Financial Protection Bureau - ceasing activities

Of course - it's not like we have a choice if we want to make money. It doesn't mean I "trust" them. The 2008 financial crisis cost taxpayers trillions of dollars. Just because I was in a unique position to benefit from that specific crisis doesn't mean I trust the banks MORE, just because I PERSONALLY benefitted. Don't you see - it's not just about personal benefit, why can't cons wrap their heads around this? Whenever we have these debates it always comes back to your personal experience. Your personal benefit. It's not just about any one of us, it's about all of us.

 

I think that’s an oversimplification. Financial crises impact everyone, in every class of life, some far worse than others.

I think history has taught us that financial institutions with no guardrails (using the fun term du jour) never ends well.

 

You seem to be speaking for a lot of people.
The govt lack of oversight, regs played their role too man.
I don’t get hung up on these weird patterns that may never occur again. I’m very conservative, didn’t get greedy.

 

If you are older you should have pulled out and if you’re young, just hold on and wait…it always comes back.
Financial crises like 2008 are rare.

 

Barney Frank did what his banking financiers TOLD him to do. Same thing they told Bush too. Do some research man, all of this is public record, has had documentaries made about it, etc. Seriously, there's more to the world than FOX news.
1. Banks were making a killing on MBS, which were good investments under normal standards, but were running out of paper.
2. Banks wanted more paper, so they could continue to sell MBS, but were running out.
3. Some genius figured out that they could get more paper if they lowered standards and sold more high-risk loans.
4. Word goes out to their slaves (see: politicians who need their money to finance campaigns) to lower standards.
5. Standards are lowered (under Clinton then Bush). Banks kill it off MBS.
6. CDS enter the picture to cover the extra leverage created by these fraudulent sales.
7. Market crashes.
8. Republicans blame poor people.

 

Of course a lack of effective oversight was one of the problems of the 2008 crisis - that's why people are shaking their head at removing things like consumer protections. I'm sure you'd feel very differently if you were a retiree living off of interest when everything imploded in 2008 and you ended up living in your car with your adult kids.

 

I don’t think you got it all right there bud.

 

I was younger but I recall most adults with even a modicum of wisdom knew it was going to blow up.

 

Maybe you could clarify it then.

Won't be holding my breath on this one. . . .

 

I mean you’re not entirely wrong…the problem is that you strongly believe that the answer lies in ….more government.
Govt played their part leading up to 2008 crash.

 

The better funded side lost the last election. Funding is not everything, although I can see your point, how opposing one of the richest people in the world could be very problematic politically for a legislator. This is why we need to pass campaign contribution limits. Maybe that will happen this term under Trump since the Democrats typically outraise Republicans. Maybe it will not. Hopefully someone is able to get this done in the future. It is a valid concern IMO.

Politicians getting rich is one of the things down the list for me as far as political concerns go. Politicians have gotten rich for a long time. What is coming out about USAID right now is absolutely nuts. If Trump/Musk get a little richer but we root out a bunch of corruption in the federal bureaucracy, then I would consider that 1 step backwards and several steps forward. Overall, this could turn out to be a big net positive.

 

That is 100% hindsight. The scale of the collapse took most people by surprise. Famously, Steve Eisman was in a public panel arguing about the strength of bear stearns as it was collapsing (made famous by a movie). People knew there was maybe a bubble coming, but almost no one predicted a collapse of the scale that was witnessed - which is why so many banks were caught with their pants down.

 

If that is what you research told you, then you didn’t do enough. I would agree that banks were co-conspirators in this but it was driven by Frank.

 

I said it in 07-09, the US needs to reenact Glass-Steagal. Get commercial banks out of the mortgage business. Congress and Clinton sold out the ordinary citizens when they repealed it.

 

It didn’t take Jamie Dimon and a few others by surprise.

 

will anyone else step in?

More than 4 million people to share $1.8 billion in refunds, the CFPB says. Here's what to know.

 

A few people predicted it - obviously, and famously, as many of them made a killing.
The vast majority of the WORLD was taken by surprise - are we really arguing this?

 

I could give you thousands of words if you like, but wanted to keep it brief and hit the major bullet points. Google. YT. It's all right there so long as you aren't listening to banker simps (FOX or any major news outlet). And, when you think about it, makes perfect sense, doesn't it? Or maybe you thought Bush lowered mortgage requirements in an effort to help poor people.

 

Dimon DID get caught, which is why he got a bailout.

Michael Burry (and others) shorted it and made a killing. Big Short would be a good place to start your research. Jenga scene in particular.

 

Im going to laugh when the next Dem admin institutes a wealth tax. Tit for Tat politics seem to be the playbook in the 21st century.