Republicans Are Obsessed With Deregulating Wall Street

a reply to: Krazysh0t

Deregulation? Self regulation? I call BS on both.

I hate the idea of self regulation, We already know that certain companies take 'liberties' and if they were allowed the liberty to do whatever they please then why bother with consumer watch dogs?

Screw self regulation.

originally posted by: Aazadan

originally posted by: ketsuko
a reply to: Krazysh0t

So then, what good is the FDIC label if all those accounts are gone like they never existed?

FDIC is only good in the event a single bank goes out of business, maybe not even some of the larger ones. It can at the most only recover about 2% of total accounts though in the event of another 2008 and while some people pretend that it's there to cover everything, it's not. A program that covers everything isn't possible, that's just not how insurance works.

originally posted by: MystikMushroom
If the bank fails, then it would be "investor beware" -- the customer should be informed and choose to park/invest their money with a reputable bank that has a history of being solvent and responsible.

OTOH -- This isn't always 100% realistic, as large banks can often times be doing things that the average American isn't aware of.

This doesn't work, for any product because we don't exist in a system of perfect information, instead the purchaser has imperfect information and therefore can't make an informed decision. And even if they could, some people aren't going to make the right decision and will lose out. In fact, if everyone made a 100% informed decision and only went with the best company, it would trigger a collapse of all companies but 1 as they would lose all their customers, there can only be one best.

Glass-Stegall should be reinstated. Wall Street needs to remain separate from commercial banking. In fact, I'd like to see Wall Street firms be forced to go back to partnerships. This way it is the partners' money on the line if it fails. I also believe the mega banks should be broken up. No bank should be so big that it create systematic risk if it fails.

Unfortunately, the cat has been let out of the bag...

Not all regulations are bad, the problem is preventing them from becoming too all encompassing that they become a tool to stifle competition and innovation.

Unfortunately, consumers are lazy. They won't speak with their wallets unless you offend a a gay couple by not wanting to bake a cake. Consumers won't take their deposits out of the mega banks to go with the small local bank.

Our myopic focus on getting the cheapest price is what drives a lot of the very things that we complain about.

originally posted by: AugustusMasonicus
Because the morons who wrote Dodd-Frank did not have an economic degree; one had a law degree and the other a degree in government (and then became a lawyer as well).

This is like having your landscaper and plumber work on your Chevy.

The only fix to that, is to elect people with more broad experience. But the only things people want to elect are either doctors, lawyers, or small business owners who don't necessarily have a degree in anything useful. I would love that if we could instead of relying on lobbyists who specialize in fields, elect people in those fields and let them share their expertise but that's not what we have. Lets look at the current Republican field since there's so many to compare to:
Jeb Bush - Latin American Studies
Ben Carson - Psychology, MD
Chris Christie - Political Science
Ted Cruz - Public Policy, JD
Carly Fiorina - Medieval History, MBA, MS
Jim Gilmore - Law
Lindsey Graham - Psychology, JD
Mike Huckabee - Religion
Bobby Jindal - Public Policy, Biology, Literature
John Kasich - Political Science
George Pataki - History, JD
Rand Paul - MD
Marco Rubio - Political Science, JD
Rick Santorum - Political Science, MBA, JD
Donald Trump - Economics

Out of the 26 degrees earned between those 15 candidates 7 are law, 2 are doctors, 3 are useful (psychology, economics, biology), and the rest are the types of degrees people take that just want a piece of paper rather than something useful. There are no mathematicians, no architects, no engineers, nothing technology related

In Congress out of 535 people, 35 hold no degree, 226 hold a degree in law, and the vast majority of the rest hold a political science degree. That doesn't give us diverse backgrounds for knowledgeable people to write these bills. Dodd-Frank inparticular was written with a lot of input from the large banks and that's why it's so long, it's full of loopholes they can abuse. Dodd-Frank is hundreds of pages, Glass-Steagall was just two and it worked fine.

a reply to: Aazadan

Personally I would rather elect a small business owner over a Political Science major or an attorney any day of the week and twice on the 1st Tuesday in November.

As a businessman I am against the bill as much as I am against sox. They had a purpose which neither of them fulfilled well.

So let me clarify: Both bills had good intent, both of them failed at their intent and did damage to the "little guy". They were both written with the "big guy" in mind. Such is standard ops for government measures though no matter which side of the isle they come from.

a reply to: Krazysh0t

originally posted by: AugustusMasonicus
a reply to: Aazadan

Personally I would rather elect a small business owner over a Political Science major or an attorney any day of the week and twice on the 1st Tuesday in November.

There's nothing wrong with Political Science or Lawyers, these people are writing legislation and having people who are writing the law that are familiar with the legal process and legal jargon is important not just to properly phrase things but to make sure the intent of the law is what we actually get.

We don't need over 50% of legislators to be lawyers though. Having some small business owners is great, but I don't want all or even most in congress to be small business owners either. It has been my experience that small business owners don't really know how to do a whole lot, so they have to identify what needs to be done and then hire others to do it. Take an example from this conference I just went to last weekend. There was a talk on having your own small business software company. The people that gave the talk all referred to themselves as software developers, they were small business owners. But during the talk it came out that none of them could flowchart software, none of them could program, none of them could do art for the software, and everything else. It was always "We couldn't do X so we got someone to do it for us". That was a perfect example of the useless small business owner who produced nothing but got other people together to do it for them. The exact type of person I don't want in Congress, because that's pretty much exactly what we have now.

a reply to: Aazadan

Are you intentionally lying with those degrees or did you rip that list from the internet? Many of those people have double majors. The biggest one that stands out is Carly:

Fiorina received a Master of Business Administration, in marketing, from the Robert H. Smith School of Business at the University of Maryland, College Park, in 1980. She obtained a Master of Science, in management, at the MIT Sloan School of Management, under the Sloan Fellows program, in 1989.[34]

You should vet your information first as several of the people you listed ALSO have degrees in other fields, but that list seemed to intentionally disparage Carly by only listing her undergrad degree.

a reply to: Aazadan

As a former, multiple small business owner I often had to do EVERYTHING myself. I find small business owners are intimately more familiar with what it means to be a stakeholder and that ultimate responsibility rests on you.

Did I contact experts when needed? Yes. But I was conscious of what it would cost either monetarily or in other means.

a reply to: raymundoko

Well I'm not surprised that you'd have a problem with a bill that makes it harder for you to do business, but sometimes we have to grit and bare it because not having it would be a worse off situation. I work in the IT department of a pharmaceutical company that sells drugs in both Europe and the States. Europe is adopting some VERY tedious new policies in order for us to be approved to sell there. I don't like it one bit, but I know that pharmaceuticals NEED to be tightly regulated to minimize bad drugs from entering the market.

The fact of the matter is that banks need MORE regulation, not less. Dodd-Frank doesn't do enough to regulate the banks and it has been butchered since it went into effect.

a reply to: Krazysh0t

Excellent point which is why I see the intent of these laws. I just feel they were poorly implemented. You can tell the politicians allowed the banks to write the law.

originally posted by: raymundoko
a reply to: Aazadan

Are you intentionally lying with those degrees or did you rip that list from the internet? Many of those people have double majors. The biggest one that stands out is Carly:

Fiorina received a Master of Business Administration, in marketing, from the Robert H. Smith School of Business at the University of Maryland, College Park, in 1980. She obtained a Master of Science, in management, at the MIT Sloan School of Management, under the Sloan Fellows program, in 1989.[34]

Fiorina received a Master of Business Administration, in marketing, from the Robert H. Smith School of Business at the University of Maryland, College Park, in 1980. She obtained a Master of Science, in management, at the MIT Sloan School of Management, under the Sloan Fellows program, in 1989.[34]

Yes sir ree, all that book larnin sure did help Carly in the biznes wrld..... Runnin HP into the ground; perfect credentials for a GOP politician.

I'd rather vote for a lawyer than a failure in business person.


fortune.com...

edit on 12-11-2015 by olaru12 because: (no reason given)

a reply to: raymundoko

With THAT we are in agreement.

originally posted by: raymundoko
Are you intentionally lying with those degrees or did you rip that list from the internet? Many of those people have double majors. The biggest one that stands out is Carly:

www.washingtonexaminer.com...

Sorry, I skipped the rest of hers because of the did not finish and then just kind of mentally blanked.

a reply to: Aazadan

OK, but you also missed Jindal's science degree (Biology) and Santorum's MBA (Masters, Business Admin).

a reply to: AugustusMasonicus

Just different experiences then I suppose. In my field one of the greatest annoyances is that managers and business owners are almost always non technical people. They don't know how to do anything, that's why they hire you after all.

The small businesses I frequent are the same. Take a coffee shop I like to hang out in, the owner runs the property (and has been a lifelong small business owner, bouncing from one business to another every few years) but what that really means is he doesn't know how to run his coffee machines, he can't do the electrical work on the building, or the plumbing, he has to hire an outside firm to film his commercials, his manager handles all the training, he couldn't even set up public wifi for his property which is just as much a fixture of coffee shops as the actual coffee is.

The other businesses in my town are much the same, and the tech stuff like I said is a constant throughout the entire industry.

Sure a small business owner will have concepts of revenue and expense but that's general knowledge you can share between any business. The more specialized the knowledge the less likely a random business owner is to have it even if it's knowledge for that business, or that has been my experience.

a reply to: olaru12

Nice hit piece. However, if it wasn't for Carly HP wouldn't have the massive share of the enterprise market, specifically server hardware. Many board members who were involved with her ouster have even come forward saying she was going in the right direction and they wouldn't have fired her if they had known how it would turn out.

Basically, it was the Dungee Tampa Bay Bucs. He built the team that won the super bowl the very next year. All Gruden did was come in and yell a tiny bit.

originally posted by: raymundoko
a reply to: Aazadan

OK, but you also missed Jindal's science degree (Biology) and Santorum's MBA (Masters, Business Admin).

Again sorry, not sure how I did that. I edited the above. It doesn't really change the numbers. Take Fiorina for example she has a Masters in management, an MBA, and a Bachelors in history. Plus an absolutely horrible professional record. These degrees are still for the most part very tightly centered around either generic business degrees, law degrees, or do nothing degrees. The same is true of Congress and it's a problem because when our legislators don't have the expertise in these fields it means they need to turn to lobbyists to get needed information.

a reply to: Aazadan

A woman worth 58 million has a horrible business record?

a reply to: raymundoko

I wouldn't say that net worth is a good indicator of business potential. What with golden parachutes for being fired and inheritances and all.

originally posted by: raymundoko
a reply to: Aazadan

A woman worth 58 million has a horrible business record?

Net worth isn't indicative of business potential. Look at her severance package from HP which they had to pay after she ran their company into the ground and lost half of her investors money. It's not just HP either, she was kicked off the board of another tech company, and prior to HP in a telecom company she also crashed that one. Her time at HP got her ranked as I think it was the 14th worst CEO of all time, yet her records in other companies have been equally bad.