Who bailed out the banks - Obama

To make things worse Obama increased the debt 10 Trillion more than ALL fucking presidents combined. Talk about ruining the economy Its a noose on the necks of Americans for generations

The root cause was Democrats wanting home ownership for more people, which happen to be those who could not afford a house. Dodd/Frank led the way . Republicans tried a few time to curb/ change it but failed. Banks complied and wrote bad loans and sold them to larger banks and they packaged these bad loans to look attractive and the house of cards tumbled.

Katrina -- You seriously want to go there--- New Orleans and the storm that hit Jersey shore and Long Island ... Fucking disaster years later --- Yep your boy really hit it out of the park with the help didn't he?

9/11 waning completely ignored. Bullshit.. Clinton had Bin Laden had full intelligence to get him and did nothing.

I don't know if you have you head in the sand or up your ass.

Nothing was done about "Too big to fail", except to help them get even bigger. Isn't that enough?

The utterly useless POS that is Dodd-Frank does nothing to prevent the same sociopaths from holding the world economy for ransom again, so they can skim off yet more for themselves. No crash is going to hurt -them-, after all. They'll just move to a private island with their loot.

Are you at all sympathetic to the view that there is too much concentration of capital in the financial sector, and not enough in the real economy? I think the compensation has gotten way out of whack in relation to the services they perform. I also think the securitization of debt was a horrible idea. What was wrong with glass steagall you know? What I'd like to see is a return to bankers loaning out deposits, and investors seeking out entrepreneurs. Instead, we have investors seeking to leverage systemic risk knowing full well they have a lifeline because the government can't go ahead and flush our life savings down the toilet now can it?

>> ^kevingrr:

What we are going to see shortly is traditional banks close up shop in low to low-mid income areas.
The banks offered "Free Checking" with the knowledge that people would overdraft and they would make fees on those overdrafts. There is no such thing as a free lunch or free banking. This was always part of every banks business plan. Caveat Emptor.
Those fees are now being restricted by Dodd-Frank. Therefore the banks can no longer turn a profit in many low/mid income neighborhoods. Banks are in business to make a profit and when they cannot make a profit they will close or downsize.
The solution is fairly simple. Banks will close and currency exchanges and payday loan shops will open. I don't think these businesses are preferable to banks. It an unintended consequence of the bill. It will hurt people it was meant to help.
I have free checking. I maintain a four to five figure balance and I have never been charged. I don't have everything I want, but I have more "things" in my life than I will ever need.
Chase lost $2 Billion dollars? Yea that's a bad call, but they have $2.26 Trillion in assets, $90 Billion in revenue, and $19 Billion in net income. I think they can absorb the loss.

What we are going to see shortly is traditional banks close up shop in low to low-mid income areas.

The banks offered "Free Checking" with the knowledge that people would overdraft and they would make fees on those overdrafts. There is no such thing as a free lunch or free banking. This was always part of every banks business plan. Caveat Emptor.


Those fees are now being restricted by Dodd-Frank. Therefore the banks can no longer turn a profit in many low/mid income neighborhoods. Banks are in business to make a profit and when they cannot make a profit they will close or downsize.

The solution is fairly simple. Banks will close and currency exchanges and payday loan shops will open. I don't think these businesses are preferable to banks. It an unintended consequence of the bill. It will hurt people it was meant to help.

I have free checking. I maintain a four to five figure balance and I have never been charged. I don't have everything I want, but I have more "things" in my life than I will ever need.

Chase lost $2 Billion dollars? Yea that's a bad call, but they have $2.26 Trillion in assets, $90 Billion in revenue, and $19 Billion in net income. I think they can absorb the loss.

>> ^kevingrr:

@Yogi
I'm sorry my fellow sifters advocate "offing" these guys. These guys work seven days a week and they work to make a profit - just like every other business.
J.P. Morgan Chase was the go to entity to take over Bear Stearns and Washington Mutual when they failed. Why? Chase was strong enough to bear the burden.
Regarding TARP money Chase never wanted it or needed it. Link
The Dodd Frank and Consumer Protection act is a poorly written gargantuan hydra of a bill. I know this because the small community bankers I know are saying they are not going to be able to stay afloat.
My companies president - someone who I know for a fact has voted as a democrat for over 40 years - told me yesterday he will vote against Obama in the upcoming election. Why? We work in real estate and the paperwork needed to finance a project has multiplied - and with it the number of lawyers and legal hours required - that is if we can get something financed period. Good for lawyers - bad for anyone who might want to work building a new shopping center(architects, tradesmen, engineers, etc) or working there in the future.
Make the rules simple, make them fair, and enforce them effectively.


Oh Yay! Another lying apologist Fuckhead.

@Yogi

I'm sorry my fellow sifters advocate "offing" these guys. These guys work seven days a week and they work to make a profit - just like every other business.

J.P. Morgan Chase was the go to entity to take over Bear Stearns and Washington Mutual when they failed. Why? Chase was strong enough to bear the burden.

Regarding TARP money Chase never wanted it or needed it. Link

The Dodd Frank and Consumer Protection act is a poorly written gargantuan hydra of a bill. I know this because the small community bankers I know are saying they are not going to be able to stay afloat.

My companies president - someone who I know for a fact has voted as a democrat for over 40 years - told me yesterday he will vote against Obama in the upcoming election. Why? We work in real estate and the paperwork needed to finance a project has multiplied - and with it the number of lawyers and legal hours required - that is if we can get something financed period. Good for lawyers - bad for anyone who might want to work building a new shopping center(architects, tradesmen, engineers, etc) or working there in the future.

Make the rules simple, make them fair, and enforce them effectively.

@ghark there's a lot of what you're saying that I agree with, but still you've got this false equivalency thing going. Democrats are not winning the fight against corporate plutocracy. That is not the same thing as fighting for corporate plutocracy.

Equating the two doesn't help you get anywhere in changing the political landscape, it just has the effect of demoralizing people sympathetic to your cause, and getting them to drop out of the political process entirely.

Now one can hypothesize that the Democrats aren't winning because they're taking a dive. But that flies in the face of the facts. They passed HCR, bank regulation, repeal of DADT, etc. You seem to be buying into the line that HCR is some victory for the corporations, or that Dodd-Frank made the banks stronger, and that nobody at all in Washington is doing anything worth praising. That's just not true. Those are right-wing talking points. That's what Republicans want people to believe.

I agree that you shouldn't think that voting for Democrats means you can sit back, and they'll just fix everything for you. No, if you want to really make some sweeping changes, you need to form a broad-based political movement that changes the minds and mood of the public. You need a movement that keeps Democrats on the straight and narrow, and puts pressure on Republicans to mend their ways.

I hope Occupy Wall Street will be that kind of movement. I certainly think they've had a positive effect so far.

This video has been declared a duplicate by the original submitter; transferring votes to the original video and killing this dupe - dupeof declared by littledragon_79.

*dupeof=http://videosift.com/video/TDS-The-Dodd-Frank-Act

Ugh, I wish we used standard naming conventions...

http://videosift.com/video/TDS-The-Dodd-Frank-Act