economic growth picked up 2.5% last quarter

[EdwardBaiamonte]

sequestration is killing that momentum

dear, the less the government spends the more the economy grows because the government wastes money, it does not invent new products so it cant help the economy grow.

Alway remember we got from the stone age to here thanks to new inventions!!

 

[Intense]

Why the Government Is Suing Standard & Poor's - Rick Newman (usnews.com)


The problem developed when mortgage lenders began granting loans to unqualified borrowers who should not have gotten them. When home values started to fall, the home equity many of those borrowers had been counting on evaporated, and default rates skyrocketed.

The system failed because nobody accounted for the high proportion of risky loans that ended up rolled into mortgage-related securities, a huge asset class that amounted to at least $3 trillion worth of investments by 2007. Brokers earned fees for each loan they originated, which gave them an incentive to ignore underwriting standards and write as many loans as possible, and even commit fraud.

Banks that made the loans became accustomed to selling them off as investments, reducing their own interest in validating the quality of the loan, since they'd no longer be holding it if something went wrong.

[ame=http://www.youtube.com/watch?v=9TWOPDN5Va0]1998: Sec. Andrew Cuomo Defends Affirmative Action Mortgage Policy - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=Lr1M1T2Y314]How The Democrats Caused The Financial Crisis: Starring Bill Clinton's HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter - YouTube[/ame]

 

[bigrebnc1775]

SEC Votes for Final Rules Defining How Banks Can Be Securities BrokersEight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.



remember

broker rules dude not insider trading remember?

It's against the law for brokers to commit insider trading. Remember?

Yes it is, someone famous went to jail not to long ago for doing it.
Hell what is her name?
Blonde has cooking shows do it yourselfer?

 

[bigrebnc1775]

and as merged entities what were the broker rules for these new banking and securities mixes?


lets not forget there were no exsisting broker rules for banks because they were banned from this activity.


Now why did the BUSH SEC make sure it stayed that way for nearly a decade?

There was new regulation being created almost every week. You're going to have to be more specific.

then you should be able to provide at least some of these rules and their dates and who wrote them huh?

Rules Your Broker Must Follow

 

[editec]

The economy is picking up for whom, exactly?

http://www.uscourts.gov/uscourts/Statistics/BankruptcyStatistics/BankruptcyFilings/2013/0313_f.pdf

 

[Truthmatters]

so this fella never did come here and offer any proof as I requested.


why wont anyone post a link to what broker rules did exsist for these new banks while the Bush SEC held back the broker rules in GLBact for 8+ years.

why can NO claimed expert right left or center explain and prove what was going on with brokers in banks during these years?

I have been asking someone to do it for years now

 

[Rat in the Hat]

so this fella never did come here and offer any proof as I requested.


why wont anyone post a link to what broker rules did exsist for these new banks while the Bush SEC held back the broker rules in GLBact for 8+ years.

why can NO claimed expert right left or center explain and prove what was going on with brokers in banks during these years?

I have been asking someone to do it for years now

Why did the Clinton SEC hold back the broker rules for the first 14 months of those 8 years?

 

[Truthmatters]

prove they did

 

[Rat in the Hat]

prove they did

Must we do this again?

OK.

The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106–102, 113 Stat. 1338, enacted November 12, 1999)

Gramm?Leach?Bliley Act - Wikipedia, the free encyclopedia

George W. Bush
43rd President of the United States
In office
January 20, 2001 – January 20, 2009

George W. Bush - Wikipedia, the free encyclopedia

12 NOV 1999 to 20 JAN 2001 is 14 months and 8 days. Plenty of time for Clinton's SEC to enact those rules.

 

[Uncensored2008]

"Debating" TM is like roping retards in a rodeo....

 

[Rat in the Hat]

"Debating" TM is like roping retards in a rodeo....

Actually, it's more like herding cats in a hurricane.

 

[Truthmatters]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

In addition, the Commission also voted to issue

 

[Rat in the Hat]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

In addition, the Commission also voted to issue

And they did that under George Bush, not Bill Clinton.

 

[Truthmatters]

http://www.fdicoig.gov/reports02/02-025.pdf


the implimentation was not instant.

It never is with laws this complicated

 

[Truthmatters]

having it held back for 8+ years was absurd

 

[Rat in the Hat]

I wonder why the Clinton SEC held back the broker rules in the GLB act for 14 long months?

 

[freedombecki]

Why the Government Is Suing Standard & Poor's - Rick Newman (usnews.com)


The problem developed when mortgage lenders began granting loans to unqualified borrowers who should not have gotten them. When home values started to fall, the home equity many of those borrowers had been counting on evaporated, and default rates skyrocketed.

The system failed because nobody accounted for the high proportion of risky loans that ended up rolled into mortgage-related securities, a huge asset class that amounted to at least $3 trillion worth of investments by 2007. Brokers earned fees for each loan they originated, which gave them an incentive to ignore underwriting standards and write as many loans as possible, and even commit fraud.

Banks that made the loans became accustomed to selling them off as investments, reducing their own interest in validating the quality of the loan, since they'd no longer be holding it if something went wrong.

[ame="http://www.youtube.com/watch?v=9TWOPDN5Va0"]1998: Sec. Andrew Cuomo Defends Affirmative Action Mortgage Policy - YouTube[/ame]

[ame="http://www.youtube.com/watch?v=Lr1M1T2Y314"]How The Democrats Caused The Financial Crisis: Starring Bill Clinton's HUD Secretary Andrew Cuomo And Barack Obama; With Special Guest Appearances By Bill Clinton And Jimmy Carter - YouTube[/ame]

Thanks for the you-tubes, Intense.

It seems to me for some who lose their homes, they're still in debt unless they file for bankruptcy, which they can't afford to do either. The government then turns around and sell those houses to a privileged few that someone determines is a minority, then a few years later, cancel the loans entirely.

Whatever happened to the country that was dedicated to the proposition that all men are created equally?

We are determining who gets freebies and who goes to the poorhouse based on the color of their skin, in reverse of the same policies 170 years ago that led up to the Civil War.

People forget the lessons of the past in favor of appeasing a pet rock righteousness. The Obama crowd never learned one single thing from the American Civil War. Not one thing.

 

[freedombecki]

I wonder why the Clinton SEC held back the broker rules in the GLB act for 14 long months?

Robin Hood is above the law, Rattie. The people they steal from can't get their money back.

 

[Rat in the Hat]

having it held back for 8+ years was absurd

Yes, it was absurd for Clinton's SEC to hold it back for the first 14 months.


By the way, 12 NOV 1999 to 19 SEP 2007 is only 7 years and 10 months, not the 8+ years you are trying to claim.

 

[Truthmatters]

dear idiot to prove that claim you need to go get SEC releases under clinton showing that they are holding BACK the broker rules.



A bill with HUGE implications for these massive entities are never implimented instantly.

compliance times are allowed.

8+ years is jerryriiging not reasonable compliance times