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05-12-2012, 04:16 PM
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#16
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Lacrimae rerum
Join Date: Apr 2004
Location: at my house
Posts: 7,308
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Quote:
I agree with Tom on this one, if you allowed the banks to fail when this first hit, no moneys would have went to foreign banks from the US taxpayer's pockets. Why should we insure liberal skum from other country's? Let the Bilderburg Group and Europe take the hit, so what if England burns!
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It's like a nuclear shockwave ripping across the plains. Who cares about England indeed, but that shockwave travels North, South, and West from NY, also.
I'm all for letting them fail. Lets keep them so that one failing doesn't blow up the world.
We need to unwind just about all the financial shit thats happened since the late 1990s. Put the old rules back in place, they worked better. Regulate the shit they chose not to. They should have. We tried this path, the world blew up. Lets don't do that again. That isn't hard.
Banking used to be boring. A boring banking system rarely has failures, but when they do fail -- they are boring too. No country has to burn.
It's not the only dumb thing we do, or did, but its certainly one of the easier ones. Why don't we? Tens of millions in legal bribery we call lobbying.
Last edited by chickenhead; 05-12-2012 at 04:17 PM.
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05-12-2012, 04:58 PM
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#17
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,955
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Banks and governments - the roots of all evil.
The more power either one has, the worse it gets.
Both should should be closed and replaced frequently.
There are no good ones of either.
__________________
Who does the Racing Form Detective like in this one?
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05-13-2012, 04:15 AM
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#18
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Registered User
Join Date: Apr 2003
Location: Willamette Valley, Oregon
Posts: 1,624
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From Jesse's Café Américain, read the whole article here:
Link
...crony capitalism is one of the reasons why the financial system collapsed, and why the markets are still so dangerously unstable, despite the determined efforts to disguise it with liquidity and lax regulation. The responsibility for this goes back to the Clinton and Bush Administrations at least.
Obama was elected with a mandate to reform, but instead packed his Administration with Wall Street figures. He has one of the worst records for pursuing financial frauds in the last twenty years.
It is time to stop apologizing for and tolerating the soft corruption that has characterized the Obama Administration's policy on the financial sector since day one. The price of giving him a pass on this failure to do his job and making excuses for him is too high. The excuse that Romney will be worse is not acceptable.
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05-13-2012, 04:35 AM
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#19
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Racing Form Detective
Join Date: Jul 2007
Location: Lincoln, Ne but my heart is at Santa Anita
Posts: 16,316
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Quote:
Originally Posted by plainolebill
From Jesse's Café Américain, read the whole article here:
Link
...crony capitalism is one of the reasons why the financial system collapsed, and why the markets are still so dangerously unstable, despite the determined efforts to disguise it with liquidity and lax regulation. The responsibility for this goes back to the Clinton and Bush Administrations at least.
Obama was elected with a mandate to reform, but instead packed his Administration with Wall Street figures. He has one of the worst records for pursuing financial frauds in the last twenty years.
It is time to stop apologizing for and tolerating the soft corruption that has characterized the Obama Administration's policy on the financial sector since day one. The price of giving him a pass on this failure to do his job and making excuses for him is too high. The excuse that Romney will be worse is not acceptable.
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I agree Obama has not gone far enough. But Romney has publicly stated that he would repeal the few reforms that Obama has put in. Does anybody actually believe that Romney would put into place the reforms needed to prevent another melt down like what happened in 2008? The Volcker rule while not prefect at least will rein some the abuses that take place when it goes into effect later this year. Romney oppose even it.
__________________
Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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05-13-2012, 04:39 AM
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#20
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Racing Form Detective
Join Date: Jul 2007
Location: Lincoln, Ne but my heart is at Santa Anita
Posts: 16,316
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Quote:
Originally Posted by Tom
Banks and governments - the roots of all evil.
The more power either one has, the worse it gets.
Both should should be closed and replaced frequently.
There are no good ones of either.
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There nothing wrong with banks when they do traditional banking. When they start acting like a hedge funds, the problems begin.
__________________
Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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05-13-2012, 04:48 AM
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#21
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Registered User
Join Date: Apr 2003
Location: Willamette Valley, Oregon
Posts: 1,624
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Quote:
Originally Posted by Robert Goren
I agree Obama has not gone far enough. But Romney has publicly stated that he would repeal the few reforms that Obama has put in. Does anybody actually believe that Romney would put into place the reforms needed to prevent another melt down like what happened in 2008? The Volcker rule while not prefect at least will rein some the abuses that take place when it goes into effect later this year. Romney oppose even it.
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Uhhh, not gone far enough? He hasn't done anything so I guess that qualifies as not far enough. Jeez, I'm a right down the center guy and my bullshit detector is pegged out. (in respects to the administration)
On second thought, I may be edging towards anarchist right now - if this is govt., if what we see in Washington and in the political parties is the best we can do, lets not have any at all.
Best regards Robert, nothing personal.
**PS read down the page about the 'exceptions' to the Volker rule that JPM Chase took advantage of and that were vetted by Geithner and Bernanke.
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05-13-2012, 05:04 AM
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#22
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Racing Form Detective
Join Date: Jul 2007
Location: Lincoln, Ne but my heart is at Santa Anita
Posts: 16,316
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For the record, the Volcker rule has not taken effect yet. Jamie Dimon and JPMC has publicly opposed it. So have almost everyone else in the financial community. The fact that it has gotten this far is proof that at least some of the influence of Wall Street is on the wane. Under Bush or Clinton, something like the Volcker rule would not even been discussed.
__________________
Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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05-22-2012, 08:13 AM
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#23
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Registered User
Join Date: Feb 2003
Location: NE Ohio
Posts: 16,487
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While I'm not defending JP Morgan here, who just suffered losses of a couple billion in trades (actually not a big pct for them) but where was the media outcry when MF Global lost a couple billion for their customers? The MSM loves to rip into Chris Christie, who's done a great job cleaning up the mess Jon Corzine left behind while Corzine gets a pass. And Corzine continued to make a mess when he went to MF Global. In his case, I think we know what the MF stands for.
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05-22-2012, 10:10 AM
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#24
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Racing Form Detective
Join Date: Jul 2007
Location: Lincoln, Ne but my heart is at Santa Anita
Posts: 16,316
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Quote:
Originally Posted by Valuist
While I'm not defending JP Morgan here, who just suffered losses of a couple billion in trades (actually not a big pct for them) but where was the media outcry when MF Global lost a couple billion for their customers? The MSM loves to rip into Chris Christie, who's done a great job cleaning up the mess Jon Corzine left behind while Corzine gets a pass. And Corzine continued to make a mess when he went to MF Global. In his case, I think we know what the MF stands for.
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MF Global got plenty of coverage on the news networks and CNBC. It was not a bank like JPMC. It was a trading company and a Hedge Fund. They raided their traders accounts to cover their hedge fund losses. What they did was illegal and hopefully people will go to jail. It does raise an interesting point as to whether trading companies and hedge funds should be allowed to exist as one company. There is a pretty strong case to made that hedge fund should be stand alone entities. The latest on JPMC is that losses may be as high 6 billion instead of 2 billion originally reported. The company made 16 billion last year, so they can cover their losses. But still you have too wonder if there is not more high risk trading going on. Trading in high risk instruments is can be highly profitable in the short run, generally they lose it all in the long run. Wall street is covered with the bones of bankrupt hedge funds. There is limit to what investors can get on their money every year. When it is too high there is always something wrong. Bernie Madoff proved that.
__________________
Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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