These guys are just exploiting the American way I am sure: http://www.msnbc.msn.com/id/40317931/ns/business-us_business Must be a Democratic witchhunt....!!
Insider trading, harump....damn Republicans...we never had that **** going on when Billy Clinton was our President! And damn sure will be stamped out under Obama! :roll: :roll:
The point I am making Terry is that it seems like it is the GOP that wants the boys on Wall Street to be left alone to manage themselves. Never has been a good idea and it seems to have gotten worse in the past few years. People cry about a union guy making an hourly wage drinking beer at lunch and how horrible that is.....and it's not right......but those same people want the guys who can literally fleece people out of millions upon millions and line their own pockets in the process to be left alone....."for the good of the economy". :roll:
Wall Street gave more money to Obama in 2008 than to the Republicans. Most of his economic team are Wall Street veterans. Warren Buffett, George Soros, Bill Gates...oh never mind... :roll:
MCG is making his old tired old argument about bad old Republicans. Seems most of the electorate woke up this past November and I'm really looking forward to 2012. Hey could MCG really be George Soros?
Ya think the FBI will be instructed by this new electorate to just leave these poor billionaire crooks alone so they can do their jobs and help this economy get back on track? :lol: My rag on this is that the GOP is against Wall Street reform and would like it repealed. The Dems want the reform....the GOP seem not to. Why not??
GOP is not against Wall Street reform, it's against reform that is intrusive and harmful to our economy.
The problem where all this leads is a lack of faith in Wall Street. With the demolition of traditional retirement plans in the private sector Wall Street is all the average American has.
Thanks TOK, let's clear this up..... The activities that are alleged in these investigations have been illegal since before I was born.....I do not now nor have I ever supported illegal activies. We don't need "Wall Street reform" to enforce the law......if they are guilty of breaking the law, put 'em behind bars as has been done in the past, as will be done in the future. There will be a 100% law abiding citizens on Wall St at about the same time that there will be a 100% law abiding citizens on Main St. These guys are human and they too suffer from the imperfections of the human condition....there will always be people trying to gain an illegal edge on Wall St just as there will always be people trying to gain an illegal edge on Main St.....it is life and that is why we have laws. If we go overboard with "reform" and create a framework that places an unreasonable burden on the capital markets, it is quite possible that our struggling economy doesn't establish enough momentum to achieve "take off" velocity and achieve sustainable job creating demand/output.....
All for the sake of political gain.....so incredibly naive and shortsighted that it suggests more than incompetence.....almost willful treason. Our economy, this system of ours that is the most efficient and prolific economy the world has ever known requires a healthy and prosperous financial system to function at its best.....it requires intermediaries to provide efficient capital flows towards productive investment opportunities to enable growth to provide jobs....to provide efficient captial flows, it requires healthy and vibrant captial markets. Healthy and vibrant capital markets requires a healthy,,vibrant and prosperous Wall Street. To place an unreasonable and unwarranted burden on Wall St for the sake of political gain will end up biting him in the a$$, because at the end of the day, it's all about jobs and the economy stupid.....and a socialist jihad on Wall Street would restrict and constrain the very capital he needs for sustainable economic growth. Let's see if there is any adult supervision in this White House.....I'm not optimistic. All that said, those that are participating in illegal activities should go to jail....we have plenty of laws currently on the books that would address any of the current allegations, we don't need another socialist jihad in the form of additional layers of regulation.....
Wall Street is nothing without public trust. In the past 10 years with market manipulation, mortgage crisis and criminal scandals like this and Madoff etc. the trust factor must be at an all-time low. There is a reason.....a very good reason the SEC was created.
The SEC was created almost 80 years ago.....it's rules and regs perform a variety of useful functions, including laws against the kinds of activities currently being investigated. Enforce them and put the criminals in jail..... Whether you want to believe or acknowledge, there has been illegal market manipulation attempts, market crises of one variety or another and criminal scandals in every generation and every decade since the organization of the market under the tulip tree in lower Manhattan....to suggest that these issues are a recent occurence is akin to suggesting that organized labor has only recently begun extortion and violent activities and that average people have only just begun to tell lies on Main St....you might believe that, it might be more convenient for your arguments, but it is absolute nonsense....the first rule of a sound argument is that your premises need to have some basis in fact.....yours do not. I agree Wall St and therefore the good of our domestic economy needs the benefit of the public trust making all the more bizarre, incredibly stupid and naive that a sitting president with his economy is recession and a debt load more akin to a banana republic than the worlds greatest economic power would believe it beneficial to wage a populist war against one of his greatest assets.....duh! We've had this discussion numerous times in the past....you continue to bring it up in another misguided effort to trash conservatives and the GOP. Your version of history is more fiction than it is fact and until you acknowledge that, it's impossible to have a rational dialogue on the topic. It's OK to have your own opinions, but you can't have your own facts.
Two things stand out....other than your personal barrage which is par for the course. The SEC was created.....80 years ago.......the last time we had a crisis of trust on Wall Street as large as the one we have now. You say that it's no different in the last 10 years than the previous 80 but I say not so fast my friend. You truly do not think that the electronic age and electronic trading that goes with it....the system that has evolved on Wall Street... doesn't set up an entirely new set of potential manipulators and/or criminals?
Of course it does....as when the traders were forced to move inside from off the street, as with the advent of the ticker, the telephone and telegraph, as with the advent of the computer and automated trading strategies......technological innovation will always change the way the game is played in EVERY facet of life, not just Wall Street......what does that have to do with politics and the inevitably tragic shortcomings of the GOP? What is it exactly that you are arguing now? What is you point?
My point is that the GOP.....if they completely had their way.....would repeal the Financial Reform Act and put nothing in it's place... thereby giving implicit condonement of exorbitant executive pay not commensurate with performance and opening up the door for more high-tech manipulations and crime and without a doubt clearing the way for credit card companies to once again exploit hard working average Americans.
Not true imo....what they would do is to craft a piece of legislation that would actually address some of the issues that precipitated the credit crisis.....if you are knowledgeable about FinReg, I don't have to tell you that it didn't address ANY of the key issues that precipitated the the crisis....NONE. Great piece of legislation...... As it relates to compensation, I would hope that nobody wants the central govenment to set pay scales for private industry, comrade. If you are concerned that an industry is paying too much for it's talent, rather than complain, I'd pack up, grab my kids and go get me some....in our country there is nothing stopping anybody from seeking their fortunes anywhere they believe it to be available ......study hard, work your a$$ off and with a little good fortune, realize the riches that your works deserve....but if you choose not to, don't whine about those that do......
The problem that most logical thinking Americans....who have jobs in which you bust your ass for moderate pay and you perform or else....is that why nod your head in agreement when top financial executives endanger our collective financial well being with risky moves designed to line their own pockets at the expense of the rest of us. If it wasn't for the collapse of retirement plans in the private sector......and the advent of electronic investing......these underperforming greedy jerks wouldn't even have a job. In the days before electronic investing and the constant shill of TV ads and MSNBC hucksters investors relied more upon true performance and proven track records and a bad advisor's poor performance would net him no clients and certainly no bonuses. The lack of any job related viable retirement options plays right into this mess.