Does Anyone feel like Bailing

The Wall Street Reform and Consumer Protection Act that the House passed last week addresses:

sub-prime lending - The bill outlaws many of the egregious and predatory industry practices that fueled the subprime lending boom and establishes a simple standard for all home loans: institutions must ensure that borrowers can repay the loans they are sold

ponzi schemes - the bill strengthens the SEC’s powers so that it can better protect investors from Madoff type frauds

derivatives - the bill regulates the over-the-counter derivatives marketplace, requiring all standardized swap transactions to be cleared and traded on an exchange

bail-outs - the bill requires big banks and other financial institutions (with $50 billion in assets) to foot the bill for any bailouts in the future. These institutions would pay assessments based on a company’s potential risk to the whole financial system if they were to fail.

consumer protections - the bill creates a new Consumer Financial Protection Agency to protect consumers and small businesses by ensuring that bank loans, mortgages, credit cards are fair, affordable, understandable, and transparent.

The House bill had ZERO republican votes. (link)

[xoxoxoBruce]

Color me skeptical.
No matter what kind of laws they pass, the crooks will find end-runs and loopholes. Or they'll dream up some new scam that's not covered by the laws, and off they go again. What needs to happen is a change of attitude, a change of culture, and I don't see that happening.

The only thing we can do is stop dealing with these piggies. But that's as likely to happen as us voting out piggies. We're truly fucked.

[TheMercenary]

All we do is trade one pen of piggies for another pen of piggies. Nothing ever changes. It is funny to see the piggies get defended as not really being piggies. Maybe they are sheep in piggie clothing.

[ZenGum]

This little piggy crashed the market
This little piggy lost his home
This little piggy had a bailout
This little piggy got a bonus
And this little piggy went wee wee wee all over the concept of individuals accepting the consequences of their own actions.

I get it.....regulations never work....so Congress should do nothing.

Lets trust the free market to control its own actions. It worked so well since the repeal of banking/financial services regulations 10 years ago.

It's easy to say its just more of the same or throw them all out....it's tougher to propose a constructive solution.

[xoxoxoBruce]

Oh stop it, for Christ's sake. Nobody said that.

Originally Posted by xoxoxoBruce

Oh stop it, for Christ's sake. Nobody said that.

SKeptism is fine.....but hardly a constructive comment.

What dont you like about the bill to re-regulate banks and financial services?

What would you propose as an alternative?

Its easy to be a skeptic (in your case) and a blatant partisan (mercenary) critic ....but I rarely, if ever, see anything offered for discussion here in the way of a positive solution from those who consistently just bitch and moan.

For Christ's sake...how about something more than bitching and moaning and complaining for a change.

[classicman]

. . . or a partisan poster who just tows the party line. Whats the difference?

Originally Posted by classicman

. . . or a partisan poster who just tows the party line. Whats the difference?

In a pissy mood today?

Any time you want to discuss issues rather than just post a link with a comment of "interesting"......let me know or offer something constructive for a change.

So what dont you like about the bill to re-regulate banks and financial services?

What would you propose as an alternative?

[TheMercenary]

Originally Posted by classicman

. . . or a partisan poster who just tows the party line. Whats the difference?

Originally Posted by TheMercenary

Pat each other on the back if it makes you feel better.....thats a very constructive response as well.

[TheMercenary]

Originally Posted by Redux

Pat each other on the back if it makes you feel better.....thats a very constructive response as well.

Fuck off Partisan Demoncratic Mouth Piece. Peddle your snake oil somewhere else.

Originally Posted by TheMercenary

Fuck off Partisan Demoncratic Mouth Piece. Peddle your snake oil somewhere else.

So you really dont want to discuss how to prevent future tax-payer ball-outs or sub-prime lending or high risk unregulated derivatives or fraudulent investment schemes.

Why am I not surprised.

[TheMercenary]

Originally Posted by Redux

So you really dont want to discuss how to prevent future tax-payer ball-outs or sub-prime lending or high risk unregulated derivatives or fraudulent investment schemes.

Why am I not surprised.

Your Demoncratic White House Packaged Talking Points have no merit. Take your Snake Oil Sales somewhere else.

If you want to discuss Sub-Prime Lending start with Barney Frank and the pressure of the Demoncrats in the late 1990's and then maybe we can talk.

Originally Posted by TheMercenary

Your Demoncratic White House Packaged Talking Points have no merit. Take your Snake Oil Sales somewhere else.

If you want to discuss Sub-Prime Lending start with Barney Frank and the pressure of the Demoncrats in the late 1990's and then maybe we can talk.

In fact, it was the pressure of the Republican majority Congress in 1999, led by Phil Gramm in the Senate and Jim Leach and Tom Biley in the House (thus the Gramm-Leach-Biley Act) along with Clinton's acquiescence, that resulted in the repeal of the Glass-Steagall Act that opened up the market to the abuses and excesses of the banks, securities companies and insurance companies that occurred in the early 2000s.

Barney Frank voted against it.