Does America Need Wall Street?

Discussion in 'Politics' started by georgephillip, Nov 22, 2011.

  1. georgephillip
    Offline

    georgephillip Gold Member Supporting Member

    Joined:
    Dec 27, 2009
    Messages:
    26,428
    Thanks Received:
    1,265
    Trophy Points:
    215
    Location:
    Los Angeles, California
    Ratings:
    +2,039
    From the Washington Post:

    "The warm glow that Wall Street once seemed to have hid how much bad investment it made in the past 40 years.

    "From the Federal Reserve bailout of bankers for bad South American loans made in the 1970sto the 1980s savings and loan crisis, from the 1990s East Asian financial crash to the bursting of the dot-com bubble in 2000 and the 2008 collapse of the housing and financial markets, Wall Street has been largely responsible for nearly every financial calamity — and yet has still profited off the next boom.

    "So do we need Wall Street?
    "Could there be a smarter way to pick and fund a handful of winning companies?"

    http://www.washingtonpost.com/opinions/does-america-need-wall-street/2011/11/16/gIQAcQmHYN_story.html?utm_source=Daily+Digest&utm_campaign=91ee86b1e5-DD_11_21_1111_21_2011&utm_medium=email
     
    • Thank You! Thank You! x 2
  2. kyzr
    Offline

    kyzr Gold Member

    Joined:
    Oct 14, 2009
    Messages:
    3,447
    Thanks Received:
    450
    Trophy Points:
    130
    Ratings:
    +630
    Hell yes.

    1. prohibit short sales
    2. prohibit derivatives
    3. prohibit flash-trades
    4. tax every transaction on wall street
    5. take withholding tax off every sale on wall street, 30% on profits zero on net losses
    6. bring back Glass-Stegall
    7. make the SEC like the FBI and go after off-shore tax cheats
    8. get tax breaks for US jobs created
     
    • Thank You! Thank You! x 2
  3. occupied
    Offline

    occupied Gold Member

    Joined:
    Nov 8, 2011
    Messages:
    16,469
    Thanks Received:
    2,255
    Trophy Points:
    280
    Ratings:
    +5,788
    The real question is does Wall Street need the middle class? They never had any use for the poor and it seems they have lately abandoned the middle class after looting what they could. Guess they have decided that being a casino for millionaires is profit enough and damn the world economy. Capitalization for the middle class will have to come from a new direction or not at all, The big banks are going to sit on their money until we are properly chastened and ready to give up all thoughts of regulation or upward mobility.
     
    • Thank You! Thank You! x 2
  4. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,277
    Thanks Received:
    14,923
    Trophy Points:
    2,210
    Ratings:
    +37,085
    The real question is: do we need Liberals (aka: Progressives, Marxists, neo-Fascists, Socialists, Democrats)?
     
  5. Dot Com
    Offline

    Dot Com Nullius in verba Supporting Member

    Joined:
    Feb 15, 2011
    Messages:
    49,466
    Thanks Received:
    7,549
    Trophy Points:
    1,830
    Location:
    Fairfax, NoVA
    Ratings:
    +16,308
    Lighten up will you 57Frank? :rolleyes: Whassamatta? You watch the debate? ;)
     
  6. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,277
    Thanks Received:
    14,923
    Trophy Points:
    2,210
    Ratings:
    +37,085
    But you see how the American Left is to the left of ChiComs and Vietnamese Communists, who have embraced Free markets, right?
     
  7. Rocko
    Online

    Rocko Gold Member

    Joined:
    Aug 30, 2011
    Messages:
    9,242
    Thanks Received:
    1,449
    Trophy Points:
    245
    Location:
    NY
    Ratings:
    +3,939
    When people say "wall st." they mean the major banks. Without our banks, you have no savings, no loans, so of-course we need wall st.. Banks are the economic engine for our nations small business, big businesses, and private citizens.

    People can bitch all they want about TARP, but most banks paid the money back, with interest. This country will never get the money back from porkulos, so which is worse??

    The culprits in the market are the high frequency traders skimming pennies on the dollar from every investor. Regulate that aspect of trading, and tighten rules on leverage.
     
  8. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,277
    Thanks Received:
    14,923
    Trophy Points:
    2,210
    Ratings:
    +37,085
    Who needs kapital, Komrade? The State will provide!
     
  9. Dot Com
    Offline

    Dot Com Nullius in verba Supporting Member

    Joined:
    Feb 15, 2011
    Messages:
    49,466
    Thanks Received:
    7,549
    Trophy Points:
    1,830
    Location:
    Fairfax, NoVA
    Ratings:
    +16,308
    Need to break those banks up because they're STILL too big to fail in no small part due to the bank's water-carriers (Republicorp)
    http://www.washingtonpost.com/wp-dyn/content/article/2010/04/20/AR2010042003323.html
    http://www.bloomberg.com/news/2011-11-15/fed-s-fisher-regulators-should-break-up-behemoth-banks.html
     
    Last edited: Nov 22, 2011
  10. georgephillip
    Offline

    georgephillip Gold Member Supporting Member

    Joined:
    Dec 27, 2009
    Messages:
    26,428
    Thanks Received:
    1,265
    Trophy Points:
    215
    Location:
    Los Angeles, California
    Ratings:
    +2,039
    Hell, yes!

    Our current version of Wall Street plunders the savings of Americans to make risky trades designed to enhance bankers' profits. It seems to have little use for free-market practices, trades complex securities in secret with rampant conflict of interests and charges monopoly fees for its dirty work.

    "Its practices have driven speculation through the roof in every decade since the 1980s, always ending with a crash."

    And they are coming back for more in Europe, as we speak.

    Does America need Wall Street? - The Washington Post
     

Share This Page