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Economics Discuss Say Goodbye to Your Life Savings (Again) at the Political Forums; WASHINGTON, D.C.—Good morning, suckers. I just heard Tom Brokaw, the man who invented World War II, drone on sonorously about ...

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Old 02-03-2017, 07:20 PM
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Default Say Goodbye to Your Life Savings (Again)

WASHINGTON, D.C.—Good morning, suckers.

Quote:
I just heard Tom Brokaw, the man who invented World War II, drone on sonorously about how the Democratic minority in the Congress is making a mistake by slowing down the confirmation process because that's "the Republican playbook" and that they'd be better advised to go out and seek the wisdom of "middle America" (Say "white people," Tom. Go for the gold.) as regards the issues of the day. This is good advice, provided there's one angry shut-in anywhere in western Pennsylvania or rural Michigan who hasn't yet been interviewed by a major newspaper or television correspondent.


But, if they do take Brokaw's advice, they might point out to these "forgotten people" that there are some people who remember them very well and have not forgotten what marks they are. In fact, on Friday morning, The Los Angeles Times had something for them to chew on while they can still afford breakfast.

Quote:
At 9 a.m. Pacific time, Trump will sign an executive order directing the Treasury secretary to consult with regulators about what needs to be done to fix the Dodd-Frank Wall Street Reform and Consumer Protection Act and report back within "a relatively short period of time," the official said…Trump also will issue a memo to the Labor Department to cease implementation of the retirement advisors rule and undertake a complete review of it. Trump's Labor secretary nominee, Andy Puzder, has yet to have a confirmation hearing…The new restrictions on retirement advisors were set to start being phased in on April 10. Known as the fiduciary rule, it requires investment brokers who handle retirement funds to put their clients' interests ahead of other factors, such as their own compensation or company profits. The Labor Department rule was designed to prevent consumers from being steered toward IRAs and other retirement investments with higher fees or lower returns that benefit the advisors recommending or selling them. The Obama administration estimated that those conflicts of interest cost Americans $17 billion a year.
And, in The Wall Street Journal, Gary Cohn, the administration's senior economic adviser, was more than happy to explain his plan to lift the terrible burden of being honest off the nation's financial sector. Cohn, as it happens, is one of the phalanx of former Goldman Sachs employees with whom the president* plans to drain the swamp. He seems quite comfortable living there, but what do I know.
Quote:
"Americans are going to have better choices and Americans are going to have better products because we're not going to burden the banks with literally hundreds of billions of dollars of regulatory costs every year," White House National Economic Council Director Gary Cohn said in an interview with The Wall Street Journal. "The banks are going to be able to price product more efficiently and more effectively to consumers."
But it's not about his old company, and his old pals, and the fairly thorough job they did blowing up the world economy eight years ago which, of course, is a century in Banker Time. They have labored under the burden of being marginally honest for far too long.

Quote:
Asked about the potential political pushback because of his Wall Street past, Mr. Cohn said the administration's goal of deregulating financial markets "has nothing to do with Goldman Sachs."
Quote:
"It has nothing to do with J.P. Morgan," he said. "It has nothing to do with Citigroup. It has nothing to do with Bank of America. It has to do with being a player in a global market where we should, could and will have a dominant position as long as we don't regulate ourselves out of that." Mr. Cohn said existing regulations put in place by Dodd-Frank are so sweeping that it is too hard for banks to lend, and consumers' choice of financial products is too limited.
And I am the Tsar of all the Russias.

This is about consumer choice about the same way a carny midway gives you the choice of being swindled in a shooting gallery, in a fortune-telling booth, or at a stand where you throw plastic hoops onto plastic ducks—where, of course, the hoops do not fit over the plastic ducks because that's the whole point, suckers.


Quote:
"We have the best, most highly capitalized banks in the world, and we should use that to our competitive advantage," he added. "But on the flip side, we also have the most highly regulated, overburdened banks in the world." Mr. Cohn laid out a road map for how the Trump administration plans to target new financial rules. He said the Treasury Department would lead an effort to overhaul mortgage-finance giants Fannie Mae and Freddie Mac, which were put into government conservatorship after the crisis. He also said that the White House wouldn't need a change in the law to redirect the mission of the Consumer Financial Protection Bureau, created by the 2010 law and which governs things like mortgage and credit-card rules. He suggested the White House could influence the mission of the bureau, set up as an independent agency, by putting a new person at its helm to replace Richard Cordray, the agency's director.
For the past two years, we heard endless thumbsucking from the Brokaws of the world that Donald Trump was a different kind of Republican, that he was running a "populist" campaign, that he would "upend Republican orthodoxy." Because he couched it in barely veiled racism and xenophobia, enough of the suckers bought it to tip the election in his favor. Now, however, the rubber is meeting the road.

Those nice white "forgotten people" will now be free to have their pensions swindled out from underneath them by sharpies whose bonuses depend on how much money they can steal. They will find themselves paying usurious interest rates on their credit cards because of a clause written in Swedish, in .00009 point type, on the back of their monthly statement. And then, when it all comes crashing down again, they'll have to look for somebody to blame, and it won't be them, and it won't be the charlatan they elevated to the White House. And someone else will run for president, and give them the proper scapegoat, and Tom Brokaw will ask all the wrong questions of all the wrong people again.
It's morning in America.



read more at: Donald Trump Signs Financial Deregulation Executive Order
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Old 02-03-2017, 08:34 PM
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Default Re: Say Goodbye to Your Life Savings (Again)

You don't understand, if the rich get richer, then their prosperity will trickle down. Because being rich means you are a job creator. Every time they decide to build a new vacation home, that's construction jobs. Every time they throw a lavish party, that's catering jobs. Every time they charter a private plane, that's a flight crew that gets to eat dinner. If I had $10 billion before, but then had $12 billion, I'm sure I would spend the extra $2 billion on growing our economy, because being rich makes you a patriot.
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Old 02-04-2017, 01:03 AM
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Default Re: Say Goodbye to Your Life Savings (Again)

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You don't understand, if the rich get richer, then their prosperity will trickle down. Because being rich means you are a job creator. Every time they decide to build a new vacation home, that's construction jobs. Every time they throw a lavish party, that's catering jobs. Every time they charter a private plane, that's a flight crew that gets to eat dinner. If I had $10 billion before, but then had $12 billion, I'm sure I would spend the extra $2 billion on growing our economy, because being rich makes you a patriot.
feeling patriotic all the way to the poor house
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Old 02-04-2017, 07:14 AM
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Default Re: Say Goodbye to Your Life Savings (Again)

Quote:
Originally Posted by RedState View Post
You don't understand, if the rich get richer, then their prosperity will trickle down. Because being rich means you are a job creator. Every time they decide to build a new vacation home, that's construction jobs. Every time they throw a lavish party, that's catering jobs. Every time they charter a private plane, that's a flight crew that gets to eat dinner. If I had $10 billion before, but then had $12 billion, I'm sure I would spend the extra $2 billion on growing our economy, because being rich makes you a patriot.
At least you expose, unwittingly I suspect, the true agenda at work here, class warfare. As the demogogues like Elizabeth Warren, net worth around $14 million, and Beach House Bernie explain rich charlatans like them and partisan Federal bureaucrats like Richard Cordray are only protection against the depredations of rich bankers.

Of course the OP neglects to mention that had regulators taken the simple step of increasing reserve requirements for mortgage backed securities the so-called mortgage meltdown could have been avoided or at least significantly reduced. Naw, what we got with Dodd Frank is an unaccountable junta of bureaucrats with the ability to crush any competitive threat to big banks, armed with a slush fund to bail out favored players. Why in the world would anyone want to question this socialist takeover of the financial sector?

Go to your local Fiat dealer, thanks Obama for giving them Chrysler at taxpayer expense, and ask them to select the "best" option for you among all manufacturers. Oh wait, demand they select the optimal model and options package too. That is ridiculous, but that's exactly what the OP author demands as "honesty" from financial advisors.
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Old 02-04-2017, 09:39 AM
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At least you expose, unwittingly I suspect, the true agenda at work here, class warfare. As the demogogues like Elizabeth Warren, net worth around $14 million, and Beach House Bernie explain rich charlatans like them and partisan Federal bureaucrats like Richard Cordray are only protection against the depredations of rich bankers.

Of course the OP neglects to mention that had regulators taken the simple step of increasing reserve requirements for mortgage backed securities the so-called mortgage meltdown could have been avoided or at least significantly reduced. Naw, what we got with Dodd Frank is an unaccountable junta of bureaucrats with the ability to crush any competitive threat to big banks, armed with a slush fund to bail out favored players. Why in the world would anyone want to question this socialist takeover of the financial sector?

Go to your local Fiat dealer, thanks Obama for giving them Chrysler at taxpayer expense, and ask them to select the "best" option for you among all manufacturers. Oh wait, demand they select the optimal model and options package too. That is ridiculous, but that's exactly what the OP author demands as "honesty" from financial advisors.
Since it's you, I'll say this ahead of time:

Told ya so!
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Old 02-04-2017, 09:45 AM
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Since it's you, I'll say this ahead of time:

Told ya so!
In other words you don't have anything to rebut my comment so you just write a slogan.
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Old 02-04-2017, 09:54 AM
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In other words you don't have anything to rebut my comment so you just write a slogan.
In other words in my opinion these actions by congress and the wh concerning finances will lead to a similar debacle as the one in the 80s and more dangerously the 2008 recession that obama kept from being a depression.
difference is we do not have obama in the wh, we have instead the great friend of the fleecers.
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Old 02-05-2017, 08:13 AM
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In other words in my opinion these actions by congress and the wh concerning finances will lead to a similar debacle as the one in the 80s and more dangerously the 2008 recession that obama kept from being a depression.
difference is we do not have obama in the wh, we have instead the great friend of the fleecers.
Against your unsupported opinion we have the evidence that Federal government meddling such as the phony red lining study by the Federal Reserve of Boston which led to forcing banks to make high risk loans which led to the use of mortgage backed securities to mitigate the risk which led to the expoison of these securities while Federal overseers sat on their hands, caused the mortgage meltdown. No, bankers weren't innocent little lambs but in typical statist fashion denouncing them as criminals while rewarding Federal regulator's failure with more power is ridiculous but that is what Dodd Frank did.

Somehow the creation of a new Federal bureaucracy wholly unaccountable to Congress with absolute authority over the financial sector is not only necessary but their actions are immune to review by the Executive branch as well.

Obama didn’t prevent us from sliding into the next Great Depression, that is nothing but partisan fear mongering. The recession ended in the early Fall of 2009, well before Obama's stimulus boondoggle spending could kick in. Obama deserves "credit" for the slowest recovery since the Great Depression, that is not an opinion, that is fact.
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Old 02-05-2017, 09:19 AM
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Default Re: Say Goodbye to Your Life Savings (Again)

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WASHINGTON, D.C.—Good morning, suckers.

It's morning in America.


read more at: Donald Trump Signs Financial Deregulation Executive Order
Wow, you really believe people can't make informed decisions on their own, dontcha?

Disclosure is one thing, but limiting choices to 'government approved' regulations by an unregulated by Congress authority, is once again, telling people they are too stupid to make their own choices.
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Old 02-05-2017, 09:44 AM
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You must have slept through the last breakdown.
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Wow, you really believe people can't make informed decisions on their own, dontcha?

Disclosure is one thing, but limiting choices to 'government approved' regulations by an unregulated by Congress authority, is once again, telling people they are too stupid to make their own choices.
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