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- "I do not understand how financial institutions could think they could take taxpayer money and turn around and act like it’s business as usual ... but they seem to be winning this argument." - Elizabeth Warren of the Congressional Oversight Panel on bonuses and the power of banking lobbies (videos, about 10 mins.).
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This news story has 19 comments:
I know elderly people who saved and did the right things. They lived well enough on the fruit of that hardwork. These people saved, counting on that capital in retirement. Now, they are literally eating into principal terrified of how to make ends meet and what basics they must conceed.
If you say an elderly person should be forced to move out of fixed income say CDs into the stock market to get a fair return, you are admitting that the game is rigged and that savers are paying for this lunacy.
What bs. Every single member in Washington benefits from the same exact industries that screw us.
The entire country is so rigged, so imbalanced and so FUBAR.
She is only confused because her master plan is imploding. What a political tool.
On Oct 17 09:03 AM a fat panda wrote:
> Government bureaucrats just don't get it. It isn't the taxpayers
> who are paying for money printed at the Discount Window. It is savers.
>
>
> I know elderly people who saved and did the right things. They lived
> well enough on the fruit of that hardwork. These people saved, counting
> on that capital in retirement. Now, they are literally eating into
> principal terrified of how to make ends meet and what basics they
> must conceed.
>
> If you say an elderly person should be forced to move out of fixed
> income say CDs into the stock market to get a fair return, you are
> admitting that the game is rigged and that savers are paying for
> this lunacy.
It is business as usual for them. They have been screwing the taxpayer for almost a hundred years in America, even more if we count the 1st and 2nd central banks in the U.S.
What I do not understand is how government officials could allow taxpayer money to be taken and turn around and act like they are protecting the interests of the American public.
Progressive Democrats keep claiming that Obama is beholden to Wall St. financiers and banks.
Teabaggers claim that Obama and Summers are following the Mao playbook.
The good like JPM and GS have repaid TARP with interest. The bad like C and AIG are punished with huge equity losses.
The naysayers are all wrong, of course.
The market knows it.
The elderly saw house price appreciation of roughly 400% in the past two decades, stock market appreciation of roughly 700%, and inflation was somewhat contained for most of that period. They had ample opportunities to cash out and invest wisely and some took advantage. Those who didn't simply lost... if we're going to be a country where everyone has to win, then everyone will inevitably lose.
The elderly in this country were born and lived through the bankruptcy of the U.S. government and still didn't revolt when our money became absolutely worthless (1971). Don't give me the pity party for them.
We should really be concerned about the upcoming generations who are born into a corrupt financial system, government paid for by that corrupt system, and astronomical public debt levels. How will that generation even have the opportunity to "save" or "retire"?
On Oct 17 09:03 AM a fat panda wrote:
> Government bureaucrats just don't get it. It isn't the taxpayers
> who are paying for money printed at the Discount Window. It is savers.
>
>
> I know elderly people who saved and did the right things. They lived
> well enough on the fruit of that hardwork. These people saved, counting
> on that capital in retirement. Now, they are literally eating into
> principal terrified of how to make ends meet and what basics they
> must conceed.
>
> If you say an elderly person should be forced to move out of fixed
> income say CDs into the stock market to get a fair return, you are
> admitting that the game is rigged and that savers are paying for
> this lunacy.
The people who truly deserve sympathy are the children and grandchildren of these people - who carry the 'mortgage' which their parents/grandparents hung around their necks.
In fact the elderly are the enemies of the younger generations - since they are the ones most easily duped by the lies of politicians and banksters. With this demographic being the "decider" in elections, they not only allowed these abuses to take place originally, but now they are the biggest obstacle to meaningful change.
On Oct 17 11:22 AM HomeEconomics wrote:
> It isn't the elderly who pay in most of these cases. It is the future
> saver who is born into thousands of dollars of debt.
>
> The elderly saw house price appreciation of roughly 400% in the past
> two decades, stock market appreciation of roughly 700%, and inflation
> was somewhat contained for most of that period. They had ample opportunities
> to cash out and invest wisely and some took advantage. Those who
> didn't simply lost... if we're going to be a country where everyone
> has to win, then everyone will inevitably lose.
>
> The elderly in this country were born and lived through the bankruptcy
> of the U.S. government and still didn't revolt when our money became
> absolutely worthless (1971). Don't give me the pity party for them.
>
>
> We should really be concerned about the upcoming generations who
> are born into a corrupt financial system, government paid for by
> that corrupt system, and astronomical public debt levels. How will
> that generation even have the opportunity to "save" or "retire"?
>
Elizabeth Warren (born 1949) is the Leo Gottlieb Professor of Law at Harvard Law School, where she teaches contract law, bankruptcy, and commercial law. In the wake of the 2008-9 financial crisis, she has also become the chair of the Congressional Oversight Panel created to oversee the U.S. banking bailout, formally known as the Troubled Assets Relief Program. In 2007, she first developed the idea to create a new Consumer Financial Protection Agency, which President Barack Obama, Christopher Dodd, and Barney Frank are now advocating as part of their financial regulatory reform proposals.
In May 2009, Warren was named one of Time Magazine's 100 Most Influential People in the World.[1]
On Oct 17 10:16 AM TeresaE wrote:
> As Senator Warren accepts checks from finance PACs and CEOs of all
> the major firms.
>
> What bs. Every single member in Washington benefits from the same
> exact industries that screw us.
>
> The entire country is so rigged, so imbalanced and so FUBAR.
>
> She is only confused because her master plan is imploding. What a
> political tool.
>They have been screwing the taxpayer for almost a hundred years in America, even more if we count the 1st and 2nd central banks in the U.S.<
And when it really kicked into overdrive was when the banks were granted a mandate to trade. Even though the corruption began long before the institution of the FED, it was at the creation of the FED that a new definition for the word "crime" was written.
Polite conversations and committee meetings and "everything is o.k." somnambulant evening news broadcasts only allow the tyranny and oppression to proceed on it's course.
> Things won't really change until there is blood in the streets.<br/>
Exactly.
--------------------
For a Harvard professor she doesn't seem too sharp.
Its simple. You take the taxpayer money......funnel some of it back to weak and corrupt politicians and.......Your back in business!!!
Anyone with a lick of common sense would have already forced the split of commercial and investment banks, raised capital requirements (and if the government wanted to provide some of the capital as an investment I would be fine with that), re-instituted the uptick rule, arrested hundreds if not thousands of wall street cronies that were trading on insider information - misrepresenting their funds claims, arrested thousands of people who falsified loan documents, lied on mortgage applications, sold obviously rip-off mortgages to the elderly for their fat commissions, etc.
But what action have we seen? TARP. And three or four hearings about short selling.
What really sad about this whole affair is that about 10% of people buying homes over the past 5 years plus maybe 10-20K fraudulent people in the mortgage industry, plus a thousand or two bankers/hedge fund guys have torpedoed the American economy. And we all pay for it. And those responsible have kept their commissions, their bonusses, their three homes, their Porsches, Ferraris, million $ bank accounts and left us to pick up the pieces.
When we can't even pass a regulation that makes it mandatory to show someone a fixed rate mortgage along side of a "fancy" ARM mortgage, then its basically over. Those that are willing to basically screw their fellow citizens for their own benefit will continue to prosper. The heck with the fact that you know in two years some 68 year old widow won't be able to make the mortgage payment on a home she owns free and clear today........hey, you'll get an $8500 commission and when you close the other four suckers you'll be on the way to the Bahamas for some fun and sun.
And the AIG crooks in London are still getting "retention bonusses" as they are somehow the only people that can undo what they did so badly that it costs the USA 180 Billion dollars? How the heck does that work???? Thats what a drum roll and "Fire" are for. No need for retention bonusses then.
has little knowledge of markets or risk.....she would condemn us to
second rate status in the world....
cougar???
On Oct 17 01:44 PM ebworthen wrote:
Things won't really change until there is blood in the streets
On Oct 17 09:03 AM a fat panda wrote:
> Government bureaucrats just don't get it. It isn't the taxpayers
> who are paying for money printed at the Discount Window. It is savers.
>
>
> I know elderly people who saved and did the right things. They lived
> well enough on the fruit of that hardwork. These people saved, counting
> on that capital in retirement. Now, they are literally eating into
> principal terrified of how to make ends meet and what basics they
> must conceed.
>
> If you say an elderly person should be forced to move out of fixed
> income say CDs into the stock market to get a fair return, you are
> admitting that the game is rigged and that savers are paying for
> this lunacy.