House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

a reply to: EternalShadow

Exactly, predatory lending with fake "AAA" statuses stamped on garbage loans is what caused the crisis, not the ones who were lied to and taken advantage of by those predatory lenders.

Good on you though, glad to see there are people who still hold morals above greed.

originally posted by: 3NL1GHT3N3D1
a reply to: toysforadults

Oh ok, so the ones who lost everything are to blame, not the ones who became richer after the bailouts and put "AAA" status on garbage loans for years just to make a quick buck.

You are obviously extremely ignorant to the events that led up to the recession. I'd suggest you do some research on what caused the housing bubble to burst.

Here's a good place to start your research.

They should watch Inside Job
The movie was critical of both parties and the bankers in bed with them.

originally posted by: EternalShadow
The scam was the ARM (Adjustable Rate Mortgage).

I was coaxed into the refinance game and sat in a office on a telephone telling people about how an adjustable rate mortgage could open up some room for house repairs or remodeling through a home equity loan or consolidation (HELOC).

I NEVER CLOSED ONE "DEAL" BECAUSE ME KNOW MATH AND I SAW THE COMPLETE FINANCIAL DECIMATION to the homeowner in less than a year just looking at their portfolio.

I'm not geared that way. I quit within a week.

We were told that the homeowner would be able to refinance again before the loan payments adjusted higher than they could handle. BS.

That NEVER happened, and folks lost their ass....EVERYTHING they worked hard for was gone practically overnight.

Predatory lending and sociopathic financial advisors took advantage of millions.

Dodd-Frank is a Trojan horse....a bandaid meant to stave off infection, but it merely hid the wound and never healed it..

Most had credit ratings that were spectacular but are now completely garbage. Banks are flush with reserves they will not lend and so the money velocity is f#ked.

And the Banking Lobbyists that own DC howl like stuck pigs when the threat to bring back Glass Steagal is made,which was in place for 100 years.

The Bankers rob the nation and they threaten financial terrorism if they do not get bailed out
They walk away with golden parachutes and / or a bonus.

Many homeowners on the other hand were not bailed out, but booted out on the street

Now if your average American were to rob a bank, the cops would fill them full of lead.
It is pretty obvious who runs this country.

Rob the nation for trillions, get rewarded, rob a bank for thousands and get put 6 feet under

a reply to: toysforadults

Were you not alive during the 2008 crash or something?

originally posted by: toysforadults
a reply to: daskakik

Go ahead and explain to me when is the last time we had a free market?

Free markets are impossible.

originally posted by: 3NL1GHT3N3D1
a reply to: theantediluvian

I say let the banks fail, it may result in the economy crashing but sometimes sacrifices have to be made if we ever hope to make progress.

Thats what i thought too. the banks should had been let to fail. same as the car companies. bankruptcy cleans the weak from the field.

originally posted by: Aazadan

originally posted by: toysforadults
a reply to: daskakik

Go ahead and explain to me when is the last time we had a free market?

Free markets are impossible.

No. they are improbable not impossible.

Oh boy the Reps have gotten things right back to where they were before the economy imploded in '07. Exactly where they want it. And genius-in-chief, Trump applauds it. This way they can finish the rape of the middle class that they started during the last collapse. What could possibly go wrong?

Good for you Elitist pigs. After the next crash we're coming to eat your children.

originally posted by: yuppa

originally posted by: Aazadan

originally posted by: toysforadults
a reply to: daskakik

Go ahead and explain to me when is the last time we had a free market?

Free markets are impossible.

No. they are improbable not impossible.

Not uh!

Cause I said so!

Neener neener neener!

a reply to: jtma508

Care to explain the mechanics behind Dodd Frank and how effective it was??

a reply to: toysforadults

What? Google doesn't work in your mom's basement? The most important parts were to disclose the nature of derivatives and via the Volcker Rule, enjoin banks from making speculative investments. Also added additional oversight. Last time the President was telling us just months before the collapse that 'the economy is sound'.

The only people who stand to benefit from the repeal are the banks. And their bitches in DC.

a reply to: jtma508

Typical, make it personal and create a strawman rather than offer a critical analysis with a pro's - con's point by point counter argument that can hold up under intense scrutiny.

That leads me to believe you don't understand the legislation and how it effectively impact the economy.

Also if you want to take a pro banking regulation perspective than why don't you explain to us how Glass-Steagall was ineffective and why the Democrat's had to repeal it back in 1999 and how that legislation differs from that of Dodd Frank and why Dodd Frank was better?

Time to step up your game Democrats because your arguments are weak and come off as childish.

originally posted by: toysforadults
a reply to: jtma508

Care to explain the mechanics behind Dodd Frank and how effective it was??

If you don't even know how the bill the government is repealing works how can you stand there and say it is a good thing that it is going away? Ignorance of the bill isn't evidence that the bill needs to go. It just shows you are a partisan stooge, blindly agreeing with anything your party does.

Well boys, that being the case, why don't YOU explain the big negative it has had on the economy and why repealing it is going to make things better for anyone besides the banks... and their DC bitches???

a reply to: Krazysh0t

How can you take a counter position in a debate without effectively explaining your stance and understanding the mechanics of the bill and showing us how the exact mechanics of the bill are flawed(or not) and why you believe that to be??

Straws.

Weak arguments all around.

a reply to: jtma508

It's already been explained in the thread you and others chose to ignore those posts in favor of petty bickering and childish personal attacks.

Not my problem.

a reply to: toysforadults

Eh? Who said I can't explain the law? You are the one demanding people explain the law to you.

a reply to: Krazysh0t

You are the one promoting it's effectiveness as a counter argument to my position that this is a good thing for the economy so why don't you intelligently present your argument in a clear and concise point by point source backed fashion in a way that allows me to intelligently counter you in a similar methodology?

I as others have already point out serious flaws however those posts were ignored.

Go ahead I'll actually respond to now if you choose to actually debate the topic otherwise I won't.

a reply to: toysforadults

Why should I? You don't even understand the bill yet. How about you go do your due diligence on the law then when you can summarize the bill effectively I'll tell you why it is a good thing?