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The economy - oops - Page 48

post #2351 of 2939

An excellent deconstruction of the Big Lie:

 

Quote:

Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault.

 

Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them.

 

 

He goes on to list the factors that did pave the way for the meltdown and, as far as I can tell, he pretty much nails it on every level.

 

http://www.washingtonpost.com/business/what-caused-the-financial-crisis-the-big-lie-goes-viral/2011/10/31/gIQAXlSOqM_story.html?wprss=rss_economy

post #2352 of 2939

adams.jpg

post #2353 of 2939

Speaking my language there Art. Prosecute fraud bring back our rule of law.

 

Disband the SEC or have it stand for something.

 

Food for thought for the sheep.

 

Wall Street’s resurgent prosperity frustrates its claims, and Obama’s

http://www.washingtonpost.com/business/economy/wall-streets-resurgent-prosperity-frustrates-its-claims-and-obamas/2011/10/25/gIQAKPIosM_print.html

 

Extreme Poverty Is Now At Record Levels – 19 Statistics About The Poor That Will Absolutely Astound You

http://theeconomiccollapseblog.com/archives/extreme-poverty-is-now-at-record-levels-19-statistics-about-the-poor-that-will-absolutely-astound-you

 

Obama's man Panetta cut military veterans benefits!

Panetta Weighs Military Cuts Once Thought Out of Bounds

http://www.nytimes.com/2011/11/07/world/panetta-weighs-military-cuts-once-thought-out-of-bounds.html?_r=1&hp

 

McDonalds exempt from Obama care McDonalds CEO says who gives a shit.

McDonald's chief : Curb spending and cut taxes

http://www.telegraph.co.uk/finance/economics/8873022/McDonalds-chief-Curb-spending-and-cut-taxes.html

post #2354 of 2939

Schneiderman in NY, Biden in Delaware, Harris in California, a couple of other AGs aren't going for this BS "settlement" but are going to investigate and, God willing, prosecute. 

post #2355 of 2939
post #2356 of 2939

Stephen King Offers To Help Struggling Maine Residents Stay Warm This Winter

 

http://www.huffingtonpost.com/2011/11/10/stephen-king-heating-aid-maine_n_1085415.html

post #2357 of 2939
Quote:
Originally Posted by Cylon Baby View Post

Stephen King Offers To Help Struggling Maine Residents Stay Warm This Winter

 

http://www.huffingtonpost.com/2011/11/10/stephen-king-heating-aid-maine_n_1085415.html



That is no laughing matter.  I lived in Maine for a time and had to learn the hard way about obtaining heating oil.  It isn't cheap but it's really a life or death situation.   The government program for heating assistance should be untouchable, and yet...

 

Anyway, Stephen King is a hero.   

post #2358 of 2939

Some of the comments on that article are churlish. Yes, King could cut a check and cover everyone's heating costs for a year and not feel a sting. But the way he's doing it calls attention to the problem in addition to ponying up some cash. Plus, as someone else there pointed out, he's probably donated more over the years than any of us will ever see in our lifetimes and not said anything about it.

 

 

post #2359 of 2939

Didn't intend that King article as a joke, YT. I think King is really stepping up in a great way here.

 

Oh, and meanwhile if you had money invested in MF Global, John Corzine's message to you is: "See ya, wouldn't wanna be ya!"

 

http://www.wallstreetandtech.com/regulatory-compliance/231902872?cid=nl_wallstreettech_daily

post #2360 of 2939
Quote:
Originally Posted by Cylon Baby View Post

Didn't intend that King article as a joke, YT. I think King is really stepping up in a great way here.

 

Oh, and meanwhile if you had money invested in MF Global, John Corzine's message to you is: "See ya, wouldn't wanna be ya!"

 

http://www.wallstreetandtech.com/regulatory-compliance/231902872?cid=nl_wallstreettech_daily



Cylon, I know.  I was just adding that the GOP has been and continues to chip away at home heating assistance, which is just appalling to me. 

 

And on your second point, with apologies to The Closer, anyone who is not a pro and has any savings invested in the stock market and/or mutual funds is a fool. 

post #2361 of 2939

Eh you can invest in Index funds or ETFs and do alright. It's the people who  invested in things (Like MF Global funds) without understanding the risks, or investigating the funds beyond what the annual return was, who got screwed. Which to be fair includes a lot of good people, because financial literacy in the US is pathetic.

post #2362 of 2939

Funny thing was MF Global clears for the board here in Chicago...I know a feller or two who works(worked) for them.

 

They found out they got fired via CNBC.

post #2363 of 2939

These *&^%ing guys.  This is legal, though obviously it shouldn't be.  But who makes the laws?  Oh right, congress.

 

Quote:

 

Spencer Bachus, Rogue Trader


Last night, 60 Minutes ran a report on the shocking normalcy of stock trades by members of Congress. The world's greatest deliberative bodies are exempt from insider trading laws, even though its members get quicker access to market-moving information than almost anyone else. If you're one of those 9 percent of Americans who still trust Congress, well, avert your eyes.

 

Steve Kroft's report was based largely on a new book, Throw Them All Out, written by the conservative scholar/sometime Palin speechwriter Peter Schweizer. I'm working my way through it now, and one of the ugliest revelations so far -- prodded in the Kroft story -- is the degree to which Rep. Spencer Bachus, then ranking member of the House Financial Services Committee, bet against the market as it collapsed in 2008. Schweizer finds "no less than forty options trades" in Bachus's records from July 2008 to November 2008. The trades made him wealthier; almost nobody else had the information he had, and could have made them. Take this example, from the bottom of the collapse.

 

On the evening of September 18, at 7 p.m., Bachus received [a] private briefing for congressional leaders by Hank Paulson and Federal Reserve Bank Chairman Ben Bernanke about the current state of the economy. They sat around a long table in the office of Nancy Pelosi, then the Speaker of the House. These briefings were secretive. Often, cell phones and Blackberrys had to be surrendered outside the room to avoid leaks.

 

What Bachus and his colleagues heard behind closed doors was stunning. As Paulson recounts, “Ben [Bernanke] emphasized how the financial crisis could spill into the real economy. As stocks dropped perhaps a further 20 percent, General Motors would go bankrupt, and unemployment would rise . . . if we did nothing.” The members of Congress around the table were, in Paulson’s words, “ashen-faced.”

Bernanke continued, “It is a matter of days before there is a meltdown in the global financial system.” Bachus was among those who spoke. According to Paulson, he suggested recapitalizing the banks by buying shares.

 

The meeting broke up. The next day, September 19, Congressman Bachus bought contract options on Proshares Ultra-Short QQQ, an index fund that seeks results that are 200% of the inverse of the Nasdaq 100 index. In other words, he was shorting the market. It was an inexpensive way to bet that the market would fall. He bought options for $7,846 on a day when the Dow Jones Industrial Average opened at 8,604. A few days later, on September 23, after the market had indeed fallen, he sold the options for over $13,000 and nearly doubled his money.

There are dozens of examples like this. On September 8, Hank Paulson gets a tip from GE about the company's sluggish bond sales, on September 10, Bachus shorts GE options four times. It's all legal, and Bachus is now the chairman of House Financial Services.

From here:
 http://www.slate.com/blogs/weigel/2011/11/14/spencer_bachus_rogue_trader.html

 

The 60 Minutes segment:  http://www.cbsnews.com/8301-18560_162-57323527/congress-trading-stock-on-inside-information/?tag=contentMain;cbsCarousel

 

post #2364 of 2939

http://thehill.com/homenews/senate/193365-coburn-targets-billions-in-tax-breaks-reaped-by-millionaires

 

GOP sen.: Feds send checks to millionaires for not working

 

COBURN: Taxbreaks for rich 'welfare' for millionaires...

Bon Jovi, Bruce Springsteen, Ted Turner, Quincy Jones...

 

A leading Senate conservative is taking aim at tax breaks that he says amount to welfare for millionaires, a line of critique that usually comes from liberal Democrats.
 
Sen. Tom Coburn (R-Okla.) released a report detailing special tax breaks for wealthy income earners that could give members of the supercommittee common ground for raising tax revenues.

 

The report found millionaires enjoy about $30 billion worth of “tax giveaways” and federal grants every year — almost twice NASA’s budget, the report notes.

“From tax write-offs for gambling losses, vacation homes and luxury yachts to subsidies for their ranches and estates, the government is subsidizing the lifestyles of the rich and famous. Multimillionaires are even receiving government checks for not working,” Coburn said in a statement Monday. 
 
The report is significant because Coburn is one of the Senate’s outspoken conservatives and has spent more than a year working intensely on a bipartisan grand bargain to reduce the deficit.

Meanwhile, Republican and Democratic members of the deficit-reduction supercommittee have deadlocked over finding sources for new tax revenue. Republicans last week proposed raising $300 billion in net new tax revenue, but Democrats rejected the offer because it would permanently establish lower marginal income tax rates.

 

Coburn has identified billions of dollars in tax breaks reaped by millionaires that Democrats could be quick to target, as Republicans might suffer political damage by defending these special breaks. Sen. Charles Schumer (D-N.Y.) has centered the 2012 Democratic campaign message on the theme that Republicans favor the interests of millionaires and billionaires over the interests of the middle class.
 
It also could set off another clash between Coburn and Grover Norquist, president of Americans for Tax Reform, who argues that Congress should not raise taxes unless they are offset by other tax cuts.
 
The two-term senator has more investigative power than many of his colleagues because he is the senior Republican on the Senate’s Permanent Subcommittee on Investigations.
 
His staff found that millionaires received $74 million worth of unemployment checks from 2005 to 2009; $316 million in farm subsidies from 2003 to 2009; $89 million for the preservation of lands on ranches and estates in 2009 and 2010; and $7.5 million to compensate for property damages caused by disaster.

 

And it found that nearly 1,500 millionaires did not pay federal income tax in 2009.

In 2009, 18 people earning more than $10 million a year received an average of $12,000 in unemployment benefits. That same year, 74 people earning between $5 million and $10 million received $18,000 in benefits, on average, according to the report. In 2008, 2,840 millionaires received unemployment benefits — an average of $6,500 per beneficiary.

“This welfare for the well-off — costing billions of dollars a year — is being paid for with the taxes of the less fortunate, many who are working two jobs just to make ends meet, and IOUs to be paid off by future generations. We should never demonize those who are successful. Nor should we pamper them with unnecessary welfare to create an appearance everyone is benefiting from federal programs,” Coburn said.
 
Coburn’s report found that from 2006 to 2009, millionaires claimed $27.7 billion in mortgage interest tax deductions, $64.3 billion in rental expense deductions and $21 billion in deductions for gambling losses. During that time, millionaires also deducted $607.7 million for business entertainment expenses, according to Coburn.
 
The average annual amount of tax breaks claimed by millionaires is $28.5 billion, Corburn’s report found.

 

post #2365 of 2939

This is great.  So much so that I'm a little suspicious.  Does Coburn have a reputation for bucking his party, or is this some kind of hidden agenda thing? 

post #2366 of 2939

He usually bucks his party but who knows.

post #2367 of 2939

314628_273821645987863_225055934197768_666450_760683354_n.jpg

 

Missing last panel: the donkey seizes the elephant by the trunk, kicks him in the nads, draws their faces very close together, then screams "Tax hikes on the rich and closing corporate loopholes, you stupid fucking asshole!"

post #2368 of 2939

And also missing the Democrat crying Michael Corleone style because he himself accepts corporate special interest money thus meaning he is a part of the problem as well.

 

http://www.guardian.co.uk/world/2011/nov/18/supercommittee-failure-credit-downgrade-warning


Edited by Johnny Daywalker - 11/20/11 at 12:57am
post #2369 of 2939
Quote:
Originally Posted by Johnny Daywalker View Post

And also missing the Democrat crying Michael Corleone style because he himself accepts corporate special interest money thus meaning he is a part of the problem as well.

 

http://www.guardian.co.uk/world/2011/nov/18/supercommittee-failure-credit-downgrade-warning


  Can someone explain to me why are any of these credit rating agencies given any sort of credibility these days....these were the same groups that gave A++ ratings to really 'sketchy' (understatement) loans that ended up being crap, thus helping to perpetrate the banking crisis.

 

Robert Reich brought this up awhile back...

Quote:

<excerpt>

S&P's intrusion into American politics is also ironic because, as I pointed out recently, much of our current debt is directly or indirectly due to S&P's failures (along with the failures of the two other major credit-rating agencies -- Fitch and Moody's) to do their jobs before the financial meltdown. Until the eve of the collapse S&P gave triple-A ratings to some of the Street's riskiest packages of mortgage-backed securities and collateralized debt obligations.

 

Had S&P done its job and warned investors how much risk Wall Street was taking on, the housing and debt bubbles wouldn't have become so large - and their bursts wouldn't have brought down much of the economy. You and I and other taxpayers wouldn't have had to bail out Wall Street; millions of Americans would now be working now instead of collecting unemployment insurance; the government wouldn't have had to inject the economy with a massive stimulus to save millions of other jobs; and far more tax revenue would now be pouring into the Treasury from individuals and businesses doing better than they are now.

 

In other words, had Standard & Poor's done its job over the last decade, today's budget deficit would be far smaller and the nation's future debt wouldn't look so menacing.

 

We'd all be better off had S&P done the job it was supposed to do, then. We've paid a hefty price for its nonfeasance.

 

A pity S&P is not even doing its job now. We'll be paying another hefty price for its malfeasance today.

 

http://www.huffingtonpost.com/robert-reich/why-sp-has-no-business-do_b_920348.html

 

NPR did an short piece a couple months back on the history of S&P...

Quote:

http://www.npr.org/blogs/money/2011/08/09/139219473/how-the-u-s-gave-s-p-its-power

 

For decades, the rating agencies did a pretty good job of separating the good loans from the bad, White says.

But the business started to change in the late 1960s. Instead of charging investors, the rating agencies started to take money from the issuers of the bonds. White blames the shift on the invention of "the high-speed photocopy machine."

 

post #2370 of 2939

The biggest problem w/ the credit rating agencies is that their ratings are baked into state and federal laws governing institutional investors and pension plans.  Thus, when one of the big three CRAs downgrades the debt of an issuer, whether sovereign or private, the downgrade triggers obligations to sell, which can cause a downward spiral in asset prices.

post #2371 of 2939

VTran, the big banks pay the salaries of the credit ratings agencies, which is ridiculous, but that's part of how they rigged the system to make this multi-trillion-dollar derivatives bubble possible.  And all the pension funds and small investors that lost half their holdings because the ratings agencies told them these mortgage-backed securities were triple A can't sue because what the credit ratings agencies call their ratings are opinions, therefore proving fraud is nearly impossible.  Nearly the perfect crime.  Now you see the results of Wall St. recruiting the best and brightest from universities. 

post #2372 of 2939
Quote:
Originally Posted by yt View Post

VTran, the big banks pay the salaries of the credit ratings agencies, which is ridiculous, but that's part of how they rigged the system to make this multi-trillion-dollar derivatives bubble possible.  And all the pension funds and small investors that lost half their holdings because the ratings agencies told them these mortgage-backed securities were triple A can't sue because what the credit ratings agencies call their ratings are opinions, therefore proving fraud is nearly impossible.  Nearly the perfect crime.  Now you see the results of Wall St. recruiting the best and brightest from universities. 

 

 

I probably should have added that it was more of a rhetorical question....

 

It truly is a sad state of affairs nowadays...seeing that the power to literally change the world is localized in such a small group of individuals that are really nothing more than (shitty) "movie reviewers" bought and paid for by the studios making the movies.*

 

* apologies to the "good" movie reviewers.

post #2373 of 2939
Quote:
Originally Posted by VTRan View Post

 

I probably should have added that it was more of a rhetorical question....

 

It truly is a sad state of affairs nowadays...seeing that the power to literally change the world is localized in such a small group of individuals that are really nothing more than (shitty) "movie reviewers" bought and paid for by the studios making the movies.*

 

* apologies to the "good" movie reviewers.



This is true.  Also, when the broadcast media or NPR puts someone from a right wing think tank on as if he/she were some kind of objective voice.  These people are paid to have a certain opinion.  Drives me crazy. 

post #2374 of 2939

There ARE conservative voices that are not directly employed by these lobbies. It frustrates me that they are ignored by the Media. Then again it could be a case of the Lobbyists being more effective at getting their boy's names in front of booking agents.

post #2375 of 2939

You're right.  The genuine conservatives (i.e. not what passes for "conservatives" these days) can't get arrested.  Andrew Bacevich is an incredible voice.  Instead we get automatons from the Heritage Foundation. 

post #2376 of 2939

Cylon, here you go.  I obviously disagree philosophically with David Frum, but at least he's sane and honest.  

 

 

Quote:

When Did the GOP Lose Touch With Reality?

Some of my Republican friends ask if I’ve gone crazy. I say: Look in the mirror.


 

It’s a very strange experience to have your friends think you’ve gone crazy. Some will tell you so. Others will indulgently humor you. Still others will avoid you. More than a few will demand that the authorities do something to get you off the streets. During one unpleasant moment after I was fired from the think tank where I’d worked for the previous seven years, I tried to reassure my wife with an old cliché: “The great thing about an experience like this is that you learn who your friends really are.” She answered, “I was happier when I didn’t know.”

It’s possible that my friends are right. I don’t think so—but then, crazy people never do. So let me put the case to you.

I’ve been a Republican all my adult life. I have worked on the editorial page of The Wall Street Journal, at Forbes magazine, at the Manhattan and American Enterprise Institutes, as a speechwriter in the George W. Bush administration. I believe in free markets, low taxes, reasonable regulation, and limited government. I voted for John ­McCain in 2008, and I have strongly criticized the major policy decisions of the Obama administration. But as I contemplate my party and my movement in 2011, I see things I simply cannot support.

 

The rest is here:  http://nymag.com/print/?/news/politics/conservatives-david-frum-2011-11/


Edited by yt - 11/22/11 at 9:30am
post #2377 of 2939

That sounds more like a guy who is an establishment elitist than a true political believer of anything. A coat tail kind of cat much like Dick Morris turned out to be. Only Frum doesn't get much work these days.

 

Even Cypher wanted back in The Matrix.

post #2378 of 2939
post #2379 of 2939

http://www.aljazeera.com/indepth/opinion/2011/11/2011112271316280749.html

 

 

Quote:
The point is that the American people are being lied to about the deficit and their choices for fixing it (or not fixing it). And this dishonest campaign is being led by people with a long-standing animus towards the social safety net, who are seizing this moment of confusion to push through something without the permission of the people. This bait-and-switch is happening because financial and political elites insist on demanding "sacrifice" from ordinary people in order to preserve an unsustainable financial system, not an unsustainable debt.

 

post #2380 of 2939

What's funny about that Frum article is that even in the midst of a wake-up call he can't help referring to socialism as some kind of nightmarish dystopia.

post #2381 of 2939
Quote:
Originally Posted by The Prankster View Post

What's funny about that Frum article is that even in the midst of a wake-up call he can't help referring to socialism as some kind of nightmarish dystopia.

 yeah, Frum is still a shmuck....I like to think that being a "dick" is genetic....

 

there is one line in that piece that should tell you what sort of mentality the GOP has been infected with...

Quote:

 

Some liberals suspect that the conservative changes of mind since 2008 are opportunistic and cynical. It’s true that cynicism is never entirely absent from politics: I won’t soon forget the lupine smile that played about the lips of the leader of one prominent conservative institution as he told me, “Our donors truly think the apocalypse has arrived.” Yet conscious cynicism is much rarer than you might suppose. Few of us have the self-knowledge and emotional discipline to say one thing while meaning another. If we say something often enough, we come to believe it. We don’t usually delude others until after we have first deluded ourselves. Some of the smartest and most sophisticated people I know—canny investors, erudite authors—sincerely and passionately believe that President Barack Obama has gone far beyond conventional American liberalism and is willfully and relentlessly driving the United States down the road to socialism. No counterevidence will dissuade them from this belief

 

now watch the GOP faithful point and scream at Frum...

 

debunkers.jpg

post #2382 of 2939

I think he's completely wrong ideologically but I appreciate that he's being honest about the bizarre reality distortion going on on the right.  It takes stones to call out such a wide swath of powerful people. 

post #2383 of 2939

And meanwhile the crash of MF Global hits the Financial sector where it hurts...in the BALLS!

 

http://finance.fortune.cnn.com/2011/11/21/mf-global-bankruptcy/?iid=SF_F_River

 

What I think we're seeing here is a 1% of the 1% just screwing everyone, including Multi-Millionaire Hedge Fund investors and traders. It will be interesting to see if at least some of these cats start to support real reform of Wall Street.

post #2384 of 2939
Quote:
Originally Posted by VTRan View Post

 yeah, Frum is still a shmuck....I like to think that being a "dick" is genetic....

 

there is one line in that piece that should tell you what sort of mentality the GOP has been infected with...

Quote:

 

now watch the GOP faithful point and scream at Frum...

 

debunkers.jpg



Quoted by David Frum:

 

"I believe in free markets, low taxes, reasonable regulation, and limited government."

 

Yeah, what a monster!

post #2385 of 2939

To be fair, I guess Frum's point is that it's absurd to think Obama is a hardcore socialist. Which it is.

 

He also tosses out a lot of boilerplate "We could be headed towards too much government and too much regulation!" near the end, but I guess whatever it takes to get conservative's attention.

post #2386 of 2939
Quote:
Originally Posted by Cylon Baby View Post



Quoted by David Frum:

 

"I believe in free markets, low taxes, reasonable regulation, and limited government."

 

Yeah, what a monster!


...if we go by how his republican/neo-libertarian belief system defines "free markets, low taxes, reasonable regulation, and limited government", why yes, it could be defined as 'monstrous'.

 

Fuck, if we go by the libertarian concepts of "reasonable regulation" and "limited government" there would be a good deal more dead children due to ingesting lead paint not to mention diseases like Polio.  

 

post #2387 of 2939

To me, the core deception of conservative philosophy is exposed when privatizing vital services creates such a disastrous money pit for taxpayers, who don't even have the recourse of voting them out or petitioning on those private business' front lawns.  Witness the massive privatization cash hemorrhage on contractors post-911 here and abroad.  In the case of Halliburton and other overseas servicing corporations, we're paying those companies taxpayer dollars for them to turn around and hire cheap third world labor and pay themselves massive bonuses.  In the case of the domestic intelligence & defense consultant complex, we've created a quagmire that is nearly impossible to extricate ourselves from, with private companies operating in secret with extremely sensitive intelligence and control.  I would recommend my conservative friends read a phenomenal book by Greg Bear called Mariposa, a near future scifi thriller that lays out what the consequences could be of this degree of power being placed in private hands. 

 

I overlap with old school conservatives in wanting to preserve the natural environment and wanting to stay out of overseas adventurism, other than humanitarian aid and diplomacy.


Edited by yt - 11/22/11 at 3:46pm
post #2388 of 2939

 Washington said it best. "never get involved in foreign entanglements" While there are some major exceptions to this, I've always thought it as good advice.

post #2389 of 2939
Quote:
Originally Posted by MoonBaseNick View Post

 Washington said it best. "never get involved in foreign entanglements" While there are some major exceptions to this, I've always thought it as good advice.



all well and good but the world Washington lived in didn't have electricity, jet airplanes, the Kardashians, nuclear weapons....

post #2390 of 2939

I knew you were going to bring the Kardashians into this..I just knew it!

 

I not saying America needs to be isolationist, but damn do we have our hands into far too many cookie jars.

post #2391 of 2939

What a monster you are for saying that. We have plenty of money and power to play empire.

post #2392 of 2939

Well from WWII to the present Western Europe and Japan loved America putting up the money and manpower to create the "Pax Americana". With Obama asking/demanding that Europe now pay its' own way for Defense, it will be interesting to see what happens...

post #2393 of 2939

If he gets others to share their fair load you won't hear me complain about it.

 

At least we won't ever hear " Don't forget about Poland! " again.

post #2394 of 2939
post #2395 of 2939
Quote:
Originally Posted by Dave Jarvie View Post

http://www.nytimes.com/2011/11/29/business/judge-rejects-sec-accord-with-citi.html

 

holy shit. an actual Trial?



Judge Rakoff is a superhero.  The world needs more of him. 

post #2396 of 2939

Prosecutions of fraud and the law being enforced? It happens and our world will change. For the better I might add.

 

Crime punishment should jump party divisions.

post #2397 of 2939
post #2398 of 2939

This failure to properly fund and staff the SEC is the biggest disappointment of the Obama Administration IMO. Yeah yeah, he gets campaign contributions from Wall Street and Congress can block appointments and blah blah blah. I think Obama could take a page from Tricky Dick's book and run next year on a "Law and Order" platform, with the focus on bringing more of the Bankers, blatant Ponzi schemers etc to justice.

post #2399 of 2939

He says that and actually does it he will have my sword.

post #2400 of 2939
Quote:
Originally Posted by Cylon Baby View Post

This failure to properly fund and staff the SEC is the biggest disappointment of the Obama Administration IMO. Yeah yeah, he gets campaign contributions from Wall Street and Congress can block appointments and blah blah blah. I think Obama could take a page from Tricky Dick's book and run next year on a "Law and Order" platform, with the focus on bringing more of the Bankers, blatant Ponzi schemers etc to justice.



It's unfortunate what the SEC has become.  Back in the 60s and 70s, even the early 80s, the SEC was THE agency to work for.  Lawyers killed for such a prestigious job and the finance industry quaked in its boots when the SEC came knocking.  Since Reagan, the Commission has been defunded and staffed with idiots (Chris Cox under Bush was so in above his head).  Too many lawyers and not enough people with actual knowledge of accounting now run the place. 

 

Good on Judge Rakoff for calling them out on always taking the bitch move and settling.  Juries would crucify these banks.

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