Biggest Bank Failure in American History!

[lcummins]

Actually I thought Wells Fargo was one of the strong ones?...

It might be... I thought I had read that Wells Fargo was in trouble, but I might be remembering the wrong bank.

 

[pixletwin]

I hope credit unions are ok.

 

[Mesa]

There's been no regulation on this nonsense for a long time and its time the Government pulls its head out and does something. Based on what I'd like to see I think there's a side that can at least get something done and its aint McCain side. They've been in power long enough to get this stuff fixed and have done nothing. So while it may not be all their fault they've been in power with the exception of the last year so they get the blame.

Democrats have the majority in Congress and make the laws. Plenty of time to get something done.

https://online.wsj.com/article/SB122212948811465427.html

The strategy of presenting themselves to Congress as the champions of affordable housing appears to have worked. Fannie and Freddie retained the support of many in Congress, particularly Democrats, and they were allowed to continue unrestrained. Rep. Barney Frank (D., Mass), for example, now the chair of the House Financial Services Committee, openly described the "arrangement" with the GSEs at a committee hearing on GSE reform in 2003: "Fannie Mae and Freddie Mac have played a very useful role in helping to make housing more affordable . . . a mission that this Congress has given them in return for some of the arrangements which are of some benefit to them to focus on affordable housing." The hint to Fannie and Freddie was obvious: Concentrate on affordable housing and, despite your problems, your congressional support is secure.

In light of the collapse of Fannie and Freddie, both John McCain and Barack Obama now criticize the risk-tolerant regulatory regime that produced the current crisis. But Sen. McCain's criticisms are at least credible, since he has been pointing to systemic risks in the mortgage market and trying to do something about them for years. In contrast, Sen. Obama's conversion as a financial reformer marks a reversal from his actions in previous years, when he did nothing to disturb the status quo. The first head of Mr. Obama's vice-presidential search committee, Jim Johnson, a former chairman of Fannie Mae, was the one who announced Fannie's original affordable-housing program in 1991 -- just as Congress was taking up the first GSE regulatory legislation.

In 2005, the Senate Banking Committee, then under Republican control, adopted a strong reform bill, introduced by Republican Sens. Elizabeth Dole, John Sununu and Chuck Hagel, and supported by then chairman Richard Shelby. The bill prohibited the GSEs from holding portfolios, and gave their regulator prudential authority (such as setting capital requirements) roughly equivalent to a bank regulator. In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it. Mr. McCain endorsed the legislation in a speech on the Senate floor. Mr. Obama, like all other Democrats, remained silent.

Now the Democrats are blaming the financial crisis on "deregulation." This is a canard. There has indeed been deregulation in our economy -- in long-distance telephone rates, airline fares, securities brokerage and trucking, to name just a few -- and this has produced much innovation and lower consumer prices. But the primary "deregulation" in the financial world in the last 30 years permitted banks to diversify their risks geographically and across different products, which is one of the things that has kept banks relatively stable in this storm.

As a result, U.S. commercial banks have been able to attract more than $100 billion of new capital in the past year to replace most of their subprime-related write-downs. Deregulation of branching restrictions and limitations on bank product offerings also made possible bank acquisition of Bear Stearns and Merrill Lynch, saving billions in likely resolution costs for taxpayers.

Know your facts rather than just being part of the blame game.

Edit: It's just become easier to blame Bush and the Republicans for the way things are now. Especially with the media leading everyone on.

 

[hoodonit00]

There's been no regulation on this nonsense for a long time and its time the Government pulls its head out and does something. Based on what I'd like to see I think there's a side that can at least get something done and its aint McCain side. They've been in power long enough to get this stuff fixed and have done nothing. So while it may not be all their fault they've been in power with the exception of the last year so they get the blame.

And yet links have been provided showing how the Republican Party seen a problem with this years ago and tried to stop it but were stopped by the Democratic Party. Do you research any of your post or does your hatred of the Republican Party make you post info that is completely wrong.

 

[automaton]

Democrats have the majority in Congress and make the laws. Plenty of time to get something done.

https://online.wsj.com/article/SB122212948811465427.html



Know your facts rather than just being part of the blame game.

Edit: It's just become easier to blame Bush and the Republicans for the way things are now. Especially with the media leading everyone on.

judging by your avatar, you are the one that needs an education.

 

[lcummins]

Ok, let's not turn this into politics...

 

[Nuka Cola Kidd]

judging by your avatar, you are the one that needs an education.

oh hey mods note this^^ yet another liberal who cant come up with any facts = joke.

 

[pixletwin]

Ok, let's not turn this into politics...

oh hey mods note this^^ yet another liberal who cant come up with any facts = joke.

I am going to be so glad when the elections are over.

 

[wofford29]

Anyone know how Wachovia stands?

 

[The Ween]

I am going to be so glad when the elections are over.

Me too. This us against them bullcrap is getting old. Everyone wants to blame the other party. Hey, guess what!? They both stink!

::insert George Carlin video here::

 

[Mesa]

Ok, let's not turn this into politics...

I won't. I'll keep further political comments in the other crisis thread.


Edit: this link helps explain the build-up that allowed these banks to fail.

Plenty of blame to go around

 

[DarkArtist81]

I am going to be so glad when the elections are over.

Same here bro... I am getting soooo tired of the attacks from both sides... Repubs this... liberals that... leftie this...rightie that.

 

[Darklord Dave]

oh hey mods note this^^ yet another liberal who cant come up with any facts = joke.

This kind of post is why these threads all end up getting locked.

Think before you post - try to be respectful of others.

 

[hoodonit00]

This kind of post is why these threads all end up getting locked.

Think before you post - try to be respectful of others.

Who are you calling out in this post?

 

[pixletwin]

Who are you calling out in this post?

Probably the poster he quoted in his message and like minded folks.

 

[customizerwannabe]

Oh man. My best CC is WAMU based. Better not screw up my Cabelas bonus points. I'm saving for a new AR-15.

 

[hoodonit00]

Probably the poster he quoted in his message and like minded folks.

And that's what I don't think is right. I read enough posters saying stuff like Republicans are dumb or stupid and nothing gets said but Lostaddict gets something said to him. I still say I would be perfectly happy with no political threads, but if Dave is going to allow it and you are going to moderate than there should warnings on both sideds of the aisle.


ETA Excuse me if I'm wrong. But even in your post you say "like minded people". My opinion is that you mean the posters who don't fall into the "supposed correct" political affiliation who may defend the Republican Party. If I am off base then I send my appologies. I don't know your affiliation but you and Dave both seem to lean left or at least stick up for those who do. That is your perogative of course. Just would like to see some of the others posting less then positive things be called on it.

 

[customizerwannabe]

And that's what I don't think is right. I read enough posters saying stuff like Republicans are dumb or stupid and nothing gets said but Lostaddict gets something said to him. I still say I would be perfectly happy with no political threads, but if Dave is going to allow it and you are going to moderate than there should warnings on both sideds of the aisle.

His attack was more personal toward the member...not the party. There's a mix of left and right here. The majority of the membership is younger(younger than me anyway) and polls show the majority of younger voters are Dems. I wish there was a demopublican candidate because I don't like either party's stance on it's own.

 

[FQRizzo]

And that's what I don't think is right. I read enough posters saying stuff like Republicans are dumb or stupid and nothing gets said but Lostaddict gets something said to him. I still say I would be perfectly happy with no political threads, but if Dave is going to allow it and you are going to moderate than there should warnings on both sideds of the aisle.

Yeah, let's all hope Dave doesn't close down all the political threads or you wouldn't have anywhere to post.

 

[hoodonit00]

Yeah, let's all hope Dave doesn't close down all the political threads or you wouldn't have anywhere to post.

So I don't post on a lot of other subjects, what's your point. I pretty much belong to 3 boards and don't post a lot. I've been in this hobby for years. Want me to post some pics so you don't think I'm trolling?