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03-22-2012, 08:05 PM
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Area Man
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Join Date: Oct 2009
Location: The Swamp
Posts: 27,407
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Quote:
Originally Posted by whell
Isn't every loan that a bank makes a gamble?
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Yes, but that don't mean it's okay to get stupid with it.
Dave
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"When the lie is so big and the fog so thick, the Republican trick can play out again....."-------Frank Zappa
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03-22-2012, 10:19 PM
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Senior Member
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Join Date: Aug 2011
Location: Derby City U.S.A.
Posts: 8,213
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Quote:
Originally Posted by whell
Isn't every loan that a bank makes a gamble?
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"The Glass-Steagall Act separated the powers of commercial and investment banking, which insured that banks would not take too much risk with depositors' money. After the repeal of Glass-Steagall, greed won out over prudence and banks did indeed take too much risk with their depositors' money. Between 1999 and 2008, Wall Street became less like the fabled financial district and more like the Las Vegas Strip. Even the regulation that still existed didn't seem to be working."
http://bizfinance.about.com/od/curre...ial_Crisis.htm
Allowing the banks to get so big that they can bring down the economy is never a good thing. Now they are even bigger for the next time. Because I see no real reason not to believe there will not be another one.
Barney
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03-23-2012, 08:29 AM
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Resident octogenarian
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Join Date: May 2009
Location: Maryland
Posts: 20,860
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Quote:
Originally Posted by whell
Isn't every loan that a bank makes a gamble?
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Yeah but folks tend to get careless when gambling with other people's money. Especially if they know the FDIC will cover their bets.
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Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
Last edited by merrylander; 03-23-2012 at 09:05 AM.
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03-22-2012, 12:01 PM
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Senior Member
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Join Date: May 2009
Location: Upper Canuckistan
Posts: 2,180
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Quote:
Originally Posted by whell
Well, its your term. In the context you used it, I'm assuming it implies the opposite of free market, meaning all industries subject to regulation of inputs, output and means of production. If that's not what you mean, please clarify.
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Why does the opposite of non-regulated automatically mean heavily regulated to you?
__________________
There never Was a Good War or a Bad Peace. - Benjamin Franklin.
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03-22-2012, 12:07 PM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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Quote:
Originally Posted by Bigerik
Why does the opposite of non-regulated automatically mean heavily regulated to you?
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Is there a "right amount" of regulation that you'd be comfortable with? How is that decided? Who would place and enforce limits on regulations?
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03-22-2012, 12:52 PM
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Resident octogenarian
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Join Date: May 2009
Location: Maryland
Posts: 20,860
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Quote:
Originally Posted by whell
Is there a "right amount" of regulation that you'd be comfortable with? How is that decided? Who would place and enforce limits on regulations?
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Go take a look at the big Canadian banks and see what they do. Oh BTW at RBC it only cost $10 to issue a stop payment, about $40 at BofA here.
__________________
Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
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03-22-2012, 12:03 PM
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Senior Member
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Join Date: Aug 2010
Location: Metro Detroit
Posts: 13,016
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The "new financial instruments" packaged mortgages, not individual investor's funds. Glass - Steagal would have had zero impacts on any of those practices.
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03-22-2012, 12:10 PM
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Possibly admin. Maybe ;)
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Join Date: Sep 2009
Location: Land of the burning river
Posts: 21,098
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If we want to actually cut out of control government spending, we're killing babies & old ladies.
If we'd like a smaller government, we're closing down the public schools?
Burn, straw men, burn.
HOW MUCH IS ENOUGH? What percentage of GNP?
Btw D, it seems the moderate consensous is the stimulous was a modest success.
Pete
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“How many legs does a dog have if you call the tail a leg? Four. Calling a tail a leg doesn't make it a leg.”
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03-22-2012, 12:57 PM
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Resident octogenarian
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Join Date: May 2009
Location: Maryland
Posts: 20,860
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Quote:
Originally Posted by piece-itpete
If we want to actually cut out of control government spending, we're killing babies & old ladies.
If we'd like a smaller government, we're closing down the public schools?
Burn, straw men, burn.
HOW MUCH IS ENOUGH? What percentage of GNP?
Btw D, it seems the moderate consensous is the stimulous was a modest success.
Pete
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I msee you have not yet read Ryan's budget proposal. Oh and by the way it only reduced the debt to 4 trillion over ten years, Obama's reduces it to 3.5 but what the hell, what's half a trillion dollars.
__________________
Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
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03-22-2012, 12:54 PM
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Resident octogenarian
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Join Date: May 2009
Location: Maryland
Posts: 20,860
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Quote:
Originally Posted by whell
The "new financial instruments" packaged mortgages, not individual investor's funds. Glass - Steagal would have had zero impacts on any of those practices.
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Which was why I linkedd to the article on Brooksley Born, but of course she was just a woman and we can't have intellectual giants like Greenspan and Rubin listening to a mere woman now can we.
__________________
Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
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