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Federal Reserve chimes in on Wall Street


Magox

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I was just about to say the EXACT same thing, well other than the heroes thing.... :)

 

Well, they're not as heroic as those who would buy up low-income blighted housing and then scam the working class with rent-to-own schemes.

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Here's a letter received today from Illinois Senator Roland Burris. Gotta love the opening paragraph.

 

 

 

My fellow Illinoisans,

 

Over the past two years, the reckless culture of Wall Street gambling brought the American economy to the brink of collapse. Millions lost their savings, their retirements, their homes, and their sense of economic security. Families and small businesses here in Illinois and all across the country continue to feel the effects, while the big banks on Wall Street continue to operate with unregulated greed.

 

It is time to hold Wall Street accountable and to put Illinois consumers back in control. The American taxpayers should never again have to bail out another financial institution. The financial reform bill, now before the United States Senate, contains aggressive measures to ban these bailouts and to end the idea of "Too Big To Fail." This legislation increases oversight to better monitor these banks and their practices, prevents risky gambling on Wall Street, and creates sweeping new levels of transparency and consumer protections.

 

As a former banker myself, I strongly support this tough new legislation. It is time to put Main Street ahead of Wall Street and to guarantee that the working families of Illinois will never again be called upon to bail out Wall Street bankers.

 

I am proud to represent you in the U.S. Senate and remain committed to fighting for your interests every day. Please visit my website at burris.senate.gov or contact me with any questions or concerns.

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Well, they're not as heroic as those who would buy up low-income blighted housing and then scam the working class with rent-to-own schemes.

 

From the you can't make this stuff up department, the poor unwitting German buyers of the Goldman/Paulson CDOs are themselves defending a suit for SELLING s***ty CDOs to King County.

 

Precious. Welcome to the sausage factory folks, don't forget your aprons.

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Talk about phony populism.

 

 

Yesterday’s Goldman Sachs hearing on capitol hill provided hours of highly-anticipated political theater. Democratic Senator Ted Kaufman led the charge by loudly accusing Goldman executives of lying — he effectively says it was obvious that subprime loans wouldn’t perform, that they were full of fraud, and that Goldman was being underhanded in their dealings with clients. They must have known — because it was common sense that giving loans to people without verifying their income was a bad idea, right?

 

Of course, it’s not true that “everybody knew” that the crisis was coming — Moody’s credit rating agency gave the infamous ABACUS deal (the one the SEC accused Goldman of fraud in) a AAA rating. In addition, if the imminent subprime meltdown was so obvious, why did Kaufman invest heavily in Moody’s stock? His personal financial disclosures reveal he must have thought the company was doing something right. Not to mention of course, that Kaufman also has substantial investments in other banks that were holding sub-prime mortgages — if everyone knew what was coming — why didn’t he?

 

 

 

Hypocrite

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Talk about phony populism.

 

Hypocrite

 

It's worse - it was disclosed that Ben Nelson owns $1.5million of Berkshire Hathaway stock and was pushing for a change in legislation that would benefit Berkshire Hathaway? WTF, is this Indonesia?

 

Why can't Congress simply agree to live by the same laws that apply to the rest of the country?

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I considered it "chiding". :P

 

I posted my master plan heheheheh so you and Magox can rip it up...it's still not detailed enough for you to realllllly tare into it, but it'll be fun watching financial guys make fun of a working class jagoff like myself attempt to fix the blight heheheheh

 

http://forums.twobillsdrive.com/index.php?...=112781&hl=

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I posted my master plan heheheheh so you and Magox can rip it up...it's still not detailed enough for you to realllllly tare into it, but it'll be fun watching financial guys make fun of a working class jagoff like myself attempt to fix the blight heheheheh

 

http://forums.twobillsdrive.com/index.php?...=112781&hl=

 

Or I could just mock you for misspelling "tear".

 

Really..."tare"? :P:lol:

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Or I could just mock you for misspelling "tear".

 

Really..."tare"? :P:lol:

 

You could...but then I would try to say that I was using that spelling becuase everything you are saying about what I have to say is the useless weight you have to deduct from the overall goods of what I said....or I would just deflect by saying I was speaking in archaic language in which tare once meant tear...so go ahead...roll your eyes if you must...but yeah...yomesaying

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You could...but then I would try to say that I was using that spelling becuase everything you are saying about what I have to say is the useless weight you have to deduct from the overall goods of what I said....or I would just deflect by saying I was speaking in archaic language in which tare once meant tear...so go ahead...roll your eyes if you must...but yeah...yomesaying

 

Is English your second language or third?

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