The Obama Administration Could Repeat Its Biggest Mistake Of The Financial Crisis

And then again we were warned of what the government should never be,

Thomas Jefferson once said:

"I believe that banking institutions are more dangerous to our liberties than standing armies . . . If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] . . . will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered . . . The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." -- Thomas Jefferson -- The Debate Over The Recharter Of The Bank Bill, (1809)

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a reply to: PennyDreadfuls

Yes...well...

They say money talks. Apparently it does not communicate though!

a reply to: marg6043

Yea I agree. We gotta be vigilant though and recognize when they cause problems then vote to have them removed upon recognizing them. Right now, many are recognizing that Citizen's United was a poor ruling on SCOTUS' part which has heralded in this crazy circus that is the current Presidential election. We should be championing politicians looking to have that ruling reviewed again and possibly overturned.

a reply to: Krazysh0t

Stop worrying about guns for a second and prosecute some damn criminals for once! I'm tired of "Too Big to Fail". More like "Too Rich to Jail". Corruption at its finest.


The same disciplinary actions should be held to the housing, auto, and financial institutions.. these are the real criminals!

originally posted by: TrueBrit
a reply to: Krazysh0t

Justice does not, and should not care about the difference between two crimes, only the similarities between them. A man who robs a liquor store is surely deserving of a trip to jail, and so if one robs MILLIONS AND MILLIONS of people, from all over the world, one must be deserving of the same fate.

I agree with you, with the clarification that such a person should receive a sentence for each person affected by their crime. If you kill 20 people, you get a sentence for each killing you're convicted of. Likewise, if you steal from 10,000,000 people, you should face 10,000,000 counts of the theft.

originally posted by: Krazysh0t
a reply to: TrueBrit

Imagine if the money that went to bail out the banks went to pay off housing loans of people conned into subprime mortgages instead.

I know we don't agree much on anything, but this is one area where we agree. The TARP funds should have been used to bail out homeowners. I work in mortgage finance and always said from the beginning that 0 to 1% 15 year loans should have been issued to any homeowner that can qualify. In doing this, it would have accelerated the payoff of the debts and allowed homeowners to sell their homes even at lower home value. This would have helped clear the market of underwater properties and freed up the debt.

The problem was that the Fed and government were concerned that the banks imploding would also have systematic effects. I think it was overblown. Healthier banks would have stepped in to pick up the badly managed banks at fireside prices.

There were a lot of bad actors in the crisis. It wasn't just the big executives. Your everyday homeowner was more than happy to lie on their mortgage applications, buy investment properties, and HELOC themselves a Harley and Boat while times were good.

More strict gun laws will create a bigger black market. And sets a dangerous precedent. Prohibition made gangsters rich and powerful. Gun dealers will get rich, but they won't get the political power. You can get better guns illegally now than you can llegally. And if someone wants to kill someone, they will find a way. The feds tightening its grip. Just talking about making religions based laws even just on immigration is constitutional blasphemy when it's a presidential candidate. Leave the ignorance in the trailer park where it.belongs.

a reply to: marg6043

AIG, upon taking the bailout money, changed their name to Chartis International, kept on rolling and, having waited it out, reclaimed the AIG name awhile ago.

a reply to: dogstar23

Well said.

I agree with your clarification entirely.

It will be very difficult to reverse more than three decades of heavy borrowing and spending.

a reply to: Krazysh0t

Why should anyone have been bailed out? Banks or people who took bad mortgages?

a reply to: Krazysh0t

No it isn't.

It's a sign they are tightening control.

Marijuana? Gay rights? To TPTB, these are like telling your son or daughter they can dye their hair purple while you go ahead with the truly important power business. Only your son or daughter and their peers have to actually deal with the consequences of the purple hair. YOU can continue to go about the true business of running the household.

Not to mention people who are steeped in base hedonism are less likely to wonder what happened when they turn around and realize their cozy little house has become a jail while they weren't looking because they were boozing, toking and hitting whatever piece they felt they wanted.

a reply to: TrueBrit

They say money talks. Apparently it does not communicate though!

I don't know, it looks like there is perfect communication between Lobbyist and congress.

The rest of us is a different story, we are lucky to get 1 bar of signal when it comes to communicating with congress.

originally posted by: Krazysh0t
a reply to: NewzNose

Well there at least USED to be a time where we'd send them to "jail". I put jail in quotes because it was more like a resort with prison bars, but hey at LEAST they were locked away for their time.

They have become too big to jail.

a reply to: TrueBrit

Damn True Brit, I love your posts! I'm sure to die in Michigan, but if I ever get a chance to visit the UK, I'd be looking you up. Cheers mate.

originally posted by: ketsuko
a reply to: Krazysh0t

Why should anyone have been bailed out? Banks or people who took bad mortgages?

Because it's a good idea to get your economy back on track quicker if less people are drowning in debt or are unable to borrow.

originally posted by: ketsuko
a reply to: Krazysh0t

No it isn't.

It's a sign they are tightening control.

Marijuana? Gay rights? To TPTB, these are like telling your son or daughter they can dye their hair purple while you go ahead with the truly important power business. Only your son or daughter and their peers have to actually deal with the consequences of the purple hair. YOU can continue to go about the true business of running the household.

It's funny how you dismiss small steps and progress like this as small potatoes. Significant changes aren't made all at once. You have to take them piece by piece.

Not to mention people who are steeped in base hedonism are less likely to wonder what happened when they turn around and realize their cozy little house has become a jail while they weren't looking because they were boozing, toking and hitting whatever piece they felt they wanted.

Thanks for the 1930's stereotype there.