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Mal_Con

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Agreed. With some modest oversight most, if not all of this "financial crisis" could have been avoided. Insisting on stricter guidelines on loan eligibility and increased capitalization requirments for firms would have done most of this. Instead what do we have? The typical short-term greed that fuels the financial sector.

 

Dont htese help regulate?

Office of the Comptroller of the Currency,

internationa Basel accords on captial standards,

state governments,

Federal Reserve

FDIC,

Sarbanes-Oxley Act

 

Here's several enablers!

Home Mortgage Disclosure Act

Community Reinvestment Act

Deductible Interest

 

only six months ago Dems were pushing for weaker capital requirements!

 

Do you still stand by your statement?

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Agreed. With some modest oversight most, if not all of this "financial crisis" could have been avoided. Insisting on stricter guidelines on loan eligibility and increased capitalization requirments for firms would have done most of this. Instead what do we have? The typical short-term greed that fuels the financial sector.

 

Dont htese help regulate?

Office of the Comptroller of the Currency,

internationa Basel accords on captial standards,

state governments,

Federal Reserve

FDIC,

Sarbanes-Oxley Act

 

Here's several enablers!

Home Mortgage Disclosure Act

Community Reinvestment Act

Deductible Interest

 

only six months ago Dems were pushing for weaker capital requirements!

 

Do you still stand by your statement?

 

 

So, as the US prepares to spend $85 billion for an 80% stake in AIG you are arguing exactly what PP?

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Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

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Agreed. With some modest oversight most, if not all of this "financial crisis" could have been avoided. Insisting on stricter guidelines on loan eligibility and increased capitalization requirments for firms would have done most of this. Instead what do we have? The typical short-term greed that fuels the financial sector.

 

Dont htese help regulate?

Office of the Comptroller of the Currency,

internationa Basel accords on captial standards,

state governments,

Federal Reserve

FDIC,

Sarbanes-Oxley Act

 

Here's several enablers!

Home Mortgage Disclosure Act

Community Reinvestment Act

Deductible Interest

 

only six months ago Dems were pushing for weaker capital requirements!

 

Do you still stand by your statement?

 

Yes! Instead of throwing the alpabet soup agency list at me come up with an argument. And I'm not saying the dems have clean hands here. The deregulation phase started in earnest with Regan and only accelerated through Bush. In your laundry list above there is no accommodation for 1) requiring verification of minimum income thresholds - with meaninful penalties for a finacial institution that does not comply or 2) requirements for financial institutions to have a minimum of capital on hand to match the risk and breath of their exposures. Both requirements were significantly reduced over the last 15 yrs. Time and time again we've had to bail out financial institutions that ignore standard business common sense while over-reaching for the golden apple. Great. Remember the S&L bailout? Lack of regulation. So here we are again.

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Jamie Gorelick:

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

Definately a good example. A private institution backed by the U.S. government - but doesn't want stricter oversight. You want the guarantee - then you have to deal with a taxpayer watchdog.

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Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

 

THE US IS SPENDING $85 BILLION TO ENTER THE INSURANCE INDUSTRY AND THIS IS ALL YOU CAN TALK ABOUT?

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Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

 

THE US IS SPENDING $85 BILLION TO ENTER THE INSURANCE INDUSTRY AND THIS IS ALL YOU CAN TALK ABOUT?

 

YOU DON'T CONTROL THE CONVERSATION. PP DOES. THIS CLINTON APPOINTED DEMOCRAT ADVISER TO OBAMA WOMAN WHO BELONGS IN PRISON IS SET TO BECOME AG, OR EVEN AJ, AND ALL YOU CAN THINK ABOUT IS YOUR STINKING MONEY? :rocken:

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Jamie Gorelick

 

Even though she had no previous training nor experience in finance, Gorelick was appointed Vice Chairman of FNMA from 1997 to 2003. She served alongside former Clinton Administration official Franklin Raines, and earned over 26 million during her six years there. During that period, FNMA developed a $10 billion accounting scandal. [10] One example of falsified financial transactions that helped the company meet earnings targets for 1998, a "manipulation" that triggered multimillion-dollar bonuses for top executives. [11] Gorelick received $779,625. On March 25, 2002, Business Week interviewed Gorelick about the health of "Fanny Mae". [12] Gorelick is quoted as saying, "We believe we are managed safely. We are very pleased that Moody's gave us an A-minus in the area of bank financial strength -- without a reference to the government in any way. Fannie Mae is among the handful of top-quality institutions." [12] One year later, Government Regulators "accused Fannie Mae of improper accounting to the tune of $9 billion in unrecorded losses". [13]

 

 

THE US IS SPENDING $85 BILLION TO ENTER THE INSURANCE INDUSTRY AND THIS IS ALL YOU CAN TALK ABOUT?

 

Who else is going to do it?

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...and God forbid we blame people who borrowed more than they could afford to pay back. :rolleyes:

 

It's the structure that's failing, not the people.

 

When America Joe/Jane takes out a 30 year on a 300k loan with $2000/month payments on $2600/month take-home salary he's failed to do some pretty basic math or to allow for even the most benign bump in the road.

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...and God forbid we blame people who borrowed more than they could afford to pay back. :rolleyes:

 

It's the structure that's failing, not the people.

 

When America Joe/Jane takes out a 30 year on a 300k loan with $2000/month payments on $2600/month take-home salary he's failed to do some pretty basic math or to allow for even the most benign bump in the road.

 

Those poor bankers - joe Sixpack used them! :lmao:

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