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Wall Street v. Main Street Poll

kyzr

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I watched Blankfein getting grilled for hours today for the fraud that Goldman Sachs committed on their investors. He should have been waterboarded.

Democrats Say Goldman Sachs Fraud Suit Bolsters Case for Rules - BusinessWeek

Some of the Republicans are still whoring for Wall Street, supporting Goldman-Sachs instead of Glass-Steagall. The democrats are putting on a good show, we'll see if they follow-thru or end up whores too.

Take the poll to see if Wall Street or Main Street needs more government protection.
 

Kevin_Kennedy

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The government is inept at "protecting" either.
 
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kyzr

kyzr

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Sorry the Poll didn't come thru. It gave me an error that one option was too long. The options were something like:

1. Let the "free market" rule, Darwinism is a good thing.

2. Slightly more regulations needed, like stopping "too big to fail"

3. No action, the Great Recession is a normal cyclical event.

4. Regulate Wall Street for the benefit of Main Street, stop derivatives and options, make Wall Street create jobs to help Main Street, or do business elsewhere.
 

boedicca

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#4 sounds like soviet style central planning.

No thanks. It's been tried and failed miserably.
 

Paulie

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The options in this poll assume that the government even GIVES a fuck about main street.
 
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kyzr

kyzr

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Okay, I don't see any great ideas yet. Is bringing back Glass-Steagall the best we can do? It worked fine for many years. Goldman-Sachs proved that "greed" rules, the investors always get raped.

IMHO we need Glass-Steagall on steroids. No derivatives or options, Get your ass out of the casino and start a company...hire workers.
 

blastoff

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Wall Street or Main Street? How about Wall Street or Washington instead?

Who created the subprime debacle, Wall Street or Washington? Who was willing to roll the dice some more regarding Fannie/Freddie, Wall Street or Washington? And the list goes on.
 

Claudette

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Okay, I don't see any great ideas yet. Is bringing back Glass-Steagall the best we can do? It worked fine for many years. Goldman-Sachs proved that "greed" rules, the investors always get raped.

IMHO we need Glass-Steagall on steroids. No derivatives or options, Get your ass out of the casino and start a company...hire workers.

I agree

Glass-Steagall worked wonderfully for years.
 

Paulie

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Okay, I don't see any great ideas yet. Is bringing back Glass-Steagall the best we can do? It worked fine for many years. Goldman-Sachs proved that "greed" rules, the investors always get raped.

IMHO we need Glass-Steagall on steroids. No derivatives or options, Get your ass out of the casino and start a company...hire workers.
Derivatives are for hedging against risk.

Not all derivatives are bad. Mortgages packaged into bundles of securities and fraudulently rated are much different from commodity derivatives, for instance, where a company manages their risk via a much more stable instrument.
 

The Rabbi

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Okay, I don't see any great ideas yet. Is bringing back Glass-Steagall the best we can do? It worked fine for many years. Goldman-Sachs proved that "greed" rules, the investors always get raped.

IMHO we need Glass-Steagall on steroids. No derivatives or options, Get your ass out of the casino and start a company...hire workers.

I agree

Glass-Steagall worked wonderfully for years.

Yes, it certainly helped prevent the Latin American debt crisis in the 1970s, the LBO craze in the 1980s and the S&L melt-down in the late 80s.
Oops, no it didnt do any of those things. Nor would it have prevented this problem.
Back to the drawing board.

In fact there is no legislation could have prevented this, except repealing FDIC and other forms of insurance on the banks, forcing them to take responsibility for their own messes.
 

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