The stock market nightmare is over (SEC stiffens rules on 'naked' short selling)

Dungheap said:
Government reducing regulations is not government interference you nitwit. It is government eliminating government interference.

And maybe I did read into what you actually said, but I read into it what everyone knows you actually meant, Chapdog included.

Just stop. Admit that increased regulation is necessary and we'll all move on.
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Bullshit. Government eliminating regulations that were put in place to protect consumers, all in the name of political gains, is absolutely interference. They did not have any valid reasons for dismantling Glass Steagall. NONE.

Instead of telling me to "just stop"... how about instead you just learn to fucking read and comprehend. If you had done so to begin with, you would see that on the forty fucking threads on this topic I have stated it was idiotic to remove Glass Steagall. Yet somehow to the reading impaired, that somehow means I DON'T think regulations are needed????

Moron.
 
Superfreak said:
actually you are quite wrong. Unlike Dung... I can actually read what people actually write.

I would have quoted it regardless. I doubt you could find anyone that thinks no regulations is a good idea. It is when the idiots in DC keep mucking with the regulations to suit their political gains that pisses me off.
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And none of those regulations were changed/eliminated at the request of the finiancial industry ?
 
Superfreak said:
actually you are quite wrong. Unlike Dung... I can actually read what people actually write.

I would have quoted it regardless. I doubt you could find anyone that thinks no regulations is a good idea. It is when the idiots in DC keep mucking with the regulations to suit their political gains that pisses me off.
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They didn't dismantle Glass Steagall just for giggles. The industry was pushing for it and found a receptive Republican Congress who hate regulations generally and think that government regulation is the problem. Here's Phil Gramm, McCain's current chief economic advisor back when the bill named after him which dismantled Glass Steagall was signed:

GRAMM'S STATEMENT AT SIGNING CEREMONY
FOR GRAMM-LEACH-BLILEY ACT

Sen. Phil Gramm, chairman of the Senate Committee on Banking, Housing and Urban Affairs, made the following statement today in a ceremony at the Eisenhower Executive Office Building, where President Clinton signed the Gramm-Leach-Bliley Act into law:

"The world changes, and Congress and the laws have to change with it.

"Abraham Lincoln used to like to use the analogy that old and outmoded laws need to be changed because it made about as much sense to continue to impose them on people as it did to ask a man to wear the same clothes he did when he was a child.

"In the 1930s, at the trough of the Depression, when Glass-Steagall became law, it was believed that government was the answer. It was believed that stability and growth came from government overriding the functioning of free markets.

"We are here today to repeal Glass-Steagall because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom.

"I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that that is the wave of the future, and I am awfully proud to have been a part of making it a reality."
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The politicians you ought to blame are McCain's economic brain trust. For some reason I think you won't do that.
 
Superfreak said:
Bullshit. Government eliminating regulations that were put in place to protect consumers, all in the name of political gains, is absolutely interference. They did not have any valid reasons for dismantling Glass Steagall. NONE.

Instead of telling me to "just stop"... how about instead you just learn to fucking read and comprehend. If you had done so to begin with, you would see that on the forty fucking threads on this topic I have stated it was idiotic to remove Glass Steagall. Yet somehow to the reading impaired, that somehow means I DON'T think regulations are needed????

Moron.
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Just to show you I'm not the only one that thinks your response meant that you thought regulations were unnecessary:


Chapdog said:
Super you know we need regulation. Come on your in the investment world. If there wasn't regulation you stockbrokers would be stealing the pensions from retired veterans.
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Ouch. I hate to see SF so skewered during a week like this, I know he must be just going crazy at work and in a bad mood and I don’t blame him. This is a terrifying time I mean, look at top who would, and may, kill his own mother this week if she looks at him the wrong way.

Still…DH is exactly right and I am so sick and tired of hearing this other BS. Right wing ideology has failed, and we are all getting fucked because of it, something liberals have been predicting for years. Own it. Take some damned responsibility.
 
Dungheap said:
They didn't dismantle Glass Steagall just for giggles. The industry was pushing for it and found a receptive Republican Congress who hate regulations generally and think that government regulation is the problem. Here's Phil Gramm, McCain's current chief economic advisor back when the bill named after him which dismantled Glass Steagall was signed:




The politicians you ought to blame are McCain's economic brain trust. For some reason I think you won't do that.
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Considering the vote to repeal the act was 90 - 8 (Joe Biden was one of the Senators who voted to repeal it) and signed by Bill Clinton it seems to be a pretty bi-partisan act. That doesn't take away from Gramm taking the lead but it doesn't lend much credibility to the argument that it was one party's doing.
 
Dungheap said:
They didn't dismantle Glass Steagall just for giggles. The industry was pushing for it and found a receptive Republican Congress who hate regulations generally and think that government regulation is the problem. Here's Phil Gramm, McCain's current chief economic advisor back when the bill named after him which dismantled Glass Steagall was signed:




The politicians you ought to blame are McCain's economic brain trust. For some reason I think you won't do that.
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Again, another load of partisan crap. They dismantled Glass Steagall because they wanted to say "more people own homes now than ever before". That bullshit reason is the ONLY reason they eliminated it.

Again with the stupidity that Glass Steagall was dismantled only under GLB. It began long before that Dungshit. It started in 1992. Continued in 1995. The last parts were eliminated under GLB. The idiots in BOTH parties are responsible for this mess. Something your partisan blinders don't seem to want to accept.... so just dwell on this....

CLINTON is the one that signed GLB..... they did NOT have a veto proof majority. But Clowntoon signed it anyway. WHY??? .... so that he could later shout about how more people owned homes.
 
cawacko said:
Considering the vote to repeal the act was 90 - 8 (Joe Biden was one of the Senators who voted to repeal it) and signed by Bill Clinton it seems to be a pretty bi-partisan act. That doesn't take away from Gramm taking the lead but it doesn't lend much credibility to the argument that it was one party's doing.
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It was a compromise bill that lots of people voted for in the end, but this was a Republican idea that Republicans pushed because it generally fits that Republican agenda that opposes regulation as a general matter. I'm not saying that there isn't shared blame, but it is basic mainline Republicanism.

Further, since the sponsor of the bill that Superfreak is blaming is currently the chief economic advisor to one of the candidates for president and Superfreak continues to support that candidate, I think it bears mentioning that Gramm was the guy that pushed this particular bill.
 
Superfreak said:
where did you get that 90-8 vote from???

http://www.govtrack.us/congress/vote.xpd?vote=s1999-105&sort=vote
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He's talking about the conference report. The House and Senate passed different versions that were reconciled in committee. The reconcilliation in committee provided sufficient sweetners for Democrats to vote for the final version of the bill (that would have passed anyway).

In its unadulterated form the Democrats were very much opposed to what Gramm was proposing.
 
Superfreak said:
where did you get that 90-8 vote from???

http://www.govtrack.us/congress/vote.xpd?vote=s1999-105&sort=vote
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Oops, my bad. I misread it.


The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate[1] and by a 343-86 vote in the House of Representatives[2]. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. This veto proof legislation was signed into law by President Bill Clinton on November 12, 1999. [3]

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act
 
Darla said:
Ouch. I hate to see SF so skewered during a week like this, I know he must be just going crazy at work and in a bad mood and I don’t blame him. This is a terrifying time I mean, look at top who would, and may, kill his own mother this week if she looks at him the wrong way.

Still…DH is exactly right and I am so sick and tired of hearing this other BS. Right wing ideology has failed, and we are all getting fucked because of it, something liberals have been predicting for years. Own it. Take some damned responsibility.
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This is truly laughable. I sit here saying that it is the idiots in BOTH parties that are responsible. You and dung proclaim it was right wing ideology. Yet somehow "I" need to take responsibility????

Dung is not "right". He is pretending this was predominantly caused by GLB. It was not. That was just the final nail in the coffin. He wants to play partisan bullshit games rather than realize it is indeed EXACTLY what I stated it was. Government interference. The idiots in DC once again thought they knew what was best for the country and began playing games. They removed legislation that was designed to prevent exactly what we are going through today.... all because they 'knew better'.
 
Superfreak said:
Again, another load of partisan crap. They dismantled Glass Steagall because they wanted to say "more people own homes now than ever before". That bullshit reason is the ONLY reason they eliminated it.

Again with the stupidity that Glass Steagall was dismantled only under GLB. It began long before that Dungshit. It started in 1992. Continued in 1995. The last parts were eliminated under GLB. The idiots in BOTH parties are responsible for this mess. Something your partisan blinders don't seem to want to accept.... so just dwell on this....

CLINTON is the one that signed GLB..... they did NOT have a veto proof majority. But Clowntoon signed it anyway. WHY??? .... so that he could later shout about how more people owned homes.
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GLB repealed the Glass Steagall Act. This is a basic fact. It cannot be controverted.
 
Superfreak said:
Again, another load of partisan crap. They dismantled Glass Steagall because they wanted to say "more people own homes now than ever before". That bullshit reason is the ONLY reason they eliminated it.

Again with the stupidity that Glass Steagall was dismantled only under GLB. It began long before that Dungshit. It started in 1992. Continued in 1995. The last parts were eliminated under GLB. The idiots in BOTH parties are responsible for this mess. Something your partisan blinders don't seem to want to accept.... so just dwell on this....

CLINTON is the one that signed GLB..... they did NOT have a veto proof majority. But Clowntoon signed it anyway. WHY??? .... so that he could later shout about how more people owned homes.
Click to expand...



Let's think for a minute. Who should we believe when trying to figure out why the Glass Steagall Act was repealed? Superfreak or the guy that sponsored the legislation that repealed the Glass Steagall Act?

For fuck's sake.
 
Dungheap said:
Let's think for a minute. Who should we believe when trying to figure out why the Glass Steagall Act was repealed? Superfreak or the guy that sponsored the legislation that repealed the Glass Steagall Act?

For fuck's sake.
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Are you seriously this fucking retarded... you have to resort to Gumby like crap?

No one is arguing that GLB essentially killed what was left of Glass Steagall you moron. Seriously, either learn to comprehend what you read or just shut the fuck up.
 
SF has devolved to a bit of a dixie state ?

Must be rough being in the middle of the finiancial business right now.
 
SF, I don’t want to get into a big fight with you. You are desperately trying to hold onto your party, probably because if you don’t, your taxes will get raised, and roe v wade won't be overturned. I doubt that you don’t know what happened here.

Yeah, we all know that some dems are too conservative. The fact is, the Phil Grahams of this world worship at the alter of deregulation. And the fact is they’ve been influencing politicians of both parties, by buying them, for far too long. The fact also is that the Republican party is their ideological home. This radical libertarian thinking has put us in the shit hole, and you have some sense of that…more than a Cawacko, or god knows, that fucking fool Obfuscate.

We can look to history to find our answers. This has happened before. We know how it happened, and we know what it took to turn the tide.

It’s time for liberal ideology. Face it, historically, we always have to clean up after the libertarian shitters.

Seriously, I’m not going to argue with you over it. It doesn’t matter what happens on this board. I am only hopeful that we don’t have to actually hit rock bottom, depression level rock bottom, before we can begin our way back up. And it won’t be the con ideology that gets us out of this. They’re good at getting us into shit, but that’s really their only speciality. Well, that and intellectual arrogance.

PS - and I say this with full sincerity, please believe me - the phil grahams and the rover norquists should be brought to the guillotine and have their fucking heads cut off, in front of cheering crowds.
 
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