No wonder everyone is so upset at Wall Street

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    “executives from Goldman Sachs, J.P. Morgan Chase, General Electric and other firms sat on the boards of regional Federal Reserve banks while their firms benefited from the central bank’s policies during the financial crisis.” In a particularly embarrassing example, the person who handled the bailout of Goldman Sachs had stock in none other than Goldman Sachs. No wonder everyone is so upset at Wall Street.

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    Seems like this would be a violation of some ethics rule. [Oh my! Did I really just use the word “ethics” in a discussion about Wall Street?]

    Actually, this same kind of incest happens all over the corporate world, not just banking. Government officials make laws that benefit individual corporations, then they “retire” and go work for the same corporations they just helped out.

    In some cases there’s a mandatory “cooling off period” of six months or so before the ex-official can work for the company he just helped out.

    Six months. Big deal.

    Wall Street, you suck hard.



    For a further peak into why our government is ineffective at regulating Wall Street and catching the crooks, it helps to look at which sectors are financing the Congressional campaigns of those on a few Congressional oversight committees.

    Senate Finance Committee:

    House Financial Services Committee:

    Senate Banking, Housing, & Urban Affairs:

    Conflict of Interest is obviously rampant in Congress but members of Congress never admit this or recuse themselves from votes involving their owners. We need to bring it to an end in this election cycle.



    Yep… The Market is almost at 12,000 pts. Looks to me like its doing real good.



    The latest Wall Street movie “sequel” has those scenes with 10-15 old power cronies in their dimly lit richly decorated exclusive conference room – who apparently are the nations puppet masters for economic and political futures…

    How far from the truth is that?



    Vote for a flat tax. Nothing to lobby against or for… give up on “progressivity and contrived fairness” doctrines. When everything else fails… we could try transparency. Sober thought for you.. if you took all the “wealth” of the top 1%…. every sous, farthing, drachma, dollar, yen, yuan… all of it… you would have enough to run the federal government for 167 days…. want some more programs that the top 10% will foot the bill for? The government can’t regulate itself… let alone Wall Street who has proven over and over again they are smarter, more resourceful and quicker to act….



    Now who did Geitner work for before become the Sec of Treas.?




    and how exactly would a flat tax affect bankers setting the rules that regulate them?



    All the exceptions to the regulatory environment are always hidden in the tax code. Assets in reserve? It will be in the tax code where a liability will be called an asset or an income stream will be called a “deferred reserve capital expense allocation”….




    the tax code isn’t where they hid the regulatory exemption that sank our national ship.

    and when it comes to banking regulation.. they aren’t setting rules for the tax code at all.

    they do that someplace else entirely…

    as for the tea in china…

    they must regulate that someplace too



    Kootch did you find that on the sims video game along with cains 9 9 9 flat tax program under banker rules and regs……

    Don’t worrie Job he has a banking progarm for chinas tea along with regs for the price of meat balls in saigon wait its ho chi minh city now…



    For those who haven’t been keeping up, Candidate Herman Cain’s “9-9-9 Plan” calls for a national flat income tax of 9% on all businesses and individuals and a 9% sales tax on goods and services. Income tax deductions will be allowed for things like capital investment and charitable donations.

    Also, if you lived or worked in an “economic empowerment zone” (an area targeted for economic growth) you’d get a tax deduction for that. White Center might be an example of an “economic empowerment zone.”

    According to Cain’s Web site, the 9-9-9 Plan will “expand GDP by $2 trillion, create 6 million new jobs, increase business investment by one third, and increase wages by 10%.”

    Cain claims the 9-9-9 plan does the following:

    •Removes all payroll taxes and unites all tax payers

    •Provides the least incentive to evade taxes and the fewest opportunities to do so

    •Lifts a $430 billion dead-weight burden on the economy due to compliance, enforcement, collection, etc.

    •Is fair, simple, efficient, neutral, and transparent

    •Ends nearly all deductions and special interest favors

    •Features zero tax on capital gains and repatriated profits

    •Exports leave our shores without the Business Tax or the Sales Tax embedded in their cost, making them world class competitive. Imports are subject to the same taxation as domestically produced goods, leveling the playing field.

    •Lowest marginal rates on production

    •Kills the Death Tax

    •Allows immediate expensing of business investments

    •Eliminates double taxation of dividends

    •Increases capital formation which aids capital availability for small businesses

    •Increased capital per worker drives productivity and wage growth

    •Features a platform to launch properly structured Empowerment Zones to renew our inner cities

    •The pro-growth, pro-job, pro-export economic policies of the 9-9-9 PLAN equals a strong dollar policy

    He also says the 9% sales tax will be in lieu of existing taxes and that it will actually lead to lowering of prices for goods and services.



    Job , I Disagree… and emphatically so. The tax code for instance, treats short term hedge funds, currency straddles, derivatives, as long term capital gains…not regular income. Now the little gem was a Chuck Shumer, Hilary Cinton, Barney Fwank, Joe Lierberman sponsored legislation…and signed into law by slick Willy… derived by bribe… or campaign contributions. It interjected extreme volatility in the markets, te opposite intent of long term gains..which was a value hold and grow intent… You can regulate piranhas too… but if the tax code says a piranha is a guppy… so ends the regulation. It is the business of K street to make pigs fly and call them jetliners. The housing blow-up had two essential actors… which you refuse to acknowledge… Wall Street and Congress. Congress gave the hall passes out to run amok.



    AND they are doing it all over again… we passed a Trillion dollars in total Student Loan debt this week… Loans to unproven credit risks, loans not backed by assets, loans with no co-signers, loans with no verification of employment, a trillion dollars… unsecured loans to insecure credit risks to such an extent there is now more student loan debt than credit card debt. Colleges are like the National Association of Homebuilders, The National Realty Association, all chanting on the sidelines during the housing bubble…… because they will get theirs… and we will get ours… another great screwing from the federal government as we are on the hook for all the skeezer loans.. version 2.0…. I believe we are that stupid … nary a peep of concern.. until it explodes in our face. Imagine a default so large as to eclipse all the consumer debt in total… now that is a depression… and our congressional delegation is proud of it. Baaaaa baaaa baaaaa.. off to the fleecing barn.




    When did I refuse to admit that Congress and wall street had anything to do with the economic implosion?



    kootch: here we go again.

    that’s not my debt. it’s wall street’s debt. i’m not paying it back for them.

    regarding those “skeezer loans:” it doesn’t really matter who demanded they were made anymore, does it? you claim that free-loading liberals and advocates for the poor and freddie and fannie caused those loans to be made which poisoned the mortgage well. fine. it’s about as far removed from reality as one could get – especially considering republicans controlled all elected government at the time – but whatever.

    i, on the other hand, say it was wall street’s demand for ownership of those mortgages and the interest that those loans garnered that destroyed the economy. the NINJA loans made by downstream mortgage brokers poisoned the bundled mortgages and made them junk.

    doesn’t matter. blame isn’t the issue.

    the issue is that, after TARP, wall street is enjoying a boom, sitting on trillions in cash, and not investing in the economy at large. and they have the nerve to bitch about taxes on income made from doing absolutely nothing but diddling on a computer all day, talking to tax attorneys, making a few trades, having a three-martini lunch, taking a power nap, and going back to the old mc-ranch out in the exurbs and bitching about the stink of humanity to their golf buddies in the insurance industry.

    meanwhile the bottom 90% would love to have some income to pay taxes on.

    i’d like to get the top hedge fund managers, tim geithner, the heads of b of a, chase, citigroup, harry reid, mitch mcconnell, boehner, pelosi, etc. all in one room while wielding a baseball bat (with a gutter nail driven through it) and yell, “listen, you a-holes. one of you had better do something. i don’t care who it is. i don’t care what it is. but do something. or the next time i come in here i’m bringing the 15 million unemployed and the 10 million uderemployed people with me.”



    No redblack, the origins of high risk loans originate in the Community Reinvestment Act. Successively carried foward and expanded. In fact, one young community activist made his bones forcing B of A to make redline loans, Ms. Janet Reno in point of fact initiated legal proceedings agains Fannie Mae to make more high risk loans available. This indeed worked to the benefit of all. It obscured the soaring loss of manufacturing jobs after Clinton signed both NAFTA and admitted China into the WTO and granted them most favored nation status. Home building went on a two decade tear. So vast was it,residential concrete consumption for 5 years, exceeded commercial use. Wall Street did not create these instruments out of thin air… they have to have someone to sell them to… and Clinton did just that… he authorized the credit default swaps and the derivatives market. Essentially the federal government was the underwriter. Now Wall Street is sitting on tons of cash, much of it in reserves as required by Dodd Frank… you DID read that Chase may yet have an additional 168 BILLION in settlements. You do have to set aside money for contingent liabilities my friend. That’s the law. Don’t ya wish you could just roll back the clock and tell Jimmy Carter… “the mortgage market is working just fine, the default rates are low, banks are making money, there is small business loans to make, and equity in homes is rising at an annualized rate of 41/2 per cent? ” Don’t interfere with a stable housing market”? !!! Or… tell Barney Frank, Maxine Walters, Chuck Shumer… to take up and pass the request of the Republicans to audit the status of FHA, Fannie and Freddie? Instead of killing the resolution in committee? The alarm bell was ringing loudly.. wanna see the videos? Let this burn deeply into your consciousness…. also note it was a Democratically controlled congress and President… ready? Financial Services Modernization Act via William Jefferson Clinton



    Here ya go… read the facts as they are.. not as you want them to be.

    “He employed the same “creating a twenty-first-century regulatory system” rationalization used by Clinton when he signed off on the sweeping deregulation legislation that unleashed the Wall Street greed that ended up being the biggest job-killer since the Great Depression. “Over the (past) seven years, we have tried to modernize the economy,” Clinton enthused as he signed the Financial Services Modernization Act that repealed key New Deal legislation, adding, “And today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority.” Modernizing was the propaganda constant, as in the Commodity Futures Modernization Act that Clinton signed, thus shielding financial derivatives from any government regulation.”

    Did ya get it redblack? And we are doing it again… who are you going to blame it on this time? I TRILLION and counting…



    And did you note this was at the end of his term..when it was time to get Wall Street all ginned up to send his wife to the Senate… via Wall Street campaign dollars… and brother it worked! Sorta shoots the hell out of the theory it was a Republican engineered conspiracy… all participated… but Democrats were the hosts of the party. 9.9.9… starting to look better and better… beats shuffle from the bottom of the deck to every sucker and rube in the electorate.



    DBP, I heard it also whitens your teeth, freshens your breath, and removes stubborn hard-water stains from your toilet bowl!



    Herman Cain is barely qualified to run a lousy pizza chain Kootch. He would be an absolute disaster as a President.

    Okay, I’m being a bit harsh. He is qualified to run a lousy pizza chain.

    When WAS the last time anyone even SAW a Godfathers restaurant?



    Sorry to tell you this, but it’s not a simple 9-9-9 anymore. Cain modified that because independent counsels analyzed the plan and realized it raised taxes on almost everyone except the wealthy, who would actually get a tax cut. So his modified plan is more 9-0-9 for the nation’s poorest households and still 9-9-9 for the middle class. Still waiting to hear cheers about that from the conservative camp. :)



    nein, nein, nein !



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