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    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 342
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    #1

    Jan 23, 2010, 04:17 AM
    President's assault on banks
    To continue observations I made yesterday (https://www.askmehelpdesk.com/curren...-436941-3.html) ; the President basically is attempting to bring back Glass-Steagal, abolished by Clinton in 1999.He wants to get banks out of the private equity business,preventing the banks from playing in riskier markets.

    Perhaps that would've worked in a day when it was just American banks they were competing against . But today it is just as likely that directly or indirectly Americans conduct business in an international environment . I for one do some of my banking business with a Swiss bank that would not be under the same restrictions that the President would place on American institutions. Unless the President gets an international deal to have the world banking system simularily reformed then he will place American banks at a tremendous competitive disadvantage .That in fact was the very reason Glass-Steagal was repealed in the 1st place.

    It is not likely that the world's banking industry will fall in line. Europe welcomes Obama bank plan, won't imitate it - Yahoo! News

    This is a concern that Treasury Sec Tim Geithner is expressing privately behind closed doors.
    U.S. Treasury Secretary Timothy Geithner has expressed some skepticism behind closed doors about the broad bank limits proposed on Thursday by his boss, President Barack Obama, according to financial industry sources.
    The sources, speaking anonymously because Geithner has not spoken publicly about his reservations, said the Treasury chief is concerned the proposed limits on big banks' trading and size could impact U.S. firms' global competitiveness.
    UPDATE 3-Geithner aired concern on bank limits-sources | Markets | US Markets | Reuters

    Hmm one has to wonder if Geithner has just joined the ranks of the zombies walking . I see big bus tire tracks in his future. Not that I will shed any tears over his departure. With him gone;perhaps the President will put someone in Treasury who actually understands monetary policy.

    It is unclear how far the President has thought this through. It appears to be more a reaction to the Tues Mass. Vote ;and a desperate attempt at a populist reconnect with the votes. Wall Street has made themselves easy targets this year and the President plans to exploit that for all it's worth heading into the mid term elections. While he continues to call them fat cats ;he still provides their feed. He still thinks some institutions are too big to fail.

    Here's a novel concept. The way to prevent 'too big to fail' is to let some of them fail . If that were to happen then risk calculation would change in the institution.His proposal should be ;if you are backed up by taxpayer money then you may not engage in risky investments. If he does that I am sure most of the bailout TARP funds would be returned asap.
    galveston's Avatar
    galveston Posts: 451, Reputation: 60
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    #2

    Jan 23, 2010, 08:53 AM

    If Obama wants to show some bi-partisanship, he should appoint Ron Paul in place of Geithner.
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 342
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    #3

    Jan 23, 2010, 12:48 PM

    That may be the position Paul would do most good at .

    Do you think Bernanke is going to survive reconfirmation at Fed ? I have a feeling that there will be a bi-partisan filibuster against it.
    galveston's Avatar
    galveston Posts: 451, Reputation: 60
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    #4

    Jan 23, 2010, 06:19 PM

    Bi-partisianship at last?
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 342
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    #5

    Jan 23, 2010, 09:12 PM

    Bernanke is a bubble-head ,just like Greenspan was before him.
    speechlesstx's Avatar
    speechlesstx Posts: 1,111, Reputation: 284
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    #6

    Jan 24, 2010, 05:35 AM

    And who would he appoint that wouldn't be worse?
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    Catsmine Posts: 3,827, Reputation: 739
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    #7

    Jan 24, 2010, 06:57 AM
    Quote Originally Posted by speechlesstx View Post
    And who would he appoint that wouldn't be worse?
    Got it:

    Name:  countvoncount.jpg
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    speechlesstx Posts: 1,111, Reputation: 284
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    #8

    Jan 24, 2010, 10:24 AM

    I'm thinking more like...

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    Catsmine Posts: 3,827, Reputation: 739
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    #9

    Jan 24, 2010, 11:30 AM
    Quote Originally Posted by speechlesstx View Post
    I'm thinking more like...

    He does have the hat.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #10

    Jan 26, 2010, 05:59 PM
    [QUOTE=tomder55;2189833]...
    With him gone;perhaps the President will put someone in Treasury who actually understands monetary policy...

    Huh?
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    George_1950 Posts: 3,099, Reputation: 236
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    #11

    Jan 26, 2010, 06:03 PM
    Quote Originally Posted by tomder55 View Post
    That may be the position Paul would do most good at .
    I thought he was a physician; with all due respect, I think Paul has reached his level of incompetence. I agree with a lot he says, but he seems to lack 'leadership attributes', which is a characteristic most physicians lack as well.
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 342
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    #12

    Jan 27, 2010, 04:13 AM
    Most of my disagreements with Paul are in foreign policy.

    I find I agree with Paul most when he speaks of the Fed ,the Treasury,and monitary policy . Even if one thinks the Fed is needed ,they have gone well beyond their mandate and as a result it is a much too powerful institution for the independence they are granted.
    The Fed Chair I would support as an alternative to the current Greenspan sock-puppet is one who would rein it in ;provide transparency ;and at least direct it to perform it's function... to maintain a strong stable currency .

    Likewise the Sec Tres.should have similar goals. Both Geithner and Bernanke have maintained the weak dollar policy that was begun by Greenspan and Paulson. It is a road to ruin.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #13

    Jan 27, 2010, 07:37 AM
    Quote Originally Posted by tomder55 View Post
    Most of my disagreements with Paul are in foreign policy.

    I find I agree with Paul most when he speaks of the Fed ,the Treasury,and monitary policy . Even if one thinks the Fed is needed ,they have gone well beyond their mandate and as a result it is a much too powerful institution for the independence they are granted...

    Likewise the Sec Tres.should have simular goals. Both Geithner and Bernanke have maintained the weak dollar policy that was begun by Greenspan and Paulson. It is a road to ruin.
    I agree. I was astounded by the money Dr. Paul raised in his presidential bid. So I listened to him with interest until he started his foreign policy rationale; and it was remarkably "George Washingtonian", i.e. stay out of everyone's business, which is great advice for the 1790's.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #14

    Jan 27, 2010, 11:13 AM
    Quote Originally Posted by tomder55 View Post
    To continue observations I made yesterday (https://www.askmehelpdesk.com/curren...-436941-3.html) ; the President basically is attempting to bring back Glass-Steagal, abolished by Clinton in 1999.He wants to get banks out of the private equity business,preventing the banks from playing in riskier markets...


    It is unclear how far the President has thought this through. It appears to be more a reaction to the Tues Mass. vote ;and a desperate attempt at a populist reconnect with the votes. Wall Street has made themselves easy targets this year and the President plans to exploit that for all it's worth heading into the mid term elections. While he continues to call them fat cats ;he still provides their feed. He still thinks some institutions are too big to fail.

    Here's a novel concept. The way to prevent 'too big to fail' is to let some of them fail . If that were to happen then risk calculation would change in the institution.His proposal should be ;if you are backed up by taxpayer money then you may not engage in risky investments. If he does that I am sure most of the bailout TARP funds would be returned asap.
    Marc Faber: "I don't have a very high opinion of Mr. Obama," Faber told CNBC. "I was negative of Mr. Bush but I think Mr. Obama makes him look like a genius. Basically I think everybody will agree that in an economic system, the market solves problems best."
    Moneynews - Faber: Obama's Meddling Makes Bush Look Like Genius
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 342
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    #15

    Jan 28, 2010, 03:32 AM

    Last night he alternately trashed the banks and said he was counting on them to make the loans necessary for job recovery.
    Last night he trashed the rich ;threatened them with punative tax increases while he also said he was counting on them to make the investments needed for economic recovery. Last night he trashed free trade agreements while he claimed that he would double exports.

    Doesn't he listen even to himself ?
    speechlesstx's Avatar
    speechlesstx Posts: 1,111, Reputation: 284
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    #16

    Jan 28, 2010, 06:00 AM

    Sound bites over substance.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #17

    Jan 28, 2010, 09:32 AM

    The cult of personality: "A cult of personality arises when a country's leader uses mass media to create an idealized and heroic public image, often through unquestioning flattery and praise...." Cult of personality - Wikipedia, the free encyclopedia

    "MSNBC's Chris Matthews says President Barack Obama has done so much to heal racial divisions that he 'forgot he was black' while watching his State of the Union address."
    Chris Matthews on Obama: `Forgot He Was Black' - ABC News
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 342
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    #18

    Jan 28, 2010, 09:35 AM

    Imagine if someone like Imus said something similar.
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
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    #19

    Jan 28, 2010, 10:00 AM

    More pablum for the comrades: "If Mr. Obama thought he could take the rostrum in the House chamber and restore his image as the change agent who came to Washington to end the politics of division, he received another reminder just how hard that will be. Mr. Obama tried to recapture the magic of his yes-we-can campaign after a season of no-we-can't governing, but conceded little if any ground to critics on either the right or the left." NYT: A yes-we-can speech, and a dose of reality - The New York Times- msnbc.com
    Bwe he he
    amdeist's Avatar
    amdeist Posts: 35, Reputation: 4
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    #20

    Jan 28, 2010, 04:28 PM

    Amazing isn't it? Bernard Madoff uses new money to pay off interest on old money and we call that a Ponze scheme. Investment banks or individual taxpayers do it and we call that taking too much risk. Go figure!

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