Protesters Crash Bankers Convention

[d.mcc]

But recently Florida has a big bubble that has burst making the disparity much more acute for them than us.

Newsflash!

THE BUBBLE HAS BURST EVERYWHERE!

[rb336]

But recently Florida has a big bubble that has burst making the disparity much more acute for them than us.

you mean the bubble [[nationwide) you denied existed just a year and a half ago?

[ccbatson]

Michigan's "bubble" was nothing compared to Florida's.

Rb...I don't remember the details of what I said on the subject 1.5 years ago, so, unless you can bring it up, I can't credibly comment...nor can you.

[Lorax]

But recently Florida has a big bubble that has burst making the disparity much more acute for them than us.

I can't believe I'm actually going to say this, and I'm choking on my words, but I actually agree with......this person.

Detroit and Michigan has a much more diverse economy and industrial base than Florida does, and many more educated people as well- including those who stay as opposed to leaving upon graduation.

Florida ranks near dead last in many social categories, lacks so much in art, education, has an egregious monopoly in Florida Power and Light, few choices in grocery chains, [[Publix, mainly) and with tourism as the primary industry, it has suffered more than most with the lack of disposable income out there.

Hell, even my water bill at one of my stores, where there is only a toilet and a sink is 350.00 per quarter! It used to be only 80 bucks 5-6 years ago.

The housing bubble in particular missed much of Michigan over the last 8-10 years, and Michigan did not show the massive gains in property "values" as Florida did, especially in the condo market.

The higher you fly, the farther you fall!

I'm living it now, and as I have mentioned, will be spending more time at my home in Southfield, and will be transitioning some of my business interests north next year.

[ccbatson]

These "bubbles" would have been sustainable and less dramatic if not for Barney Frank and company behind the housing debacle. The rest fell like dominos.

[Lorax]

Enough with the bomb throwing, Batts.

Barney Frank had no effect on the outcome of this debacle- put blame where it's due- Rethuglican economic policy.

Repeal of Glass-Steagall in 1999 by a Rethuglican controlled congress, commodities reformation act of 2000 brought to us courtesy of Phil Gramm [[Rethuglican of Texass) and the continued lack of oversight and non-enforcement SEC rules allowing for Casino Capitalism at it's finest.

[ccbatson]

The CRA predates Glass Steagall and is at the heart of the problem. Frank and company, in the name of "affordable housing' defended the expansion of this time bomb [[or nuclear economic bubble) against numerous warnings from GWB, McCain, Greenspan, etc.

[Lorax]

Sorry, but you're wrong.

The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation [[FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[1] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act.[2][3]


The Community Reinvestment Act [[or CRA, Pub.L. 95-128, title VIII, 91 Stat. 1147, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.[1][2][3] Congress passed the Act in 1977 to reduce discriminatory credit practices against low-income neighborhoods, a practice known as redlining.[4][5] The Act requires the appropriate federal financial supervisory agencies to encourage regulated financial institutions to meet the credit needs of the local communities in which they are chartered, consistent with safe and sound operation. [[See full text of Act and current regulations.[1] To enforce the statute, federal regulatory agencies examine banking institutions for CRA compliance, and take this information into consideration when approving applications for new bank branches or for mergers or acquisitions.[6]


Sorry, but you need to read and learn first.

GWB, McCain, Greenspan? LOL!!! The Three Stooges.

[1KielsonDrive]

Michigan's "bubble" was nothing compared to Florida's.
I can't credibly comment...

Taken out of context - but accurate nonetheless.

[rb336]

The CRA predates Glass Steagall and is at the heart of the problem. Frank and company, in the name of "affordable housing' defended the expansion of this time bomb [[or nuclear economic bubble) against numerous warnings from GWB, McCain, Greenspan, etc.

ah, yes, yet another totally fact-free zone from Bats. NO credible economist buys this crap. Not one, not even the most avid free-market fundies. the bubble had not one thing to do with CRA, it had everything to do with the flipping "industry" that drove up the cost of housing far beyond where it should be, the disassociation of the mortgage from the actual banks that issued them, the rise of mortgage-backed derivitives and credit default swaps

[oladub]

This guy wants to reenstate Glass-Steagall but says it is not enough. He wants to also go along with some Kucinich proposals. Obama, has "the same guys behind him that caused the problem" citing Larry Sommers and Geithner.
Coffee with Joe 10.22.09: Is Glass-Steagall Enough?

"Congress repealed the law in late 1999 — with the backing of the Federal Reserve Chairman Alan Greenspan and the Clinton administration."
http://blogs.wsj.com/economics/2009/...gall-then-now/

"Larry Summers Deputy went on PBS [[This American Life) during the bailout debate to expose Summers' key role in lobbying for the Gramm deregulation act... Larry Summers and Robert Rubin were the main voices for ending the New Deal, LEGISLATIVELY, AND THEY DID. Summers was Gramm's inside man advocating for overturning Glass Steagall "
http://www.democraticunderground.com...ss=389x4393479

Larry Summers is now the Director of the White House's National Economic Council.

Robert Rubin Rubin strongly opposed the regulation of derivatives and served as the United States Secretary of the Treasury during both the first and second Clinton administrations. Before his government service, he spent 26 years at Goldman Sachs serving as a member of the Board, and Co-Chairman from 1990-1992. His most prominent post-government role was as Director and Senior Counselor of Citigroup. -Wikipedia

"It is testament to the star power of former Treasury Secretary Robert Rubin among many Democrats that as Barack Obama fills out his economic team, a virtual Rubin constellation is taking shape.
The president-elect used the announcement Monday that he was appointing two Rubin protégés, Timothy Geithner as Treasury secretary and Lawrence Summers as senior White House economic adviser." http://www.nytimes.com/2008/11/24/bu....18116856.html

[rb336]

thanks, ola, for more info stating what I have all along -- Obama is clearly a right-of-center corporatist

[Sstashmoo]

Quote: " a virtual Rubin constellation is taking shape."

More of the same. Which I too have been saying ever since he backed off trade which that is the very issue that got him elected no doubt. Why would he back off of it? His $upporters would stand to lose untold fortunes. They are just wringing the last life blood out of this country. Obama proving to be a classic politician will go along with it. Now he is pussyfooting, practicing such moronic idiocy like apologizing to the Indians. Nice gestures, but absolute zero effect on the issues facing us all.

Don't ya ever wish one of these two faced bastards would just come clean? Just take the podium and say it like it is? It would be political suicide, but just once I'd like to hear one of them speak without a lobbyist or "supporter" working their damned mouth.

[ccbatson]

I don't disagree that Obama is an advocate of corporate socialism in bed with the second handers [[or special interests to use more modern terms).

[Lorax]

I don't disagree that Obama is an advocate of corporate socialism in bed with the second handers [[or special interests to use more modern terms).

Try posting in ancient aramaic- that should "modernize" your posts so we could understand them- and bring them up to date for the 12th century mindset you're posting for.

[ccbatson]

Quiz time for Lorax....If a reader doesn't understand the concepts that they are reading is it because:

a. The language is wrong?
b. The language is old?
c. The reader lacks comprehension skills?
d. The reader is in denial?
e. a,b, and d?
f. c and d?