Thank you, President Obama!

[Truthmatters]

I have yet to have one CON answer why the broker rules were held up in the GLBact for 8 long years.

those were the years the mess was created in

You lie again ass-hole! I have answered it many times & you ran away. No response from you on this latest one either. Truthmatters = IDIOT!

11-17-2011, 11:08 AM
KissMy
Let's Roll
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Truthmatters idiot don't have a clue. Consumer protection would have done absolutly nothing to prevent the subprime mortgage disaster. What are they going to protect the poor from? Banks giving a bunch of investors money to poor people who really did not deserve it? The poor had nothing to lose. The savers & investors lost the most.

The savers, investors & pensions funds were the ones who were scammed. The reason people did not go to jail is because Clinton signed the bills into law that made this Robin-hood scam perfectly legal. Wallstreet collected fees for throwing investors savings at the poor & stupid. The democrats are trying to act like the poor & stupid were the ones scammed by screaming that we need another worthless costly agency staffed by their crony buddies to protect them.

They had their buddies at the SEC watching porn instead of protecting the investors. This is why the democrats did not jail anyone since they have been in power. Both parties caused this scam & nearly all of Congress, Obama & their Wallstreet donor friends benefited from it.

The reason subprime borrowers have bad credit is because they are takers always willing to take money from lenders regardless of the contract terms & never willing to pay it back. The investors are the ones who needed the protection from these greedy poor stupid assholes. This is why regulators since the "Great Depression" made Wallstreet operate as fiduciaries with the investors/lenders savings until Bill Clinton unceremoniously quietly removed those regulations with the stroke of his pen. Most of the hard working investors, savers with pension funds & 401Ks did not even realize their protections had been removed until it was to late.

The bad credit takers were jumping for joy to sign papers giving loan originators huge fees for giving them huge piles of cash. Consequences, rates, fees & terms do not matter to subprime borrowers. They are always willing to take, take, take & never willing to give back. This is why banks assigned people credit scores to protect the investors / lenders from the greedy takers.

Why else do you think Bill Clinton chose to put his office in Harlem when he left office? He knew all this money would flow there & other inner cities loaded with subprime borrowers. He figured this would be his crowning achievement in the eyes of the poor communities.
__________________

Not a word about the broker rules in that silly post

 

[Intense]

No link showing this President created even one of these jobs? That's what i thought. Because he didn't create them. Wall Street/Business did. Remember that next time you start ranting about how "Evil" Business is. They're the job providers,not the President.

did you see that sign in the second link?

It was a project funded by the stim.

that means at least one job so quit lying and answer my question

Why did the right hold up the broker rules in GLBact for 8 long years?

This might help.......

Problems with the GLBA

First, the GLBA does not protect consumers. It unfairly places the burden on the individual to protect privacy with an opt-out standard. By placing the burden on the customer to protect their data, GLBA weakens customer power to control their financial information. The agreement's opt-out provisions do not require institutions to provide a standard of protection for their customers regardless of whether they opt-out of the agreement. This provision is based on the assumption that financial companies will share information unless expressly told not to by their customers and if customers neglect to respond, it gives institutions that freedom to disclose customer nonpublic personal information.

Second, the GLBA notices are confusing and limit the transparency of information practices. GLBA assumes a company will explain a complex set of legal definitions added to numerous exceptions to the law in a way that will allow for an informed choice and in transparent language. There are reservations about a company's desire to do this.

Moreover, according to recent studies, most privacy and opt-out policies are usually convoluted, confusing, and misleading since they are created by entities whose interests are better served when there is no effective notice. GLBA does little to deal with the lack of transparency in the privacy notices themselves. Typical privacy notices do not include any specific information about how the data is actually used. GLBA notices do inform consumers that their personal information will be shared, but they generally do not inform the individual of who will receive the information or the purposes for which it will be used.

Third, the GLBA fails to enhance consumers' control over affiliate information sharing. Consumers have no opt-out right against affiliate information sharing. In today's world of mega-mergers, a bank may have over one thousand affiliates, some of which may be completely unrelated to financial services.

Fourth, financial institutions can evade opt-out requirements by exploiting the exceptions in the GLBA. The service provider/joint marketing exemption allows financial institutions to share information with non-affiliated third parties despite a consumer's opt-out.

Fifth, the GLBA has weak enforcement and compensation mechanisms. GLBA's enforcement mechanisms are inadequate to assure compliance with even existing weak privacy protections. Enforcement rests solely with federal government agencies, leaving the individual no private right of action.
How the GLBA Could Be Improved

Privacy advocates and industry groups have asked for some substantial changes to the GLBA to ensure greater protection and consumer security. Some of these changes include:

Financial institutions should implement an opt-in approach to the use of personal information because this minimizes any unwanted or unknowing disclosure of information and places the burden of responsibility on those actors who will gain from the disclosure of information.
If an opt-out framework is maintained, financial institutions should be obligated to give and accept alternative opt-out methods. They should be required to provide simple opt-out processes including easy access to privacy policies at branch offices and online through a single web site with opt-out information,
In order to ensure greater transparency and accountability, financial institutions should include in their privacy reports what information is going to be used for. Financial institutions should be required to provide customers with a statutory right of access to learn more about industry practices in order to know how the information is collected, who its affiliates are, and what the information collected for is used.
Financial institutions should provide simply stated and clear privacy policies. Financial institutions should be required to follow acceptable standards for readability by displaying clearer and more transparent privacy reports.
Expand enforcement authority to give states concurrent jurisdiction to enforce the provisions of GLBA in order to ensure a more efficient enforcement program.
Individuals should have the right to protect their privacy and seek remedies and redress under GLBA. As GLBA currently stands, there is no private right of action.
Give individuals the right to review information that is disclosed or to correct inaccurate or incomplete data.

State Law and the GLBA

As with most consumer protection legislation, the GLBA allows states to formulate protections that exceed federal law. The state law debate over GLBA privacy protections has primarily revolved around the question of whether to adopt an opt-in standard for information sharing, and whether to create protections for affiliate information sharing.

EPIC - The Gramm-Leach-Bliley Act

 

[Truthmatters]

Thaty said NOTHING about the broker rules.

Why wont you adddress the broker rules?

 

[Truthmatters]

Do you people evern KNOW what a broker is?????

 

[kwc57]

You cant answer can you?

Are we required to answer it as many times as you repeat it one time right after another?

 

[KissMy]

What's with all the insider trading & front running Obama is allowing for his super rich donors?????

The Sept. 27 meeting with Mr. Dudley exemplifies the private meetings some Wall Street investors have with top Fed officials, in which they can gain access to potential early clues about Fed actions. Hedge funds have been pushing to get more information about the inner workings of the Fed, according to people familiar with the situation, as detailed in a Wall Street Journal page-one article Nov. 23.

 

[Truthmatters]

Not one of you has addressed the broker rules and lying about it fools no one

 

[Intense]

Thaty said NOTHING about the broker rules.

Why wont you adddress the broker rules?

Do you think that I have strings you can just pull to control me, like you have on you, TM?

News Flash, I don't. Who are you trying to kid? You brought up the GBLA. It's Shit Law. What more proof do you need?

 

[Intense]

Not one of you has addressed the broker rules and lying about it fools no one

You are not an authority TM. Nor do you hold moral high ground.

 

[Truthmatters]

why do you refuse to answer?

Because you cant and know this is the direct evidence that the Bush team consorted with the lenders to allow them to rape this country.

Your silence speaks volumes

 

[Truthmatters]

Brokers sell securities.

with the banks allowed to now sell securities without any broker rules they could hire whomever thgey wanted and train them however they wanted.

they trained them well enough to sell the sub prime laden securities but not well enough to know they were selling shit.

The banks made mountains of money until the bubble burst.

then Bush bailed them out with no strings attached.

we got screwed coming and going.

and you idiots appaulded it

 

[Sundial]

He took over an unemployment rate of less than 8 percent and claimed that it would never go over eight. It has been averaging 9 percent his entire presidency. I can see the cause for celebration.

Really. Obama claimed unemployment would never go over 8%.

Where did he say it? When did he say it? What words did he use?

 

[Lovebears65]

I heard on the news out of the so called jobs over half are retail and for the holidays only

 

[Intense]

Brokers sell securities.

with the banks allowed to now sell securities without any broker rules they could hire whomever thgey wanted and train them however they wanted.

they trained them well enough to sell the sub prime laden securities but not well enough to know they were selling shit.

The banks made mountains of money until the bubble burst.

then Bush bailed them out with no strings attached.

we got screwed coming and going.

and you idiots appaulded it

The only thing that is full of shit here is you, who couldn't tell a good mortgage from a bad one, that's you, Fannie and Freddie, and HUD.

 

[Truthmatters]

your silence on the broker rules speaks volumes

 

[Lovebears65]

He took over an unemployment rate of less than 8 percent and claimed that it would never go over eight. It has been averaging 9 percent his entire presidency. I can see the cause for celebration.

Really. Obama claimed unemployment would never go over 8%.

Where did he say it? When did he say it? What words did he use?

Barack Obama's Stimulus Plan: Failing by Its Own Measure - TIME

 

[Truthmatters]

Not one con will touch the broker rules subject?

 

[CrusaderFrank]

Brokers sell securities.

with the banks allowed to now sell securities without any broker rules they could hire whomever thgey wanted and train them however they wanted.

they trained them well enough to sell the sub prime laden securities but not well enough to know they were selling shit.

The banks made mountains of money until the bubble burst.

then Bush bailed them out with no strings attached.

we got screwed coming and going.

and you idiots appaulded it

Fannie and Freddie were the binary blackholes at the center of the collapse sucking much of the mortgage market into the AAA rating event horizon

 

[Warrior102]

Unemployment drops to 8.6%

Only 6,200,000 people left to employ!!!!!

 

[Moonglow]

cheer up all you Obama haters that wanted the economy to never recover