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Old 04-16-2010, 01:38 PM   #161
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Maybe. But our banks are pretty big and sophisticated. The largest has a market cap of $85 billion (you pick the currency they are now equal), employs almost 100,000 people worldwide and about 20million customers worldwide. What kind of "volume' were you thinking about?
It's easier to run $1.3 trillion of GDP through the banking system than over $14 trillion dollars, can we agree on that?
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Old 04-16-2010, 01:49 PM   #162
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Obama to Veto Financial Regulation Without Derivative Rules

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I will veto legislation that does not bring the derivatives market under control in some sort of regulatory framework that assures that we dont have the same kind of crisis that weve seen in the past, he said.
I like it. Hopefully this will stiffen the spines of wishy-washy Congress critters.
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Old 04-16-2010, 03:36 PM   #163
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I think we agree that your total banking system is bigger. However with 8-9000 banks (albeit declining in number) many of your banks are small and unsophisticated. In fact my experience has been that even the biggest banks are no more complex or sophistcated than the top Canadian Banks. No US Bank has a significant retail presence in Canada, while 3 Canadian Banks have such a presence in the US (BMO/Harris: RBC : TD Bank). I think US banks could learn a thing or two, thats all.
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Old 04-16-2010, 04:10 PM   #164
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I think US banks could learn a thing or two, thats all.
Oooh, oooh, oooh . . . can one of the first things they learn be how to avoid destroying the world economy?
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Old 04-17-2010, 06:35 AM   #165
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The opposition strategy now seems clear. Simply repeatedly claim "Black is White". Thus the most restrictive piece of financial regulatory reform since the 1930's becomes a "bailout bill" and now this . . .

Republicans tried to tie Goldman to the Democratic majority. House Minority Leader John Boehner (R., Ohio) said the investment bank "has been supportive of President Obama's bill to create a permanent bailout fund for Wall Street."

The WSJ helpfully points out in the next paragraph that this is utter BS . . .

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The banking industry remains mostly against the Democrats' plan, objecting to limits on risk and growth, and hotly opposed to sweeping curbs on consumer products such as mortgages.
This is insane.
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Old 04-19-2010, 10:19 AM   #166
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Hopefully this will stiffen the spines of wishy-washy Congress critters.
Finally! Something we can agree on. This certainly describes the majority of Congress critters these days.
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Old 04-21-2010, 07:45 PM   #167
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A pretty strong derivatives bill passed out of committee today with Chuck Grassley's support. Some news outlets are reporting that several Republicans are ready to break ranks . . . it looks like real reform may actually happen.
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Old 04-23-2010, 01:56 PM   #168
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A blast from the banking reform past, courtesy of Time's archives. Check out the dateline.
I luvs the internets.
BANKS: Deposits Guaranteed - TIME
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Old 04-25-2010, 01:14 PM   #169
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So it looks like recent polls showing that ~60% of people want financial regulatory reform passed has encouraged the party of "No" and "Hell No" back to the negotiating table. I only wish I knew whether they were negotiating to make the bill stronger or weaker. I haven't really seen anyone describe what they want changed other than to "end bailouts". That means the $50B fund will get scrapped, which is no real loss, but there has to be more going on then that. I'd like to know what.
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Old 05-04-2010, 07:29 PM   #170
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So a compromise is reached and nothing really changes . . .

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The Dodd-Shelby agreement would apply to a section of the bill that would give the government authority to liquidate large failing financial firms whose collapse would threaten the economy. The two senators have agreed to replace the proposed pre-funded [with industry paid fees] $50 billion reserve with language that would require regulators to impose fees on the financial industry to recoup costs for unwinding a company after a collapse, Dodd said today.
It's a good thing we're holding up legislation to make important changes like these.
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Old 05-16-2010, 06:53 AM   #171
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breaking up too big to fail = failed

a full audit of the federal reserve = failed

glass steagall back = failed


there is no financial reform.

oh yeah, they lowered merchant fees on debit card transactions, yipee
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Old 05-18-2010, 08:48 PM   #172
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Senate Republicans Call Reform Bill 'Takeover' of the Banking Industry.

Sounds familiar.

Still wondering what they support.
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