“Even die-hard democrats will take just so much interference by government.”
dibs I’m with you on this one. Just got around to reading the plan and I am shocked. This is the stupidest piece of legislation I have seen in a long time. I’m specifically referring to the banning of proprietary trading by investment banks, I don’t have much problem with the rest of it, except that the rest of it doesn’t contain much of anything.
And of course it won’t accomplish a goddam thing, since if it actually comes to pass, which it won’t, GS will simply split itself in two, with a trading firm and an investment bank and if I owned 100 shares I’ll get 50 of each.
This is the kind of sh*t that made the depression the Depression, and it could have a seriously negative effect on a recovery.
And of course it does not in any way shape or form address ANY of the causes of the mess we are in. Not securitization, not CDOs, not rating agencies, nothing nothing nothing.
It’s a stupid populist bill that won’t get him another vote because the same people who can’t understand why health care is good for them sure as hell won’t understand why this is bad for them.
Unlike dibs, I believe the man has plenty of good advice from Bernanke et al, but he ain’t getting this sh*t from Bernanke.
if Obama really wants to stick it to the banks, stop fannie and freddie from buying the mortgages and stop FHA from the stupid 5% down bs. until then, great sound bites is all I’m seeing. I aint fooled. the gov and the banks are still buddy buddy. this is just a show to sucker me the normal joe in thinking they got our backs
I’d try Snappy, but I haven’t read the full thing so would not want to be inaccurate (and as you can probably tell I am not a financials guy – natural resources are my thing).
Denton! Help me! Can you explain in plain English what Obama said he plans to do wrt banks?
“they should start selling MBS – marijuana backed securities
oh and CDOs – collateralized doritos obligations.”
Problem is, once you partake of a bunch of MBS’s you really want to take down a bunch of CDO’s. And they taste much better than they would otherwise.
“Even die-hard democrats will take just so much interference by government.”
dibs I’m with you on this one. Just got around to reading the plan and I am shocked. This is the stupidest piece of legislation I have seen in a long time. I’m specifically referring to the banning of proprietary trading by investment banks, I don’t have much problem with the rest of it, except that the rest of it doesn’t contain much of anything.
And of course it won’t accomplish a goddam thing, since if it actually comes to pass, which it won’t, GS will simply split itself in two, with a trading firm and an investment bank and if I owned 100 shares I’ll get 50 of each.
This is the kind of sh*t that made the depression the Depression, and it could have a seriously negative effect on a recovery.
And of course it does not in any way shape or form address ANY of the causes of the mess we are in. Not securitization, not CDOs, not rating agencies, nothing nothing nothing.
It’s a stupid populist bill that won’t get him another vote because the same people who can’t understand why health care is good for them sure as hell won’t understand why this is bad for them.
Unlike dibs, I believe the man has plenty of good advice from Bernanke et al, but he ain’t getting this sh*t from Bernanke.
This is truly scary.
MBS in hindsight stands for Mortgage Bullshit Scams
Thanks Etson:-) I know less than nothing about financial institutions so this whole thing is basically Greek to me.
if Obama really wants to stick it to the banks, stop fannie and freddie from buying the mortgages and stop FHA from the stupid 5% down bs. until then, great sound bites is all I’m seeing. I aint fooled. the gov and the banks are still buddy buddy. this is just a show to sucker me the normal joe in thinking they got our backs
they should start selling MBS – marijuana backed securities
oh and CDOs – collateralized doritos obligations.
Yeah, etson, it’s the whole Glass-Steagall Act thing all over again. They will certainly find a way around it.
Smarter minds will be working on this than there are in the government. LOL
I’d try Snappy, but I haven’t read the full thing so would not want to be inaccurate (and as you can probably tell I am not a financials guy – natural resources are my thing).