Getting Banks under Control.......

#1
orangeblooded2

orangeblooded2

**Temple of Truth**
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#1
Sounds good. Solid Bipartisan support.
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It has now been well over a year since the near collapse of our entire financial system that cost the nation more than 8 million jobs. To this day, hard-working families struggle to make ends meet.

We've made strides -- businesses are starting to hire, Americans are finding jobs, and neighbors who had given up looking are returning to the job market with new hope. But the flaws in our financial system that led to this crisis remain unresolved.

Wall Street titans still recklessly speculate with borrowed money. Big banks and credit card companies stack the deck to earn millions while far too many middle-class families, who have done everything right, can barely pay their bills or save for a better future.

We cannot delay action any longer. It is time to hold the big banks accountable to the people they serve, establish the strongest consumer protections in our nation's history -- and ensure that taxpayers will never again be forced to bail out big banks because they are "too big to fail."

That is what Wall Street reform will achieve, why I am so committed to making it happen, and why I'm asking for your help today.

Please stand with me to show your support for Wall Street reform.

We know that without enforceable, commonsense rules to check abuse and protect families, markets are not truly free. Wall Street reform will foster a strong and vibrant financial sector so that businesses can get loans; families can afford mortgages; entrepreneurs can find the capital to start a new company, sell a new product, or offer a new service.

Consumer financial protections are currently spread across seven different government agencies. Wall Street reform will create one single Consumer Financial Protection Agency -- tasked with preventing predatory practices and making sure you get the clear information, not fine print, needed to avoid ballooning mortgage payments or credit card rate hikes.

Reform will provide crucial new oversight, give shareholders a say on salaries and bonuses, and create new tools to break up failing financial firms so that taxpayers aren't forced into another unfair bailout. And reform will keep our economy secure by ensuring that no single firm can bring down the whole financial system.

With so much at stake, it is not surprising that allies of the big banks and Wall Street lenders have already launched a multi-million-dollar ad campaign to fight these changes. Arm-twisting lobbyists are already storming Capitol Hill, seeking to undermine the strong bipartisan foundation of reform with loopholes and exemptions for the most egregious abusers of consumers.

I won't accept anything short of the full protection that our citizens deserve and our economy needs. It's a fight worth having, and it is a fight we can win -- if we stand up and speak out together.

So I'm asking you to join me, starting today, by adding your name as a strong supporter of Wall Street reform:

Organizing for America | BarackObama.com | Stand with the President on Wall Street Reform

Thank you,

President Barack Obama
 
#3
#3
blaming wall street for the financial collapse is class envy. nothing more, nothing less.

I love this part:

Wall Street titans still recklessly speculate with borrowed money. Big banks and credit card companies stack the deck to earn millions while far too many middle-class families, who have done everything right, can barely pay their bills or save for a better future.

i see so middle class americans who spent recklessly are the good guys right? and how did the banks "stack the deck" exactly besides giving people what they wanted? we need to stop people from themselves right?
 
#5
#5
I'll help kick it off:

The federal government has no business in this. This is clearly an issue for the states!

Oh, and capitalism! ;)
 
#7
#7
he's being sarcastic. the fact is these gov't officials clearly dont' understand what went on and what to do about it.
 
#9
#9
how so? we have some very stupid people who bought billions of mortgages for their books for a very small return (think chuck prince). we have people who thought the housing bubble would never end (think aig). and we have peopel who saw it coming and made money at it. arguing this has anythign to do with screwing the little guy is absurd.
 
#11
#11
right because regulation surely stopped every other buble from crashing the past 3,000 years.
 
#12
#12
droski said:
how so? we have some very stupid people who bought billions of mortgages for their books for a very small return (think chuck prince). we have people who thought the housing bubble would never end (think aig). and we have peopel who saw it coming and made money at it. arguing this has anythign to do with screwing the little guy is absurd.
Click to expand...

Has any of that changed today? Just wondering, not sure. If these same practices are going on right now then there is a flaw in the system...either exclusively in the banking industry, or capitalism as a whole down through the middle class.
 
#13
#13
VolInMn said:
I'll help kick it off:

The federal government has no business in this. This is clearly an issue for the states!

Oh, and capitalism! ;)
Click to expand...



Do you trust the federal government that much?

And when I say federal government that means all of them.
 
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#14
#14
rjd970 said:
Has any of that changed today? Just wondering, not sure. If these same practices are going on right now then there is a flaw in the system...either exclusively in the banking industry, or capitalism as a whole down through the middle class.
Click to expand...

there have been stupid people in charge of important things for centuries, there have been people who take advantage of the stupid for centuries, and there have been people who thought a bubble woudl last forever for centuries. history repeats itself. if the housing market didn't crap out we wouldnt' be hearing about this. i truly don't think regulating the crap out of the banks would stop future bubbles. it only would prevent peopel from getting the loans they need (particurally people without perfect credit) which will torpedo the economy worse than before.
 
#15
#15
and creating a fund to pay for people who go under makes the problem worse. it's telling people "hey i have this fund that will bail your ass out, so don't worry about it"
 
#16
#16
droski said:
there have been stupid people in charge of important things for centuries, there have been people who take advantage of the stupid for centuries, and there have been people who thought a bubble woudl last forever for centuries. history repeats itself. if the housing market didn't crap out we wouldnt' be hearing about this. i truly don't think regulating the crap out of the banks would stop future bubbles. it only would prevent peopel from getting the loans they need (particurally people without perfect credit) which will torpedo the economy worse than before.
Click to expand...

Well, then the way I see it "Too Big to Fail" isn't a valid argument. If this is the way it has been for centuries, then why the hell do we have banks so big that there collapse would lead to nationwide financial disaster? Seems to me if we know this is going to happen anyway, we should break the big banks up to mitigate the risk to the finanical security that will inevitably happen because it is the way things are.
 
#19
#19
VolInMn said:
*gets popcorn and awaits the onslaught*
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The two of you are so completely ignorant of what's going on it would be pointless to even try to explain it to you.

The only legislation introduced last year that would really help solve the problem is the "Federal Reserve Transparency Act of 2009", which had a majority of congress as co-sponsors, however pelosi has that buried in committee since last Sept.

The kind of reform this country needs is just the opposite of the legislation you tout and was enacted by Andrew Jackson, founder of the Democrat party, who retired the national debt in three years.
 
#21
#21
gsvol said:
The two of you are so completely ignorant of what's going on it would be pointless to even try to explain it to you.

The only legislation introduced last year that would really help solve the problem is the "Federal Reserve Transparency Act of 2009", which had a majority of congress as co-sponsors, however pelosi has that buried in committee since last Sept.

The kind of reform this country needs is just the opposite of the legislation you tout and was enacted by Andrew Jackson, founder of the Democrat party, who retired the national debt in three years.
Click to expand...


I stand in favor of the "FRSA of 2009" to the degree of which I stand behind regulating wall street. I don't see that they are mutually exclusive.
 
#22
#22
That's the thing the people saying too big to fail are the same people who are saying that the Government needs to step in. The were NOT too big to fail and they should have been allowed to do so. Would it have hurt? For a bit ya, but I argue we would have been much better off in the long run had we allowed that to happen. And I blame Bush and McCain and all the other top Repubs as much as I do the Dems for that fyi.
 
#23
#23
Be careful what you ask for. As we are all aware the failure was on multiple levels, government had a hand in creating the problems that lead up to the bubble bursting. What I'm afraid of is that they do clamp down and years later when it is once again pointed out that loans given in low income/high crime communities are nearly impossible to get we build up to the same scenario that played out last year. It's almost as if government still doesn't understand the role they played in all this. They seem much more concerned with playing politics and busting the finance industries chops than getting to the root of the entire problem. JMO.
 
#24
#24
rjd970 said:
Well, then the way I see it "Too Big to Fail" isn't a valid argument. If this is the way it has been for centuries, then why the hell do we have banks so big that there collapse would lead to nationwide financial disaster? Seems to me if we know this is going to happen anyway, we should break the big banks up to mitigate the risk to the finanical security that will inevitably happen because it is the way things are.
Click to expand...

There are many advantages to the consumer for big banks. The question is whether we should torpedo the system to prevent once in a lifetime events. The govt didn't lose money on any of the banks that would be effected by this legislation
Posted via VolNation Mobile
 
#25
#25
droski said:
There are many advantages to the consumer for big banks. The question is whether we should torpedo the system to prevent once in a lifetime events. The govt didn't lose money on any of the banks that would be effected by this legislation
Posted via VolNation Mobile
Click to expand...

Nobody is saying torpedo the entire system. I am simply suggesting that banks being too big creates financial risk on a national level given the way the rest of the system operates. I don't think the advantage to the consumer is worth the risk, and quite frankly, you would be hard pressed to find many consumers right now saying those advantages are worth it.

All I'm saying is if you state it is what it is with how the current capitalist system works, then having megabanks creates risk.
 
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