another meaningful win for Dems last night

[zimmy]

Originally Posted by Slipknot

100 percent in agreement with you there and if others do not agree with that, then they live in fantasy land with orange people.

At 57 I am done with freeloaders. Entitlement is O- V - A OVER!!! You have to EARN it. The I want it all and want it now generation can suck it. I realize there are still plenty of young hard working people setting an example but it seems they are far and few between and it is really sad. I am smart enough to realize when I am old enough for my money to be returned to me, that I will have to make other accommodations for income thanks to our special people we call government.

Maybe it's about choices and accountability, you know , responsibility. I made sacrifices and busted butt to get thru 3 down cycles and never got bailed out by anyone. I help out others as I can whether it is financially when able or by donating my time or blood. Everyone can pitch in their way too, it is their choice. We are supposed to be a free country.

So you would have approved more of another depression, rather than a return to economic stability? Taxes weren't raised. They reduced and were at historic lows. The money has come back in multiples. The rate of increase in the deficit dropped. Federally backed loans make enormous amount of money for the government to begin with, but you would have let the entire economy completely tank because of the spirit of it? That is an emotional decision, not sound economic policy.

[Slipknot]

"I am not sure where you are getting that"

Originally Posted by zimmy

Federally backed loans make enormous amount of money for the government to begin with,

I got it from you.


the bailing out buddies part is the political hacks taking care of bankers but screwing people. The recession is on it's way yet the guy in charge of the rate keeps it low fending off the inevitable. I am talking in general terms not specific to harp or whatever you are fixated on.

Good for regulations, I'm glad they work to prevent mistakes, now keep the corrupt people away and things will go well. I guess time will tell

[zimmy]

Originally Posted by Slipknot

"I am not sure where you are getting that"



I got it from you.


the bailing out buddies part is the political hacks taking care of bankers but screwing people. The recession is on it's way yet the guy in charge of the rate keeps it low fending off the inevitable. I am talking in general terms not specific to harp or whatever you are fixated on.

Good for regulations, I'm glad they work to prevent mistakes, now keep the corrupt people away and things will go well. I guess time will tell

Not fixated on anything. There were two different programs discussed here, though limped together by some. I agree completely about political hacks taking care of the bankers. There is no way to keep corrupt people out of banking since money corrupts and attracts corrupt people to banking. Only defense is regulation.
Posted from my iPhone/Mobile device

[detbuch]

Originally Posted by zimmy

Not fixated on anything. There were two different programs discussed here, though limped together by some. I agree completely about political hacks taking care of the bankers. There is no way to keep corrupt people out of banking since money corrupts and attracts corrupt people to banking. Only defense is regulation.
Posted from my iPhone/Mobile device

The more that government is centralized and the less it is limited, the greater the connection between the banks and the government--so the more that regulations become favorable for the central banks. It was government regulation that led to the housing bubble, and government stimulus that created the following stock bubble that is now experiencing a correction which is not finished and may get worse and create a new financial "crisis." And that will lead to more regulation to save the ability of government to borrow money by saving the big banks.

And so will continue the growth of that symbiotic relation between our expanding government and the banking system. The real defense against that is a free market in which poor or corrupt banking policies actually lead to failure instead of government protection and greater wealth for the bankers.

If our government regulations protected a free market rather than supporting its cash cow, that would be, as you put it, the "only defense."

[scottw]

Originally Posted by detbuch

The more that government is centralized and the less it is limited, the greater the connection between the banks and the government--so the more that regulations become favorable for the central banks. It was government regulation that led to the housing bubble, and government stimulus that created the following stock bubble...

And so will continue the growth of that symbiotic relation between our expanding government and the banking system.

If our government regulations protected a free market rather than supporting its cash cow, that would be, as you put it, the "only defense."

this can't be correct...democrat politicians would never work in conjunction with evil businesses to rig the system in their favor...they are only concerned for the "little guy" and therefore all of the regulation that they propose and support and pass must naturally fix all that is wrong with the world....can't possibly be the reason for or contribute to any such failures...more government=freedom and fairness for all...ideally...we move to one, government run banking system(after healthcare gets done)...then there will be no more greed and pillaging and profit by those running things

[spence]

Originally Posted by detbuch

The more that government is centralized and the less it is limited, the greater the connection between the banks and the government--so the more that regulations become favorable for the central banks.

And decentralization can lead to localized corruption as well. See it all the time in communities.

It was government regulation that led to the housing bubble, and government stimulus that created the following stock bubble that is now experiencing a correction which is not finished and may get worse and create a new financial "crisis."

Pretty much exactly the opposite. The bubble was mainly caused by a lack of regulatory control that allowed for cheap and reckless loans, further exacerbated by additional lack of regulation that encouraged corrupt banking practices to obfuscate the risk.

[Jim in CT]

Originally Posted by spence

And decentralization can lead to localized corruption as well. See it all the time in communities.


Pretty much exactly the opposite. The bubble was mainly caused by a lack of regulatory control that allowed for cheap and reckless loans, further exacerbated by additional lack of regulation that encouraged corrupt banking practices to obfuscate the risk.

"The bubble was mainly caused by a lack of regulatory control that allowed for cheap and reckless loans,"

You are correct there. But I wonder what would have happened, if the Bush administration had put a stop to that. if the feds passed laws saying banks had to follow more traditional mortgage underwriting, then people would have said Bush was trying to keep poor people from buying houses. But I think you nailed the causes. The Clinton administration, with the GOP congress I think, removed the regulations which prevented traditional banks from getting too involved in these fishy investments.

[detbuch]

Originally Posted by Jim in CT

"The bubble was mainly caused by a lack of regulatory control that allowed for cheap and reckless loans,"

The Clinton administration, with the GOP congress I think, removed the regulations which prevented traditional banks from getting too involved in these fishy investments.

The traditional banks were directed and encouraged by a regulation that substantially led to these fishy investments--The Community Reinvestment Act.