HSFBfan Posted March 5, 2018 Report Share Posted March 5, 2018 More regulations are going to be cut back in the banking industry. Just wanted to get some thoughts https://www.washingtonpost.com/business/economy/10-years-after-financial-crisis-senate-prepares-to-roll-back-banking-rules/2018/03/04/e6115438-1e37-11e8-9de1-147dd2df3829_story.html?utm_term=.1915731cd885 Quote Link to comment Share on other sites More sharing options...
concha Posted March 5, 2018 Report Share Posted March 5, 2018 Hopefully folks have learned to avoid the exotic products. One thing that should be considered as there are two sides to all debates... 1 Quote Link to comment Share on other sites More sharing options...
noonereal Posted March 5, 2018 Report Share Posted March 5, 2018 10 minutes ago, HSFBfan said: More regulations are going to be cut back in the banking industry. Just wanted to get some thoughts https://www.washingtonpost.com/business/economy/10-years-after-financial-crisis-senate-prepares-to-roll-back-banking-rules/2018/03/04/e6115438-1e37-11e8-9de1-147dd2df3829_story.html?utm_term=.1915731cd885 We all know what lax rules lead to in capitalism. It's never pretty. I am not informed enough yet on the current proposals to speak to them however. So as of now I have no opinion but I admit to being leery. 1 Quote Link to comment Share on other sites More sharing options...
DarterBlue Posted March 5, 2018 Report Share Posted March 5, 2018 49 minutes ago, noonereal said: We all know what lax rules lead to in capitalism. It's never pretty. I am not informed enough yet on the current proposals to speak to them however. So as of now I have no opinion but I admit to being leery. We should have never gotten rid of Glass-Steagall. It worked beautifully for nearly 60 years and we ditch it under Clinton. Dodd-Frank was a poor replacement which actually did enable the big banks to get bigger while at the same time curbing some of their excesses. But it was not a good solution. No regulation in the financial sector is a invitation to disaster, particularly when no executives at the top faced any legal consequences for their horrible action. I fear we are setting ourselves up for another financial and, probably, economic crash if we just get rid of regulations without any substitutions. But this is where we are as a country. SHMH! 1 Quote Link to comment Share on other sites More sharing options...
TheBlockIsHot Posted March 5, 2018 Report Share Posted March 5, 2018 The regulations roll back. Bubble is getting ready to burst. I wouldn't buy any real estate any time soon. Quote Link to comment Share on other sites More sharing options...
Rufus69 Posted March 5, 2018 Report Share Posted March 5, 2018 2 hours ago, noonereal said: We all know what lax rules lead to in capitalism. It's never pretty. I am not informed enough yet on the current proposals to speak to them however. So as of now I have no opinion but I admit to being leery. nooner...amigo...compadre... Don't be foolish enough to put pesos in a bank. Do like we do. When you deplete the contents of you Folger's Black Silk can....wipe it out...put your cash in it ($50,000 will fit) and bury it at a property that nobody would ever wanna visit. South Georgia is an excellent place. I will advise you to keep accurate and detailed records (in code) so you don't forget where you put it. Remember the eloquent words of Henry Ford.... “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Rufus>> 1 Quote Link to comment Share on other sites More sharing options...
noonereal Posted March 5, 2018 Report Share Posted March 5, 2018 2 hours ago, DarterBlue said: No regulation in the financial sector is a invitation to disaster, not for them as they are "to big to fail." No worries at all for bankers as we don't prosecute either. Can you imagine? Quote Link to comment Share on other sites More sharing options...
noonereal Posted March 5, 2018 Report Share Posted March 5, 2018 1 hour ago, Rufus69 said: nooner...amigo...compadre... Don't be foolish enough to put pesos in a bank. Do like we do. When you deplete the contents of you Folger's Black Silk can....wipe it out...put your cash in it ($50,000 will fit) and bury it at a property that nobody would ever wanna visit. South Georgia is an excellent place. I will advise you to keep accurate and detailed records (in code) so you don't forget where you put it. Remember the eloquent words of Henry Ford.... “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Rufus>> money in cans is not working for you Quote Link to comment Share on other sites More sharing options...
Rufus69 Posted March 5, 2018 Report Share Posted March 5, 2018 nooner....just a couple of things...if I may... (1) "can farming" is NOT hurting me (2) if more people were into "can farming"...we'd have a lot less bankers, lawyers and politicians Rufus>> 1 Quote Link to comment Share on other sites More sharing options...
World Citizen Posted March 5, 2018 Report Share Posted March 5, 2018 5 hours ago, DarterBlue said: We should have never gotten rid of Glass-Steagall. It worked beautifully for nearly 60 years and we ditch it under Clinton. Dodd-Frank was a poor replacement which actually did enable the big banks to get bigger while at the same time curbing some of their excesses. But it was not a good solution. No regulation in the financial sector is a invitation to disaster, particularly when no executives at the top faced any legal consequences for their horrible action. I fear we are setting ourselves up for another financial and, probably, economic crash if we just get rid of regulations without any substitutions. But this is where we are as a country. SHMH! What do you think Dodd-Frank would look like if congress actually worked together for the greater good instead of fighting every damn thing that would have helped? My guess is that it would look pretty good and probably help prevent our next catastrophe. I have no hope that we can prevent the next crash bc of the 'no quarter given' attitude of our leaders. Compromise will save this country and we are not wanting to do that it seems. Obama not going after Wall Street and allowing them to keep their bonuses is my biggest problem with his admin. Crazy times for sure but that is something I wish he would have done. There may be things i am unaware of that kept him from going after them but idk. Quote Link to comment Share on other sites More sharing options...
DarterBlue Posted March 5, 2018 Report Share Posted March 5, 2018 7 minutes ago, World Citizen said: What do you think Dodd-Frank would look like if congress actually worked together for the greater good instead of fighting every damn thing that would have helped? My guess is that it would look pretty good and probably help prevent our next catastrophe. I have no hope that we can prevent the next crash bc of the 'no quarter given' attitude of our leaders. Compromise will save this country and we are not wanting to do that it seems. Obama not going after Wall Street and allowing them to keep their bonuses is my biggest problem with his admin. Crazy times for sure but that is something I wish he would have done. There may be things i am unaware of that kept him from going after them but idk. If some of Volker's (former Fed Chair from the 1980's) recommendations had been implemented, financial regulations would look a lot better. We almost certainly will have another financial collapse. Moral Hazard will ensure it. Moral Hazard occurs when bad behavior is not punished. It's funny that when the "little people" are involved, the media scream about this topic, but when it is Wall Street you get crickets. If you are able to pocket the profits but have your losses socialized, then the logical, if reprehensible, thing to do is to carry on as usual. And this is where we stand today. Henry Paulson from the Bush II administration started the bailout process (blank checked it), and the Obama Administration carried on from there. With the proposed rollbacks under Trump with no new, better replacement regulations, we will almost certainly have another financial crisis in the next decade. 1 Quote Link to comment Share on other sites More sharing options...
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