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djchameleon 06-10-2017 07:10 AM

While everyone was distracted by the Comey stuff. The house passed a bill to kill Dodd Frank.

House votes to kill Dodd-Frank. Now what? - Jun. 8, 2017

OccultHawk 06-10-2017 08:00 AM

Obama bailing out the banks and the auto industry was probably the most oligarchical move of any president ever. That doesn't mean I support repealing Dodd-Frank, nor should we stand by as the Republicans making ****ing over the working class the law. We have to reject these institutions' right to exist in the first place.

Frownland 06-10-2017 08:04 AM

I'm just glad that my job is going to get a little easier tbh. Compliant ads take ****ing forever to make.

elphenor 06-10-2017 09:36 AM

Quote:

Originally Posted by OccultHawk (Post 1844442)
Obama bailing out the banks and the auto industry was probably the most oligarchical move of any president ever. That doesn't mean I support repealing Dodd-Frank, nor should we stand by as the Republicans making ****ing over the working class the law. We have to reject these institutions' right to exist in the first place.

Obama didn't bail out the banks that happened under Bush

Not a defense of Obama, just a correction

OccultHawk 06-10-2017 10:25 AM

They both did at different times so that's a correction for your correction

Chula Vista 06-10-2017 10:32 AM

And every senior financial advisor said that allowing the banks to fail would have been utterly catastophic for the economy and the country as a whole. Both Bush and Obama really had no choice.

Lisnaholic 06-10-2017 10:37 AM

In Britain we also had a bank bail-out scandal, over a bank called Northern Rock. My understanding is that there's a cycle:

> greedy banks make dodgey investments
> directors take huge bonuses and deflate bank funds
> bank teters on brink of collapse, which would wipe out small customers' savings
> to avoid above, government bails out bank with taxpayers' money
> bank survives, directors are off the hook and return to collecting fat-cat bonuses
> the only net losers are the taxpayers, who as usual have to suck it up

If Dodd-Frank prevents or inhibits that damaging cycle, then it's a mistake to repeal it, I would've thought.

Chula Vista 06-10-2017 11:00 AM

It's huge mistake. Hopefully some republican senators vote their conscious and it fails to get through.

OccultHawk 06-10-2017 11:02 AM

Quote:

Originally Posted by Chula Vista (Post 1844466)
And every senior financial advisor said that allowing the banks to fail would have been utterly catastophic for the economy and the country as a whole. Both Bush and Obama really had no choice.

Well, I can think of something. Arrest and imprison the Wall Street Scum. Give the funds they already have back to have savings in hard cash (using the billions that were used to supplement the crooks who stole it in the first place, when needed) and to further help the people and punish the greedy corporate scum forgive all the outstanding (almost always predatory) loans they had a given. In the mean time, honest people could open community banks used how they were meant to be used in the first place.

Or do what was done: funnel billions, maybe trillions over time, to billionaires and then ask stupid ****ing questions like how could Hillary lose. Why don't Americans give a **** about honesty anymore...

Dude, I don't exactly know your story but this mindset that the rich must be protected at all costs is what was used to **** you in the ass.

Chula Vista 06-10-2017 01:11 PM

Quote:

Originally Posted by OccultHawk (Post 1844471)
Dude, I don't exactly know your story but this mindset that the rich must be protected at all costs is what was used to **** you in the ass.

Re-read my post. Bush and Obama basically had no choice at the time. Did I like it? Of course not. Did I want to see my 401K and home values crash and burn even worse than they already had? No. It's not MY mindset. It was the mindset of financial specialists on how to best handle that absolute disaster in the best interests of the US as a whole.

Were the banks wrong for what they did? Of course. Should they all be in jail? Of course. Is it that easy? Unfornuately not based on how the politicians and rich have set up the rules.

We could have let the banks fail, arrest the CEOs, and felt good about it. But millions and millions of people would have lost everything. Another case of the lesser of two evils.


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