VIDEO: The Consumer Financial Protection Act
By Barry Ritholtz - October 23rd, 2009, 11:09AM
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Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
October 23rd, 2009 at 11:20 am
[...] « UK economy contracts again but lets look ahead VIDEO: The Consumer Financial Protection Act [...]
October 23rd, 2009 at 11:30 am
Good Job BR, you knew your facts well and responded quickly which gave you a sharp performance.
Figures the congressman was from NJ, sounds like NJ citizens got f’d like HO’s, but paid for the
Dissed-Privilege:
http://maxkeiser.com/2009/10/23/new-jerseys-indentured-taxpayers-give-goldman-1-million-per-month-for-swaps-on-non-existent-bonds/
Looks like they need bureaucrats watching the bureaucrats, or to hire people a little more competent, or remember the first rule of business – “Don’t do business with companies you can’t trust”
October 23rd, 2009 at 6:15 pm
Ditto that. Great job, BR.
October 24th, 2009 at 6:05 am
Congressman Garrett proudly said that he voted against TARP. I guess he didn’t realize Goldman-Sachs and Morgan-Stanley were about to fail like Lehmann Brothers. If we were teetering on the precipice after Lehmann, we positively would have been impaled on the jagged rocks at the bottom of the precipice if all three had gone under.
Some principled stand Garrett takes that would risk the world’s financial system crashing and burning. Even worse, Garrett would have lost his job since the the American government would have collapsed after such a catastrophe. Maybe Garrett thought he would become a warlord in our new country UTRA (Ungoverned Tribal Regions of America).
October 24th, 2009 at 12:05 pm
victorberry, thanks for that massive helping of establishment wisdom. “Ungoverned Tribal Regions”? Why don’t you explain the chain of causality on that one, big guy. Bernanke can’t do it. P-p-p-p-aulson can’t do it. Kashkari can’t do it. If one of you Bailout Apologists can show the chain of causality, whereby we all descend into some Mad Max version of apocalypse (and all the money is paid back, thank you), then I’ll stop making fun of comments like these.
October 24th, 2009 at 12:16 pm
I disagree with you on this one Barry. Frankly, I think this is another poor excuse to get federal gov’t involved in one more aspect of our lives. As you have stated, many factors have gone into creating this mess. One of the leading factors was the banks inability to act responsibly when dishing out these loans. They can make major profits and the expense of the country and count on government to fix it for them. LET THEM FAIL!
If those that are behaving unethically are allowed to fail, this crap won’t repeat. And the same goes for those idiots that got in over their head. Yes some – I believe a minority – were “tricked” into making a bad decision but I think the vast majority were acting on greed. Buy a big expensive house, it goes up in value and go buy another more expensive house.
I don’t know enough to understand how the financial system “should” work. I do know that you can’t empower a central government to make these decisions. We’re all driven by our own selfish needs and if you hand over big power to people, everyone else ends up with big problems.
If any consumer laws should be enacted, leave that to the states – who have the right to enact whatever BS laws they want. At least, when they are really bad we have a chance to get rid of them. Not so, with the federal government. You can’t keep pointing the finger at the villains and then expect them to fix it. No matter how you look at it, a large centralized government is a bad thing.