Elizabeth Warren's First Day Grilling Hapless Banking Regulators

[Happiness]

Originally Posted by feedmelies

The banks didn't do anything "bad" that wasn't enabled by the government in the first place.

But more government control and manipulation by the people who benefit from it the most will surely be the answer.

Enabled by the governement because of the huge resources the financial sector has invested in lobbying and outright buying politicians to the ends of eroding any impediment to thier rapcious greed. Obviously things would be better with no oversight in place.

In any event, during the cdo subprime crash, the libor fiasco and this money laundering caper multiple laws both domestic and international were broken. As warren points out fining financial institutions a fraction of the profit gleaned from thier illegal activities hardly acts as any disincentive. A stance validated by the facts these financial acts of malevolence continue. Again and again the financial sectors flaunts laws, causes serious financial harm (I don't think many here are aware of how far reaching the libor scandal is) to the average citizen and is never penalized in a way that deters thier activities.

Bear in mind, the illegal acts we are privy to are a fraction of the illegal activity going on.

[Happiness]

Originally Posted by ChainFlow

This is a good start from Warren. Hope she lives up to the hype.



If you theoretically find a loophole in the law allowing you to kill people willy-nilly without being convicted of murder and happily go on a death spree, you're just doing what the government enabled, right?

That's on them, brah. The guvment. Not you. Nothing wrong with what you did because only bad people get convicted of crimes because only people who are convicted of crimes did anything wrong.

Your analogy -- as far fetched as it might be -- would be more accurate if the murderer first used huge resources to get the loophole passed so he could exploit it.

[GhostZ06]

Originally Posted by NetGeek

Wow that was painful to watch the banks are not liking this to much.




http://www.youtube.com/watch?v=2F6YkBa_Tig

i am like this

[Just a username]

Originally Posted by feedmelies

The banks didn't do anything "bad" that wasn't enabled by the government in the first place.

But more government control and manipulation by the people who benefit from it the most will surely be the answer.

Yeah, it was the huge amount of government control and rules that made the banks almost kill the global financial system.

Seriously though GTFO, the banks got all the deregulations they ever wanted, even the retarded idea of raising leverage limits to a level where banks were basically gambling.

[feedmelies]

Originally Posted by Possum Jenkins

Citizens voted her in office on the promise that she do what she's starting to show signs of doing.

It's called having a functioning democracy. Read the sig.

We have a republic, not a democracy. Big difference. You know, "...and the republic, for which it stands."

And I'm not sure what your response has with my point.

Originally Posted by ChainFlow

If you theoretically find a loophole in the law allowing you to kill people willy-nilly without being convicted of murder and happily go on a death spree, you're just doing what the government enabled, right?

That's on them, brah. The guvment. Not you. Nothing wrong with what you did because only bad people get convicted of crimes because only people who are convicted of crimes did anything wrong.

I'm not sure what, specifically, you're talking about when you say "loophole," but whatever that "loophole" is was created by the government on purpose, not on accident.

Originally Posted by Happiness

Enabled by the governement because of the huge resources the financial sector has invested in lobbying and outright buying politicians to the ends of eroding any impediment to thier rapcious greed. Obviously things would be better with no oversight in place.

In any event, during the cdo subprime crash, the libor fiasco and this money laundering caper multiple laws both domestic and international were broken. As warren points out fining financial institutions a fraction of the profit gleaned from thier illegal activities hardly acts as any disincentive. A stance validated by the facts these financial acts of malevolence continue. Again and again the financial sectors flaunts laws, causes serious financial harm (I don't think many here are aware of how far reaching the libor scandal is) to the average citizen and is never penalized in a way that deters thier activities.

Bear in mind, the illegal acts we are privy to are a fraction of the illegal activity going on.

100% agree with the bold. Where you fall short is imagining a future where powerful people with bad intentions aren't attracted to the power of government. The only way to make sure bad intentioned people don't abuse the government power to manipulate and control is by minimizing the government's power to manipulate and control.

Without government support and assistance, the banks wouldn't operate carelessly. Failing isn't exactly in their interest. Failing when they know they'll make out with tax payer money is.

Originally Posted by Just a username

Yeah, it was the huge amount of government control and rules that made the banks almost kill the global financial system.

Seriously though GTFO, the banks got all the deregulations they ever wanted, even the retarded idea of raising leverage limits to a level where banks were basically gambling.

I don't think you quite understand.

Without knowing the government would bail them out, the banks wouldn't have made such poor decisions. It's not exactly in a business' interest to go bankrupt.

Remember, Fannie and Freddie are government creations.

[Zookeeper Gabe]

Originally Posted by Raiderfn31

How exactly is she a liar? Source?

He's probably referring to the crap that the republicans tries to use to discredit her during her stomping of Scott brown.

[GermanBJJ]

Originally Posted by feedmelies

The banks didn't do anything "bad" that wasn't enabled by the government in the first place.

But more government control and manipulation by the people who benefit from it the most will surely be the answer.

First on all, LOL at using "bad" in quotes. You're an "idiot."

Secondly, perhaps you can tell us how the government forced large banks to manipulate LIBOR? Or maybe where the government forced HSBC to knowingly launder drug and terrorist money?

I'll wait...


...


...

[Just a username]

Originally Posted by feedmelies

I don't think you quite understand.

Without knowing the government would bail them out, the banks wouldn't have made such poor decisions. It's not exactly in a business' interest to go bankrupt.

Remember, Fannie and Freddie are government creations.

Yeah, just like Lehman Brothers got bailed out, right? There's no way you can pin this on the government and regulatation, it was your precious market that fucked up.

The banks made the decisions they made because they were greedy and their lobby managed to get such extensive deregulations that their greed almost fucked up the entire system. So it is very much their fault. They just got caught laundering drug cartel money, is that the fault of the government as well?

Oh libertarians....

[feedmelies]

Originally Posted by GermanBJJ

First on all, LOL at using "bad" in quotes. You're an "idiot."

Secondly, perhaps you can tell us how the government forced large banks to manipulate LIBOR? Or maybe where the government forced HSBC to knowingly launder drug and terrorist money?

I'll wait...

I appreciate it when you come out of the shadows to fling personal insults. You reserve your quality posts for me. Truly top notch.

Originally Posted by GermanBJJ

Feedmelies, you are seriously one of the worst posters on this forum.

Anyway, fraud and laundering are different than the lynchpin argument against banks - that they caused the economy to collapse.

Originally Posted by Just a username

Yeah, just like Lehman Brothers got bailed out, right? There's no way you can pin this on the government and regulatation, it was your precious market that fucked up.

The banks made the decisions they made because they were greedy and their lobby managed to get such extensive deregulations that their greed almost fucked up the entire system. So it is very much their fault. They just got caught laundering drug cartel money, is that the fault of the government as well?

Oh libertarians....

Lehman Bros expected a bailout. It's CEO was on the board of directors of the NY Federal Reserve Bank.

The June 4, 2008 Financial Times of London quoted him as stating, “The Federal Reserve’s decision earlier this year to lend directly to investment banks should take questions about Lehman’s liquidity off the table.”

http://www.webofdebt.com/articles/lehman_brothers.php

[Just a username]

Originally Posted by feedmelies;79758137
Lehman Bros expected a bailout. It's CEO was on the board of directors of the NY Federal Reserve Bank.


[url

http://www.webofdebt.com/articles/lehman_brothers.php[/url]

So what if they did? Not a single bank could be 100% sure of getting bailed out if they fucked up, because a bailout is always a political decision that's totally contingent on public support, so it's still a massive risk.

Nvm their personal risks, they knew very well what the effect on the entire world market would be if shit hit the fan. They still did it, the greedy fucks. I can't believe that i'm debating someone who's defending the banks, in fucking 2013. I know, you must due to ideological reasons and i bet it hurt to see how the financial market regulated itself in 2008. But hey, you guys will always have the unregulated capitalistic wonder that is Somalia, right?