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News & Politics News & Politics

How Can We Trust Obama on Wall Street Reform and Enforcement?

Posted by on Sep. 13, 2012 at 4:01 PM
  • 10 Replies

 This was a set of questions which came up in a post in Current Events.  Anybody willing to answer?

For those who are concerned about Wall Street being properly regulated and laws properly enforced, how can we be confident that Obama would enforce a new law if he did not pursue investigations for fraud leading up to the crash? How can you be confident that Obama's finance reform is quality legislation if many of the same people creating the reform ( and/or in the new Obama administration) also were part of the de-regulation and/or the crash?

by on Sep. 13, 2012 at 4:01 PM
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Replies (1-10):
Jambo4
by Gold Member on Sep. 13, 2012 at 5:18 PM

Good questions.

godotherightthi
by on Sep. 13, 2012 at 8:01 PM

 bump

gsprofval
by Gold Member on Sep. 13, 2012 at 8:30 PM

Answer: We can't be confident with o-bow-ma on anything.

itsmesteph11
by Silver Member on Sep. 14, 2012 at 9:45 AM
1 mom liked this

 You can't and you can't.

First, if you aren't concerned about it you should be. It might be that you just weren't around when Carter was in office or you might just not be educated on economics.

We have already had Qe1 &2 and now Bernanke has said he will print money and buy  bad mortgages to try and get the interest rates down.  Now in my opinion people without jobs don't buy houses even with a 1% rate. He is sure this will help unemployment and will keep printing money (which devalues the dollar)but I don't see it.  We are guaranteed inflation as it is from all the printing of money they have done.  The problem here is you can't keep printing money and propping up the stock market. It has to end sometime and when it does it's going to hurt. Food, Gas, commodoties and interest rates will go up. How far? No one knows right now but During Carters administration It wasn't surprising to see rates at $18%(which was the intrest rate on my first home).

As for Obamas so called finance reform, Dodd/ Frank is another huge debacle that has an open ended rules base that can be changed or added to whenever they feel like it. It has hurt small businesses because it costs so much to meet the regulations and medium and large companies are not hiring because of the cost and the uncertainty of these new regulations. 

We had regulations that didn't work BECAUSE they were not enforced for years. Regulation is good but it has to be good regulation that is enforced. Just piling on rule after rule is only going to(already has) hurt everyone.

 

vonna610
by on Sep. 14, 2012 at 12:53 PM


The $700 Billion Bush Bailout Plan

Currently, the United States owes over ten trillion dollars to other countries it has borrowed from, 1.5 trillion is owed to China, with 490 billion in US Treasury securities. We also have over $500 billion tied up in the Iraqi war. 2.5 million bank foreclosures are being predicted by the end of 2008. According to Bloomberg, the numbers are up by 53% over the previous year as of June 2008. These are scary numbers. As mentioned earlier, bank and investment firm defaults are now making daily news. National unemployment figures for the United States is running at 2.2 million individuals. All this bodes bad for the U.S. economy. With the $700 billion bailout from the US Government, the American taxpayer is being virtually shelled at both ends now, and for future generations to come. The bailout is intended to buy the toxic mortgage papers and other bad debt, getting it out of the hands of tottering banks in an attempts to keep more bank failures from occurring. It is also meant to prop up the New York Stock Exchange (NYSE), and other exchanges around the world. One of the areas of concern is the aforementioned “short selling” activity that the Feds are attempting to bring under control. With credit being tightened, sales of homes and other major ticket items have taken a deep plunge. With the advent of the news about the Treasury taking over the banks, the stock market rallied, but quickly continued to lose confidence as investors returned to cutting their losses. Even an address by President Bush failed to make a dent in the downward slide. In his recent speech, the President said, “In our nations’ history, there have been moments that require us to come together across party lines to address major challenges. This is such a moment.” However, on January 20th, 2009, it will no longer be Bush’s problem as he steps down from the Presidency.


HOW CAN WE TRUST THE PARTY THAT TRULY MESSED UP.
AND WITH THE REPUBLICAN PARTY TRYING TO GET INTO OFFICE HOW TO WE KNOW WE CAN TRUST HIM.
Jambo4
by Gold Member on Sep. 14, 2012 at 2:22 PM

BUMP!

Meadowchik
by Gold Member on Sep. 14, 2012 at 3:24 PM

BOTH parties have screwed up, Vonna.  Which party's constituencies, however, built a movement around fiscal responsibility and deficit reduction, AND made big changes in 2010 midterms for that purpose AND nominated a candidate for POTUS and VP campaigning on fiscal responsibility?

Answer? Not the Dems.

It IS the GOP.

Bernanke just announced 85 BILLION PER MONTH in purchases of assets from commercial banks and other institutions, and said he'll keep authorizing it until indicator numbers go up to certain levels.  One could say that the "Obama Recovery" was worse than the recession itself.  And now the Fed has pulled out what economists call "the nuclear option," QE3.  We really don't and cannot know what this will do, but at minimum it will put us in 85 Billion in additional debt each month it continues.

 

Quoting vonna610:


The $700 Billion Bush Bailout Plan

Currently, the United States owes over ten trillion dollars to other countries it has borrowed from, 1.5 trillion is owed to China, with 490 billion in US Treasury securities. We also have over $500 billion tied up in the Iraqi war. 2.5 million bank foreclosures are being predicted by the end of 2008. According to Bloomberg, the numbers are up by 53% over the previous year as of June 2008. These are scary numbers. As mentioned earlier, bank and investment firm defaults are now making daily news. National unemployment figures for the United States is running at 2.2 million individuals. All this bodes bad for the U.S. economy. With the $700 billion bailout from the US Government, the American taxpayer is being virtually shelled at both ends now, and for future generations to come. The bailout is intended to buy the toxic mortgage papers and other bad debt, getting it out of the hands of tottering banks in an attempts to keep more bank failures from occurring. It is also meant to prop up the New York Stock Exchange (NYSE), and other exchanges around the world. One of the areas of concern is the aforementioned “short selling” activity that the Feds are attempting to bring under control. With credit being tightened, sales of homes and other major ticket items have taken a deep plunge. With the advent of the news about the Treasury taking over the banks, the stock market rallied, but quickly continued to lose confidence as investors returned to cutting their losses. Even an address by President Bush failed to make a dent in the downward slide. In his recent speech, the President said, “In our nations’ history, there have been moments that require us to come together across party lines to address major challenges. This is such a moment.” However, on January 20th, 2009, it will no longer be Bush’s problem as he steps down from the Presidency.


HOW CAN WE TRUST THE PARTY THAT TRULY MESSED UP.
AND WITH THE REPUBLICAN PARTY TRYING TO GET INTO OFFICE HOW TO WE KNOW WE CAN TRUST HIM.

 

The most pressing social issue today is the economy

Visit Mitt Romney for President, CafeMom Group

JakeandEmmasMom
by Gold Member on Sep. 14, 2012 at 3:31 PM
1 mom liked this

 I don't trust either of them on Wall Street reform.  They are both beholden to big business.

Carpy
by Platinum Member on Sep. 16, 2012 at 7:32 AM

You do know that has been debunked and there was a post on it?

Quoting MeganGranderson:

You do know that when non-partisan organizations run the numbers on Mitt Romney's tax plan and his promises, they universally agree that the numbers don't add up without either massively increasing the deficit, or raising taxes on the middle class, right?


Meadowchik
by Gold Member on Sep. 17, 2012 at 9:29 AM

 

Quoting MeganGranderson:

You do know that when non-partisan organizations run the numbers on Mitt Romney's tax plan and his promises, they universally agree that the numbers don't add up without either massively increasing the deficit, or raising taxes on the middle class, right?

They make their own assumptions, though. 

Do you know what the Federal Reserve is doing right now?  It's a third stimulus, straight to the banks, 85 billion a month.  Take a look at what things will be like about the time our younger children are adults, under the current path:

"Under the president's budget, for example, the debt expands rapidly to $18.8 trillion from $10.8 trillion in 10 years. The interest costs alone will reach $743 billion a year, more than we are currently spending on Social Security, Medicare or national defense, even under the benign assumption of no inflationary increase or adverse bond-market reaction. For every one percentage point increase in interest rates above this projection, interest costs rise by more than $100 billion, more than current spending on veterans' health and the National Institutes of Health combined.

Worse, the unfunded long-run liabilities of Social Security, Medicare and Medicaid add tens of trillions of dollars to the debt, mostly due to rising real benefits per beneficiary. Before long, all the government will be able to do is finance the debt and pay pension and medical benefits. This spending will crowd out all other necessary government functions. "

http://online.wsj.com/article/SB10001424052702303561504577497442109193610.html?mod=WSJ_article_comments#

Simply put, the path we're on leads to what economists call "unmanageable" results, which the everyday person would call horrendous.

Competence really, really matters right now.

 

The most pressing social issue today is the economy

Visit Mitt Romney for President, CafeMom Group

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