President Obama takes on the financial industry
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B_VinylBoy
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And with starinvestor no longer with us, I wonder who will play the role of adamant administration dissenter and self imposed financial wizard? Kidding of course...
This looks to be an interesting read when I get a break from the lab. Thanks for posting.
This looks to be an interesting read when I get a break from the lab. Thanks for posting.
While we definitely need new regulation on Wall Street, my confidence is not with the Obama administration to fix this.
While I'm concerned about any changes made by Obama, a major concern is giving even more power to the Fed and Bernanke:
The US Federal Reserve cannot account for 9 trillion dollars!!
The Inspector General charged with monitoring the Fed sounded like a bumbling idiot. Watch the video...It is shocking!
http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=player_embedded
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The above block quote is taken from Federated Ship Painters & Dockers Union. Take a look. It's total tinfoil hat land. Correta Scott King murdered JFK?
The murder of John F Kennedy ...evidence implicates Martin Luther & Coretta King - The Dockers Union Forum
The murder of John F Kennedy ...evidence implicates Martin Luther & Coretta King - The Dockers Union Forum
Scary. Tragic. But totally predictable considering the source.
Who do you think? His twin entity The Entity. Though it will be very very lonely without The Other. Though The Entity will still have the other neo-cons here to commune with.
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B_VinylBoy
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No... the entity actually dared to make a statement that made sense and wasn't spun to demonize the current administration as if they were the cause of every single problem, current and future, in America. Let's hope it learns from this example.
It's a Libertarian fantasy to audit the Fed.They hate the Fed. In fact the very idea of neutering the Fed is capable of producing a magic orgasm in them. :wank:
Republican Senators neuter Federal Reserve Transparency bill
(Please note the site of the link...'The Party of Principle..Small Government...Low Taxes...More Freedom')
uke:The Entity is becoming more and more transparent by the day.
B_VinylBoy
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sargon20: That "Libertarian" website has a bunch of articles and beliefs that look and sound AWFULLY familiar. Surely, this "new" party wouldn't beat the drum of a previously defeated one whose ideals were already proven to be false to begin with.
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Actually, I don't support Obama's plan to address the financial industry. Part of Obama's plan is to give more power to the Fed and I believe that would be a mistake with the current problems as evidenced by the video of the Inspector General.
http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=player_embedded
While I do believe that more regulations are needed, I have no confidence in Obama and his administration to be able to fix the problems. The Auto Industry is in a shambles and Obama's remedies did not leave the American Auto Industry stronger despite all the bail outs. We have inexperienced people running the show and fewer dealer ships, jobs and american made cars after all the speeches.
After the AIG bonus debacle, I doubt Obama will tighten regulations on Wall Street to protect Main Street. The fact that he wants to strengthen the Fed diminishes confidence all the more.
You should probably deal with the quote I cited. I provided the youtube video to demonstrate the point of the post concerning the Fed.
I quoted Jim Babka and the quote actually originally came from his website: DownsizeDC.org
I don't necessarily agree with everything posted on a website or with everything someone might say, however I will quote specific information if it is pertinent to the conversation - as this was.
I presented specific information from a quote concerning the Fed and unaccounted for trillions of dollars. I,in no way, endorsed every post made on that website or the website itself.
Deal with the issues.
LoL, I'm not a libertarian...
I'm an American. I care about this country and our future. Any rational person who watched the Inspector General in the video clip is going to say something is wrong and we need to audit the Fed. We are in financial crisis spending in massive amounts and borrowing from other countries like China and it is unsustainable. If we don't get a handle on what the Fed is doing along with Obama and the Congress it could be devastating.
What is wrong with you Sargon? This isn't about me. Did you watch the video?
http://www.youtube.com/watch?v=PXlxBeAvsB8&feature=player_embedded
It is about the survival of an economic system that has turned toxic and deadly to its citizens. Not only do we need the Obama reforms, we need to make sure there are further steps as well. Greed is NOT good for our nation, our culture or our role as a leader in the world. Allen Stanford is a perfect example of what has gone wrong.
To demonize the federal reserve because of this is such an old chestnut that to you twenty-somethings it appears as a new idea. It isn't, and the federal reserve is one of the few controls we have that is NOT under control of the president, congress or the supreme court. it is truly independent.
To demonize the federal reserve because of this is such an old chestnut that to you twenty-somethings it appears as a new idea. It isn't, and the federal reserve is one of the few controls we have that is NOT under control of the president, congress or the supreme court. it is truly independent.
Number one, nobody is demonizing the Federal Reserve. If a govt entity can't account for trillions of dollars: Houston we have problem. And we need to fix it, not exacerbate it. Number two, The Federal Reserve already has enough to contend with to keep the economy stabilized. Number three, The lawmakers on capital hill explain the criticism of Obama's overhaul very well themselves.
We all know the problems with the system, the point is that Obama's plan won't work to address the problems:
Senators skeptical about Obama plan
Some Lawmakers Question Expanded Reach for the Fed
Obama's Financial Reform: Fed Powers Worries Some In Congress
Treasury's Geithner takes heat at hearing on Obama financial reform plan
These are some of the same politicians who wanted the federal reserve to fail in the first place. Their "worries" are fears that the fed might actually succeed. The guru of destroying the public sector, Grover Norquist, has said as much in recent years. Bush and company simply did their best to make sure that both the fed and other regulatory agencies were as ineffective and feckless as possible. Every time Obama proposes new regulations, Norquist and his noise machince go on the offensive about big government. Big government is not the problem; lack of oversight over the out-of-control free market capitallists is the problem.
Where are you getting that from?
Where are you getting that from?
What are you asserting here? How did Bush make the Federal Reserve ineffective? I can understand deregulation and lack of regulation but can you elaborate on the rest of what you are asserting? And can you provide some support for your assertions?
I posted the links so that you could read for yourself the reasons lawmakers do not support Obama's financial overhaul. Most agree that stronger oversight of Wall Street is needed. The lawmakers aren't identifying a fear or worry over big government. As I stated previously and posted a link of the Inspector General in a hearing discussing major problems in the Fed. The lawmakers realize that the Fed has it's hands full with its current duties and responsibilities, with stabilizing the economy in recession and that there may be conflicts of interest with the new suggested powers. This is not about Grover Norquist or his views. The following is from the first link. Chris Dodd is a Democrat and an Obama supporter and he isn't supporting the Obama overhaul:
Sen. Chris Dodd (D-Conn.), who chairs the Senate Banking Committee, questioned why the Fed should be given more power when many experts question its track record. Its proposed new role as the regulator of systemic risk also could conflict with its primary role of setting monetary policy, he said.
Sen. Richard Shelby (R-Ala.) said it was unrealistic to expect the Fed to handle so many roles. He contended its structure isnt suited for the role of a risk regulator. Plus, Shelby said, Congress has not spent enough time discussing the concept of systemic risk and how or if it can be regulated. - Kent Hoover, Charlotte Business Journal
Senators skeptical about Obama planSen. Richard Shelby (R-Ala.) said it was unrealistic to expect the Fed to handle so many roles. He contended its structure isnt suited for the role of a risk regulator. Plus, Shelby said, Congress has not spent enough time discussing the concept of systemic risk and how or if it can be regulated. - Kent Hoover, Charlotte Business Journal
Some Lawmakers Question Expanded Reach for the Fed
Obama's Financial Reform: Fed Powers Worries Some In Congress
Treasury's Geithner takes heat at hearing on Obama financial reform plan
Bush made the Fed ineffective by insisting that it be underfunded, along with every other agency that does regulation. The FED could easily be expanded to perform other functions if funded and staffed adequately. and Richard Shelby is HARDLY the person to speak on behalf of this function of the FED.
The elected officials YOU identify as opposing an expanded role for the FED are the same ones receiving HUGE campaign donations from corporate lobbyists , in both parties, that DONT want the Fed to do much of anything outside of promoting the status quo. Wake up and follow the money trail!
The elected officials YOU identify as opposing an expanded role for the FED are the same ones receiving HUGE campaign donations from corporate lobbyists , in both parties, that DONT want the Fed to do much of anything outside of promoting the status quo. Wake up and follow the money trail!
Obama doesn't know a damn thing about finance, and he knows it. These new 'regulations' are a bullshit facade to make the public think things are actually going to change in the financial industry.
If you look at Obama's plan, there really is no plan. He has said he's giving more power to the Fed, and that's pretty much the extent of it. What powers? What is the Fed, an independent entity, going to do?
If Obama wants to make effective regulations, he can start by changing the terms of credit default swaps. CDS's are the reason this crisis is multiplied by 10, at least monetarily speaking. Either stop referring to CDS's as insurance and require they be accounted for on balance sheets, or keep them as 'insurance' but make it illegal for outside parties to purchase swaps against securities they don't currently hold.
Afterall, I can't take out a life insurance policy on my girlfriend, murder her, and collect the profits...this is exactly what hedge funds and investments banks were doing, except it was stock prices they were murdering, and profits off of short positions and credit default swaps they were gaining.
We need to attack the problem head on, and so far, the adminstration seems to have its head in the clouds when it comes to regulation. Obama really doesn't know much about the finance industry, which means he is getting most of his ideas from his advisors, who are mostly all wall streeters that don't want to change the most important and costly flaws of the system, flaws that allow large investors to destroy stock holder wealth and market confidence while their firms reap the benefits...essentially destroying companies with the use of credit default swaps and short selling. Giving more power to the Fed is going to destroy our country...good thing I'm past caring at this point
If you look at Obama's plan, there really is no plan. He has said he's giving more power to the Fed, and that's pretty much the extent of it. What powers? What is the Fed, an independent entity, going to do?
If Obama wants to make effective regulations, he can start by changing the terms of credit default swaps. CDS's are the reason this crisis is multiplied by 10, at least monetarily speaking. Either stop referring to CDS's as insurance and require they be accounted for on balance sheets, or keep them as 'insurance' but make it illegal for outside parties to purchase swaps against securities they don't currently hold.
Afterall, I can't take out a life insurance policy on my girlfriend, murder her, and collect the profits...this is exactly what hedge funds and investments banks were doing, except it was stock prices they were murdering, and profits off of short positions and credit default swaps they were gaining.
We need to attack the problem head on, and so far, the adminstration seems to have its head in the clouds when it comes to regulation. Obama really doesn't know much about the finance industry, which means he is getting most of his ideas from his advisors, who are mostly all wall streeters that don't want to change the most important and costly flaws of the system, flaws that allow large investors to destroy stock holder wealth and market confidence while their firms reap the benefits...essentially destroying companies with the use of credit default swaps and short selling. Giving more power to the Fed is going to destroy our country...good thing I'm past caring at this point
unlike recent presidents, Obama is a quick learner. This serves the interests of the public in that Obama is NOT a wall streeter, and has both the brains and the self-interest to recognize when he is being lied to.
At this point, only the Fed has the power, within our current consitutional guidelines, to watdhdog wallstreet. Depending on the relationship between Bernanke and Obama, we either will or wont see increased regulation power by the FED pay off for the American people. It is a risk we have to take to get any worthwhile change.
and i am NOT past caring. and the Fed is not destroying our nation, that job is , so far , unsuccessfully being attempted by the right wing.
At this point, only the Fed has the power, within our current consitutional guidelines, to watdhdog wallstreet. Depending on the relationship between Bernanke and Obama, we either will or wont see increased regulation power by the FED pay off for the American people. It is a risk we have to take to get any worthwhile change.
and i am NOT past caring. and the Fed is not destroying our nation, that job is , so far , unsuccessfully being attempted by the right wing.
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