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(Huffington Post)   How some members of Congress tried to break up the big banks instead of bail them out, and were stomped by powerful Democrats. In other news, Teddy Roosevelt has apparently rolled over in his grave   (huffingtonpost.com) divider line 120
    More: Sad, human beings, Senator Tom Coburn, Democrats, high-frequency trading, Sherrod Brown, Ted Kaufman, R-AL, Richard Shelby  
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2809 clicks; posted to Politics » on 09 Oct 2012 at 3:34 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-10-09 12:57:32 PM  
Nobody wants to upset the people who are really running the show
 
2012-10-09 01:03:43 PM  
But remember, every Democrat in office is the liberallest libby-lib-lib that ever done liberalled a liberal.
 
2012-10-09 01:03:53 PM  
Neither Mitt Romney and the Republicans nor President Obama and many Democrats favor breaking up the big banks, the best way to prevent another taxpayer bailout after a financial crisis.

In last Wednesday's presidential debate, Governor Romney said the Dodd-Frank Act is "the biggest kiss that's been given to New York banks I've ever seen," claiming the Act enshrines the idea of "systemically significant" institutions (SIFIs) as too-big-to-fail.


So Romney is not in favor of breaking up megabanks which almost caused the collapse of our financial system, and is not in favor of the idea of too big to fail banks. Gotcha. Return to the George W Bush policies.

Fifteen minutes later, the Brown-Kaufman amendment to break up the megabanks lay dead on the Senate floor, shot through by sixty-one no votes. Three Republicans -- Richard Shelby (R-AL), Tom Coburn (R-OK) and John Ensign (R-NV ) -- joined 30 Democrats who voted for it.

So although it didn't pass, Democrats voted by a 10:1 margin to Republicans to include an amendment to break up five banks which many claimed were too big and important to not get a bailout.

So yeah, Dems are bad but Reps are worse.
 
2012-10-09 01:18:54 PM  
I don't get how a million small businesses (who are all doing the same shady shiat) aren't just as likely to fail at once as is a megacorporation doing the same shady shiat.

I guess having multiple separate companies makes it less likely for them to all put their eggs in the same basket, but does it really work that way?
 
2012-10-09 01:32:19 PM  

serial_crusher: I don't get how a million small businesses (who are all doing the same shady shiat) aren't just as likely to fail at once as is a megacorporation doing the same shady shiat.

I guess having multiple separate companies makes it less likely for them to all put their eggs in the same basket, but does it really work that way?


They simply don't control the same amount of resources as the big banks do. When a bunch of small businesses go down, they generally don't drag hundreds of thousands of mortgages, or 401ks, or other things along with them.
 
2012-10-09 01:33:07 PM  
Teddy is in good company: Lincoln has been a high-speed lathe for decades.
 
wee
2012-10-09 01:35:22 PM  

bdub77: So yeah, Dems are bad but Reps are worse.


That's like saying a Big Mac is better than dog shiat.
 
2012-10-09 01:36:17 PM  
The Richter Scale doesn't go high enough to register Teddy rolling over in his grave...IF he was actually dead and not roaming the galaxy punching stars that are underperforming.
 
vpb [TotalFark]
2012-10-09 01:39:42 PM  

serial_crusher: I don't get how a million small businesses (who are all doing the same shady shiat) aren't just as likely to fail at once as is a megacorporation doing the same shady shiat.

I guess having multiple separate companies makes it less likely for them to all put their eggs in the same basket, but does it really work that way?


Not all at once. And if they didn't all go under at the same time then they could be allowed to go under with out having to worry about them taking down the whole economy.
 
2012-10-09 01:44:40 PM  
Not surprised. Obama does well, the DJIA and Nasdaq go up. Financiers LOVE the Democrats.

Ironic, I guess...
 
2012-10-09 01:45:52 PM  

give me doughnuts: Teddy is in good company: Lincoln has been a high-speed lathe for decades.


Mmm. Lincoln Logs. The things you can build with 'em.
 
2012-10-09 01:50:52 PM  

wee: bdub77: So yeah, Dems are bad but Reps are worse.

That's like saying a Big Mac is better than dog shiat.


Dog shiat doesn't come with lettuce. So, yeah.
 
2012-10-09 02:06:01 PM  
Gosh darn anti-business Dumbocrats :(
 
2012-10-09 02:28:28 PM  

bdub77: So although it didn't pass, Democrats voted by a 10:1 margin to Republicans to include an amendment to break up five banks which many claimed were too big and important to not get a bailout.

So yeah, Dems are bad but Reps are worse.


So vote Republican.
 
2012-10-09 02:41:04 PM  
Dems AND Republicans en masse voted against it and the Obama administration (as would the Reagan, Bush, Clinton, or Bush administration) weighed in against it as well.

In other news, Wall Street Banks and Financial Firms own a lot of people.

Next?
 
2012-10-09 03:08:41 PM  
Can we break them up now?
 
2012-10-09 03:08:48 PM  

Irving Maimway: Dems AND Republicans en masse voted against it and the Obama administration (as would the Reagan, Bush, Clinton, or Bush administration) weighed in against it as well.

In other news, Wall Street Banks and Financial Firms own a lot of people.

Next?


Yup. The banks buy everybody, and they get their money's worth.
 
2012-10-09 03:09:42 PM  

Mr. Coffee Nerves: The Richter Scale doesn't go high enough to register Teddy rolling over in his grave...IF he was actually dead and not roaming the galaxy punching stars that are underperforming.


IF there was an afterlife, and there was one president that could or would do this- it'd be him.

I inherited a small library of biographies about him recently. I really need to sit down and read them.
 
2012-10-09 03:29:43 PM  
Yes, those would be some of those mythical liberals. They have no actual power.
 
2012-10-09 03:38:31 PM  

serial_crusher: I don't get how a million small businesses (who are all doing the same shady shiat) aren't just as likely to fail at once as is a megacorporation doing the same shady shiat.

I guess having multiple separate companies makes it less likely for them to all put their eggs in the same basket, but does it really work that way?


The really big banks cheat, by borrowing money from the Fed and investing it. Small banks can't get away with that.
 
2012-10-09 03:38:46 PM  
Some lobbyists are powerful enough to control both sides of the isle.
 
2012-10-09 03:40:38 PM  
Bail out the people, not the banks. Crony capitalism needs to end, on this I agree with Gary Johnson.
 
2012-10-09 03:43:17 PM  
And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.
 
2012-10-09 03:43:52 PM  
For all those that said "The Occupy movement doesn't have a message!", this was actually one of their main messages.
 
2012-10-09 03:44:04 PM  
I am still waiting for the guys responsible to go to jail. I suppose when you give millions to the party in charge, you buy your freedom
 
2012-10-09 03:44:28 PM  
Global warming is caused by the friction of the dead spinning in their graves.

Wow... I've been listening to too much death metal lately.
 
2012-10-09 03:45:52 PM  

Vodka Zombie: wee: bdub77: So yeah, Dems are bad but Reps are worse.

That's like saying a Big Mac is better than dog shiat.

Dog shiat doesn't come with lettuce. So, yeah.


But some of the Republicans will add that Special Sauce either way.
 
2012-10-09 03:46:11 PM  
images3.wikia.nocookie.net
 
2012-10-09 03:46:38 PM  

cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad.


If both sides are evil, bad, and liars, then the amount of evil, bad, and lying matters. They are not equal in any of these categories.
 
2012-10-09 03:47:17 PM  
The death of Capitalism will be by its own hand.

//See Soviet Union 
 
2012-10-09 03:47:59 PM  

cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.


Which is why I stopped voting for democrats and started reading Marx.
 
2012-10-09 03:48:19 PM  

EyeballKid: But remember, every Democrat in office is the liberallest libby-lib-lib that ever done liberalled a liberal. working for the benefit of the little guy!


Both sides can play that game sometimes. Do us all a favor, and don't.
 
2012-10-09 03:50:34 PM  

cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.


Many of us have long since abandoned the Dems. I was never a centrist liberal; I know many people who exactly were who are now wearing red and black.

You rightists should not be encouraging this. The Democrats are the best machine you have for advancing right wing policy and maintaining the status quo.
 
2012-10-09 03:50:43 PM  

Glicky: The death of Capitalism will be by its own hand.

//See Soviet Union


wut?
 
2012-10-09 03:51:25 PM  

A Dark Evil Omen: I know many people who exactly were who are now wearing red and black.


Thundercats?
 
2012-10-09 03:51:44 PM  

GoldSpider: EyeballKid: But remember, every Democrat in office is the liberallest libby-lib-lib that ever done liberalled a liberal. working for the benefit of the little guy!

Both sides can play that game sometimes. Do us all a favor, and don't.


Of course. Clearly, I should vote for cancer.
 
ecl
2012-10-09 03:53:21 PM  

cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.


CMAN is back to shouting down voices in his head again.
 
2012-10-09 03:53:36 PM  
Vote against democrats and republicans.

It won't actually change a damn thing but at least you'll be free to biatch no matter which side is in control.
 
2012-10-09 03:53:47 PM  

A Dark Evil Omen: cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.

Many of us have long since abandoned the Dems. I was never a centrist liberal; I know many people who exactly were who are now wearing red and black.

You rightists should not be encouraging this. The Democrats are the best machine you have for advancing right wing policy and maintaining the status quo.


Bingo.
 
2012-10-09 03:54:34 PM  

ecl: cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.

CMAN is back to shouting down voices in his head again.


WHY WONT THOSE VOICES SHUT THE fark UP?
 
2012-10-09 03:54:40 PM  

EyeballKid: Of course. Clearly, I should vote for cancer.


At this point, I'd at least read Cancer's platform.
 
2012-10-09 03:56:50 PM  

GoldSpider: EyeballKid: Of course. Clearly, I should vote for cancer.

At this point, I'd at least read Cancer's platform.


I laughed a little too hard at that.
 
2012-10-09 03:57:56 PM  

serial_crusher: I don't get how a million small businesses (who are all doing the same shady shiat) aren't just as likely to fail at once as is a megacorporation doing the same shady shiat.

I guess having multiple separate companies makes it less likely for them to all put their eggs in the same basket, but does it really work that way?


No, one small firm going down can cause a chain of dominoes to fall, just as easily as a large firm. Lehman bros was comparatively small (4th largest investment bank, which are FAR smaller than commercial banks like JPM), and look how much of a shiatstorm that started when they failed.

The reason Obama and Sherrod Brown and Romney and Paulson and Bush and Geithner et al aren't pushing / didnt push for the break of of big banks is because they aren't idiots and they realize that it wouldn't benefit anything.
 
2012-10-09 04:02:33 PM  

GoldSpider: EyeballKid: Of course. Clearly, I should vote for cancer.

At this point, I'd at least read Cancer's platform.


Cancer won the FARK out of that debate with the empty chair.
 
2012-10-09 04:04:34 PM  

FarkedOver: For all those that said "The Occupy movement doesn't have a message!", this was actually one of their main messages.


THIS
 
2012-10-09 04:05:46 PM  
Too big to fail should be "too big to exist". Any corporation that big and powerful is a direct threat to democracy and needs to be broken up into smaller companies without the financial means to buy pet congresscritters. Unfortunately, the only people in the position to do this are already owned by the mega-corps.

In this last round of mortgage and bank failures coupled to massive fraud, how many executies went to jail? Zero.
How many were put on trial? Zero.
How many were investigated? Zero.

The system is broken. Capitalism works, unforutnately we now operate under crony-capitalism.
 
2012-10-09 04:06:38 PM  

deadcrickets: Bail out the people, not the banks. Crony capitalism needs to end, on this I agree with Gary Johnson.


Gary Johnson believes that business should not have sway over the federal government. He also believes that businesses can have as much say as they want over state governments and over their customers. So I guess it depends on who the "cronies" are.

// caveat emptor is not (should not) be a macroeconomic philosophy that we base laws on in a modern economy
 
2012-10-09 04:09:28 PM  

cman: And yet you still flock to the Democratic party because they are less evil than the GOP. Evil is still evil, bad is still bad. Stop walking around like your shiat dont stink.


You have a point, Clinton repealed Glass-Steagal and refused to regulate derivatives. Since everyone appears to agree these sops to the financial industry are destructive, why would anyone vote for a candidate who makes even more deregulatary handouts central to their platform?
 
2012-10-09 04:11:18 PM  
And how did Romney feel about the repeal of Glass-Steagall?
 
2012-10-09 04:12:53 PM  

GoldSpider: Glicky: The death of Capitalism will be by its own hand.

//See Soviet Union

wut?


We, meaning the US, are going to crash our own economy.
 
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