Skip to main content

View Diary: Beyond Palpable (267 comments)

Comment Preferences

  •  Don't just ring and run, Bob! (0+ / 0-)

    Read the comments and answer my question below!

    "They only call it class war when we fight back!" [h/t buhdydharma] MORE AND BETTER DEMOCRATS IN 2010!!

    by ezdidit on Sat Jun 12, 2010 at 01:26:12 PM PDT

    [ Parent ]

    •  fighting against (10+ / 0-)

      circumstances that are not in evidence is so on the mark, it's not even funny.

      The American Television and Newspaper Mainstream Media = Private, For Profit Corporate Information Service Monopoly

      by o the umanity on Sat Jun 12, 2010 at 01:28:21 PM PDT

      [ Parent ]

    •  aw, crap (6+ / 0-)

      I hate when I hit "reply" while the thread is moving--sorry, ez, I was trying to reply to Angie...

      The American Television and Newspaper Mainstream Media = Private, For Profit Corporate Information Service Monopoly

      by o the umanity on Sat Jun 12, 2010 at 01:28:54 PM PDT

      [ Parent ]

    •  I've answered this question 100X... (47+ / 0-)
      ...in other diaries.

      It's a lengthy answer, but I'll just provide some bullet points.

      1.) The government continues to subsidize the financial services industry under the guise that it's also helping the middle class. This is a false meme, or...at the very least, a very convoluted meme.

      2.) Let's take housing. The reality is that Fannie/Freddie/FHA/FHFA, etc., could reasonably cutout the TBTF's from the entire effort and lend directly to the populace and/or promote a level playing field for the regional/community lending sector. But, that would strip the TBTF's of one of the bigger income streams they receive from the taxpayer.

      3.) There's a lengthy list of non-TARP bailouts currently very much in place, today, which are providing trillions of dollars in backstops to the TBTF's.

      4.) There's a pathetically interesting double-standard at work as far as the rationale behind supporting the ongoing existence of the still-insolvent TBTF's and their extremely profitable derivatives trading reform (the top five or six largest banks in the U.S. control most of the derivatives trading in the world, along with DeutscheBank and Barclays) is concerned:

      --on the one hand, the argument for NOT separating derivatives trading from the TBTF's is that we will lose control of the oversight of their businesss, because the TBTF's will just ship the management of the sector offshore; but...

      --the reality is that we've allowed these handful of entities to grow so large, the fact of the matter remains that--because the TBTF's are now multinational holding companies that transact much of their business outside of this country--we really don't control them, at all, ANYWAY.

      In short, the extremely-pro-Wall-St. argument for allowing the TBTF's to continue with their unbridled excesses, as far as derivatives is concerned, is total freakin' crock!

      5.) Normally, at least in the past (pre-TBTF), the argument was to fund the banking industry, so that they could clean up their act and resume normal business with Main Street and corporate America. Essentially, the idea was--supposedly, until we realized it was a total sham, since the sheer magnitude of their losses this time around was far, far greater than they even admit to, today--to inject money into the system, and facilitate the "normal" process of enabling lending to reoccur at a "normal" rate, on Main Street (with modest inflation, etc., etc., ensuing).

      IN REALITY, the banks just parked a couple trillion dollars of taxpayer's money with the Fed, and (to this day, still receive interest on it), along with the 20, or so, other/more obscure (than TARP) support programs that are in place for their      benefit, continue to suck the lifeblood out of this country as we blog now. No real resumption of lending to Main Street (the myth that Main Street doesn't wish to borrow--or isn't creditworthy--is an out-and-out lie). Instead, today, our government is supporting even riskier behavior than that which existed pre-2008.

      So, there are a few "highpoints." Of course, there's far more to it than that.

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Sat Jun 12, 2010 at 02:07:08 PM PDT

      [ Parent ]

      •  Thanks. Me, I'd just send the idiots packing (2+ / 0-)
        Recommended by:
        Cottagerose, bobswern

        Screw us once, shame on them. Screw us twice and the shame is on us.

        "They only call it class war when we fight back!" [h/t buhdydharma] MORE AND BETTER DEMOCRATS IN 2010!!

        by ezdidit on Sat Jun 12, 2010 at 06:10:20 PM PDT

        [ Parent ]

        •  What the hell is the purpose of a bank? (2+ / 0-)
          Recommended by:
          Josiah Bartlett, bobswern

          Prudent reserve requirements with due-by dates slated a decade into the future might be a good start. But pressure against new CDS has to start somewhere with the extra sweetener of receivership. All that the government has to do is make an example of just one of them and the rest will fall in line. They are not so brave. In fact, I'm betting they are all cowards with sweaty palms but for the psychopaths.

          At some point, their game of three card monty has to culminate in musical chairs with only a few seats left for the winners. I'm betting on sovereign treasuries. Goldman would not exist without the buffer of politicians ...and vice versa. Getting tough on banks and corporations is job one. We've seen enough of their malfeasance and abnegation. God's work, indeed.

          "They only call it class war when we fight back!" [h/t buhdydharma] MORE AND BETTER DEMOCRATS IN 2010!!

          by ezdidit on Sat Jun 12, 2010 at 06:48:05 PM PDT

          [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site