I like Obama's comments here very much, as opposed to the ones following his.
His "cascade" comment seems to admit both parties are responsible.

What bull shit, we need LAWS.

Not giving the federal reserve more power.

Just another corporate wall street pandering mess we will have to deal with a few years from now.

Now obama is giving us change???? NOT!!

I agree with not giving the fed any more power, Money. That's for sure. Between Volker and Greenspan, it should be obvious by now.

It won't work.

Should have just let them fail. Citigroup, AIG, GM. All of them.

That way we could be enjoying the benefits of 25% unemployment right now.

Moneywar is correct... giving powers to more congressional and political 'out-of-sight' councils will not offer any progressive or reformative measures. There should be specific laws passed that deal with these issues... giving governmen TOO much power over the supposedly free system moves to WHERE..???? is this nation so blind not to see and to continue to tolerate this 'bandaid' and noneffective leadership method.. specific laws and guidelines and stepping back to let a free economy take care of it's own will be the only effective way to get out of this mess.. nothing yet has proven in any way to be effective or close to it... just more government programs and spending.. and, this heatlh care issue will topple more than it will aid..

I guess a nod is as good as a blink to a blind horse.

This is a move in the right direction, not the instant cure-all that some seem to think it should be. Some of this will need to be expanded and if it works well, codified into law.

Some of it may not be helpful as is and can be modified.

But making the perfect the enemy of the good is self-defeating.

Hey Corky, how is giving more power to those which created the crisis in the first place a step in the right direction? I suppose your answer to getting a drunk to drink less is to make him a bartender?

"
What bull shit, we need LAWS.

Not giving the federal reserve more power."

I must admit, Obama seems to have forgotten that, to a large degree, it was the Fed that caused this mess in the first place. Greenspan specifically.
I would think some oversight of the Fed itself is more likely needed or a complete take over of the Fed by the government.

I must admit, Obama seems to have forgotten that, to a large degree, it was the Fed that caused this mess in the first place. Greenspan specifically.
I would think some oversight of the Fed itself is more likely needed or a complete take over of the Fed by the government.

Forgotten...laughable. We don't have the retard president anymore...we have the genius president now. He hasn't forgotten. He loves bankers. HE LOVES BANKERS. The head of the Treasury is a former Fed Banker! Forgot?!?! Give me a break.

I suppose we should have gotten some engineering experts to fix this financial problem, eh?

All the best minds in the financial industry already have jobs, mostly at the Fed, Wall Street, and the banks. To say we should have sought out lesser qualified people or people out of the industry is irrational. Not surprising, but irrational.

New boss, same as the old.......

I suppose we should have gotten some engineering experts to fix this financial problem, eh?

So you're going to tell me with a straight face that the only people in this entire world who are capable with dealing with this problem are the fuckups who made the problem? If your basement floods, and you call a plumber to fix the problem, and then the basement floods again, and then you call the same plumber and the basement floods again, what do you do?

Well I know what you do... What I would do is not call the same plumber again. I know, it's so easy and obvious, a caveman could do it. What's you're excuse? Oh that's right, you're a partisan douche.

All the best minds in the financial industry already have jobs, mostly at the Fed, Wall Street, and the banks. To say we should have sought out lesser qualified people or people out of the industry is irrational. Not surprising, but irrational.

What's irrational is watching the same people doing the same things over and over again and expecting a different result, just because Emperor Obama sprinkled some of his "magical pixie change dust". For a nice change of pace, why don't you pay more attention to what he does rather than what he says?

Why don't you come up with an alternative scenario instead of just bitching and whining?

Why don't you come up with an alternative scenario instead of just bitching and whining?

Here's a start...

Fire Geithner and hire Peter Schiff.
Audit the Fed and audit it yearly for the remainder of it's existence.
Nationalize the Fed or shut it down.

Simple solutions for simple minds.

Simple solutions for simple minds.

...coming from the person who thinks that the same behavior is different because the guy on stage says "It's different." Simple minds indeed...

Thwart them, yes, the SEC will thwart them. Unless they want a private sector reward after they leave office. Then they'll turn a blind eye, again and again and again.

White collar crime, like religious belief, is special and has its own set of rules.

"These schemes were built on a pile of sand,"

--------

Well he's somewhat correct. The entire American economic system is built upon a file of sand(fed).

Not being a financial genius, the actual methodology of curing the entire financial world and it's desire to self destruct, escapes me. It is obvious that some form of regulation is required as they will simply screw things up trying to screw over the loan recipients. Self regulation in any industry seems to always lead to some greater or lesser disaster. As to whether the Obamaman is the one to set the rules or someone else, someone certainly needs to get this job done.

Omama thinks your too stupid to walk and chew gum at the same time. Don't worry he will appoint an unelected Czar to supervise you so you don't choke.

Omama thinks your too stupid to walk and chew gum at the same time. Don't worry he will appoint an unelected Czar to supervise you so you don't choke.

It won't work.

#4 | Posted by rightisright

Works elsewhere. Just like national health crae.

The right has drilled down to the meme that "things that work in the rest of the western world won't work for us dumb, fat, lazy Americans. We need to be happy with our failures."

Canadian banks are widely recognized for having avoided the worst of the financial crisis thanks to a risk-averse culture and tougher regulation.

What we really need is to undo all of the deregulation that Reagan and the Bush twins did (and Clinton too).

"Should have just let them fail. Citigroup, AIG, GM. All of them.

That way we could be enjoying the benefits of 25% unemployment right now."

post #5

Actually yes, I think we should have let them go "belly up". Then we could deal with the aftermath and be down with it. The Great Depression didnt ruin us, so I find it very unlikely that AIG, CitiGroup, GM crashing and burning would have been somethin that we could not have gotten through. Tough but not impossible. Americans are a amazingly resiliant people.

I'm open to the idea of a Single payer, or "Universal" Healthcare system. But only as long as some conditions are met.

Conditions:

1. I can get treatment or start treatment for ANY problem THAT day no matter the problem.(As is currently the case with my current insurance)

2. I can NEVER be told what to eat, drink, or consume. Period. Even if it is to my detriment.

3. I and only I choose MY Doctor.

4. I can NEVER be exclued from any treament due to my diet, lifestyle or pre-exsisting conditions.

we ge these met and we are on our way

Got-pretty basic already in most socialist communist health plans. #4 may be difficult, as some doctors in both public and private health care already refuse treatment if patient not willing to change lifestyles-try getting a ling transplant or cancer treatment if you refuse to quit smoking.
#2 same boat-you ain't gonna find a doctor anywhere who won't try and get you to quit smoking or a druggie or drunk to quit.

Gerald Celente on the new regulations:

Ron Paul on the new regulations:

Interesting to see all these "liberals" supporting more power for the Federal Reserve, a quasi-private unaccountable institution.

What we really need is to undo all of the deregulation that Reagan and the Bush twins did (and Clinton too).

#24 | Posted by COMMONSENSE at 2009-06-18 12:46 PM

Apparently it's better to give the corrupt debatably unconstitutional Federal Reserve more power over us. At least that's what the Obama administration and their paid shills (Corky) keep telling us.

"...granting broad new powers to the Federal Reserve..."

Um...NO.

Fuck that. They're about as "Federal" as Federal Express, and beholden to private interests.

Unless I'm mistaken, we still don't know all that much about the structure of the Fed - who's invested in it, who's calling the shots, etc.

Meanwhile, their 100-year anniversary is just a few years away (2013); I must begrudgingly give a tip of the hat to the architects of the Fed, as they've successfully set up a system of inescapable debt to simultaneously strangulate our government and a good chunk of the country's population.

Um...NO.

Fuck that. They're about as "Federal" as Federal Express, and beholden to private interests.

Unless I'm mistaken, we still don't know all that much about the structure of the Fed - who's invested in it, who's calling the shots, etc.

Meanwhile, their 100-year anniversary is just a few years away (2013); I must begrudgingly give a tip of the hat to the architects of the Fed, as they've successfully set up a system of inescapable debt to simultaneously strangulate our government and a good chunk of the country's population.

What's the problem? They are the only one who's been fucking us in the ass for the past 100 years, so they are the only one's qualified to continue doing it. Trust me, it's sensible. Obama told me so.

-Corky

#33

True lack of imagination and creativity. Not to mention humor and/or wit.

"If you go carrying pictures of Chairman Bernanke, no one will listen to you, Spanky" - John Lennon

Corky, maybe you could tell us why increasing the scope and power of the Federal Reserve is a good idea. I'm sure you can offer a reasonable justification.

Because it gives comfort to people who would rather whine about it than do something constructive?

Because it gives comfort to people who would rather whine about it than do something constructive?

#36 | Posted by Corky at 2009-06-18 03:35 PM | Reply | Flag: No Answer; Big Surprise

Just making fun of you. You don't mind, do you?

I mean, one would think you'd be use to it by now.....

Oh I don't mind. That's half the fun of the retort.

But since you ask, perhaps you could tell me the difference between regulating systemic risk and setting monetary policy?

Besides, I already got your answer.

Obama told me so.

-Corky

In terms of power, I mean.

Obama told me so.

-Corky

#42 |

Strawmen won't help you here.

regulating systemic risk

#41 | Posted by Corky at 2009-06-18 03:43 PM

Maybe if the Fed actually belonged to the government I could support this.

-Maybe if the Fed actually belonged to the government I could support this.

Yeah, I know. And the IRS is illegal. That and 5 bucks will get you half a cup of coffee.

True lack of imagination and creativity. Not to mention humor and/or wit.

Reality sucks like that sometimes.

Although it is funny hearing you talking about a lack of creativity, considering most of your posts are form letter wankfests for your favorite dreamy Democrat (erase Hillary's name and replace with Obama) and 3 canned retorts you've used for the past 2 years.

And the IRS is illegal.

#46 | Posted by Corky at 2009-06-18 03:53 PM

#47

Reality only sucks when you're in it, Creamface.

All the best minds in the financial industry already have jobs, mostly at the Fed, Wall Street, and the banks. To say we should have sought out lesser qualified people or people out of the industry is irrational. Not surprising, but irrational.

All the best minds are in politics, so we should just ignore all the problems because no one else is smart enough to deal with the problems.....LOL

I think you'll find that the technical qualifications for a high-level financial executive are more strenuous than those of a politician.

All analogies break down... but most don't do it as they are typed.

Why don't you come up with an alternative scenario instead of just bitching and whining?

Make some laws that have to be followed, oops, we don't need that the continuing best minds will do the right thing.

We are back to the lazy do nothing party. Nothing has been done to correct this from happening again.

The property and pension theft will continue.

I think you'll find that the technical qualifications for a high-level financial executive are more strenuous than those of a politician.

And you are WRONG but that's OK, ignorance is bliss.

I think you'll find that the technical qualifications for a high-level financial executive are more strenuous than those of a politician.

Double Major in Raping and Pillaging? Oh wait...Keynes was a eugenicist. So a triple major in Raping, Pillaging and Eugenics AND a Bilderberg decoder ring. Strenuous indeed.

Really?

Tell you what. I'll take a very technical financial exec and teach him to be a politician before you can take a pol and teach him to be a very technical financial exec.

I'll win because the pol won't likely be able to count above the number that it would take to get him elected.

Plus, he has you on his side.

All analogies break down... but most don't do it as they are typed.

Your quick biting wit won't change a thing here, mean while 600,000 will lose their jobs this month and 100,000 will lose their homes and business's from the very same people who started this mess.

Glad you feel so confident with those who created the mess............I DON'T!

Once a thief always a thief.

And you are WRONG but that's OK, ignorance is bliss.

#53 | Posted by moneywar

you think it takes more technical qualifications to be a politician than a finance executive?

Tell you what. I'll take a very technical financial exec and teach him to be a politician before you can take a pol and teach him to be a very technical financial exec.

Yeah, we all know that's how it works.....LOL!

Nothing has been done to correct this from happening again.

Not just that, now the Fed (who are accountable to nobody) can deem your company "vital to the economy" and completely control it...from executive salaries to which creditors are made whole in whichever order they choose (or not). "Uniquely American" a not-so-wise man once said.

-600,000 will lose their jobs this month

It was half of that last month. DO try to keep up.

It was half of that last month. DO try to keep up.

Wow...to those trumpeting the 2 billion dollars in profit from TARP, that's a 50% increase in jobs created!

you think it takes more technical qualifications to be a politician than a finance executive?

Not what I said, but tell me, what is your degree in? And are you working in that ummm......uhhhh....LOL....tech
nical field?

You can see your face as half full or half empty, Bukkake Boy.

It was half of that last month. DO try to keep up.

Wait until the revised numbers and we can't count those 300,000 hired temp. by government to do people counting.

Do try to keep up.

We used to have laws to regulate our economy. I don't understand why we can't bring those back, or create new laws to accomplish the same thing. Odd that some have so much faith in the Federal Reserve to do the right thing, given recent history.

Not what I said,

then answer the question. you asserted that corky was wrong. please explain.

but tell me, what is your degree in? And are you working in that ummm......uhhhh....LOL....tech
nical field?

I have bachelors in both mathematics and bus adm. I also have an MBA.

no. I'm not working in a "technical field".

But I'm not asserting qualifications to be superior to others.

But I'm not asserting qualifications to be superior to others.

I'm not either Corky is and by the way as you go back and read the thread you will see YOU made my point.

-YOU made my point.

Someone has to.

Corky,

You get a FF.

Someone has to.

I hope you were taking notes. You old fellers have a hard time remembering when you forget to take your Gingko.

Better to laugh than the alternative. Have a great evening MW.

Moneywar,

I see the argument you both are making. You appear to be focusing on "ethics".

Better to laugh than the alternative. Have a great evening MW.

You too.

The finest minds in economics and finance are sytematically marginalized. This is the most important function of Conservative Institutions like Hoover, WSJ, National Review...to Fox News. They are all very well funded and work for the benfit of a few. Those who play along are also well taken care of. This does not go unoticed in the Academic Community, where Nobel Prizes are awarded, further legitimizing a systemic misinformation campaign.

The guy needs to read "The Wealth of Nations".