I know most don't care

mikepegg44

but this is why we need an audit
http://www.bloomberg.com/news/2011-11-2 ... ncome.html

They give money out to whoever whenever and save their buddies on the backs of the tax payer. Some how, in the eyes of the big banks and the Fed, the things that are in the public's best interest always seem to be done in secret and always seem to benefit only a few.

Banks need to get back into a free market without government help...we cannot continue simply printing money when they are reckless...fuckers...

I think fuckers will be my new Godfather-esque signature ...seems to constantly apply to how I feel about situations like this

VINNY GOOMBA

You know what's really interesting in all of this? Bloomberg's role in making this information public. Dodd-Frank really didn't bring forth this information as it was supposed to, but the Bloomberg lawsuit did. The media actually did its job for once here, but still barely a peep over this. Sometimes I wonder if the magnitude of this swindle is just too large for most people to comprehend. It's also ironic that ol' Mikey B kicked everyone out of Zuccotti Park after playing a major role in making information like this public for the people to read, digest, and then use as proof of the need to end the unholy matrimony of corporation and state. Maybe he kicked them out because most people in the OWS movement didn't direct their energy properly, and figured he'd save them from wasting any more of their time?

No, really. I don't hate on OWS. This article WAS posted on their fb page today, I believe. But it is funny that an article so damning of the Fed and financial institutions is ultimately put out by the guy who kicked out the protesters.

People can drone on all day about regulations and the need for more of them, and stricter ones. It's all moot considering that the biggest financial institutions have direct access to practically 0% loans from the Fed, aka the Too Big to Fail Banks' ATM machine, in secrecy.

mikepegg44

VINNY GOOMBA wrote:

You know what's really interesting in all of this? Bloomberg's role in making this information public. Dodd-Frank really didn't bring forth this information as it was supposed to, but the Bloomberg lawsuit did. The media actually did its job for once here, but still barely a peep over this. Sometimes I wonder if the magnitude of this swindle is just too large for most people to comprehend. It's also ironic that ol' Mikey B kicked everyone out of Zuccotti Park after playing a major role in making information like this public for the people to read, digest, and then use as proof of the need to end the unholy matrimony of corporation and state. Maybe he kicked them out because most people in the OWS movement didn't direct their energy properly, and figured he'd save them from wasting any more of their time?

No, really. I don't hate on OWS. This article WAS posted on their fb page today, I believe. But it is funny that an article so damning of the Fed and financial institutions is ultimately put out by the guy who kicked out the protesters.

People can drone on all day about regulations and the need for more of them, and stricter ones. It's all moot considering that the biggest financial institutions have direct access to practically 0% loans from the Fed, aka the Too Big to Fail Banks' ATM machine, in secrecy.

they probably get their money from the fed cheaper than when the government borrows it...ithink you are right about one thing...this type of swindles and these giant numbers just aren't easily comprehended by the masses...they here talk of banks, loans, and rich people getting richer and they just tune out or say something like that is disgusting, but then never seem to take it further and demand change...they simply latch onto a fictitious enemy like the 1% while the real enemy hides in plain site urging them on. The enemy really is about the .0000000000000000000000001% and it has very little to do with how much money they make...it is the access to the fed that matters.

some day people will get it, and why this is so damaging...my fear is that it is in about 500 years in a history class entitled the rise and fall of a super power.

Cosmo

mikepegg44 wrote:

but this is why we need an audit
http://www.bloomberg.com/news/2011-11-2 ... ncome.html

They give money out to whoever whenever and save their buddies on the backs of the tax payer. Some how, in the eyes of the big banks and the Fed, the things that are in the public's best interest always seem to be done in secret and always seem to benefit only a few.

Banks need to get back into a free market without government help...we cannot continue simply printing money when they are reckless...fuckers...

I think fuckers will be my new Godfather-esque signature ...seems to constantly apply to how I feel about situations like this

...
From your link:
"While the emergency response prevented financial collapse, the Fed shouldn’t have allowed conditions to get to that point, says Joshua Rosner, a banking analyst with Graham Fisher & Co. in New York who predicted problems from lax mortgage underwriting as far back as 2001. The Fed, the primary supervisor for large financial companies, should have been more vigilant as the housing bubble formed, and the scale of its lending shows the “supervision of the banks prior to the crisis was far worse than we had imagined,” Rosner says."
...
I'm not an economist, but didn't the banks get to that point because the banks were in charge of writing the rule that banks must obey?
If the banks were 'in the free market', as you suggest... doesn't that mean the banks get to do what they want to do... and won't they be the ones executing audits on themselves?

polaris_x

like we've been saying ... the game is rigged ...

brianlux

mikepegg44 wrote:

.

Some day people will get it, and why this is so damaging...my fear is that it is in about 500 years in a history class entitled the rise and fall of a super power.

Weird to be living on the edge of this kind of history isn't it? Reminds me of a Lou Reed line, "They wrote a book about it/They said it was like ancient Rome." (From "Dirty Boulevard".)

mikepegg44

Cosmo wrote:

mikepegg44 wrote:

but this is why we need an audit
http://www.bloomberg.com/news/2011-11-2 ... ncome.html

They give money out to whoever whenever and save their buddies on the backs of the tax payer. Some how, in the eyes of the big banks and the Fed, the things that are in the public's best interest always seem to be done in secret and always seem to benefit only a few.

Banks need to get back into a free market without government help...we cannot continue simply printing money when they are reckless...fuckers...

I think fuckers will be my new Godfather-esque signature ...seems to constantly apply to how I feel about situations like this

...
From your link:
"While the emergency response prevented financial collapse, the Fed shouldn’t have allowed conditions to get to that point, says Joshua Rosner, a banking analyst with Graham Fisher & Co. in New York who predicted problems from lax mortgage underwriting as far back as 2001. The Fed, the primary supervisor for large financial companies, should have been more vigilant as the housing bubble formed, and the scale of its lending shows the “supervision of the banks prior to the crisis was far worse than we had imagined,” Rosner says."
...
I'm not an economist, but didn't the banks get to that point because the banks were in charge of writing the rule that banks must obey?
If the banks were 'in the free market', as you suggest... doesn't that mean the banks get to do what they want to do... and won't they be the ones executing audits on themselves?

You and I may differ as to what caused the housing bubble...ultimately is was not the free market or lax regulations that caused it...it was forced loans backed by government gaurantees.

So in a free market banks will be free to do what they want...and the government would be there to protect the rights of the individual.
freeing the markets is more about separating the banks from the government. In the same way that secret loans may be common place...I don't think they would as it wouldn't be a good thing in an environment where banks aren't too big to fail. If the fed is there to back you up when you do stupid shit like mortgage securities, you fail...you lose your millions and more than that the government is there and will hold you accountable for practices if they are deemed to have violated rights or purposely harmed individuals.
Will there be people who take advantage...maybe...but there most certainly are those today...more rules and regulations simply keeps smaller banks from becoming true players in the market...there is an appearance of competition in the banking market...but it isn't really there. and you can throw all the regulations you want at the problem...they will always be written by the banks lobbyists... The regulations will never be enforced...so why not say you are free to do what you want, but the government will no longer save you...the article talked about risky behavior being the norm because they KNEW the government would bail them out...they enjoy the profits while the tax payers make up for their mistakes...that is a relationship that cannot continue and would not be able to happen in an environment where the fed could NOT secretly give billions to banks in currency that inflates the dollar.
I am going to say this once and for all as I think it is ignored far to often...FREE MARKETS DOES NOT EQUAL ZERO GOVERNMENT.
Just ask yourself, we have a shit load of rules now, we have regulations all over the place in every financial market in the US...where have they gotten us? how well do you believe it is working?

Godfather.

mikepegg44 wrote:

but this is why we need an audit
http://www.bloomberg.com/news/2011-11-2 ... ncome.html

They give money out to whoever whenever and save their buddies on the backs of the tax payer. Some how, in the eyes of the big banks and the Fed, the things that are in the public's best interest always seem to be done in secret and always seem to benefit only a few.

Banks need to get back into a free market without government help...we cannot continue simply printing money when they are reckless...fuckers...

I think fuckers will be my new Godfather-esque signature ...seems to constantly apply to how I feel about situations like this

just out of respect Mike I couldn't use that name(fu**ers) to reply to your posts or in refrense to you
but I do understand your anger and I agree with you,...hay help me out with the spelling here but how about "Conseletie"


Godfather.