gave us freedom from corrupt government by giving us government that was too tiny and impotent to be worth corrupting.

Jefferson understood from his study of human history that liberal government was by definition corrupt.


Welcome to your first lesson in American History

Jefferson worried a lot more about corporations than you do.
Why is that?
Are you spying for China?

 

[EdwardBaiamonte]

The amount of insider trading is terrible.

only to a liberal who lacks the IQ to understand capitalism. Insiders know most so when they are done trading the price is most accurate. That way when Granny goes to invest her pension funds she gets an accurate price, not one determined by idiot outsiders who will mis-price a stock based on misinformation.

For the benefit of our ethically challenged "conservative" trolls:

"'Insider trading' is a term that most investors have heard and usually associate with illegal conduct. But the term actually includes both legal and illegal conduct. The legal version is when corporate insiders—officers, directors, and employees—buy and sell stock in their own companies. When corporate insiders trade in their own securities, they must report their trades to the SEC..."

"Illegal insider trading refers generally to buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material, nonpublic information about the security. Insider trading violations may also include 'tipping' such information, securities trading by the person 'tipped,' and securities trading by those who misappropriate such information."

You're welcome, Troll.

Insider Trading

I gather you think you've made a point?? PLease say what the point is or admit as a liberal you lack the IQ to do so.

 

[georgephillip]

Maybe I should post in Mandarin?
Would that help you compensate for your limited ability to comprehend English?