New Nexus Posted September 2, 2011 Author Share Posted September 2, 2011 *Bob* Wrote:-------------------------------------------------------> Well, in my view - Geithner, like Paulson, as> President of the Federal Reserve Bank of New York> since October 2003, was one of those senior> regulators who failed to take any effective> regulatory action to prevent the crisis, but> instead covered up its depth. > > I would also add that he was supposed to regulate> many of the largest bank holding companies in the> United States. Far too many of these institutions> are now deeply insolvent because the banks they> own are deeply insolvent. The law mandated that> Geithner and his colleagues place troubled banks> in receivership long before they became insolvent.> > > Which begs the question, Nexus - Why are the> banking regulators, particularly Treasury> Secretary Geithner, continuing to disobey the law?So, can we agree that both Paulson and Geithner, have not fulfilled their job description or their obligations to enforce regulatory governance.Can we also agree that because of the aforementioned negligence, a greater debt has been created, and is in the process of being kicked down the road?Can we also agree that the debt crisis, has and is bleeding into sovereign debt? Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471242 Share on other sites More sharing options...
*Bob* Posted September 2, 2011 Share Posted September 2, 2011 Well Nexus, the fact is that Paulson and Geithner's refusal to comply with the law has already cost the taxpayers scores of billions of dollars in unnecessary costs. And Geithner indicated (back in February) that he would continue to flout the law. If he is allowed to do so it will add hundreds of billions of dollars to the eventual cost to taxpayers. The way I see things is that the amount of taxpayer money wasted due to Paulson and Geithner's violations of the prompt corrective action law will exceed the total present value cost of resolving the S&L debacle, $150 billion ($1993). I also believe that the waste will take the form of the U.S. taxpayers subsidizing the officers, shareholders and subordinated debt holders of failed banks -- who are disproportionately wealthy, frequently profited from the accounting fraud that caused the banks to fail, and are often foreign. And let's not forget that the prompt corrective action law was passed in large part to prevent such a subsidy!! Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471244 Share on other sites More sharing options...
mockney piers Posted September 2, 2011 Share Posted September 2, 2011 You're right, regulators turned a blind eye too often to high risk trading practices, falling for the same false hope that risk analysis had defeated risk rather than merely being "an airbag that works all the time, except when you have a car accident."Finally I see the light, rapture will happen imminently, can you buy assault rifles from Amazon or do I need to do a bit of a shopping spree in downtowm Misrata? Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471247 Share on other sites More sharing options...
TE44 Posted September 2, 2011 Share Posted September 2, 2011 Nice utopian middle class pipe dream; to quote one of my favourite cinematic characters:"Shiiit, you gotta be rich in the first place to think like that." Mockney PiersSo you think the only people who can attempt to teach there children or offer them another way of life ismiddle class people, gotta say the above has caused a lot of laughs here.NN I looked up PCA and FDIC but to be honest it just sounds like another meant to be independant group,who regulates the regulators?I welcome experts but also have a problem with the kind who do not believe they have anything else to learn.The ones who speak down to people and believe they know whats best.I wonder how many people reading this thread, feel they could not post there thoughts cause theres to manyexperts trying to put people in there place, a nice safe little slot. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471253 Share on other sites More sharing options...
mockney piers Posted September 2, 2011 Share Posted September 2, 2011 Yes, that's exactly what I said *rolls eyes upwards*, but yes, I should know better than to bring class into it, just lazy stereotyping on my part.I liked the 'Quis custodiet ipsos custodes?' paraphrasing though.I think most people refrain from posting on here because it's a)tedious b)pointless and c)err....that's it.I do it because either a)I'm an idiot b)I'm a masochist or c) a & b Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471292 Share on other sites More sharing options...
mockney piers Posted September 2, 2011 Share Posted September 2, 2011 Has this beaten the fois gras thread yet btw? Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471294 Share on other sites More sharing options...
Jeremy Posted September 2, 2011 Share Posted September 2, 2011 *Bob* Wrote:-------------------------------------------------------> And let's not forget that the prompt corrective> action law was passed in large part to prevent> such a subsidy!!Indeed - let us not.It is remarkable that the system, the phrase, and the law have disappeared from the coverage of the banking crises. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471314 Share on other sites More sharing options...
Loz Posted September 2, 2011 Share Posted September 2, 2011 mockney piers Wrote:-------------------------------------------------------> Has this beaten the fois gras thread yet btw?Dunno, but I get the feeling New Nexus is a vegan. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471318 Share on other sites More sharing options...
*Bob* Posted September 2, 2011 Share Posted September 2, 2011 I hear you, Jeremy. But surely the PCA's premise was that regulatory discretion led to cover-ups of failed banks and excessive losses to the taxpayers? The PCA solution (if I understand it correctly) was to require higher capital requirements and to mandate that the regulators take over troubled banks before they deteriorated to the point that the failure would impose a cost on the Federal Deposit Insurance Corporation (FDIC). Stop me if if I'm stating the obvious here, of course! Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471319 Share on other sites More sharing options...
Huguenot Posted September 2, 2011 Share Posted September 2, 2011 Who let the Welsh in? Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471326 Share on other sites More sharing options...
New Nexus Posted September 2, 2011 Author Share Posted September 2, 2011 *Bob* Wrote:-------------------------------------------------------> Well Nexus, the fact is that Paulson and> Geithner's refusal to comply with the law has> already cost the taxpayers scores of billions of> dollars in unnecessary costs. And Geithner> indicated (back in February) that he would> continue to flout the law. If he is allowed to do> so it will add hundreds of billions of dollars to> the eventual cost to taxpayers. > > The way I see things is that the amount of> taxpayer money wasted due to Paulson and> Geithner's violations of the prompt corrective> action law will exceed the total present value> cost of resolving the S&L debacle, $150 billion> ($1993). I also believe that the waste will take> the form of the U.S. taxpayers subsidizing the> officers, shareholders and subordinated debt> holders of failed banks -- who are> disproportionately wealthy, frequently profited> from the accounting fraud that caused the banks to> fail, and are often foreign. > > And let's not forget that the prompt corrective> action law was passed in large part to prevent> such a subsidy!!Thank you, this was helpful and informative.Now can we all see that the rulebooks have been set on fire.Clear prima facie evidence, has been place before regulators of fraud and beaches in regulation.The aforementioned Paulson, Geithner, plus others, have not only turned a blind eye, but have actively block cases, from reaching court. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471381 Share on other sites More sharing options...
Jeremy Posted September 2, 2011 Share Posted September 2, 2011 Bob's a regular fountain of economic knowledge. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471382 Share on other sites More sharing options...
katie1997 Posted September 2, 2011 Share Posted September 2, 2011 Jeremy Wrote:-------------------------------------------------------> Bob's a regular fountain of economic knowledge.Clearly!*Bob* has been nothing short of hilarious, er, I mean, helpful and very informative on this thread. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471407 Share on other sites More sharing options...
Loz Posted September 2, 2011 Share Posted September 2, 2011 Who are you and what have you done with sarcastic *Bob*? Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471417 Share on other sites More sharing options...
resident25yearsED Posted September 2, 2011 Share Posted September 2, 2011 Huguenot Wrote:-------------------------------------------------------> Who let the Welsh in?Indeed! :-) Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471422 Share on other sites More sharing options...
katie1997 Posted September 2, 2011 Share Posted September 2, 2011 Loz Wrote:-------------------------------------------------------> Who are you and what have you done with sarcastic> *Bob*?Loz, are you sitting comfortably? Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471423 Share on other sites More sharing options...
resident25yearsED Posted September 2, 2011 Share Posted September 2, 2011 who's really in charge of running this world? i'm so confused about it all! the problem is the more high profile you become, the more careful you've got to be about upsetting other high profile people.. because other high profile people share your club..it's a bit tribal really..they look after one another...good example of this was when Blair shook hands with Gaddafi..that kind of thing..power met power..good met bad! i had an experience of complaining once to the local government ombudsman and they were useless..later on i found out that a high number of the ombudsman employees used to work for local government...they protect one another...tribal again.Puff!! Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471426 Share on other sites More sharing options...
Voyageur Posted September 2, 2011 Share Posted September 2, 2011 ......christ.......a..... plague..... of.....dots........ Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471431 Share on other sites More sharing options...
resident25yearsED Posted September 2, 2011 Share Posted September 2, 2011 Voyageur Wrote:-------------------------------------------------------> ......christ.......a..... plague.....> of.....dots......................... .......................... ................................... ...................... yes.. the.. black death.. ................... Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471436 Share on other sites More sharing options...
Peckhamgatecrasher Posted September 2, 2011 Share Posted September 2, 2011 Quote "There shall in that time be rumors of things going astray, erm, and there shall be a great confusion as to where things really are, and nobody will really know where lieth those little things with the sort of raffia-work base, that has an attachment. At that time, a friend shall lose his friend's hammer, and the young shall not know where lieth the things possessed by their fathers that their fathers put there only just the night before, about eight o'clock."Silly boy. Just spin round three times and pray to St. Anthony. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471446 Share on other sites More sharing options...
New Nexus Posted September 2, 2011 Author Share Posted September 2, 2011 http://wwwDelivery.superstock.com/WI/223/1829/PreviewComp/SuperStock_1829-10560.jpgTake a lookhttp://www.fhfa.gov/Default.aspx?Page=110 Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471450 Share on other sites More sharing options...
Scylla100 Posted September 2, 2011 Share Posted September 2, 2011 Woah, stock market is diving. http://www.guardian.co.uk/business/2011/sep/02/market-falls-us-jobs-barack-obama-george-osborneWhere's that bloody Keynes when ya need 'im? Scylla Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471455 Share on other sites More sharing options...
Peckhamgatecrasher Posted September 2, 2011 Share Posted September 2, 2011 Jawing with Charybdis, probably - between a rock and a hard place. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471457 Share on other sites More sharing options...
maxxi Posted September 2, 2011 Share Posted September 2, 2011 Peckhamgatecrasher Wrote:-------------------------------------------------------> Jawing with Charybdis, probably - between a rock> and a hard place.So all he needs is a good penknife.And 127 hours. Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471468 Share on other sites More sharing options...
Loz Posted September 2, 2011 Share Posted September 2, 2011 katie1997 Wrote:-------------------------------------------------------> Loz Wrote:> --------------------------------------------------> -----> > Who are you and what have you done with> sarcastic> > *Bob*?> > Loz, are you sitting comfortably?I am now. :-$ Link to comment https://www.eastdulwichforum.co.uk/topic/19153-request-for-comment-collapse-of-the-u-s-a/page/23/#findComment-471472 Share on other sites More sharing options...
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