Democrats invited another Wall Street Crash

[gotsnowgotslush]

Did you like the banking rollercoaster of 2007-2008 ?


President Obama was able to prevent the worst, because we had resources. President Carrot Head has insured that we will have no resources to save us, if Wall Street has a repeat performance of the 2007-2008 Crash

The protest marches for Occupy Wall Street were in vain.

The Democrats sold out to Big Banks


A sole Republican, Walter Jones of North Carolina, voted against the bill Tuesday

Congress moved Tuesday, May 22, to dismantle a chunk of the rules framework for banks, installed to prevent a recurrence of the 2008 financial crisis that brought millions of lost jobs and foreclosed homes.


The House voted 258-159 on Tuesday to approve legislation rolling back the Dodd-Frank law, notching a legislative win for Trump, who made gutting the landmark law a campaign promise.

The legislation is aimed at especially helping small and medium-sized banks, including community banks and credit unions. But critics argue that the likelihood of future taxpayer bailouts will be greater once it becomes law.


https://www.boston.com/news/politic...ing-back-dodd-frank-regulations-goes-to-trump

33 House Democrats just joined Republicans in passing the #BankLobbyistAct — a massive rollback of the Wall Street reforms enacted after the 2008 financial crash.

Here's how much money the House Democrats who voted for the Dodd-Frank rollback have received from the financial sector:

Sinema (AZ) $1,173,176
Gottheimer (NJ) $924,624
Maloney (NY) $498,881
Himes (CT) $448,890
Schneider (IL) $350,579
Kind (WI) $331,555
Scott (GA) $317,250


Elizabeth Warren would be tearing her hair out, if she did not have another half million potential disasters screaming for her time and attention.

 

[Blue]

*Sigh*

When is the world going to learn that the USA can't be trusted to handle its finances? Honestly, it's like somebody with a mental impairment trying to do their taxes.
The global reserve currency should really be the Quatari, Chinese or German money, then there'd be less risk of a global economic crisis every time the USA gets to this part of their political cycle.

I say 'this part of the cycle' because remember, this is the fourth time just this past 100 years that the US has scaled back financial regulation and created an unsustainable funnelling of money from the main consumer classes to the ultra rich (E.g. the last time the top 0.1% took in the percentage of the total annual income that they do now was literally right before the great depression) and such measures have been proven over and over again to lead to enormous economic meltdowns.

 

[BotanyBoy]

The Democrats sold out to Big Banks

But you and the rest of the (D)ick suckers will be fluffing the DNC for all you're worth every chance you get.

 

[BotanyBoy]

*Sigh*

When is the world going to learn that the USA can't be trusted to handle its finances? Honestly, it's like somebody with a mental impairment trying to do their taxes.
The global reserve currency should really be the Quatari, Chinese or German money, then there'd be less risk of a global economic crisis every time the USA gets to this part of their political cycle.

I say 'this part of the cycle' because remember, this is the fourth time just this past 100 years that the US has scaled back financial regulation and created an unsustainable funnelling of money from the main consumer classes to the ultra rich (E.g. the last time the top 0.1% took in the percentage of the total annual income that they do now was literally right before the great depression) and such measures have been proven over and over again to lead to enormous economic meltdowns.

As soon as they learn to stop subsidizing it.

Let the crash happen....if you let the 0.1% eat it they can't come back in 10 years to fuck you over again.

Stop giving us money.

 

[gotsnowgotslush]

Also opposed was House Minority Leader Nancy Pelosi, who said on Twitter that the bill "would open the doors to banks once again discriminating in how they lend to home buyers." In the Senate, actually left Democrats like Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts blasted the bill.


"We’ve been down this road before," Sen. Warren said on Twitter in March. "Whenever things are going OK in the financial system, the lobbyists flood the halls of Congress & convince politicians to roll back the rules – because what could possibly go wrong ?


Some have the opinion that Democrats caved to the Republicans, because of the upcoming elections.

If Democrats are putting forth an effort to appeal to disillusioned Republicans in Mid- Western states, Western states, and Southern states, they must deal with what the voters have been convinced of.

The Republicans are selling the bill as giving small and medium sized banks more room to maneuver and less pressure.

Business


Congress approves plan to roll back post-financial-crisis rules for banks

May 22, 2018

https://www.washingtonpost.com/busi...070ef53f315_story.html?utm_term=.92311116ff05

Under the bill, banks with more than $50 billion in assets would no longer be automatically subject to the toughest federal regulations, including a yearly stress test to prove they could survive another onslaught of economic turmoil. The bill would raise that threshold to $250 billion in assets, potentially allowing several high-profile financial institutions, including American Express and Ally Financial, to escape the extra regulatory scrutiny.

The legislation would also exempt banks with less than $10 billion in assets from the “Volcker rule,” which bars banks from making certain risky wagers with their own money. Small banks will also be exempted from a Dodd-Frank requirement that they report more detailed data on borrowers.

 

[My I]

Clueless about the stock market too, eh?

Wall street historically runs on a 8 month cycle of ups and downs. Has little to do with who is in the Oval Office. Do a little research outside of CNN and maybe you won't look like a fuckin' retard all the time.

 

[Carnal_Flower]

33 Dems in a vote that was nowhere near close. Not exactly the whole D party.

So far I've seen D leadership toss bones to Dems in weak races when their votes don't matter.

Small shit that's worth it to keep these seats.

Of course, you say nothing about the Republican Party.

ETA: My only big criticism of the Dems the past year has been their stance on "#metoo" and kicking out Franken. Fucking stupid.

They have a weak media presence. They should retire Schumer and Pelosi and put strong young people out there who will constantly rip the Rs to shreds.

Other than that, no complaints at all.

But you and the rest of the (D)ick suckers will be fluffing the DNC for all you're worth every chance you get.

 

[Blue]

Clueless about the stock market too, eh?

Wall street historically runs on a 8 month cycle of ups and downs. Has little to do with who is in the Oval Office. Do a little research outside of CNN and maybe you won't look like a fuckin' retard all the time.

You know what a crash is, right?

 

[BotanyBoy]

Of course, you say nothing about the Republican Party.

The OP wasn't an (R)-Tard.

ETA: My only big criticism of the Dems the past year has been their stance on "#metoo" and kicking out Franken. Fucking stupid.

They have a weak media presence. They should retire Schumer and Pelosi and put strong young people out there who will constantly rip the Rs to shreds.

Other than that, no complaints at all.

I think it's brilliant...I love watching them ID-politics themselves to death....right off a cliff, that's what they get for being a bunch of lemmings.

My favorite from the (D) fan club as of late has been watching elitist white lefties pull Kanye Wests "black card" because he's gone off the (D) plantation.

It's opening a LOT of eyes to the plantation itself and oh is there some wonderful backlash out there on the web.

Watching Chance the Rapper defend him with "Black people don't have to be Democrats"

Social Justice bigots on the left were all like...
https://media.giphy.com/media/oaPcDncoLfgjK/giphy.gif

ohhhhhhhh SHIT!!!

 

[Carnal_Flower]

No idea what shitholes you visit on the web, but sounds very 2010 to me. Get with it.

The OP wasn't an (R)-Tard.



I think it's brilliant...I love watching them ID-politics themselves to death....right off a cliff, that's what they get for being a bunch of lemmings.

My favorite from the (D) fan club as of late has been watching elitist white lefties pull Kanye Wests "black card" because he's gone off the (D) plantation.

It's opening a LOT of eyes to the plantation itself and oh is there some wonderful backlash out there on the web.

Watching Chance the Rapper defend him with "Black people don't have to be Democrats"

Social Justice bigots on the left were all like...
https://media.giphy.com/media/oaPcDncoLfgjK/giphy.gif

ohhhhhhhh SHIT!!!

 

[srgreene]

*Sigh*

When is the world going to learn that the USA can't be trusted to handle its finances? Honestly, it's like somebody with a mental impairment trying to do their taxes.
The global reserve currency should really be the Quatari, Chinese or German money, then there'd be less risk of a global economic crisis every time the USA gets to this part of their political cycle.

I say 'this part of the cycle' because remember, this is the fourth time just this past 100 years that the US has scaled back financial regulation and created an unsustainable funnelling of money from the main consumer classes to the ultra rich ....

What a shallow, tendentious “analysis” of what admittedly is a very complex situation. I hope you don’t flatter yourself that by juxtaposing a few questionable facts, that you have created a cogent argument. Anyone interested in a more considered discussion of taxes would be well advised to go to taxfoundation.org. Now you will certainly get no argument from me that the US is a profligate nation that is spending beyond our means, but the folks at taxfoundatio provide this little fact:

“The top 1 percent paid a greater share of individual income taxes (39.0 percent) than the bottom 90 percent combined (29.4 percent).”

And that doesn’t begin to address the “goodies”, taken from someone’s income, that the government gives to the poor and middle class.

Still, I guess that’s not enough for you.

But to suggest that backing off of financial regulation and “funneled” money to the ultra-rich borders on the absurd. I say borders, because quantitative easing did create asset “bubbles” that mainly benefitted those with .... drumroll .... assets. The stock market has been a case in point.

I basically don’t buy “too big to fail” and would wonder at the effects of letting major financial institutions fail. Bailing them out simply injects moral hazard into the system. Let them fail with their own money, though.

We need less government in this country, not more financial regulation. All this regulation shifts assets to government and the people it employs.

 

[KeithD]

“The top 1 percent paid a greater share of individual income taxes (39.0 percent) than the bottom 90 percent combined (29.4 percent).”

You lost me with the suggestion that the top 1 percent actually pay much of anything in taxes no matter what their bracket is. We have a president who proudly has said he manages not to pay--and is smart for finding ways not to pay them. The rest of them have figured out to protect their incomes from the income tax as well, or they don't stay in the top 1 percent.

Join the real world.

 

[gotsnowgotslush]

American banks had their most profitable quarter ever

May 22, 2018


http://money.cnn.com/2018/05/22/investing/banks-record-profits-fdic-deregulation-bill/index.html

Wells Fargo has so much money, they fearlessly break every law meant to protect the customers they illegally exploit.


I will never understand why the fuck Democrats helped Republicans push this bill over the line. Sure, campaigns are expensive, and political candidates must beg from the rich, but this is a step too far.

There are things that no Democrat will touch, and this should have been one of them.

What do they think will happen little banks and credit unions, now ?

 

[Jake05]

What a shallow, tendentious “analysis” of what admittedly is a very complex situation. I hope you don’t flatter yourself that by juxtaposing a few questionable facts, that you have created a cogent argument. Anyone interested in a more considered discussion of taxes would be well advised to go to taxfoundation.org. Now you will certainly get no argument from me that the US is a profligate nation that is spending beyond our means, but the folks at taxfoundatio provide this little fact:

“The top 1 percent paid a greater share of individual income taxes (39.0 percent) than the bottom 90 percent combined (29.4 percent).”

And that doesn’t begin to address the “goodies”, taken from someone’s income, that the government gives to the poor and middle class.

Still, I guess that’s not enough for you.

But to suggest that backing off of financial regulation and “funneled” money to the ultra-rich borders on the absurd. I say borders, because quantitative easing did create asset “bubbles” that mainly benefitted those with .... drumroll .... assets. The stock market has been a case in point.

I basically don’t buy “too big to fail” and would wonder at the effects of letting major financial institutions fail. Bailing them out simply injects moral hazard into the system. Let them fail with their own money, though.

We need less government in this country, not more financial regulation. All this regulation shifts assets to government and the people it employs.

Jesus fuck, there is far too much misinformation to even begin a retort.

 

[Jake05]

American banks had their most profitable quarter ever

May 22, 2018


http://money.cnn.com/2018/05/22/investing/banks-record-profits-fdic-deregulation-bill/index.html

Wells Fargo has so much money, they fearlessly break every law meant to protect the customers they illegally exploit.


I will never understand why the fuck Democrats helped Republicans push this bill over the line. Sure, campaigns are expensive, and political candidates must beg from the rich, but this is a step too far.

There are things that no Democrat will touch, and this should have been one of them.

What do they think will happen little banks and credit unions, now ?

Agreed 100%. Unfortunately, the pubtards will assume an internal party dispute is an act of weakness, and attack. "We refuse to believe facts but only what our party tells us to believe. Science is bullshit! *if it doesn't align with our agenda! *(as we text and type and make phone calls from a small electronic device in our hand)"

 

[BotanyBoy]

You lost me with the suggestion that the top 1 percent actually pay much of anything in taxes

LOL....who do you think pays the lions share bubba?

Get a clue son....

https://www.google.com/search?ei=WT......0...1c.1.64.psy-ab..5.0.0....0.OPGm1gv2fKI

The rest of them have figured out to protect their incomes from the income tax as well, or they don't stay in the top 1 percent.

Yea it's called reinvesting your money either to make more or if you're really big you send it out of the country.

Join the real world.

Says the moron who thinks the rich don't pay taxes because ignoring facts is fun!

I will never understand why the fuck Democrats helped Republicans push this bill over the line.

Because they aren't any better or really different than the Rethuglicans.....that's why you elected Obama to office and got Romneycare anyhow LOL

Fuckin' suckers....the both of ya.

 

[KeithD]

LOL....who do you think pays the lions share bubba?

Get a clue son....

https://www.google.com/search?ei=WT......0...1c.1.64.psy-ab..5.0.0....0.OPGm1gv2fKI




Yea it's called reinvesting your money either to make more or if you're really big you send it out of the country.



Says the moron who thinks the rich don't pay taxes because ignoring facts is fun!



Because they aren't any better or really different than the Rethuglicans.....that's why you elected Obama to office and got Romneycare anyhow LOL

Fuckin' suckers....the both of ya.

Yep, you're as dumb as a fence post.

So, you're saying that Donald Trump hasn't said publicly that knowing how to not pay taxes is what makes him and others (the 1 percenters, although I'd bet he's not a 1 percenter. I bet he's lying about that as well as everything else he lies about) "smart."

Again, you can't research and analyze what's dangling in front of your face worth spit.

 

[Blue]

What a shallow, tendentious “analysis” of what admittedly is a very complex situation.
[...]
I basically don’t buy “too big to fail” and would wonder at the effects of letting major financial institutions fail. Bailing them out simply injects moral hazard into the system. Let them fail with their own money, though.

We need less government in this country, not more financial regulation. All this regulation shifts assets to government and the people it employs.

"Oh my god you so obviously just don't understand economics.

Now let me tell you how laissez-faire\ anarcho capitalism is going to benefit us all."
Pffffffffffffffffft
Dude, the reason we are now approaching a fourth global economic crisis this past century is because of your proposed economic policy. The entire logic behind this financial voodoo of trickle-down which keeps on wrecking everybodys finances is exactly the premise you just laid out! The idea that regulations and government are strangling prosperity and once you get rid of them you'll "unleash the beast of the free market!".

The too big to fail thing ties into that too: the 2008 crashed proved that they aren't 'too big to fail' in the context of going bankrupt due to a poor business model, they are 'too big to fail' in the sense that they're so big they'll just buy the government to bail them out when they do fail beeeccaaauuussee of the lack of regulations separating business and state.

I don't understand this issue? Sure, I'm no economist, but I'm certainly not so blatantly ignorant that I believe in the economic equivalent of putting on a tribal mask and doing a rain dance around a totem pole.

 

[phrodeau]

The stock market still hasn't recovered from Trump's tariff announcement.

 

[BotanyBoy]

Yep, you're as dumb as a fence post.

Considering how verifiably wrong you are, how do you figure?

So, you're saying that Donald Trump

I didn't say anything about Donald Trump. Learn to read and stay on topic.

The topic is income taxes and how much the 1% pays.

You and the moron brigade say they pay nothing.....Google, the government and most of the research institutions say otherwise.

Again, you can't research and analyze what's dangling in front of your face worth spit.

Look it up bubba, the 1% pay a disproportionately large share of income taxes....because they make a disproportionately large share of the income.

DURRRRRRRRRRRRRRRR HURRRRRRRRRR......bust out some Google-Fu and get a clue son.

 

[BotanyBoy]

"Oh my god you so obviously just don't understand economics.

Now let me tell you how laissez-faire\ anarcho capitalism is going to benefit us all."
Pffffffffffffffffft
Dude, the reason we are now approaching a fourth global economic crisis this past century is because of your proposed economic policy. The entire logic behind this financial voodoo of trickle-down which keeps on wrecking everybodys finances is exactly the premise you just laid out! The idea that regulations and government are strangling prosperity and once you get rid of them you'll "unleash the beast of the free market!".

No....we are reaching a fourth global economic crisis because everyone is sucking on our tit and our government can't help but cluster fuck everything and then subsidize the failure. Again, and again, and again.

The government does strangle prosperity and "trickle down economics" doesn't have anything to do with it, capitalism or the free market. That's just a maybe, maybe not, side effect of capitalism.....voluntary wealth re-distribution through private investment as opposed to forced wealth re-distribution through government authority.

The too big to fail thing ties into that too: the 2008 crashed proved that they aren't 'too big to fail' in the context of going bankrupt due to a poor business model, they are 'too big to fail' in the sense that they're so big they'll just buy the government to bail them out when they do fail beeeccaaauuussee of the lack of regulations separating business and state.

Separating business and state....how very capitalistic!!!

And I agree, if it's not a public safety issue? The government needs to take their cut and otherwise fuck off.

 

[Blue]

No....we are reaching a fourth global economic crisis because everyone is sucking on our tit and our government can't help but cluster fuck everything and then subsidize the failure. Again, and again, and again.

The government does strangle prosperity and "trickle down economics" doesn't have anything to do with it, capitalism or the free market. That's just a maybe, maybe not, side effect of capitalism.....voluntary wealth re-distribution through private investment as opposed to forced wealth re-distribution through government authority.

Separating business and state....how very capitalistic!!!

And I agree, if it's not a public safety issue? The government needs to take their cut and otherwise fuck off.

Do you think I'm a communist or something?

 

[BotanyBoy]

Do you think I'm a communist or something?

Nah.... if I had to guess you would be a Fabian socialist/democratic socialist.

You clearly have a distain the USA an economic freedom.

 

[Blue]

Nah.... if I had to guess you would be a Fabian socialist/democratic socialist.

You clearly have a distain the USA an economic freedom.

Ok so I'll clear up my position:
The US has literally some of the least economic freedom in the industrialized world, that's my problem with it. When I say 'economic freedom' I mean a measurement of the amount of disposable income that the majority of the country has, how much they can consume with it, and how frequently.

All I want to do is copy the economic model Denmark is using because it is empirically superior to both of ours if the standard we're using to measure 'superiority' is finding a better, sustainable, balance between private sector revenue, public sector revenue, and peoples personal finances. You might balk at Denmark because of their world-leading tax rates but their standards of living and proportion of their income that goes to consumption are far greater than either the USA or UK.

E.g. Which leads to policies like tying the minimum wage to inflation in the UK and fully socializing medicine in the USA because both those policies empirically not only net-improve living standards, it boosts economic growth and productivity overall because it reduces the elite-classes hoarding of money, which then gets cycled back into the economy in the form of public consumerism.

 

[BotanyBoy]

Ok so I'll clear up my position:
The US has literally some of the least economic freedom in the industrialized world, that's my problem with it. When I say 'economic freedom' I mean a measurement of the amount of disposable income that the majority of the country has, how much they can consume with it, and how frequently.

I disagree with your first statement based upon your standard.

Economic freedom is not an equitable distribution of wealth.

Here is why.....because the only way to have that is through the economic oppression of those who don't suck with their money to provide for those who do.

IMO economic freedom is being able to spend your money how you see fit.

All I want to do is copy the economic model Denmark is using

So you're a democratic socialist....with an interest in a more equitable distribution of wealth than you are in economic liberty.

Not that there is anything wrong with that, it's just not very American or the ideal that I support. Which, being liberal is liberty...naturally.