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The inevitable end result of our last 56 years


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20 hours ago, Pat Speer said:

 

It's kinda like John Nash's big idea in "A Beautiful Mind." If all the dudes try to hit on the hot chick, most everyone goes away disappointed, and the bulk of the chicks feel like afterthoughts. The successful strategy, then, is for the bulk of the dudes to modify their ambition, and shoot a bit lower. That way more successful sales take place, with more satisfied customers. Obama--a man who grew up half-black in a mostly white world--knew that this strategy worked. 

I adhered to this mind set all through secondary school.

 

 

 

 

 

 

 

Edited by Joe Bauer
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1 hour ago, Dennis Berube said:

 That's why major corporate/tech/bio powers and some groups of Republicans were doing everything they could against Trump, and still are of course. 

Trump’s manifest unfitness, aggressively ignorant incompetence, and drive for one-man rule wouldn’t have anything to do with The Resistance on all levels?

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51 minutes ago, Pat Speer said:

It's kinda like John Nash's big idea in "A Beautiful Mind." If all the dudes try to hit on the hot chick, most everyone goes away disappointed, and the bulk of the chicks feel like afterthoughts. The successful strategy, then, is for the bulk of the dudes to modify their ambition, and shoot a bit lower. That way more successful sales take place, with more satisfied customers. Obama--a man who grew up half-black in a mostly white world--knew that this strategy worked. 

Back in the day, when you saw a very attractive girl at a party or bar that is probably out of most guys' league, you were supposed to say to yourself "there is probably some other guy out there who has just about had it with her nonsense." 

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They.  Never.  Give.  Obama.  Credit.  For.  Anything...Ever!

Dodd-Frank Wall Street Reform and Consumer Protection Act

https://www.investopedia.com/terms/d/dodd-frank-financial-regulatory-reform-bill.asp

What Is the Dodd-Frank Wall Street Reform and Consumer Protection Act? 

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a massive piece of financial reform legislation that was passed in 2010, during the Obama administration. It was created as a response to the financial crisis of 2008. Named after sponsors Senator Christopher J. Dodd (D-Conn.) and Representative Barney Frank (D-Mass.), the act contains numerous provisions, spelled out over roughly 2,300 pages, that were to be implemented over a period of several years.

The Dodd-Frank Wall Street Reform and Consumer Protection Act—typically shortened to just the Dodd-Frank Act—established a number of new government agencies tasked with overseeing the various components of the act and, by extension, various aspects of the financial system. When Donald Trump was elected President in 2016, he pledged to repeal Dodd-Frank; in May 2018, the Trump administration signed a new law rolling back significant portions of it.

How the Dodd-Frank Wall Street Reform and Consumer Protection Act Works 

The Dodd-Frank Wall Street Reform and Consumer Protection Act has many components. These are some of its key provisions and how they work:

Financial Stability 

Under the Dodd-Frank Act, the Financial Stability Oversight Council and Orderly Liquidation Authority monitor the financial stability of major financial firms because the failure of these companies could have a serious negative impact on the U.S. economy (companies deemed "too big to fail").

The law also provides for liquidations or restructurings via the Orderly Liquidation Fund, established to assist with the dismantling of financial companies that have been placed in receivership and prevent tax dollars from being used to prop up such firms.

The council has the authority to break up banks that are considered so large as to pose systemic risk; it can also force them to increase their reserve requirements.3 Similarly, the new Federal Insurance Office was tasked with identifying and monitoring insurance companies considered "too big to fail."4

Consumer Financial Protection Bureau 

The Consumer Financial Protection Bureau (CFPB), established under Dodd-Frank, was given the job of preventing predatory mortgage lending (reflecting the widespread sentiment that the subprime mortgage market was the underlying cause of the 2008 catastrophe) and make it easier for consumers to understand the terms of a mortgage before agreeing to them. It deters mortgage brokers from earning higher commissions for closing loans with higher fees and/or higher interest rates and requires that mortgage originators not steer potential borrowers to the loan that will result in the highest payment for the originator.

The Dodd-Frank Wall Street Reform and Consumer Protection Act was intended to prevent another financial crisis like the one in 2008.

The CFPB also governs other types of consumer lending, including credit and debit cards, and addresses consumer complaints. It requires lenders, excluding automobile lenders, to disclose information in a form that is easy for consumers to read and understand; an example is the simplified terms now on credit card applications.

The Volcker Rule 

Another key component of Dodd-Frank, the Volcker Rule, restricts the ways banks can invest, limiting speculative trading, and eliminating proprietary trading. Banks are not allowed to be involved with hedge funds or private equity firms, which are considered too risky. In an effort to minimize possible conflicts of interest, financial firms are not allowed to trade proprietarily without sufficient "skin in the game."6 The Volcker Rule is clearly a push back in the direction of the Glass-Steagall Actof 1933, which first recognized the inherent dangers of financial entities extending commercial and investment banking services at the same time.7

The act also contains a provision for regulating derivatives, such as the credit default swaps that were widely blamed for contributing to the 2008 financial crisis. Dodd-Frank set up centralized exchanges for swaps trading to reduce the possibility of counterparty default and also required greater disclosure of swaps trading information to increase transparency in those markets.8 The Volcker Rule also regulates financial firms' use of derivatives in an attempt to prevent "too big to fail" institutions from taking large risks that might wreak havoc on the broader economy.

Securities and Exchange Commission (SEC) Office of Credit Ratings 

Because credit rating agencies were accused of contributing to the financial crisis by giving out misleadingly favorable investment ratings, Dodd-Frank established the SEC Office of Credit Ratings. The office is charged with ensuring that agencies provide meaningful and reliable credit ratings of the businesses, municipalities, and other entities they evaluate.9

Whistleblower Program 

Dodd-Frank also strengthened and expanded the existing whistleblower program promulgated by the Sarbanes-Oxley Act (SOX). Specifically, it established a mandatory bounty program under which whistleblowers can receive from 10% to 30% of the proceeds from a litigation settlement, broadened the scope of a covered employee by including employees of a company's subsidiaries and affiliatesand extended the statute of limitations under which whistleblowers can bring forward a claim against their employer from 90 to 180 days after a violation is discovered.

Criticisms of the Dodd-Frank Wall Street Reform and Consumer Protection Act 

Proponents of Dodd-Frank believed the Act would prevent the economy from experiencing a crisis like that of 2008 and protect consumers from many of the abuses that contributed to the crisis. Detractors, however, have argued that the act could harm the competitiveness of U.S. firms relative to their foreign counterparts. In particular, they contend that its regulatory compliance requirements unduly burden community banks and smaller financial institutions—despite the fact that they played no role in causing the financial crisis.

Such financial-world notables as former Treasury Secretary Larry Summers, Blackstone Group L.P. (BX) CEO Stephen Schwarzman, activist Carl Icahn, and JPMorgan Chase & Co. (JPM) CEO Jamie Dimon also argue that, while each institution is undoubtedly safer due to the capital constraints imposed by Dodd-Frank, the constraints also make for a more illiquid market overall. The lack of liquidity can be especially potent in the bond market, where all securities are not mark to marketand many bonds lack a constant supply of buyers and sellers.
 
The higher reserve requirements under Dodd-Frank mean banks must keep a higher percentage of their assets in cash, which decreases the amount they are able to hold in marketable securities. In effect, this limits the bond market-making role that banks have traditionally undertaken. With banks unable to play the part of a market maker, prospective buyers are likely to have a harder time finding counteracting sellers. More importantly, prospective sellers may find it more difficult to find counteracting buyers.

History of the Dodd-Frank Wall Street Reform and Consumer Protection Act 

Siding with the critics, the U.S. Congress passed a bill in 2018 called the Economic Growth, Regulatory Relief, and Consumer Protection Act, which rolls back significant portions of the Dodd-Frank Act. It was signed into law by President Trump on May 24, 2018.11 These are some of the provisions of the new law, and some of the areas in which standards were loosened:

Small and Regional Banks 

The new law eases the Dodd-Frank regulations for small and regional banks by increasing the asset threshold for the application of prudential standards, stress test requirements, and mandatory risk committees.

Large Custodial Banks 

For institutions that have custody of clients' assets but do not function as lenders or traditional bankers, the new law provides for lower capital requirements and leverage ratios.

Mortgage Credit 

The new law exempts escrow requirements for residential mortgage loans held by a depository institution or credit union under certain conditions. It also directs the Federal Housing Finance Agency to set up standards for Freddie Mac and Fannie Mae to consider alternative credit scoring methods

Small Lenders 

The law exempts lenders with assets of less than $10 billion from requirements of the Volcker rule and imposes less stringent reporting and capital norms on small lenders.

Credit Bureaus 

The law requires that the three major credit reporting agencies allow consumers to "freeze" their credit files free of charge as a way of deterring fraud.

 


 

 

 

 

 

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2 hours ago, Dennis Berube said:

To me, this isn't about party, this is about trump being unpredictable and not completely controllable, that seemed very obvious to me since Russiagate began. 

I don't understand, why on this forum in particular, this is so difficult to grasp. (Actually I do understand, but I like to play along.)

In any case, you can go back to Spring/Summer 2016 to see that despite Bernie's momentum and enthusiastic base, he was not the oligarch's choice. Even though I believe his understanding on how an economy works is pretty infantile, he never came across as a bought and paid for politician. Knowing what I know now about how our President's are chosen, and how corrupt the MSM is, and how "Big Tech" can operate without legal or market checks, if the 2020 election was Romney vs. Sanders, I would vote for Sanders, even if my "free market" leanings are more aligned with Romney's "free market" rhetoric. 

I would rather have Sander's real economic policies, even if rhetorically disagreeable, than Romney's rhetorical economic policies, which in reality would end up being disagreeable. Reality trumps rhetoric.

 

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At the Georgia Election Fraud hearing the other day, two of the Legislators on the Democrat's side became somewhat unhinged when questioning the witnesses and experts that provided evidence of fraud. 

One of them kept repeating that a particular video was "debunked", even though the 14 hours of security camera footage was only recovered 12 hours earlier from the Fulton County arena. The 20 minute segment used at the hearing was "debunked" according to the nitwit even though it was only made public at the hearing.

In any case, the two Georgia Legislators that were the most panicked by the revelations apparently had good reason.

Here they are stealing Trump votes during the Election over a month ago. (more pictures in the Twitter thread.)

 

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Rob,

     If you're truly interested in the subject of election fraud in Georgia, try studying the horrible history of voter suppression in that former penal colony.

     Whining about liberal election fraud in Georgia is like whining about Third World atrocities committed against the CIA.

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39 minutes ago, W. Niederhut said:

Rob,

     If you're truly interested in the subject of election fraud in Georgia, try studying the horrible history of voter suppression in that former penal colony.

     Whining about liberal election fraud in Georgia is like whining about Third World atrocities committed against the CIA.

Way to deflect.

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18 hours ago, Cliff Varnell said:

Trump’s manifest unfitness, aggressively ignorant incompetence, and drive for one-man rule wouldn’t have anything to do with The Resistance on all levels?

Yes, those perceptions have ignited an "ends justifies the means" attitude to many citizens who oppose trump. Therefore, when Trump says he wants to end section 230 that protects big tech, the normally civil rights minded left goes silent because those tech companies are helping their "ends" through censorship and propaganda. At one point, Biden said it should be revoked, but he seemingly cannot bring himself to say anything now.
As I said earlier, this attitude is at the point where I am not sure Democrats would overturn the election even if they all believed it was stolen. That's not good when those peoples beliefs align quite well with certain corporate power agendas.

 

As far as Dood-Frank goes, that would be an example of window dressing. An FDR style bill would have either outlawed or put a 1% Tobin tax on all non-underlying asset holders derivatives trading over a certain amount, they were mostly illegal from the 30's to the early 80's. Also, a reinstatement of the Clinton repealed Glass Stegall act. That, plus criminal indictments would be the minimum Obama could have done if he was "decent". Lord knows he had the political capital and public mandate on his side, but somehow he came up short with a few good token policies while leaving the beast largely unharmed, ala Obamacare. Instead, we got "too big to jail", now with Trump we get "too large to charge" with Epstein. Clearly, there is a certain toxic crust of society that has criminal immunity from even a potus. Remind anyone of the JFK case?

 

Speaking of, I finally received my copy of Poulgrain's new book yesterday, it should be a good one.
 

Robert, I think we share somewhat similar views except I do not believe there is such a thing as a truly free market and I reject the Austrian and Chicago schools of economics, Keynes as well. Hamilton had it right...

Edited by Dennis Berube
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I agree with Wheeler. To my Trump supporter friends in Georgia, I say the President is right!  Don't participate in this election sham and these phony runoffs any further! Stop the steal!, don't further perpetuate it, or you'll only play into the hands of  the Deep State Democrat regime! 

Edited by Kirk Gallaway
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2 hours ago, Robert Wheeler said:

At the Georgia Election Fraud hearing the other day, two of the Legislators on the Democrat's side became somewhat unhinged when questioning the witnesses and experts that provided evidence of fraud. 

One of them kept repeating that a particular video was "debunked", even though the 14 hours of security camera footage was only recovered 12 hours earlier from the Fulton County arena. The 20 minute segment used at the hearing was "debunked" according to the nitwit even though it was only made public at the hearing.

In any case, the two Georgia Legislators that were the most panicked by the revelations apparently had good reason.

Here they are stealing Trump votes during the Election over a month ago. (more pictures in the Twitter thread.)

 

I don't get it? Who is this blond woman in the tweeted photo and why is the tweeter expressing concern?

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3 hours ago, Kirk Gallaway said:

To my Trump supporter friends in Georgia, I say the President is right!  Don't participate in this election sham and these phony runoffs any further!

Kirk,

You needn't worry. According to the latest from Rudy Giuliani, somebody in Washington will change their votes to Democratic anyway.

Steve Thomas

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