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#2601173 - 02/03/17 02:06 PM Finally! Reforms coming to the financial markets
the janitor Offline
Phil Edwards status
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Registered: 03/28/03
Posts: 7444
Loc: north of the bridge
"Just when Wall Street was starting to wonder whether President Donald Trump really would be good for business, the new administration is delivering on Wall Street’s wish list.

Trump on Friday signed two directives aimed at staring the process of rolling back the regulatory system put in place after the financial crisis. Among the targets are rules that protect against predatory lenders, force brokers to lower fees for retirees and ban proprietary trading."



https://www.bloomberg.com/news/articles/...ck-crisis-rules

Quick rehash of the Volcker rule from wikipedia: "The Volcker Rule refers to part of the Dodd–Frank Wall Street Reform and Consumer Protection Act, originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2010. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank's own accounts, although a number of exceptions to this ban were included in the Dodd-Frank law. The rule's provisions were scheduled to be implemented as a part of Dodd-Frank on July 21, 2010, with preceding ramifications, but were delayed. On December 10, 2013, the necessary agencies approved regulations implementing the rule, which were scheduled to go into effect April 1, 2014. On January 14, 2014, after a lawsuit by community banks over provisions concerning specialized securities, revised final regulations were adopted. The rule came into effect on July 21, 2015.[ On August 11, 2016, several large banks requested a 5-year delay to exit illiquid investments."

This ought to end well.

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#2601176 - 02/03/17 02:09 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
rossmoor Offline
Nep status
**

Registered: 03/28/10
Posts: 937
Loc: Oahu
MAKE AMERICA GREAT AGAIN!!

AND BY THAT I MEAN THE TOP 1%.

This is going to trigger another recession. Funny how history repeats itself... toilet

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#2601178 - 02/03/17 02:10 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
GDaddy Offline
Duke status
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Registered: 01/16/06
Posts: 17817
Loc: Carlsbad
Predictable
Big mistake

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#2601184 - 02/03/17 02:21 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
Sharkbiscuit Offline
Michael Peterson status
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Registered: 08/06/03
Posts: 3533
Loc: Jacksonville Beach
Good.

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#2601185 - 02/03/17 02:24 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
ifallalot Offline
Duke status
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Registered: 12/17/08
Posts: 43979
Loc: HB, CA
Burn baby burn
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No man's life, liberty, or property are safe while the legislature is in session

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#2601191 - 02/03/17 02:34 PM Re: Finally! Reforms coming to the financial markets [Re: rossmoor]
FecalFace Online   happy
Duke status
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Registered: 11/21/08
Posts: 21629
Loc: down der by the harbor
Originally Posted By: rossmoor


This is going to trigger another recession. Funny how history repeats itself... toilet



When you are entitled to creating your own facts, it's easy to create alternative history.
_________________________
"You're lucky we let you in, because we normally reject dirty communist scum" - GDaddy

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#2601192 - 02/03/17 02:34 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
GDaddy Offline
Duke status
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Registered: 01/16/06
Posts: 17817
Loc: Carlsbad
If government wasn't entwined in the financial system and didn't have an interest in economic stability we could let every insolvent firm fail under its own weight, allowing that investment capital to seek better opportunities.

But as long as the government remains the underwriter of last resort via bailouts and unethically allowing the use of extend-n-pretend accounting the regulation of these entities will still be part of the public interest.

The moral hazards of the various bailouts and quantitative easing and other mechanisms of financial artifice range far beyond the immediate effects on the winners and losers the government has chosen.

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#2601205 - 02/03/17 03:28 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
Sharkbiscuit Offline
Michael Peterson status
**

Registered: 08/06/03
Posts: 3533
Loc: Jacksonville Beach
Also going to put the halt on the Fiduciary rule!

MAGA

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#2601240 - 02/03/17 05:11 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
VonMeister Online   mad
Phil Edwards status
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Registered: 04/26/13
Posts: 7246
The litmus test for any law or order would be, if Pocahontas starts making screeching noises, generally it's a good idea.
_________________________
“At the core of liberalism is the spoiled child — miserable, as all spoiled children are, unsatisfied, demanding, ill-disciplined, despotic and useless. Liberalism is a philosophy of sniveling brats.” -P. J. O'Rourke

“When you men get home and face an anti-war protester, look at him in the eyes and shake his hand. Then, wink at his girlfriend because she knows she’s dating a pussy.” -General James Mattis

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#2601264 - 02/03/17 06:50 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
craigj532 Offline
Rabbitt Bartholomew status
***

Registered: 11/09/02
Posts: 8520
Loc: Honolulu, HI
Great strategy for an economic agenda:

“We expect to be cutting a lot out of Dodd-Frank because frankly, I have so many people, friends of mine that had nice businesses, they can’t borrow money,” Mr. Trump said in the State Dining Room during his meeting with business leaders. “They just can’t get any money because the banks just won’t let them borrow it because of the rules and regulations in Dodd-Frank.”
_________________________
[P]ower and privilege cannot move a people who know where they stand and stand in the law.

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#2601269 - 02/03/17 07:04 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
Autoprax Online   content
Duke status
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Registered: 01/24/11
Posts: 17571
Loc: Vagina Point
Why don't those businesses just start kickstarter campaigns? Duh!

My stock to a hit today.

Thanks Obama!--I mean, Trump!
_________________________
"[Y]our reading comprehension and critical thinking skills are not good."

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#2601292 - 02/03/17 07:55 PM Re: Finally! Reforms coming to the financial markets [Re: Autoprax]
MJOJunkie Offline
Michael Peterson status
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Registered: 01/03/15
Posts: 3545
Loc: Socal Bight

Barney Frank was a prime player in creating the sub-prime debacle. Here is a guy whom in very early 2008 went on National teevee and was seen telling everyone in America to buy Fannie Mae (FNMA) stock in very early in 2008 and how everyone should just relax and beat off because the economy and FNMA is just fine.

Pull of a fcking chart you douchebags.

Dodd- Frank was the biggest pile of sh it ever to come out of washington deeceee.

craig and others should take their fake news and alternative snacks to snowflake forum because you are complete stooges.
_________________________
The constant misdirection or "red herring" type of responses in this place by those who do not want to open their minds to the real subject is absolutely f*cking zany.

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#2601294 - 02/03/17 08:03 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
obslop Offline
Miki Dora status
**

Registered: 02/04/02
Posts: 4880
Loc: san diego, CA
if wall street likes it, joe and jane average are going to get f-ed.

a more bigly bubble shall come to pass.

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#2601296 - 02/03/17 08:10 PM Re: Finally! Reforms coming to the financial markets [Re: MJOJunkie]
craigj532 Offline
Rabbitt Bartholomew status
***

Registered: 11/09/02
Posts: 8520
Loc: Honolulu, HI
Originally Posted By: MJOJunkie

Barney Frank was a prime player in creating the sub-prime debacle. Here is a guy whom in very early 2008 went on National teevee and was seen telling everyone in America to buy Fannie Mae (FNMA) stock in very early in 2008 and how everyone should just relax and beat off because the economy and FNMA is just fine.

Pull of a fcking chart you douchebags.

Dodd- Frank was the biggest pile of sh it ever to come out of washington deeceee.

craig and others should take their fake news and alternative snacks to snowflake forum because you are complete stooges.


You mad, Snowflake.
_________________________
[P]ower and privilege cannot move a people who know where they stand and stand in the law.

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#2601300 - 02/03/17 08:24 PM Re: Finally! Reforms coming to the financial markets [Re: the janitor]
GDaddy Offline
Duke status
**

Registered: 01/16/06
Posts: 17817
Loc: Carlsbad
Dodd-Frank was a result of the excesses it was aimed at curtailing from occurring again. Some of the deals Trump is saying can't get done are marginal deals that probably *shouldn't* get done.

When it's the State's checkbook that is ultimately on the line the State has an obligation to protect its interests.


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