Financial Protection Bureau - ceasing activities

how about the people signing the loans with fraudulent income levels and the people writing them up? They all should have been prosecuted along with the bundlers.

 

No, not right. The mergers would not have been feasible under Glass-Steagall.

 

Who is not blaming the private sector?

Accurately pointing out that government law changes and policies allowed/abetted/encouraged/promoted/forced foolish behavior of the private sector is not clearing them. And it was an incestuous relationship. The simple fact here is that the government AND the private sector were both happier than pigs in shit with all of this until the house of cards fell. Neither side could have done it without the other. The government was supposed to be the adults in the room as someone put it in another post. Looks like dad was boinking the nanny.

 

Exactly. That's our point. Commercial stays commercial. Investment stays investment. Want to go to the casino? Have at it! Every penny of loss is on the "investors" with ZERO effect on the Commercial Banking industry that is necessary in a capitalist economy (business loans, daily paper, etc.). Put a gun to the head of that and you can get all the bailouts you want. See 2008 for proof.

Like everything in the banking industry, it was as much about leverage as anything.

 

But you're trying to make the claim that the system was overregulated in 2008, when clearly it wasn't. Of course, I can't speak for the Ayn Rand loving, "libertarian" who wrote that book. But, having known more than a few in my life (and actually bought into it at one time) it's hardly surprising he would see the pre-2008 economy as "overregulated".

 

How you spend your time is your choice. The restrictions imposed by Dodd-Frank are more expensive than the benefits it provides. Get out of your all or nothing mindset and start to see that.

Same with healthcare. Of course, I want more people to have access to healthcare insurance, but do you really think that the shitshow created by Obamacare was the only or best way to achieve that one objective? If so, enjoy being overtaxed for bad policies that never really solve problems.

 

Then why earlier did you say that reenacting Glass-Steagall would not have prevented the bust?

 

Not everyone can or should own a house.
The govt helped create this bubble.

 

Sure they are. We'll just take you and your kooky Bizarro Communist's opinion as fact on this. . .

Or not.

 

It WOULD HAVE.

Or, should I say, MIGHT HAVE. Never underestimate banker malfeasance and greed.

 

Yep, just roll with their pat bullshit excuse like a good little lemming.

Yep, it was poor people. My masters told me so.

 

There you go.
Thanks.

 

The building bust is leading to a banking bust. The financial protection bureau can do little to stop it imo

Banking bust of the century?

 

Par for the course. I've learned to bring my expectations to the floor with you.

 

They're not there for the banks. They already have the politicians on the payroll.

 

Federal Deficit Is Up $306 Billion Compared to Same Period Last YearThis is for the first 4 quarters of fiscal 2025, which began July 1, 2024
Federal Deficit Is Up $306 Billion Compared to Same Period Last Year – MishTalk

 

LOL, most of these too hotters are some seriously unhappy folks.

 

it was a team effort for sure but they didn’t put a gun to peoples heads and say go make really bad financial decisions and then compound those bad decisions with even worse ones.

 

But on Post #63 you argued that it would not have done anything?

 

That's a right wing taking point/excuse but simply not true. It's funny that anyone thinks he had that kind of control of the economy.
Also, I knew plenty of smart financial types that didn't foresee the collapse. Lot of revisionist history in this thread.