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As Bank Profits Soar, Gingrich Claims Dodd-Frank Is 'Killing The Banking Industry Now'

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posted on Aug, 21 2011 @ 03:39 AM
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As Bank Profits Soar, Gingrich Claims Dodd-Frank Is 'Killing The Banking Industry Now'


thinkprogress.org

Presidential candidate Newt Gingrich has taken up the relatively esoteric fight against the Dodd-Frank Wall Street reform law, telling anybody who will listen that it must be repealed, along the Sarbanes–Oxley Act and other banking regulations.
(visit the link for the full news article)




posted on Aug, 21 2011 @ 03:39 AM
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What vipers!!

Just a few years short years after the nation’s biggest banks helped bring down the global economy, due in large part to lax and dysfunctional regulation, most Republicans now oppose any efforts to further reign in large financial institutions. Some, like Gingrich, want to roll back regulations that existed even before the financial colllape — Sarbanes–Oxley was implemented in response to the Enron and other major corporate accounting scandals — while Texas Gov. Rick Perry (R), goes much further, suggesting in his 2010 book that all banking regulations are unconstitutional.


Oh, yeah, the banks. The poor banks...

So is Dodd-Frank “killing” the industry? In fact, “bank profits rose substantially” in the first quarter of the year, with banks showing the biggest profits since before the recession. Things were sunny in the second quarter as well:


– Profits at JPMorgan Chase, the nation’s second largest bank, were up 13 percent.

– Third-largest Citigroup’s profits soared 23 percent.

– Fourth-largest Wells Fargo’s profits shot up 29 percent.

– Fifth-largest Goldman Sachs, meanwhile, “disappointed investors” when it merely “more than doubled its profits.”

–Sixth-largest Morgan Stanley’s profits were up an impressive 17 percent.

The only top-tier bank to have a rough second quarter was the nation’s largest, Bank of America,

Bof(cough)American(cough) whose public policy director Mahoney just offered Rick Perry "help" in a surreptitious remark caught on video tape.

You know,it's not hard to find this stuff. It's out there. Just not where most people are looking;

I'm starting to revisit my plan from a few years ago to expatriate. While I still can.


thinkprogress.org
(visit the link for the full news article)

ETA one more snippet:

Rep. Michele Bachmann (R-MN) has also called for a full repeal of Dodd-Frank, while Mitt Romney, a former financial services executive, decried “the level of over-regulation and burden which has been placed on the financial services” and likened bank regulators to “gargoyles,”


And...but I....switched from Unaffiliated to Republican the other day....just in case Ron Paul does make it to the primaries.....and.....wait -- what if they pass a law that says "nope, you filed Republican, see? Now you can't switch it."
I'm am getting more nervous every day.
edit on 21-8-2011 by wildtimes because: (no reason given)



posted on Aug, 21 2011 @ 03:59 AM
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Social systems and economic systems are quite similar, both NEED laws (aka regulations) in order to operate in an orderly fashion. Banks have already proven that they cannot operate in a responsible manner without regulations and I don't see why we should relive 2008... now it's a matter of getting the regulators to actually do their @$^#ing jobs.

We already tried the whole "deregulate everything" theory under Greenspan, it works really, really well for a few years until all the fraud, lying & cheating finally surfaces and then EVERYTHING melts down causing grief on Main St. and bailouts galore on Wall St.

No. No. No. No.



posted on Aug, 21 2011 @ 04:05 AM
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reply to post by wildtimes
 


These bast*rds are unbelievably & ideologically dumb/wicked.

Dodd-Frank is actually pretty weak and will not prevent another financial or housing crash.

No doubt a populace of a conservative mindset in the U.S. will lap it up.



posted on Aug, 21 2011 @ 08:55 AM
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In a way Newt Gingrich is right, the banks making the profit are older government backed banks. The financial sector has little [if any] competition, America is rewarding failed financial institutions and they aren't even giving new comers a chance.

If we keep going like this we might as well consider the financial sector nationalized.



posted on Aug, 21 2011 @ 09:04 AM
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I find it funny that many people here say the U.S is controlled by corporations, but they will hold any government regulation as sacrosanct. If special interest control the government, who do you think writes the regulations?

I'm also amazed by the amount of people here who accept the official story behind the crash of 2008 [deregulation], but anyone that believes the official story behind 9/11 [terrorist] are considered ``sheeple``, not informed, etc, etc.


edit on 21-8-2011 by Rockdisjoint because: (no reason given)



posted on Aug, 21 2011 @ 11:32 AM
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We desperately need to reinstate the Glass-Steagall act to reign this casinos, er..banks in.
That any candidate is openly campaigning to repeal what little restraints are left is the equivalent of urinating on the guy you just beat and robbed.
And they think we're gonna fall for this horse manure?
If we do, we deserve every last bit of agony they will inflict on us.
The gravest danger to liberty is not the politicians but an apathetic and uneducated public.



posted on Aug, 21 2011 @ 05:36 PM
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reply to post by Asktheanimals
 



The gravest danger to liberty is not the politicians but an apathetic and uneducated public.



And someone called ME "dumb," right here on this board. (Not you, some ....uh....troll....) I just don't understand it. I don't understand how people don't get it. I don't understand how this type of thread gets NO ATTENTION.

Thanks, though, for your supportive response.
WT

edit on 21-8-2011 by wildtimes because: (no reason given)



posted on Aug, 21 2011 @ 05:55 PM
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Originally posted by wildtimes

As Bank Profits Soar, Gingrich Claims Dodd-Frank Is 'Killing The Banking Industry Now'


thinkprogress.org

Presidential candidate Newt Gingrich has taken up the relatively esoteric fight against the Dodd-Frank Wall Street reform law, telling anybody who will listen that it must be repealed, along the Sarbanes–Oxley Act and other banking regulations.
(visit the link for the full news article)

[/quote

between being disapointed in obama and the insanity of the republicans who prostitute themselves to every corporate criminal, we could soon find ourselves with nothing to beleive in.

the only hope lies outside of the usa, the world is getting wise to these criminals, and hopefully will bring this corupt system down.

if we are unable to rein in these criminals, better to see a collapse than to let future generations be slaves to this insane financial sector.



posted on Aug, 21 2011 @ 06:31 PM
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reply to post by citizen6511
 



between being disapointed in obama and the insanity of the republicans who prostitute themselves to every corporate criminal, we could soon find ourselves with nothing to beleive in.

the only hope lies outside of the usa, the world is getting wise to these criminals, and hopefully will bring this corupt system down.

if we are unable to rein in these criminals, better to see a collapse than to let future generations be slaves to this insane financial sector.

I sadly agree with you.
Better to let it collapse, especially in light of the fact that so many people are willing to "discuss" and "debate" it online, but not to get off their duffs and go marching.
Maybe I'm too zealous, I dunno.
But....folks, if we all just sit around complaining, gritching, blaming, and suffering, well NOTHING will happen different from the status quo.

Where are we going?
And why am I in this handbasket?



posted on Aug, 22 2011 @ 09:22 AM
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That's pretty damn funny that Newt is on his soapbox about Frank-Dodd. Dodd-Frank did absolutely nothing to stop the balance sheet games (mark to fantasy still allowed), derivatives (banks still hold derivatives not traded on a regulated market with margin supervision), and the banking cartel is about to get away with hundreds of thousands of felonious cases of presenting forged documents to courts in foreclosures.

I'll take someone serious when they say repeal Frank-Dodd reinstate Glaas-Stegall. The market did not turn in '09 until Congress forced the FASB to allow fraudulent accounting by cancelling it's mark-to-market standard. The idea behind it at the time was that the impairment was a temporary thing. It's not. Were the major financial institutions forced to mark every asset they have at it's market value like they were in the process of transitioning to in '09, most would still be insolvent.



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