Obama to propose strict new regulation of financial industry

#1
OrangeEmpire

OrangeEmpire

The White Debonair
Joined
Nov 28, 2005
Messages
74,988
Likes
60
#1
Obama to propose strict new regulation of financial industry - Los Angeles Times

Reporting from Washington -- The Obama administration this week will propose the most significant new regulation of the financial industry since the Great Depression, including a new watchdog agency to look out for consumers' interests.

Under the plan, expected to be released Wednesday, the government would have new powers to seize key companies -- such as insurance giant American International Group Inc. -- whose failure jeopardizes the financial system. Currently, the government's authority to seize companies is mostly limited to banks.
Click to expand...

Thoughts other than...

puke.jpg

 
#3
#3
NSFW tags would be much appreciated :crazy: . Funny none the less. I can't help but think why is this shocking? I thought this was the plan all along anyway... in fact it's one of the few things they've really been "transparent" on in the first place. Now, agreeing or disagreeing with it is a whole new can of worms.
 
#4
#4
I don't even really like this, even from a D perspective, but the financial sector really only has themselves, Bill Clinton, George Bush, and about 120 current and former Senators to blame.

Crying about this is like being 17, coming home at 1AM, and your dad grounding you for 6 weeks instead of 3.......
 
#5
#5
The ability to seize companies that are not under some sort of dedicated insurance umbrella will not happen. If we give politicians that sort of sway, we are quickly on the road to old school Eurosocialism. Very ugly.
 
#8
#8
wellway16 said:
I don't even really like this, even from a D perspective, but the financial sector really only has themselves, Bill Clinton, George Bush, and about 120 current and former Senators to blame.

Crying about this is like being 17, coming home at 1AM, and your dad grounding you for 6 weeks instead of 3.......
Click to expand...

Yeah, voting the bastards out is a horrible idea!

:cray:
 
#9
#9
wellway16 said:
I don't even really like this, even from a D perspective, but the financial sector really only has themselves, Bill Clinton, George Bush, and about 120 current and former Senators to blame.

Crying about this is like being 17, coming home at 1AM, and your dad grounding you for 6 weeks instead of 3.......
Click to expand...
so irresponsible borrowers have nothing to do with our current mess?

Nice try.
Posted via VolNation Mobile
 
Last edited:
#11
#11
BigPapaVol said:
so irresponsible borrowers have nothing to do with our current mess?

Nice try.
Posted via VolNation Mobile
Click to expand...

Absolutely, but these lenders got as sleazy as the credit card companies that camp out at college freshman orientations........preyed on weakness.
 
#12
#12
wellway16 said:
Absolutely, but these lenders got as sleazy as the credit card companies that camp out at college freshman orientations........preyed on weakness.
Click to expand...

It is all a matter of perspective but you could easily have summed it up by saying greed (lenders) preyed on greed (people wanting more than they can afford).

Bottom line as I see it greed played on greed, and the rest of us were left holding the bag. Now on top of this our government is going to do everything they can to not punish those responsible (lenders and borrowers) and give the taxpayer the shaft.
 
#14
#14
wellway16 said:
Absolutely, but these lenders got as sleazy as the credit card companies that camp out at college freshman orientations........preyed on weakness.
Click to expand...

If you're dumb enough to make it to 18 years of age without realizing how a credit card works, and the repercussions of buying cool stuff or beer with money that isn't yours, well, just suck it up and drive on.
 
#15
#15
JTrainDavis said:
If you're dumb enough to make it to 18 years of age without realizing how a credit card works, and the repercussions of buying cool stuff or beer with money that isn't yours, well, just suck it up and drive on.
Click to expand...

so basically ignorance and wanting something for nothing? Actually sounds similar
 
#16
#16
JTrainDavis said:
If you're dumb enough to make it to 18 years of age without realizing how a credit card works, and the repercussions of buying cool stuff or beer with money that isn't yours, well, just suck it up and drive on.
Click to expand...

You act like it doesn't happen :)
 
#17
#17
I feel compelled to make a few points. I know, big surprise there.

First, just because it is correct to say that a large, maybe even the lion's share of the blame, is to be placed on the speculators (rich and poor, alike), that does not mean that it is wrong to say that lax regulation of the financial system did not play at least some significant role in this. The speculators are all going bankrupt, losing whatever they had, and then some. You can't expect the institutions representing the transaction costs of the giant game of tag we were playing to walk away and be allowed to do this again, whether it be with land, homes, sugar, oil, what have you.

Second, before we condemn it, let's understand it. I don't think the details have been released, yet. I know as I surf the web I'm not seeing much by way of specifics, other than merger of a couple of government agencies, including the one that even the Republicans seemed to blame for looking the other way as some of this went on. The devil is in the details, so let's see those before we jump the gun and assume its going to be a net negative.

Third, I think its important to realize that a good majority of this can be done by the Obama administration by executive order. This is a consequence of the election and there's not a lot that the Republicans are going to be able to do to slow it down.
 
#18
#18
I love how when Obama proposes something as purely socialistic as expanding government powers to take over companies, that we all need to wait and see before we criticize. However, if there's a protest about government expansion, there's no need to wait. It's obviously organized by racist, hate-filled bastards.
 
#19
#19
the point LG is that obama thinks the gov't is the solution to all problems. blaming the "speculators" and evil "preditory lending" practices of the bankers while not giving the individual any fault whatsoever is downright pathetic.
 
#20
#20
lawgator1 said:
I feel compelled to make a few points. I know, big surprise there.

First, just because it is correct to say that a large, maybe even the lion's share of the blame, is to be placed on the speculators (rich and poor, alike), that does not mean that it is wrong to say that lax regulation of the financial system did not play at least some significant role in this. The speculators are all going bankrupt, losing whatever they had, and then some. You can't expect the institutions representing the transaction costs of the giant game of tag we were playing to walk away and be allowed to do this again, whether it be with land, homes, sugar, oil, what have you.

Second, before we condemn it, let's understand it. I don't think the details have been released, yet. I know as I surf the web I'm not seeing much by way of specifics, other than merger of a couple of government agencies, including the one that even the Republicans seemed to blame for looking the other way as some of this went on. The devil is in the details, so let's see those before we jump the gun and assume its going to be a net negative.

Third, I think its important to realize that a good majority of this can be done by the Obama administration by executive order. This is a consequence of the election and there's not a lot that the Republicans are going to be able to do to slow it down.
Click to expand...

We can certainly get a very good idea of what might be coming by the other actions Obama has taken so far, like taking over auto manufacturers. The government and unions own a large stake here. after this what reason do you possibly have to believe that Obama won't give us more government control of other sectors in private enterprise?
 
#21
#21
kptvol said:
I love how when Obama proposes something as purely socialistic as expanding government powers to take over companies, that we all need to wait and see before we criticize. However, if there's a protest about government expansion, there's no need to wait. It's obviously organized by racist, hate-filled bastards.
Click to expand...

:hi:

That would be LG's thought on the matter....
 
#22
#22
in obama's press conference currently going on he refered to all these great normal americans who were "playing by the rules" who got screwed by mortgage lenders. who pray tell are these people?
 
#23
#23
kptvol said:
I love how when Obama proposes something as purely socialistic as expanding government powers to take over companies, that we all need to wait and see before we criticize. However, if there's a protest about government expansion, there's no need to wait. It's obviously organized by racist, hate-filled bastards.
Click to expand...

I said nothing of the sort. But the federal government has had the power to take over financial institutions for a long, long time. It just hasn't been exercised, and a lot of people think that power should have been wielded 4 or 5 years ago and maybe the downturn would not be as severe.


droski said:
the point LG is that obama thinks the gov't is the solution to all problems. blaming the "speculators" and evil "preditory lending" practices of the bankers while not giving the individual any fault whatsoever is downright pathetic.
Click to expand...


Well, that's a philosophical debate that is way past this particular action. Heck, even Bush you would have to say fell on the government solution side ot dealing with this.

If the criteria for exercising that power to regulate equates to prohibiting speculation in general, I am going to be opposed to it. But if it moderates the profit that can be gained merely by encouraging the speculation, as a pure transaction cost, then I think its hard to argue with.
 
Last edited:
#24
#24
judging from obama's speech it appears he is going after asset backed securities i.e. basicically making it impossible for any bank to want to issue them. that should make it real easy for people get mortgages.
 
#25
#25
lawgator1 said:
I said nothing of the sort. But the federal government has had the power to take over financial institutions for a long, long time. It just hasn't been exercised, and a lot of people think that power should have been wielded 4 or 5 years ago and maybe the downturn would not be as severe.





Well, that's a philosophical debate that is way past this particular action. Heck, even Bush you would have to say fell on the government solution side ot dealing with this.

If the criteria for exercising that power to regulate equates to prohibiting speculation in general, I am going to be opposed to it. But if it moderates the profit that can be gained merely by encouraging the speculation, as a pure transaction cost, then I think its hard to argue with.
Click to expand...

Yeah, why don't you try reading your own threads and posts!

:banghead2:
 
New posts
You must log in or register to reply here.

VN Store



Back
Top