"5 Years Later, We've Learned Nothing From the Financial Crisis"

Discussion in 'Too Hot for Swamp Gas' started by philnotfil, Sep 13, 2013.

  1. philnotfil
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    philnotfil Well-Known Member

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    Not nothing, we've learned that we should get our kids into banking, it's even better than coaching for being able to get another job after failing miserably.

    theatlantic.com

    Why?
  2. ThePlayer
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    ThePlayer VIP Member

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    Quite honestly, Dodd-Frank is doing more to hurt this country than help it from it's financial malaise.
    Outside of Obamacare, it's is the single worst piece of legislation in our entire 237-year history.

    The CFPB is just an extension of this nonsense and has already been reworked to keep from destroying housing.
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  3. Swamper
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    Swamper New Member

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    the crooked banks / mortgage companies that caused the collapse made billions and a few paid small chump change fines. nothing has changed except some phony law that is not even enforced.
  4. DaveFla
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    DaveFla Well-Known Member

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    Well. One thing we DID learn is that a former community organizer campaigning on a catchy slogan, isn't qualified or capable of leading us out of our problems.
  5. ncgatr1
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    ncgatr1 Premium Member

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    Wait another 5 years when his policies are really going to hit us. Sometimes I think it maybe good for Hillary to win 2016, then the Dems will have no excuses for what they did to this Country and we can finally work on getting rid of their mess.
  6. Minister_of_Information
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    Minister_of_Information I'm your huckleberry Premium Member

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    I know, let's get the government to step in and fix the problem. :laugh:
  7. HallGator
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    HallGator Administrator VIP Member

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    Steal a $100 and go to jail. Steal a million and you get the chance to do it again
  8. Gatorrick22
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    Gatorrick22 Well-Known Member

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    The real crime was that Obama let them keep their jobs, and they got payed bonuses for their deeds.

    I'm normally for less regulations in the business world but one piece of legislation that I think is way past due... is a stock Investors Protection Act that protects the J. Q. Public's personal investment in a publicly traded company/corporation.

    Which states that no CEO nor other officers of a publicly traded entity can receive one single dime in perks, nor in additional (edited) money, nor in stocks or other compensatory benefits if their entity loses money in that previous fiscal year.

    Call it - 'The Investors Protection Act.'
  9. g8trjax
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    g8trjax Well-Known Member

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    Plus, get a sweet bonus.
  10. rivergator
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    rivergator Well-Known Member

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    when in doubt, blame the govt:

    link

    I mean, if you just let banks, S&Ls, Wall Street and everyone else do what they want, everything would be perfect, right?
  11. MichaelJoeWilliamson
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    MichaelJoeWilliamson Well-Known Member

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    agreed
  12. GatorNorth
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    GatorNorth Premium Member Premium Member

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    Congrats. You've just effectively shut down the entire IPO market.

    I'd prefer we just enforce the SEC laws in place and not like Congress insider trade.
  13. Minister_of_Information
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    Minister_of_Information I'm your huckleberry Premium Member

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    You can't mean the white knight caped crusader government that had nothing to do with the crisis in the first place?
  14. GatorNorth
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    GatorNorth Premium Member Premium Member

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    Everyone was complicit in the crises, it was the perfect storm. Cheap and easy credit, mass expansion, repeal of Glass Steagall, baby boomers coming of age, low taxes, CRA, general deregulation, greedy intentions, corrupt ratings agencies, and on and on and on.

    Did any of us really think that people who made $50,000 a year could afford a $400,000 mortgage with little to no deposit when the interest only teaser rates expired and the loan reset to an amortizing market loan, even if the greater economy hasn't crashed. We all knew or should have known better.

    Only on THFSG was the crises partisan.
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  15. DaveFla
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    DaveFla Well-Known Member

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    By "partisan" you mean those who think the current climate the government has created is hurting the economy vs. those who think the current climate the government has created is helping the economy?

    You seem to be the one making this a partisan discussion.
  16. Minister_of_Information
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    Minister_of_Information I'm your huckleberry Premium Member

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    They'll be coming for you too, for bringing up CRA.
  17. Gatorrick22
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    Gatorrick22 Well-Known Member

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    Explain, please.
  18. rivergator
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    rivergator Well-Known Member

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    I don't claim to know enough about it to understand everything that went wrong. But I think that it's clear it hardly all the doing of the govt. Never has been. And the idea that if just let all those businesses do what they want, everything would great .. just ridiculous. How'd S&L deregulation work out for us?

    With this crisis, you had a lot of companies make a lot of really bad decisions. Some were simply immoral.
  19. Minister_of_Information
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    Minister_of_Information I'm your huckleberry Premium Member

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    I'm just surprised you're admitting that the government had any role whatsoever.
  20. rivergator
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    rivergator Well-Known Member

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    I can't say that it had absolutely zero because it's a complex issue. But I think it's obvious that claiming it's all the govt and ignoring all the wrongdoings of private enterprise is ridiculous.

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