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(Guardian)   Remember the lessons of the 2008 financial crisis which led to regulation that made the banking system substantially safer and didn't inhibit growth or lending? Pepperidge Farm remembers, so does Janet Yellen. Donald Trump apparently, doesn't   ( theguardian.com) divider line
    More: Murica, Federal Reserve System, looser financial regulations, tough banking regulations, tougher consumer lending, mortgage lending rules, Consumer Financial Protection, financial crisis, central bank chief  
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1467 clicks; posted to Politics » on 25 Aug 2017 at 3:33 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2017-08-25 01:06:46 PM  
Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.
 
2017-08-25 01:12:24 PM  

Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.


But I have been reliably infromed that legislation only exists to kill jobs?
 
2017-08-25 01:17:37 PM  

Gubbo: But I have been reliably infromed that legislation only exists to kill jobs?


It can make it more difficult to do business, but if your business has the potential to kill people....well...no one farking cares if you have to go through a few hoops to avoid that.
 
2017-08-25 01:20:19 PM  

Ambivalence: Gubbo: But I have been reliably infromed that legislation only exists to kill jobs?

It can make it more difficult to do business, but if your business has the potential to kill people....well...no one farking cares if you have to go through a few hoops to avoid that.


If only the GOP agreed with that. But seriously, trying to roll us back to the situation before 2007. And just hoping that the banks won't be the same greedy farks that they were (and still are). It's a recipe for guaranteed global disaster.
 
2017-08-25 01:56:31 PM  
After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.
 
2017-08-25 02:12:22 PM  

Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.


The last one was so hairy, it's entirely within reason to imagine the next one will not be recoverable until we endure a thorough-going depression.


I regularly read in the WSJ that the reason why they can "trim" regulations is that the banks are strong enough now that we aren't facing those kinds of risks.

And then people at the restaurant wonder why the lunatic man with the paper is pounding his head on the table next to them.
 
2017-08-25 02:27:59 PM  
The things we call "regulations" can, often, be better understood if you think of them as "protections."

Look at any regulation and try and figure out both who (or what) is being protected and from whom (or what) they are being protected. Some regulations protect the wrong people from the wrong things, but I'd say that that isn't the case here.

Effective banking regulations protect citizens (and/or the economy) from harm caused by banks. The protections that were put back in place after 2008 are effective at that.

Banks and bankers don't like them, but that's too bad. History has proven that we can't trust them to act in our best interest. Sorry, bankers, but you've ruined it for yourselves.
 
2017-08-25 02:46:48 PM  

aaronx: The things we call "regulations" can, often, be better understood if you think of them as "protections."

Look at any regulation and try and figure out both who (or what) is being protected and from whom (or what) they are being protected. Some regulations protect the wrong people from the wrong things, but I'd say that that isn't the case here.

Effective banking regulations protect citizens (and/or the economy) from harm caused by banks. The protections that were put back in place after 2008 are effective at that.

Banks and bankers don't like them, but that's too bad. History has proven that we can't trust them to act in our best interest. Sorry, bankers, but you've ruined it for yourselves.


The worst part is that the banks are making record profits at the moment. More than they made in the run up to the crisis. I mean not that you'd know it from your bank statement or anything.
 
2017-08-25 02:47:02 PM  
Banks aren't there to protect anyone else's interest except their own - which is to make money as fast as possible with as little hassle as possible.  Of COURSE they want to get rid of regulations that make it harder for them to make money.  Because that means they have to actually slow down and slowly sip at the blood of the working class instead of decapitate it and drink right from the jugular.

\never mind that going for the jugular makes no long term sense because the source will dry up
 
2017-08-25 02:53:56 PM  
Under normal circumstances, regulations should protect people from corporations. Nowadays, we've started seeing regulations that protect corporations from people.
 
2017-08-25 03:29:57 PM  
Herman's Hermits "I'm Henry VIII, I Am" on The Ed Sullivan Show
Youtube GisCRxREDkY
 
2017-08-25 03:37:57 PM  

Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.


Also, when this occurs, can we agree that any farker who chimes in that both sides are equally bad and that we should let the Republicans win again be slapped aside the head so farking hard everyone who hears will know the consequences of saying shiat that stupid?

Barry McCockner: [iFrame https://www.youtube.com/embed/GisCRxREDkY - 480x360]


Split Enz: Hermit McDermitt
Youtube FXQ1Z-Cu9Ng
 
2017-08-25 03:38:49 PM  

Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.


THIS

If the general public understood even  half of what it takes to pass-and implement-a substantive piece of regulation, they would be shocked. Just the comment period alone can take as many as 6 months. If the government-especially the Federal government-actually regulates anything, you can be damn sure it was because there was a real, genuine problem that couldn't otherwise be worked around. Best example I always go to is Nixon signing the EPA into law; it wasn't because he had a sudden change of heart, or was trying to court the Sierra Club vote, it was because the rivers were literally catching on fire and the smog was too thick to fly over most major cities.
 
2017-08-25 03:40:44 PM  

Bith Set Me Up: Under normal circumstances, regulations should protect people from corporations. Nowadays, we've started seeing regulations that protect corporations from people.


Corporations ARE people you daft monkey. Hell, one of them is President.
 
d23 [BareFark]
2017-08-25 03:40:49 PM  

Ambivalence: Gubbo: But I have been reliably infromed that legislation only exists to kill jobs?

It can make it more difficult to do business, but if your business has the potential to kill people....well...no one farking cares if you have to go through a few hoops to avoid that.


There is also the fact that many major corporations hold many orders of magnitude higher power than the average people and so said major corporations can fark UP the entire LIFE of a person, especially when it comes to dangerous material or money.  That's what gets me angry about the "job killing regulation" thing.  This isn't about not being able to pump your own gas in New Jersey.  It's about letting corporations go out of control and fark up the lives of millions of people.  Plus they actually create jobs if the companies actually comply, and that's mostly why the companies are angry.
 
2017-08-25 03:41:09 PM  

wejash: Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.

The last one was so hairy, it's entirely within reason to imagine the next one will not be recoverable until we endure a thorough-going depression.


I regularly read in the WSJ that the reason why they can "trim" regulations is that the banks are strong enough now that we aren't facing those kinds of risks.

And then people at the restaurant wonder why the lunatic man with the paper is pounding his head on the table next to them.


The banks are only "strong" because of the regulations that force them to not be leveraged up to their eyeballs. These are the exact regulations they want to roll back.
 
2017-08-25 03:42:03 PM  

Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.


You should use this opportunity to capitalise on the backs of the poors. First, inherit a million dollars to invest. Then all you have to do is rub two pieces of paper together.
 
2017-08-25 03:42:42 PM  
Somebody REALLY has it out for Detroit.
 
2017-08-25 03:43:11 PM  

Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.


There isn't anything left save us other than rebuilding the Hoovervilles and rereading them trump towns.
 
d23 [BareFark]
2017-08-25 03:43:15 PM  

aaronx: Banks and bankers don't like them, but that's too bad. History has proven that we can't trust them to act in our best interest. Sorry, bankers, but you've ruined it for yourselves.


And that's the ENTIRE reason we have them in the first place.  If these companies didn't dump shiat into the river you wouldn't have to have a regulation against it.
 
d23 [BareFark]
2017-08-25 03:43:56 PM  

imauniter: Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.

You should use this opportunity to capitalise on the backs of the poors. First, inherit a million dollars to invest. Then all you have to do is rub two pieces of paper together.


Moving paper is the only way you really make money in the US now.  You don't make it by actually working.  That's for DAMN sure.
 
2017-08-25 03:44:32 PM  
Every day, I am more and more convinced donald wants to be the last president and he'll take everyone else down to get it.
 
d23 [BareFark]
2017-08-25 03:45:37 PM  

Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.


I think one of the major crisis that the US faces right now is we have a whole class of people above the law.  They don't even get indited any more.
 
2017-08-25 03:45:54 PM  

Bugerz: Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.

There isn't anything left save us other than rebuilding the Hoovervilles and rereading them trump towns.


Oh hey, let's try that again now that I'm at a proper keyboard and not my damned phone.

There isn't anything left to save us other than rebuilding the Hoovervilles and rebranding them Trump towns.
 
2017-08-25 03:46:12 PM  

Barry McCockner: Somebody REALLY has it out for Detroit.


forgottenfilmcast.files.wordpress.com
 
2017-08-25 03:46:47 PM  
Seriously, how hard is it to immigrate to Canada?
 
2017-08-25 03:47:08 PM  
I remember Margot Robbie in a bubble bath.
 
2017-08-25 03:47:16 PM  

d23: imauniter: Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.

You should use this opportunity to capitalise on the backs of the poors. First, inherit a million dollars to invest. Then all you have to do is rub two pieces of paper together.

Moving paper is the only way you really make money in the US now.  You don't make it by actually working.  That's for DAMN sure.


Unless you are one of the three farmers in florida chosen by the government to grow pot?
 
2017-08-25 03:47:59 PM  
Of course Donald Trump remembers. Those regulations were one of the reasons he couldn't qualify for any loans in the US because of his multiple bankruptcies, failure to pay back on loans, contractors and dirty dealings that meant he had to keep going to the Russians money launderers for cash.
 
2017-08-25 03:48:24 PM  
Let's be real. Of course rich people want those lending safeguards gone. Who do you think makes the money during "market corrections"?
 
2017-08-25 03:50:22 PM  

imapirate: Seriously, how hard is it to immigrate to Canada?


Actually quite difficult. I've looked into it. I've heard Singapore is better.
 
2017-08-25 03:55:58 PM  
Whenever someone tells me that there are "too many regulations" I ask them what the correct number of regulations would be. I ask exactly how many regulations there are, and exactly how many we would have to do away with to arrive at the optimum number. That usually confuses them, and gives me an opportunity to get to safety.
 
2017-08-25 03:57:50 PM  

Gubbo: If only the GOP agreed with that. But seriously, trying to roll us back to the situation before 2007. And just hoping that the banks won't be the same greedy farks that they were (and still are). It's a recipe for guaranteed global disaste


I'm afraid that's the plan.
 
2017-08-25 03:58:14 PM  
People who say vague dumb shiat like "this country is way worse since Obama took office" are the people who absolutely no farking concept how bad that crash was. And they should shut the fark up about politics.

Of course Trump is the king of those idiots. He ran a farking business at the time, how is he not aware of how bad it was?
 
2017-08-25 03:58:29 PM  
it is harder to get a mortgage or tap into a heloc than before 2008 so it probably depends on who you ask as far as the 'inhibit lending' part.
 
2017-08-25 03:59:28 PM  
 
2017-08-25 03:59:44 PM  

Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.


The "first" time in 2007, I was sorta-kinda willing to give people the benefit of the doubt in the "okay, you're ignorant of the fairly recent history surrounding the Great Depression but now you've experienced it for real." Anyone STILL clamoring for deregulation and intermixing of commercial and investment banking after 2007 can go get farked. With a pineapple.

/b b but Hillary is the wall street candidate, the morons blubbered
//b b but her speeches at Goldman, they said
///this whole catastrophe is the biggest demonstration of the Dunning-Kreuger effect on record
 
2017-08-25 04:00:14 PM  

Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.


yeap.  When I first joined the place I work at now, I had to attend a serious of HR workshops for knowing policies and best practices.  The HR rep was kinda funny at basically told the story behind every policy and why it now exists.

it always was a variation of "...and this is why we can't have nice things"
 
2017-08-25 04:00:53 PM  
"I have so many people, friends of mine, that had nice businesses. They can't borrow money. They just can't get any money because the banks just won't let them borrow it, because of the rules and regulations in Dodd-Frank."

Doesn't that just break your heart, his rich friends can't borrow money and wreck the economy.
 
2017-08-25 04:02:03 PM  

Hyjamon: Ambivalence: Most regulations exist for a reason.  Usually to prevent something someone did sometime back that screwed up EVERYTHING, from happening again.

yeap.  When I first joined the place I work at now, I had to attend a serious of HR workshops for knowing policies and best practices.  The HR rep was kinda funny at basically told the story behind every policy and why it now exists.

it always was a variation of "...and this is why we can't have nice things"


jeez, it certainly is the end of the work week, i cant haz spelling pleze.

only one more hour then I can go buy some new power tools: air compressor and nail guns.

I will obviously not play with them until tomorrow after I get some needed sleep.
 
2017-08-25 04:02:33 PM  

wejash: Kornchex: After the Democrats bail us out of the next GOP-caused crisis, can we at least put a few of these motherfarkers in a maximum security prison?  I'd prefer the guillotine, but I guess you have to start somewhere.

The last one was so hairy, it's entirely within reason to imagine the next one will not be recoverable until we endure a thorough-going depression.


I regularly read in the WSJ that the reason why they can "trim" regulations is that the banks are strong enough now that we aren't facing those kinds of risks.

And then people at the restaurant wonder why the lunatic man with the paper is pounding his head on the table next to them.


Very few people understand how hairy the last one really was.   I  do but that has a lot to do with the fact that I later read millions of pages of documents related to the crisis as part of my job.     without saying more I am a BIG fan of Dodd-Frank
 
2017-08-25 04:03:03 PM  
Next time someone says regulation is bad, suggest deregulation of all road traffic. No signals, no signs. Free market travel. Then watch the fun. The biggest vehicles win at the expense of all others.
End of that argument.
 
2017-08-25 04:05:22 PM  

I Know What You Did Last Summary: Next time someone says regulation is bad, suggest deregulation of all road traffic. No signals, no signs. Free market travel. Then watch the fun. The biggest vehicles win at the expense of all others.
End of that argument.


So mad max is a future documentary?
 
KIA
2017-08-25 04:06:31 PM  
Safer???

Derivatives are now estimated to be around $600 trillion, far beyond what they were at the time of the last crisis. Their theoretical value is greater than the cumulative total of all of the wealth the world has ever created from the dawn of civilization to the present.

The notion that we are safer is really hysterically funny. I hope this explains why I can only laugh:

img.fark.net
 
2017-08-25 04:06:35 PM  

I Know What You Did Last Summary: Next time someone says regulation is bad, suggest deregulation of all road traffic. No signals, no signs. Free market travel. Then watch the fun. The biggest vehicles win at the expense of all others.
End of that argument.


All or nothing eh?
 
2017-08-25 04:06:54 PM  
He's a vulture through and through. Trump openly desired for a massive market crash back in 2006 so that he could buy up as much property as he could at the cheapest prices possible.

Yes, "buy low" is a logical business tactic.

It was also BAD for Americans.
 
2017-08-25 04:07:24 PM  

SpaceyCat: Banks aren't there to protect anyone else's interest except their own - which is to make money as fast as possible with as little hassle as possible.  Of COURSE they want to get rid of regulations that make it harder for them to make money.  Because that means they have to actually slow down and slowly sip at the blood of the working class instead of decapitate it and drink right from the jugular.

\never mind that going for the jugular makes no long term sense because the source will dry up


This is the logic that created the Consumer Financial Protection Bureau.   Warren (in her Harvard law Journal article BEFORE the crisis) recognized that the Fed Reserve was charged with ensuing the stability  of the Banking SYSTEM, the OCC was concerned with ensuring the soundness of the money supply.  OTS, NCUA, and FDIC were charged with ensuring the solvency of individual BANKS.   What was missing here? Yep. an Agency that gave two shiats about banking CONSUMERS.  It's not a huge surpise that the agency with the power to protet individuals from financial exploitation  is the one they so desperately want to shut down
 
2017-08-25 04:14:48 PM  

Saiga410: I Know What You Did Last Summary: Next time someone says regulation is bad, suggest deregulation of all road traffic. No signals, no signs. Free market travel. Then watch the fun. The biggest vehicles win at the expense of all others.
End of that argument.

All or nothing eh?


That way there is no uncertainty .
The markets hate uncertainty .
Like right now, I'm certain.
 
2017-08-25 04:15:55 PM  

Emposter: FTFA: Fed chair Janet Yellen defends regulations and says policymakers may have forgotten damage inflicted on the economy in 2008

They didn't forget.  They just don't care.

Most members weathered the financial crisis better than the average American, who saw median household net worth drop 39 percent from 2007 to 2010. The median estimated wealth of members of the current Congress rose 5 percent during the same period, according to their reported assets and liabilities. The wealthiest one-third of Congress gained 14 percent.


"Recent economic indicators may be up, but those indicators don't reflect the insecurity most Americans continue to feel, nor the seeming arbitrariness and unfairness they experience. Nor do the major indicators show the linkages many Americans see between wealth and power, stagnant or declining real wages, soaring CEO pay, and the undermining of democracy by big money.

Median family income is lower now than it was 16 years ago, adjusted for inflation. Workers without college degrees - the old working class - have fallen furthest. Most economic gains, meanwhile, have gone to top. These gains have translated into political power to elicit bank bailouts, corporate subsidies, special tax loopholes, favorable trade deals and increasing market power without interference by anti-monopoly enforcement - all of which have further reduced wages and pulled up profits.

Wealth, power and crony capitalism fit together. Americans know a takeover has occurred, and they blame the establishment for it."
 
2017-08-25 04:18:25 PM  

Ambivalence: Gubbo: But I have been reliably infromed that legislation only exists to kill jobs?

It can make it more difficult to do business, but if your business has the potential to kill people....well...no one farking cares if you have to go through a few hoops to avoid that.


Depending on the regulation, it can actually make business easier and more efficient.

Standardization regulations mean that you don't have to buy one of those European electrical outlet converters every time you buy a new appliance.  Or that you have to find a place that carries gasoline compatible with your car.  Or that you have to open up a new bank account every time you get a check from a different person.
 
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