Its not the banks. That is the whole point. The guys in the government (who are supposed to be the regulators) did this. According to the Gramm-Leach-Bliley Act the Fed is the ultimate regulator of so many of these transactions.
[/quote]
Phil Gramm (R-Texas)
Jim Leach (R-Iowa)
Thomas J. Bliley, Jr. (R-Virginia)
Granted, Bill Clinton signed the bill but the was facing a Republican Congress. And in 1998, the Lewinski scandal exploded and the House impeached Clinton.
[quote=aldante]
If you don’t have a fire hydrant you can’t access the water. Actually I like the drug analogy much better. No one wants less money. Of course that is not true becasue I do know one person…Ron Paul turned down his Congressional Retirment Benefits years ago.[/quote]
I applaud your support for Ron Paul.
I like his classical liberal views, his support for legalization of drugs, etc…[/quote]
Brian,
If it seems that I am emotional about this it is because I am. In the business I am in my competitors should have been wiped out in 2008. I should have been able to compete for their clients. Instead, those brokers received hundreds of thousands of, if not millions $$ from their “new”employer who was bailed out by the government. I paid a lot in taxes that year. so essentially my money went to bail out my competitors who were so frigging smart that they leveraged their business 40:1 on the “fact” that real estate only goes up in value.
So yes I take this very personally. These sh**bags who tout their IVY league eduation, but are really just common criminals trading on inside information. Then protected by the very “REGULATORs” that so many on this board believe will save us from the evils of greed.
By the way GM is wacking their business out of the ball park!!!
