House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

this is wonderful news.

originally posted by: Swills
a reply to: toysforadults

You should read up on Dodd Frank and why it was implemented.

Btw, Dodd Frank was very weak when it came to regulating those who collapsed our economy but it was something. Now that Trump and his cohorts have eliminated it there is nothing in their way. Expect a major economic crisis in the next couple of years and we'll see what tune you're singing then.

Thats not what Dodd/Frank was. It certainly wasnt a weak attempt to regulate!

originally posted by: toysforadults
a reply to: Swills

Had FDR never bailed us out in 1920's we would have never faced this crap to begin with, don't forget he set precedence for bailouts and social programs. Big daddy government.

EXACTLY.

Executive Order 6102:

en.m.wikipedia.org...

We were suckered BIG time.

originally posted by: odzeandennz
this is wonderful news.

Would you expound on that? Because I'm certain that almost every American who lived through the Great Recession knows what nonsense that is. Even more so, those who had an inside understanding of exactly what the winding down of Fiscal Bulwarks looked like, and the resulting carnage.

a reply to: Swills

Can pass up an opportunity to bring Trump in. Obama oversaw the bail out as well as anyone of the rest. But we will never understand what really goes on at this stupid rate.

originally posted by: Swills
a reply to: toysforadults

You should read up on Dodd Frank and why it was implemented.

Btw, Dodd Frank was very weak when it came to regulating those who collapsed our economy but it was something. Now that Trump and his cohorts have eliminated it there is nothing in their way. Expect a major economic crisis in the next couple of years and we'll see what tune you're singing then.

Won't matter what president or year, it's too far along now and nothing can stop a mathematical certainty.

If you choose to start blaming anyone or anything for that matter, start with that person in the mirror.

Don't worry, you're not alone by a long shot.

originally posted by: toysforadults

House lawmakers approved the legislation in a 233-to-186 vote. But the bill -- called the Financial Choice Act -- has little chance of passing the Senate in its current form.

The legislation is part of the deregulatory agenda that has swept through Washington since Trump’s election win. In the coming days, the Treasury Department is expected to release a report that will add to the push by laying out recommendations for cutting back what Republicans see as red tape that was wrapped around banks after the 2008 crash.

House Republicans Pass Bill to Rip Up Post-Crisis Bank Rules

Good stop regulating everything out of existence and allow the free market to dictate our path.

If you make bad choices or bad investments then you pay for them. Daddy government does not need to regulate ever aspect of our lives. I hope this is part of the agenda that leads America to fresh growth and enable our younger generations to actually start working for themselves instead of forcing them to work for someone else.

Really? Millions of people were tricked by the banks into signing up to making PPI (Payment Protection Insurance). This was done by the clerk either not talking people through the implications of each option, or just ticking the box to opt in then asking the customers to sign up. For myself, I just got the form sent out and told to sign each X. PPI was a scam where you paid a percentage of the outstanding amount each month to "cover" you for up to 10% of the payments if you happened to be ill or off work. What the banks didn't tell people was that they would keep raising the debt limit until their customers were trapped in a debt trap where their maximum payments just matched the interest being charged. Then the PPI acted as compound interest. A decade later, banks are still barely breaking even because of the billions of compensation payments they are paying out. They were doing this for 25 years. Some banks have ended up becoming "toxic" because of all the bad debts they hold. It took me a legal battle but I got over £10K back.

a reply to: alphabetaone

I think it was sarcasm. Going by memory of his posts he doesn't seem like the type that would call this a good thing. I may be wrong though.

originally posted by: EternalShadow

originally posted by: toysforadults
a reply to: Swills

Had FDR never bailed us out in 1920's we would have never faced this crap to begin with, don't forget he set precedence for bailouts and social programs. Big daddy government.

EXACTLY.

Executive Order 6102:

en.m.wikipedia.org...

We were suckered BIG time.

Yea they create the BS and then cash in with big daddy. Its fiat money, electronic money......promises, promises.

The Wealthy will get RICHER, bailed out, and leave us ALL more poor...again.

A bit of history and a thought about the words we use today are not the same as they were yesterday . They flipped the meanings and turned the narrative upside down .

a reply to: DanteGaland


Yea we are not even talking about the folks that did everything right, stayed out of harms way ect and yet still got their 401ks drained off to nothing in many cases. How, as some have suggested, was this a bad decision made on their parts? How do these losses reflect mistakes on their part?

Pretty sure it was the left's own Bill Clinton that led the charge that got Glass-Steagel repealed back in the early 90s. That would be the act that had prevented speculators from using your savings for THEIR gambling, and that many experts credit for the US economic boom of the 50s and 60s.

If you are interested, there is more here en.m.wikipedia.org... I know it's Wikipedia, but you can confirm the data elsewhere.

Point being, liberals have no grounds for complaining about today's vote (though I, too, am a little concerned about Congress' failure to learn from history)...

a reply to: Logarock

Their retirements were GAMBLED on the stock market. There USED to be this thing called a pension. It was a BENEFIT to entice hard work and QUALITY employees.

You were PAID a percentage of your salary once retired without RISKY investments.

American workers are LOOSING ... The power of the WORKER has declined for years now.

Jeezus..am I missing something here? they want to undo the measures taken to prevent the financial powers that be, from crashing and screwing everybody, and being rewarded for doing so..AGAIN??

originally posted by: vonclod
Jeezus..am I missing something here? they want to undo the measures taken to prevent the financial powers that be, from crashing and screwing everybody, and being rewarded for doing so..AGAIN??

Of course, how else would they create "safeguards" to keep the farce going? Folks REALLY need to see the signs, do a little market research, and get ready for a major market event...and it's not going to be a joyous event either.

a reply to: EternalShadow

Draining the swamp..lmao

originally posted by: vonclod
a reply to: EternalShadow

Draining the swamp..lmao

Platform policies merely placate the masses, set up issues to argue about, and villains to blame when groups don't get their way.

If anything, debt has made us all spoiled brats.

originally posted by: vonclod
a reply to: EternalShadow

Draining the swamp..lmao

LOL! Yea and wow are they sure they want to drain the swamp anyway? All the bones lol

a reply to: EternalShadow

I agree debt and the ability to easily run it up has made us spoiled.