No more hedging by banks
- Thread starter unionman
- Start date
You make it sound like it was all Frank's fault.
I remember some hearing where Frank was pushing for the banks to give loans to anyone. When one banker stood up and told Frank that this would lead to catastrophe, Frank told him to shut up or he'd hold him in contempt of Congress.
It might not have been all Franks fault, but he holds a LOT of the blame. But he won't take any responsibility at all....
It might not have been all Franks fault, but he holds a LOT of the blame. But he won't take any responsibility at all....
1989
Well-Known Member
No, it was many peoples "fault" I am just saying he was presented with clear evidence of a problem and didn't act. A bigger problem than Enron or MCI because they had government involvement. I am talking about looking forward, our so called "leaders" need to look at unintended consequences.
wkmac
Well-Known Member
unionman,
Since the Federal Reserve is the ultimate authority of/over the banks and since Congress created the Federal Reserve, should the Congress now audit completely the Federal Reserve in it's capacity of oversight and representing the people's interest if you feel regulation and proper correction are the ultimate goal here? Would it not be wise to audit, learn all the details and then once this knowledge is in hand, Congress would know specifically where the causes lay and where regulation enforcement are needed? Wouldn't it make sense that all democrats, especially the leadership and the President would be behind such regulatory oversight attempts in light of our current economic delimma and how we got here?
If your answer is yes, you might contact the office of Democrat Congressman Alan Grayson of Florida and learn more about this approach and what he's proposing with the backing of over 300 other Congressmen and women of both political parties.
[video=youtube;E9CcdiNs5F8]http://www.youtube.com/watch?v=E9CcdiNs5F8[/video]
Mel Watt portrays Alan Grayson as chasing some phantom loans by the Fed? Now who would give Grayson the idea that loans were in fact made?
[video=youtube;n0NYBTkE1yQ]http://www.youtube.com/watch?v=n0NYBTkE1yQ[/video]
I believe Bernacke stated these were in facts loans to foreign central banks so per Bernacke, these loans were not phantoms at all. And as to Mr. Mel Watt, would it matter that his district is home base to the corp. offices of Bank of America? I swear as Mel went into his tantrum I saw strings attached to his waving arms!
tieguy
Banned
I don't think you get it. His tinkering with the economy helped 15 million plus people lose their jobs.
If he really wants to help the poor he should probably resign before he loses another 15 million their jobs.
That is such a retarded lie I won't even ask you how you came up with that.
1989
Well-Known Member
Sorry, that is not a lie, it is an opinion. There is a difference that liberals have trouble in recognizing. So tell me, who will hire under this lack of leadership?
Same thing last year when Obama was elected, the stock market went down because the corporate world thought he would raise taxes on them. There still waiting for the tax increase.
1989
Well-Known Member
And no jobs were added. The market went down because obama slammed it hard, and until the release of the stress tests, obama put fear into all. Fear + uncertainty = sell off. Now the market thinks he will prohibit growth. Growth = more jobs. We all know higher taxes are coming.
We are coming out of the second worst financial disaster in the history of this country and your not satisfied with job growth after only 12 months. Boy, those are some pretty hefty expectations. Higher taxes are coming but it will be part of the debt reduction. you see there is an 11 trillion dollar debt that Bush left Obama and not to mention the 1.4 trillion he had to spend to fix that mess he left with the bailouts.
island1fox
Well-Known Member
my president takes responsibilty for anything that happens under his command. buck stops here. bush never did.
tieguy
Banned
1989
Well-Known Member
Hey, for my own selfish reasons, I love volatile markets. Obama really hasn't done anything for real jobs. Yes he said the stimulus would cap unemployment and add jobs, but we are still looking for a bottom. Caterpillar reported a cautious forecast because of continued weak demand in the US and the possibility of less growth in Asia (china). We all know higher taxes are coming. 50% increase on the poor when the tax cuts expire. Please tell me how you can grow jobs and beat up on corporations at the same time?
1989
Well-Known Member
didn't unemployment go down from 10.5 to 10 percent? We shall see who's taxes go up.
Similar threads
