Tuesday, May 21, 2013
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Do you remember who repealed Glass Steagall? Slick Willie.
Get a clue.
Your right. Banking and investment banks were seperate. The banks did show some restraint then. Derivitaves were just a passing fancy and hedge funds the same. With Bush, Cheney and Paulson, it was made a free for all, with taxpayers paying for the constant OOPS. If we want restraint, then a failed bank pays the first installment with shareholder funds, then we’ll see.
Past time to reinstate Glass- Steigal.
Bank screwups, such as JP Morgan Chase’s derivatives flop, aren’t paid out of shareholders’ funds. They’re paid out of depositors’ accounts, which are insured by the Federal Deposit Insurance Corporation, which is the public, because if the insurance fund is inadequate to cover the losses, the government is going to have to bail it out.
When genius Jamie Dimon says that he doesn’t understand the public’s concern over his failure because it’s the Chase stockholders’ money, he’s being disingenuous. He knows very well that a few more screwups like that will cause another bailout.
I did not do well explaining myself. Seperate the investment banks from the commercial banks and protect personal savings, commercial and private loans, etc. Take away the “gold watch” the investment banks use to blackmail Congress and just let them fail. The investors lose it all; it was a great ride until then. Let something like AIG be solely responsible for paying for the loss.
Investors should always take the losses. If you have the money to invest, you hve the money to lose. People are warned again and again not to invest any more than they can afford to lose. With the big banks, they’ll invest EVERYTHING because it isn’t their money they’re playing with, and they don’t have to suffer when they lose because the people who have already lost their money will dig a little deeper into their own pockets and bail them out.
Time for jamie dimon to spend a bit of time in a SERIOUS prison!
Yes, under pressure from the repubs.
This illustration is exactly whats happening in the banking/lending system. Take the money from the government that is suppose to help struggling homeowners stay in their homes and don’t actually GIVE them the modifications! I’ve submitted multiple applications for multiple government funded modifications. Haven’t gotten a modification and don’t know of anyone who has. The regulations are there to support using these programs the way they were intended to help the consumer, but our corrupt banking/lending institutions aren’t being audited. Meanwhile, each application for modification gets the banking/lending institution money. Theres no incentive for them to give anyone anything!!!
Totally agree with joyscarbo. They still have the wool pulled over everyone’s eyes especially those who were lucky enough to not be affected by the depression.
If they had given the American people a real ‘bail out’, like $300,000 instead of $300…the economy would be cooking…people would have paid off the toxic loans, bought new cars, created new jobs in everything, including Green energy.
It would have cost less and done more. B U T then a handful of people could no longer control everything and destroy American lives and the freedom and civil rights of everyone on the planet. Their antics are nothing more then the old ‘delayed claims’ practices which Insurance companies used to do, that created the McCarin Act. We are living to true lawless times, where truth is subverted for money. Unless ‘doing what is just for all’, not just a couple pays the BIG bucks, we are ALL in trouble.
Listen to National Memo Editor-in-Chief Joe Conason interview influential Senator Ron Wyden (D-OR).
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