What a Farce!!!

[trulykiwi]

BBC News - President Obama attacks critics of bank reform bill

[Guest Godless]

So after spending billions of dollars bailing out these banks (the real farce if you ask me), you think we should leave the system be?

[Moksha]

You would imagine the banks could regulate their scams by themselves.

[FunkyTown]

BBC News - President Obama attacks critics of bank reform bill

I didn't even have to read the note. Obama attacked those who didn't believe his ideology!

THE CAD! Nobody in politics would ever treat those who disagree with their political slant in any way other than complete humility and love.

I am disappointed in you, Mr. President! Why, on this board alone, I can't even count the number of times a thread has started with 'I have an incredible amount of respect for President Obama, but I disagree with a number of his economic viewpoints.'

Why, Mr. President? Why did you have to do what no other has ever done and made politics in to a mire of political attacks? You have opened Pandora's Box, I tell you! Curse you! Curse yoooooooooooooooooooooooooooooooooo*deep breath*ooooooooooooooooooooooooooooooooooooo*Deep breath*oooou.

[bytor2112]

I am all for cleaning up the mess and preventing future melt downs. Um....but the real question is....WHO or WHAT is going to prevent/police the government from passing laws that helped to create the current economic nightmare.

It is fun to stick it to the private sector and hold them accountable....BUT, we should have at the very least the same level of accountability from our elected representatives. They all too often are the genesis of economic melt downs and frankly they get a pass and push the blame off on private industry.

[Dravin]

Guys you've got it all wrong. It is a simple typo, the post was meant to give voice to her swooning over Obama's looks.

[Traveler]

The problem is that something must be done. Currently financial institutions make the majority of their money without any consideration of interest rates. They make their money of fees and charges. Institutions that loan money for homes can make money regardless of the interest rate – the interest rate could be Zero and they would still make money on fees. Currently there is insensitive and pressure to refinance homes every 5 years. Interest is not calculated into profits. HAS THE WORLD GONE NUTS???

Even credit cards make more money on defaulted loans accounts. One of the most profitable financial sectors is the collection of unsecured defaulted loans. This is crazy. There needs to be some serious changes and honest competition brought back into the market place – and we need business models based in interest rates. We are creating a pseudo economy and the best advice – GET OUT OF DEBT.

Do not get me started on student loans.

What disappoints me the most is what has come to mean reform is nothing more than charging the taxpayers for the government to take over poorly regulated financial sectors, add bureaucracy to increase costs and provide less service to the people. In short – reform means = pay the government more and get less for it.

The Traveler

[Guest Godless]

My main concern is the effects that this legislation will have on the few banks that have actually acted responsibly though all of this, like my bank (USAA).

[Traveler]

My main concern is the effects that this legislation will have on the few banks that have actually acted responsibly though all of this, like my bank (USAA).

Defining responsibility is like trying to hit a ever changing movind target. Responsibility in banking operations has changed a lot over the last 60 years.

The Traveler

[Hemidakota]

I am all for cleaning up the mess and preventing future melt downs. Um....but the real question is....WHO or WHAT is going to prevent/police the government from passing laws that helped to create the current economic nightmare.

It is fun to stick it to the private sector and hold them accountable....BUT, we should have at the very least the same level of accountability from our elected representatives. They all too often are the genesis of economic melt downs and frankly they get a pass and push the blame off on private industry.

We should allow the banking sector to fail now than again later [round 2]. Eventually, we will be faced the same dilemma, should we save the Central Banking system or not?

Yes! It is a failed policy and will be noted in future as such.

[HEthePrimate]

I am all for cleaning up the mess and preventing future melt downs. Um....but the real question is....WHO or WHAT is going to prevent/police the government from passing laws that helped to create the current economic nightmare.

Erm, the voters? This IS America, and we DO have a say as to what our government does by deciding who is 'doing the doing', so to speak. This is why I vote in EVERY election, both general and primary.

HEP

[bytor2112]

Erm, the voters? This IS America, and we DO have a say as to what our government does by deciding who is 'doing the doing', so to speak. This is why I vote in EVERY election, both general and primary.

HEP

I vote as well....but that's not what I meant. Our elected leaders....Republican and Democrat are guilty of the same and worse than many of the private sector Execs but they generally are not hauled into hearings, fined or jailed. They generally seem to get a pass while they grandstand for political gain and point fingers on TV at the Execs (guilty as well sometimes) while they are often the root and cause because of bad law and corruption.

[HEthePrimate]

I vote as well....but that's not what I meant. Our elected leaders....Republican and Democrat are guilty of the same and worse than many of the private sector Execs but they generally are not hauled into hearings, fined or jailed. They generally seem to get a pass while they grandstand for political gain and point fingers on TV at the Execs (guilty as well sometimes) while they are often the root and cause because of bad law and corruption.

A friend of mine thinks it would be great if we could shake up the politicians' by voting ALL incumbents, regardless of party, out of office. If one still wants to vote for his own party, that's fine, but during the primaries, vote for the new person. I don't know if I'd go quite that far, but I do believe term limits are an excellent idea, as well as limiting the amount of money a person can spend on their campaign. You know, to kind of even out the odds for those who aren't quite as rich!

There are a lot of reforms that could help, but politicians won't countenance them. So maybe my friend is right--keep voting out incumbents, at least until they get the message that they are answerable to the PEOPLE!

Peace, my friend.

HEP