Obama disparages Special Olympics!

David the markets just failed due to lack of regulation and oversight and you are advocating less? I know you worked in Banking so I have to ask are you seriousely sugesting that Banks should be allowed to act without any constraint?
They have just proved themselfs totaly unable to control there activities and you can not blame anyone but the boards of those institutions.

 

What type of "regulation" do you think is necessary?

 

The type that stops them from ending up in this position in the 1st place now you tell me why you think the Banks dont need regulations? as per my last question to you

 

Remember De Orc, Davie was part of the banking industry that failed so miserably until he was cashiered by said failing institution - so like Rick Waggoner of GM - Don't expect a straight answer.

 

I never stated there shouldn't be some measure of regulation regarding the banking industry now did I?
Merely stating "banks need regulating" is kinda braod, don't you think? I would just like to know what specifically you think needs to be regulated. Your statement "The type that stops them from ending up in this position in the 1st place" should be explained further.

 

Yes you did state that there should be no regulations. You wrote that the government should stay out of the free market. Did you mean they shouldnt buy anything? I knes people like you all my life. ''Yes''men and lackeys. Oh wait, youre an independent banker. Youll work for the highest bidder. You have no loyalty, so its easy to see why you look down on people who do. Youre in it for the money. Thats all. And you want to keep as much of it as you can, any way you can. Spare me youre philanthropic attributes. I know, I know; ''Alot.".

 

Keep the fruits of my labor rather than turn it over to a bunch of people who don't know how to manage it? You betcha!
Do you really believe the government has done such a great job managing our money that we need to reward it by giving up even more? Is that what I hear you saying? Does the idea of Obama & Pelosi throwing more & more money out the window with Chris Dodd & Barney Frank in charge of regulating it really appeal to you?

 

That as nothing to do with the post. And no one manages my money but me. Well and my accountant. When I need her too. Hey how come you didnt mention Bush and McCain? didnt they throw money out the window too? Or was that Obama giving it out in 2008?

 

Nice re-direct. I assure you my feelings in regard to taxation doesn't change regardless of which party is in charge.
Now, answer the question.

 

What question? The one about those politicians throwing money out the window? I've yet to see any of them spend money on something I agree with. Any of them. Dems, gops, indies. Ok maybe roads, but thats about it. Why dont you just stop paying taxes, Thoreau? Make a statement. Let the government know how you really feel.

 

A quick 2 cents worth:

The banks WERE regulated.......into giving bad loans on housing for folks who could not get a dishwasher on credit at Sears if they needed to.........

regulation in itself is not always bad thing, it is the TYPE of regulation that matters.

 

In the beginning, most banks referred risky loans to what was called predatory leanders. Then the banks saw what was a real gravy train and climbed on board. BofA went even further; they bought one.

 

Oh yeah, those White Knight banks, BofA and Citi, they sure did a good job of "helping" last year, now look where they are. Uh, they may be the next to go under after GM and Chrysler go into receivership.

 

With reference to Sears, they used to, I said used to, have very stringent credit policies, but when they sold their credit card to you guessed it, Citigroup, credit loosened up considerably. Idiots that couldn't get a $500 secured Mastercard could all of a sudden end up with $3-4K of credit at Sears.

Discovercard was the final profitable venture that Sears was involved in, then they sold it at a profit to Novus and decided to stay on the retail bandwagon - and cheapened their merchandise like Craftsman tools to where they are little more than junk now.

 

David this is what you said and I quote

Do I have to repeat my philosophy here? Reform the tax structure & keep government out of the free market and things will turn. Reward achievement, innovation and hard work, things will turn

Now you can not keep the goverment out of the Free market that in itself is impossible as they set the tax levels on things that you buy and import, they set the tax levels on your income so they are a integral part of any economy.
After all who is the major contributor to your economy? Yep the Goverment in it's many guises, it is properly your countries largest employer, largest single buyer of commodities from clothing to food, arms and industrial equipment.
If you pull the goverment out of the free market then overnight it would collapse. You have to have regulation otherwise the system goes mad, but you do need the right type of regulation. Over here we have the FSA wich regulates the financial industry http://www.fsa.gov.uk/ and I imagine that you have something similar in the US Perhaps you would like to see it abolished so that insider trading etc could go ahead unhamperd? or that Banks could opperate outside of there means?

Now I keep hearing that Banks were basicly forced to give morgages to anyone who applied? any one know what law that was ?

What I can find is
The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant’s income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions.
Failure to comply with the Equal Credit Opportunity Act's Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1 percent of the creditor’s net worth in class actions.

One of the major problerms with the morgages was the banks hurry to package them up and sell them on to the secondry market as prime assets without due dilligence. You dont in any sane world give out morgages that are 4/5 times someones sallary.

 

Clinton pushed for changes in policy in the 90s but it was in 2004 that the rules were realy relaxed allowing high risk morgages to be freely optained
Nice write up in the Washington post

http://www.washingtonpost.com/wp-dyn/content/article/2008/06/09/AR2008060902626.html

or you get another Lincoln Savings and Loan collapse

Then there was the Gramm-Leach-Bliley Financial Services Modernization Act which allowed some of the financial institutions to grow way to large without any due dilligence to there ability to do so.

This is what I mean by Regulating

 

You have done your homework Steve !!!

These policys were enacted in part to put an end to the " redlining " practises of lenders.

Redlining refers to actually mapping out the ghetto and lower income areas of major citys with high crime and overall : undrsireable : residents........in other words, " we will not make loans in the 7 block area or this certain zipcode.

I know of this because of my youth in Detroit......we were " redlined " I can remember my parents saying when trying to buy the 1st house....but of course this was in the 60's

Affirmative action also played a part in these policys you have noted

 

Thanks Jack I had not heard the term Redline before must now go look it up LOL Ah yes the Affirmative action, we have that as well and I must say it is for the most part pure crapola

 

Back to the original subject for a moment....
Last night, a local restaurant here had a fundraiser for the Special Olympics where area police officers served as waiters & and a portion of your food bill + all tips went to the cause. Obama & his little comment was the butt of jokes all evening. Obviously, alot of people found what he said objectionable.

 

From what you have just said David it appears they found it ok to make jokes about it so how could it have been objectionable? You dont make jokes about something like that.
In the big scheme of things do you realy think that a off the cuff remark like that is realy that important?
What Exactly did he say that was so earth shattering? he said his bowling was crapola and compared himself to someone with a disability. I am disabled and coudnt give a hoot about his comment I am not that thin skin and nor are the majority of disabled people. The ones who are tend to be the politicaly correct nut jobs (usualy able bodied who think that they speak for all)