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Did you like the financial crisis of 2008?

Discussion in 'Sports and News' started by poindexter, Dec 17, 2014.

  1. poindexter

    poindexter Well-Known Member

    Well, congressman Yoder from Kansas is trying for a repeat. He is the one who inserted a bill - WRITTEN BY CITGROUP - into the Cromnibus bill.


    The provision, undoes a rule that prevents big banks from relying on the Federal Deposit Insurance Corp. to bail them out if things go sour when they trade risky assets. The rule was put into place as part of the 2010 Dodd-Frank law, which overhauled the financial regulatory system after the 2007-2008 financial crisis stemming from banks making extremely risky bets and losing. The government had to bail them out with taxpayer money, and Yoder's provision paves the way for another possible bailout.

    By the way, a big, hearty FU from me to all you a-holes here on SportsJournalists.com who argued for the bailout in 2008.

    Oooh, there'll be a depression!!
    Ooooh, there'll be breadlines!!

    I said at the time, let these f*ckers burn down. Let all the Citigroups and Goldmans go down. We would have survived. But nooooo. You chicken littles wanted the bailout. And guess who has prospered?
    Boom_70 likes this.
  2. The Big Ragu

    The Big Ragu Moderator Staff Member

    I can't understand what happened to the notion of a business being responsible for itself financially. To borrow from Jim Rogers (who borrowed it from somewhere else), capitalism without bankruptcy is like Christianity without hell. It serves a vital purpose that naturally allocates capital to the places that use it the best.

    When that process gets subverted in the myriad ways our government now interferes in our markets, it rewards mediocrity at best and failure at worst -- at the expense of the people who do it right.

    If it makes you feel any better, poin, there is so much systematic risk out there unrelated to banking -- they have blown the bubble throughout our economy -- that I doubt it will be the Citis that are at the forefront of the next meltdown, although it could be. Prepare for bailouts in places you aren't even considering -- for example, all the people who have leveraged themselves up on the Fed's cheap money and drilled for oil all over North Dakota.

    For what it is worth, if you want a good scare, here was Zero Hedge in its alarmist glory on it the day the crony-bus bill was pushed through.

  3. YankeeFan

    YankeeFan Well-Known Member

    How do you feel about the terrorism risk insurance act, which hasn't been renewed for next year?
  4. poindexter

    poindexter Well-Known Member

    Yeah, Ragu, oil and natural gas prices are bottoming. For every swap where someone is profiting from that, there is someone else holding the bag on those energy swaps. Or rubles. Someone isn't going to be able to pay, then the house of cards goes down.

    Unless you've bought and sold your own Congressman Kevin Yoder for a bailout.
  5. poindexter

    poindexter Well-Known Member

    Yeah, that zero hedge article better articulates my last post - counter party risk. Ay yi yi.
  6. Boom_70

    Boom_70 Well-Known Member

    For all the deserved criticism the guy gets one thing that Obama did do was save the country from peril by
    signing into law The Emergency Economic Stabilization Act of 2008
  7. poindexter

    poindexter Well-Known Member

    Re counter terrorism insurance, here's a wild idea: Let the NFL pay for it (re: Super Bowl)

    If you can afford to spend $43 million a year for your own Ginger Clown of a commissioner, you can pay for your own counterterrorism insurance.
  8. trifectarich

    trifectarich Well-Known Member

    If it's any consolation, Yoder won re-election last month and only got 60 percent of the votes — nine percent lower than he got in 2012. Maybe Kansas voters are catching on he'll be out on his ass next time.
  9. LongTimeListener

    LongTimeListener Well-Known Member

    He is a Koch Brothers plant, right? That's a lifetime gig in Kansas.
  10. poindexter

    poindexter Well-Known Member

    no offense, trifecta, but who gives a shit? Even if he doesn't get re elected, he just goes on to a cushy consulting gig on the beltway or Citigroup.
  11. trifectarich

    trifectarich Well-Known Member

    Yes, of course. One fewer idiot in Congress still means there's a long line of lawmakers who do nothing but coddle to special interests and think of more loopholes for big business.
  12. Boom_70

    Boom_70 Well-Known Member

    Mile High is going to blow his top when he clocks in at 4 pm and see politics being discussed.:eek:
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