Do you remember the "Great Recession"?

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Do you remember the "Great Recession"?

Post by T on Sat Dec 13, 2014 11:28 am

You do?

Just so you know, the Republicans in Washington are setting us up for another one.  Why are they doing this?  To help out their "one percent" buddies (the so-called job creators), and allow them to use our money to gamble.  And you Tea Party types fall for this crap hook, line, and sinker.

Amazing...  dunno wall


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"When you take your money to the bank, the bank is supposed to give it back to you when you ask for it. In the meantime, though, the bank can do what it likes with the money -- buy stocks, bonds, barrels of oil and more. The reason you can always get your money back is that a government agency called the Federal Deposit Insurance Corp. will make you whole if something goes wrong and the bank loses your savings.

After the financial crisis, the Dodd-Frank law put restrictions on what banks can do with federally insured deposits. Especially risky activities, such as speculative trading of commodities and the sometimes arcane contracts known as derivatives, were banned. The new spending bill ends that ban for a few derivatives, not all, but supporters of Dodd-Frank say the restriction is crucial to preventing another financial catastrophe.

"This was the epicenter of the crisis. This is what brought AIG down, what brought Lehman Brothers down," one former Treasury official told The Washington Post."

SJ Link

T

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Re: Do you remember the "Great Recession"?

Post by T on Sun Dec 14, 2014 4:49 pm

Ted Cruz, R-Texas, got his a$$ kicked yesterday!  applause I love it! party

Cruz pi$$ed off most of his Republican colleagues with his last-minute attempt to force a vote on Obama’s immigration executive orders.
When Cruz got his wish, he lost big-time...74-22!

Even Republicans who agree with Cruz on Obama's immigration actions, renounced his failed tactic.

What a waste of human flesh.

Maybe, just maybe, the Republican party is coming to its senses.

T

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Re: Do you remember the "Great Recession"?

Post by T on Sun Dec 14, 2014 8:27 pm

I got into a discussion with a Tea Party wacko friend today regarding the Republicans in Congress relaxing the ban on risky investments (speculative trading of commodities, derivatives. etc.).

Tea Party wacko friend: "I support what the Republicans in Congress are doing.  The government has no business sticking its nose into how privately held banks invest their money!  rage   The government is overreaching once again!  rage   Every day under Obama, we lose more and more of our FREEDOM!  rage "

I tried to explain (with facts) that the big, bad GOVERNMENT is in no way restricting how the banking industry invests its money.  Under Dodd-Frank, banks can dump all the money they want into high risk investments, e.g. derivatives. It's just that when these investments go bad, under Dodd-Frank, the FDIC is not going to bail them out.

I explained to my Tea Party wacko friend, that his Republican friends in Washington (and some Democrats) are in favor of bailing out banks with his taxpayer money (FDIC) when their high risk investments fail.  I repeated this three times to my Tea Party wacko friend, and finally.....I got his attention.

His response?

Shocked Oh

You see, my Tea Party wacko friend overdoses every day on Fox News, Limbaugh, Hannity, Savage, Levin, and the Ted Cruzes of the world. What else can one expect? dunno

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Re: Do you remember the "Great Recession"?

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