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Would you support "real" financial reform?
03-22-2010, 02:37 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,313
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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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03-22-2010, 02:43 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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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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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-22-2010, 02:44 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 1,074
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Barney Frank, where are you?
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Someday this war's gonna end . . .
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03-22-2010, 02:50 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Frank and Dodd are somewhere toasting themselves on all the good they've done..................
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-22-2010, 02:59 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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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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Retired early, traveling perpetually.
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03-22-2010, 03:02 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 1,074
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Quote:
Originally Posted by Gone4Good
It has to start with regulating leverage in the financial system. After that the other stuff is easy.
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I thought the invisible hand took care of that!
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Someday this war's gonna end . . .
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03-22-2010, 03:17 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2005
Location: Chicago
Posts: 13,148
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Quote:
Originally Posted by donheff
But what would real financial reform look like?
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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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"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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03-22-2010, 03:19 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Location: Chicago
Posts: 13,148
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Well, we'd have to find someone and elect them. There's no one there now that fits that description.
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"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
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03-22-2010, 03:21 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Quote:
Originally Posted by youbet
Well, we'd have to find someone and elect them. There's no one there now that fits that description.
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Maybe if Paul Ryan could get in as a Senator.........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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03-22-2010, 03:25 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
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I don't think there is such a thing as a politician with integrity.
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"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
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03-22-2010, 03:41 PM
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#11
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Moderator Emeritus
Join Date: Oct 2007
Location: Portland
Posts: 4,946
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Quote:
Originally Posted by ChrisC
I thought the invisible hand took care of that!
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Goldman Sachs?
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03-22-2010, 03:42 PM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Posts: 5,381
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Quote:
Originally Posted by ChrisC
I thought the invisible hand took care of that!
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That worked well, didn't it?
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Retired early, traveling perpetually.
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03-22-2010, 06:24 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 1,074
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Quote:
Originally Posted by Gone4Good
That worked well, didn't it?
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Especially, if you're like Goldman and play both sides.
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Someday this war's gonna end . . .
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03-22-2010, 06:37 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
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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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03-22-2010, 06:54 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,806
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Quote:
Originally Posted by ChrisC
I thought the invisible hand took care of that!
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And maybe it would if we let it.
-ERD50
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03-22-2010, 09:24 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 1,074
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Quote:
Originally Posted by ERD50
And maybe it would if we let it.
-ERD50
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Nah, it can never smackdown the snake oil salesman.
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Someday this war's gonna end . . .
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03-23-2010, 06:11 AM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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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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Retired early, traveling perpetually.
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03-23-2010, 09:05 AM
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#18
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Recycles dryer sheets
Join Date: Aug 2009
Location: Frederick
Posts: 333
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Quote:
Originally Posted by Gone4Good
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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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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I FIREd myself at start of 2010!
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03-23-2010, 09:15 AM
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#19
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Dryer sheet aficionado
Join Date: Mar 2010
Posts: 26
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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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03-23-2010, 09:18 AM
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#20
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gone traveling
Join Date: May 2008
Posts: 3,864
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Quote:
Originally Posted by donheff
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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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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