motonoggin Posted January 24, 2018 Share Posted January 24, 2018 31 minutes ago, SSFB said: Crony capitalism. You coulda just said capitalism. Quote Link to comment Share on other sites More sharing options...
SSFB Posted January 24, 2018 Share Posted January 24, 2018 4 minutes ago, motonoggin said: You coulda just said capitalism. Nah, when government fucks shit up that's just government doing government things, it's expected. It's like when a Communist nation kills millions of people, it's not because all of those people are bad, it's because death and despair are the byproduct of Communism. 1 Quote Link to comment Share on other sites More sharing options...
motonoggin Posted January 24, 2018 Share Posted January 24, 2018 Just now, SSFB said: Nah, when government fucks shit up that's just government doing government things. It's like when a Communist nation kills millions of people, it's not because all of those people are bad, it's because death and despair are the byproduct of Communism. The forces present in capitalism will always endeavor to take over the levers of power in order to enrich themselves. We can do this experiment over and over again and it will still produce the same thing. Erosion of democracy and enrichment of the ruling class. This is the nature of the mechanics of capitalism. Quote Link to comment Share on other sites More sharing options...
Momorider Posted January 24, 2018 Share Posted January 24, 2018 9 minutes ago, SSFB said: Nah, when government fucks shit up that's just government doing government things, it's expected. It's like when a Communist nation kills millions of people, it's not because all of those people are bad, it's because death and despair are the byproduct of Communism. Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted January 24, 2018 Share Posted January 24, 2018 Just now, spin_dry said: Housing regulations and lending/securities are two very different things. That’s why it made no sense. Revoking Glass-Steagall wasnt really the issue. It was actually a very good idea because it spured investment. The issue was fraud and an understaffed SEC. There was literally no oversite when the 300 or so seasoned SEC regulators were pulled to chase al quada. It was a surprise to everyone how such widespread fraud could take place on such a massive scale. From housing appraisers to investment “specialists”. Fucking soulless psychopaths. Not entirely, they aren't. It did make sense, of course afterwards, when when we looked at it. The repealing of GS wasn't the origin of the issue but was a catalyst, or inflator of the market. Had small, local banks retained many of these mortgages, the impact would likely have been much less across the nation, with banks zipping up, and not being allowed to play fast and loose with mortgages. The idea of getting more investment rolling is good, as long as a few caveats are filled. The backing shouldn't be built on such sketchy ground as an inappropriately rated tranche. There was no fear of a mortgage, irrespective of how risky, being a liability because there was always a MBS buyer to be had. Neal Quote Link to comment Share on other sites More sharing options...
SSFB Posted January 24, 2018 Share Posted January 24, 2018 1 minute ago, motonoggin said: The forces present in capitalism will always endeavor to take over the levers of power in order to enrich themselves. We can do this experiment over and over again and it will still produce the same thing. Erosion of democracy and enrichment of the ruling class. This is the nature of the mechanics of capitalism. We never know what will happen in the future but the facts are that so far there has been no system in human history which has brought more people out of poverty than Capitalism. 1 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted January 24, 2018 Share Posted January 24, 2018 (edited) 13 minutes ago, NaturallyAspirated said: Not entirely, they aren't. It did make sense, of course afterwards, when when we looked at it. The repealing of GS wasn't the origin of the issue but was a catalyst, or inflator of the market. Had small, local banks retained many of these mortgages, the impact would likely have been much less across the nation, with banks zipping up, and not being allowed to play fast and loose with mortgages. The idea of getting more investment rolling is good, as long as a few caveats are filled. The backing shouldn't be built on such sketchy ground as an inappropriately rated tranche. There was no fear of a mortgage, irrespective of how risky, being a liability because there was always a MBS buyer to be had. Neal A total of two regulators were delagated to Lehman Brothers. They should’ve had at least 20 seasoned regulators with an understaff of 50 for over-site. That was the core issue. They ran circles around the SEC following 9/11. Had proper over-site been in place there wouldn’t have been 7 years of massive and sustained fraud. The FBI issued a memo during “05 suspecting unprecedented fraud with over one million home loans being given that year with absolutely no underwriting. The FBI lifted the carpet on some of those bundled loans. Fuck....that wasn’t even their job. Edited January 24, 2018 by spin_dry Quote Link to comment Share on other sites More sharing options...
NaturallyAspirated Posted January 24, 2018 Share Posted January 24, 2018 9 minutes ago, spin_dry said: A total of two regulators were delagated to Lehman Brothers. They should’ve had at least 20 seasoned regulators with an understaff of 50 for over-site. That was the core issue. They ran circles around the SEC following 9/11. Had proper over-site been in place there wouldn’t have been 7 years of massive and sustained fraud. The FBI issued a memo during “05 suspecting unprecedented fraud with over one million home loans being given that year with absolutely no underwriting. The FBI lifted the carpet on some of those bundled loans. Fuck....that wasn’t even their job. It's easy to see now, looking at one single MBS how bad of an idea they are. Doesn't take an army to see that. The ratings agencies obviously needed some regulations and cleaning up. Neal Quote Link to comment Share on other sites More sharing options...
spin_dry Posted January 24, 2018 Share Posted January 24, 2018 Just now, NaturallyAspirated said: It's easy to see now, looking at one single MBS how bad of an idea they are. Doesn't take an army to see that. The ratings agencies obviously needed some regulations and cleaning up. Neal Destructive greed is inherent to capitalism. Thus the need for strong regulation. A small but very powerful few will destroy it. We’ve now entered a period of extreme deregulation. It’s so obvious where this is heading. Quote Link to comment Share on other sites More sharing options...
motonoggin Posted January 24, 2018 Share Posted January 24, 2018 19 minutes ago, spin_dry said: Destructive greed is inherent to capitalism. Thus the need for strong regulation. A small but very powerful few will destroy it. We’ve now entered a period of extreme deregulation. It’s so obvious where this is heading. Fully Automated Luxury Gay Space Communism Quote Link to comment Share on other sites More sharing options...
motonoggin Posted January 24, 2018 Share Posted January 24, 2018 51 minutes ago, SSFB said: We never know what will happen in the future but the facts are that so far there has been no system in human history which has brought more people out of poverty than Capitalism. That's like saying, "I've been drinking a shot of whiskey everyday for my whole life and I'm older than I've ever been" The same exact thing could be said of feudalism before we came up with capitalism. It's not an especially impressive accomplishment when you consider we throw away almost as much food as we consume and billions are near starving. Quote Link to comment Share on other sites More sharing options...
jtssrx Posted January 24, 2018 Share Posted January 24, 2018 17 hours ago, XC.Morrison said: Just caught a few minutes of Limbaugh on local talk radio. He was trying to sell a “deep state” conspiracy theory that the “establishment” felt that George Bush stole the election from Gore and the deep state then engaged the intelligence community to falsify reports that Saddam had WMD’s. This was done of course to then goad Bush into going to war against Saddam, knowing full well Bush would never find any WMD’s and would look silly, thus ensuring a democratic victory in 2008. Did the deep state plan the epic meltdown of our economy in 2008 too? Rush didn’t cover that, lol. Damn his fans must be gullible to lap this shit up. What a bunch of BS. All wars in the middle east are fought to preserve the Petro Dollar Quote Link to comment Share on other sites More sharing options...
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