Halls of Shrewd'm / US Policy❤
No. of Recommendations: 13
I’ve seen this move before, and it is titled “How to Create a Financial Crisis.”
**WARNING! Spoiler Alerts!
Do NOT continue reading unless you want to know plot details of the movie
Banks (well, mostly the owners) make risky investments which pay off handsomely in the short term and pay themselves huge bonuses.
The economy hits an all too familiar (and predictable) speed bump which knocks down the bank’s house of cards.
Bankers keep their profits while demanding that taxpayers prop up the bank to prevent a system meltdown.
Congress introduces regulations like Glass-Steagall.
Whew, we dodge a bullet.
Time goes by, there’s no need for these cumbersome bank regulations. Free market and all that.
Everything is running smoothly, let’s chip away at Glass-Steagall until it’s meaningless.
Banks (well, mostly the owners) make risky investments which pay off handsomely in the short term and pay themselves huge bonuses.
The economy hits an all too familiar (and predictable) speed bump which knocks down the bank’s house of cards.
Bankers keep their profits while demanding that taxpayers prop up the bank to prevent a system meltdown.
Congress introduces regulations like Dodd-Frank/Consumer Financial Protection Bureau (CFPB).
Whew, we dodge a bullet.
Time goes by, there’s no need for these cumbersome bank regulations. Free market and all that.
Everything is running smoothly, now the incoming administration is salivating to chip away at the CFPB until it’s meaningless. Jamie Dimon is either packing some serious heat or he’s very happy to see the Republicans removing consumer protections.
I’ll stop here. I don’t want to spoil the surprise ending.
When you elect criminals, expect crimes.
You can’t fix stupid.
No. of Recommendations: 5
And then let's all point at poor people in debt and repeat in unison "It's all their fault."
No. of Recommendations: 0
On this I somewhat agree.
I don't doubt that some of the post crisis regulations slowed a few things down - but I sleep well knowing the banks pass stress tests, and not do stupid thing where in the end, these well 'educated' campus bred idiots get their bonuses, and now all of us proud Capitalists all of a sudden want to socialize the losses.
But......
They/Them he/her LatinX
That's MORE important.... ;)
No. of Recommendations: 0
nd then let's all point at poor people in debt and repeat in unison "It's all their fault."
****
NO
Let's point to NOBODY who overextended themselves without thinking it thru ---
I hope that part keeps happening and judging by the credit card debt numbers - it IS.
Fly a plane into the SP 500 one day again.
No. of Recommendations: 4
You can’t fix stupid.
Define "criminals". They're brilliant! This is a level of corruption that takes decades to build, but just about all of it is on the up and up - because they decide! They're all in on the game! We're the suckers sitting on the outside watching our so-called Representatives take the money under the table, change the rules while no one has time to give a s!it, publicly wring their hands while stocks and bonds crash (privately laughing as they've shorted the markets), and then unanimously vote to create $billions we don't have, throw it at the banks and take profits in the markets they covered their shorts in beforehand! And then take plum positions at the banks, law firms and "think tanks"!
Representative Waters has been investigated for corruption at least 5 times, mainly for self-dealing federal money to her husband's bank. Shocked, shocked that the House Ethics Committee eventually cleared her of all charges. Who would vote against her, let alone dare to RUN against her? She's bringin home the bucks!
How does a Senator get a net worth of $10 million+?
According to 2022 data from the Center for Responsive Politics, the average net worth of a Senator was approximately $10 million... while others have fortunes in the tens of millions, often thanks to outside business ventures, investments, or inheritances.
FC
