Time To Break Apart The Mega-Banks?

[The Rabbi]

Then Glass-Steagal was a smashing success, thanks for admitting you were dead wrong.




no altering quotes.


actually it is YOUR major fallacy, you posited that exact logic when you said that since GS was repealed 15 years ago it's repeal couldn't have anything to do with the current econ abyss. You posted that relying entirely on a correlation = causation logic, which is the very reason I have been challenging you ever since!

Could you possibly be more wrong and more duplicitous within one post?

Serious question, please answer it, then shrink back under your rock, humiliated into decades of silence and seclusion.

You're so stupid you don't know what you don't know.
I did not maintain that repeal of GS had nothing to do with the present crisis BECAUSE it happened 15 years ago. I maintain that it never had anything to do with any crisis. You would have to show some causality to make that case. You cannot. You cannot explain why it took 15 years for the repeal of GS to usher in a recession. This despite the recession of 2000, that no one says was caused by repeal of GS.
To answer your quesation, the only way I could be more wrong or more duplicitous in one post is to repost something you have written.
Oh, and I have flagged your post for violation of TOS.
And I neg repped you for good measure.

Uber stupid dickhead,...YOU were the colossally stupid uber dickhead who asserted that correlation = causation.

I just used your own illogic to hang you by your own petard.

Do you ever shut up when you are proven wrong, wrong, wrong?

Wow, even when smacked down you still want to get up and prove some more how dumb you are.
Please, please, show wherever I said correlation equaled causation. In fact I said the opposite. In fact you maintain that that is the case.
Go ahead, post againand show how stupid, ignorant, and ill informed you are.

 

[loosecannon]

You were wrong by your own standards, silly Rabbi.

 

[Big Fitz]

I'm all for the return of Glass-Stegall and banning derivatives.

 

[william the wie]

I'm all for the return of Glass-Stegall and banning derivatives.

You are revising buggy regulations. The megabanks are in the process of being replaced. Lending tree.com, etrade and other lower cost substitutes for financial sticks and bricks are likely to replace the TARP companies by the end of this decade.

 

[Big Fitz]

I'm all for the return of Glass-Stegall and banning derivatives.

You are revising buggy regulations. The megabanks are in the process of being replaced. Lending tree.com, etrade and other lower cost substitutes for financial sticks and bricks are likely to replace the TARP companies by the end of this decade.

I'm talking the prohibitions of banks gambling essentially. Investment banking as has risen since 1999 is dangerous because it is not forced to rely on sound collateral and can try to hedge bets against insurance and derivatives which are risky unto themselves. We went from a world wealth of 65 trillion to adding an extra 900 trillion in derivatives.

This is ONE small point that I think uberleftist nutjob radio host Thom Hartmann is right about. Banning derivatives and return Glass-Stiegell or some variant of it that stops banks from cross pollinating with investments, insurance and other risky ventures.

 

[william the wie]

I understand and sympathize with your point I simply think you are mistaking megabanks as a viable 21st century business whereas I see them as dying dinosaurs.

 

[Big Fitz]

I understand and sympathize with your point I simply think you are mistaking megabanks as a viable 21st century business whereas I see them as dying dinosaurs.

Well, if they're dying off, I think they're trying to take all of us with them, and I don't see what's replacing them. Please, if I'm wrong, I'd love to be shown what I'm going to have a checking account at in 5 years.

 

[boedicca]

Here's a better solution to breaking them up:

- Get rid of too big too fail
- Privatize or get rid of the Federal Reserve and remove all government oversight and backing.

 

[william the wie]

I understand and sympathize with your point I simply think you are mistaking megabanks as a viable 21st century business whereas I see them as dying dinosaurs.

Well, if they're dying off, I think they're trying to take all of us with them, and I don't see what's replacing them. Please, if I'm wrong, I'd love to be shown what I'm going to have a checking account at in 5 years.

You have just identified why they are not yet dead.

 

[william the wie]

Here's a better solution to breaking them up:

- Get rid of too big too fail
- Privatize or get rid of the Federal Reserve and remove all government oversight and backing.

It will take between 10 and 20 years to unwind the current mess with TBTF. And it is not just the banks, insurance, pensions and all other financial intermediaries are also part of the mess.

 

[The Rabbi]

You were wrong by your own standards, silly Rabbi.

Loser

 

[loosecannon]

I understand and sympathize with your point I simply think you are mistaking megabanks as a viable 21st century business whereas I see them as dying dinosaurs.

They have far too much money and clout to just die. They just create new financial industries out of thin air and sell them to unsuspecting pension funds etc with the full support of ratings agencies in tow.

I agree with Fitz, they really need to be broken up like Rockefeller's Standard oil monopoly was in 1911. They also need to be hamstrung and prevented from engaging in wholesale, worldwide financial fraud ever again. If they advertised themselves as a gambling house and admitted that the bets were all rigged their behavior might be excusable. But as "banks" they engaged in bald faced fraud.

 

[loosecannon]

You were wrong by your own standards, silly Rabbi.

Loser

Thanks, tard.

 

[loosecannon]

Here's a better solution to breaking them up:

- Get rid of too big too fail
- Privatize or get rid of the Federal Reserve and remove all government oversight and backing.

The Federal Reserve already IS privatized! We need a national central bank.

 

[william the wie]

Here's a better solution to breaking them up:

- Get rid of too big too fail
- Privatize or get rid of the Federal Reserve and remove all government oversight and backing.

The Federal Reserve already IS privatized! We need a national central bank.

We need no central bank except during time of war. That is what central banks are designed to do: finance wars. They are useless for all other purposes. Since TARP II will not be passed, over the next 10-20 years the TBTF will be unwound. The assets of the 100 biggest banks cannot cover the liabilities being uncovered by foreclosuregate.

 

[loosecannon]

Here's a better solution to breaking them up:

- Get rid of too big too fail
- Privatize or get rid of the Federal Reserve and remove all government oversight and backing.

The Federal Reserve already IS privatized! We need a national central bank.

We need no central bank except during time of war. That is what central banks are designed to do: finance wars. They are useless for all other purposes. Since TARP II will not be passed, over the next 10-20 years the TBTF will be unwound. The assets of the 100 biggest banks cannot cover the liabilities being uncovered by foreclosuregate.

OK, we don't need a central bank....how will you introduce money into the economy, how will you engage in fractional reserve banking, and how can the government take responsibility for programs like the FDIC without one?

 

[william the wie]

The FDIC is funded by premiums and does a good job and money is printed by the treasury to be multiplied by the banking system.

 

[loosecannon]

The FDIC is funded by premiums and does a good job and money is printed by the treasury to be multiplied by the banking system.

So the treasury will be the central bank and the federal government is gonna insure private banks...How will reserves be managed? Who will regulate the banks?

 

[Big Fitz]

I understand and sympathize with your point I simply think you are mistaking megabanks as a viable 21st century business whereas I see them as dying dinosaurs.

Well, if they're dying off, I think they're trying to take all of us with them, and I don't see what's replacing them. Please, if I'm wrong, I'd love to be shown what I'm going to have a checking account at in 5 years.

You have just identified why they are not yet dead.

Sorry. Still don't get it.

 

[loosecannon]

Sorry. Still don't get it.

I didn't get it either but Willie the Wie has previously expressed his pov that the big banks are gonna be made obsolete by more streamlined financial service venues much in the way that the internet has laid waste to the postal service, newsprint and location retail shopping.