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Would you support "real" financial reform?
Old 03-22-2010, 03:37 PM   #1
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Would you support "real" financial reform?

The Dodd Bill is moving along like health care reform, crippled in the view of the progressives and the right. But what would real financial reform look like? And how would it effect aging retirees like us? Unlike the health care bill, I suspect real financial reform would scare the heck out of Wall Street punching another hole in our portfolios. Would transparency and effective oversight have beneficial results in time to help us out? Or are we (from a purely self interested point of view) better off letting the Street keep gambling with our futures until we can quietly move on to our final rewards?
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Old 03-22-2010, 03:43 PM   #2
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Trusting Dodd to do good reform is like the fox guarding the hen house. Look at his affiliations with Countrywide Mortgage and Fannie Mae and Freddie Mac. Can't we get someone with at least some moral fiber to run with this?
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Old 03-22-2010, 03:44 PM   #3
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Trusting Dodd to do good reform is like the fox guarding the hen house. Look at his affiliations with Countrywide Mortgage and Fannie Mae and Freddie Mac. Can't we get someone with at least some moral fiber to run with this?
Barney Frank, where are you?
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Old 03-22-2010, 03:50 PM   #4
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Frank and Dodd are somewhere toasting themselves on all the good they've done..................
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Old 03-22-2010, 03:59 PM   #5
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It has to start with regulating leverage in the financial system. After that the other stuff is easy.
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Old 03-22-2010, 04:02 PM   #6
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It has to start with regulating leverage in the financial system. After that the other stuff is easy.
I thought the invisible hand took care of that!
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Old 03-22-2010, 04:17 PM   #7
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But what would real financial reform look like?
We would each receive according to our needs and contribute according to our abilities. Our shared values and common worship of our secular "leader" would serve as motivation enough to consume fairly and contribute eagerly. No greedy capitalistic drivers needed.
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Old 03-22-2010, 04:19 PM   #8
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Can't we get someone with at least some moral fiber to run with this?
Well, we'd have to find someone and elect them. There's no one there now that fits that description.
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Old 03-22-2010, 04:21 PM   #9
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Well, we'd have to find someone and elect them. There's no one there now that fits that description.
Maybe if Paul Ryan could get in as a Senator.........
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Old 03-22-2010, 04:25 PM   #10
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I don't think there is such a thing as a politician with integrity.
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Old 03-22-2010, 04:41 PM   #11
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I thought the invisible hand took care of that!
Goldman Sachs?
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Old 03-22-2010, 04:42 PM   #12
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I thought the invisible hand took care of that!
That worked well, didn't it?
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Old 03-22-2010, 07:24 PM   #13
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That worked well, didn't it?
Especially, if you're like Goldman and play both sides.
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Old 03-22-2010, 07:37 PM   #14
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Jack Bogle and or Warren Buffett. In my mind all others are suspect.

Until I hear of their personal experiences with:

'The Red Bead Experiment.'

heh heh heh -
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Old 03-22-2010, 07:54 PM   #15
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I thought the invisible hand took care of that!
And maybe it would if we let it.

-ERD50
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Old 03-22-2010, 10:24 PM   #16
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And maybe it would if we let it.

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Nah, it can never smackdown the snake oil salesman.
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Old 03-23-2010, 07:11 AM   #17
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Pre-1933, little financial regulation . . . banking crisis
1933-mid-1970's, heavy financial regulation . . .no banking crises
mid-1970's-present - financial deregulation . . . two banking crises
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Old 03-23-2010, 10:05 AM   #18
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Pre-1933, little financial regulation . . . banking crisis
1933-mid-1970's, heavy financial regulation . . .no banking crises
mid-1970's-present - financial deregulation . . . two banking crises
Not to mention the regulated period had the longest strongest economic period in history with the largest increase of the middle class.

Regulation is needed to level the playing field. Go too far and it is bad. Too little and you robber barons and a knee jerk reaction against them.

Without the big middle class bubble, who's going to buy the goods?
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Old 03-23-2010, 10:15 AM   #19
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My personal take on banking crises is that they appear when too much credit is extended. Government is holding interest rates down which by itself will do this but when you add the NINJA loans and so forth.......
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Old 03-23-2010, 10:18 AM   #20
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The Dodd Bill is moving along like health care reform, crippled in the view of the progressives and the right. But what would real financial reform look like? And how would it effect aging retirees like us? Unlike the health care bill, I suspect real financial reform would scare the heck out of Wall Street punching another hole in our portfolios. Would transparency and effective oversight have beneficial results in time to help us out? Or are we (from a purely self interested point of view) better off letting the Street keep gambling with our futures until we can quietly move on to our final rewards?
Looks like you have already pre-assigned the blame if the Dodd Bill doesn't pass... (the content of the bill and the public will notwithstanding)

Transparency begins at home.

Hide your money under your mattress. Read the prospectus. Investing involves risk- you can't have it both ways. Stay away from the Street if you don't like the risk, but don't expect the returns.

I agree with you on effective oversight. Let's start with public officials who don't pay their taxes.
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