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akcrono
Joined: 11 Mar 2010
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 Posted: Thu Mar 14, 2013 12:41 am Post subject: |
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| comm wrote: |
You're suggesting that criminals who endangered the entire economy shouldn't be punished because punishing them could hurt the economy further. And you don't see the inherent problem with this?
People running major financial institutions will now know that, in addition to their company being 'too big to fail', they are 'too important to prosecute' and therefore have unlimited "Get out of jail free" cards. |
No, I said the exact opposite. I said there was merit to the other side's argument, not that I supported it. Full quote (not edited to conveniently support an ad hominem attack):
| akcrono wrote: |
| Kuros wrote: |
| This is an administration that has not prosecuted a single bank. Holder came out recently and admitted that the banks were too big to jail. |
This is an excellent point. There was a planet money episode recently that covered it. There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. Elizabeth Warren has been pretty good about this so far. |
Basically, Titus has to resort to selective editing to make his point. |
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comm
Joined: 22 Jun 2010
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| Posted: Thu Mar 14, 2013 3:59 am Post subject: |
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| akcrono wrote: |
| No, I said the exact opposite. I said there was merit to the other side's argument, not that I supported it. Full quote (not edited to conveniently support an ad hominem attack) |
Both buncheon bum and Titus snipped your quote that way and I didn't look at the other page for context before running with it. MSNBC-quality posting on my part. Though I still wouldn't consider such a self-defeating concept to "have merit". |
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Titus
Joined: 19 May 2012
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| Posted: Sat Mar 16, 2013 7:03 am Post subject: |
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| There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
There is no merit to that idea. None.
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| Please enlighten us on my ignorance |
The entire financial crisis and subsequent depression was caused by fraud. |
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atwood
Joined: 26 Dec 2009
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| Posted: Sun Mar 17, 2013 8:51 pm Post subject: |
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| bucheon bum wrote: |
| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
Somehow they survived the S&L scandal. Pretty sad that the Reagan and Bush administrations sent more bankers to prison than Obama has. |
Who is the "they" you refer to? I ask because S&Ls are no more. They didn't survive. |
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stilicho25
Joined: 05 Apr 2010
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| Posted: Sun Mar 17, 2013 8:56 pm Post subject: |
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| The parasitic finance class which sucked up vast amounts of wealth after 08? Big Finance? Banksters? |
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atwood
Joined: 26 Dec 2009
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| Posted: Sun Mar 17, 2013 11:57 pm Post subject: |
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| stilicho25 wrote: |
| The parasitic finance class which sucked up vast amounts of wealth after 08? Big Finance? Banksters? |
Got it. Although I think they'd been sucking up vast amounts of wealth long before 08. |
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stilicho25
Joined: 05 Apr 2010
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| Posted: Mon Mar 18, 2013 1:49 am Post subject: |
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| can't argue with that. I guess they just took it to the next level? |
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akcrono
Joined: 11 Mar 2010
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| Posted: Mon Mar 18, 2013 4:07 am Post subject: |
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| Titus wrote: |
| Quote: |
| There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
There is no merit to that idea. None.
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Sorry, if your goal is to recover the economy instead of make a morality play, then there is plenty of merit. I don't agree with that position, but it's not objectively wrong.
| Titus wrote: |
| Quote: |
| Please enlighten us on my ignorance |
The entire financial crisis and subsequent depression was caused by fraud. |
And what have I said that would suggest I don't know this? |
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BringTheRain
Joined: 26 Apr 2010
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| Posted: Mon Mar 18, 2013 4:21 am Post subject: |
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Just keep printing dollars so we can pay these bills from all this government spending. And there will be even more money around to pump up the stock market! No way people would ever call Obama a socialist then.
Just don't institute negative interest rates to pay these bills, leave that to the little people like the Cypriots. We'd rather the US president been seen as fascist by a few than socialist by many. We are in the clear! |
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Kuros
Joined: 27 Apr 2004
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| Posted: Mon Mar 18, 2013 4:33 am Post subject: |
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| akcrono wrote: |
| Titus wrote: |
| Quote: |
| There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
There is no merit to that idea. None.
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Sorry, if your goal is to recover the economy instead of make a morality play, then there is plenty of merit. I don't agree with that position, but it's not objectively wrong.
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So you agree that we should prosecute the banksters?
Let's move on, then.
Do you think homeowners should have been bailed out as well? Because, after all, our goal is to recover the economy instead of making a morality play.
Do you think that the government should have instituted regulations to prevent banks from dual tracking?
Do you think the Obama administration should have negotiated on behalf of the TBTF banks against the attorney-generals of 49 states during the robo-signing lawsuit? |
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akcrono
Joined: 11 Mar 2010
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| Posted: Mon Mar 18, 2013 5:04 am Post subject: |
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Homeowners should have been bailed out; it was them who were hit hardest in the recession, and the massive deleveraging that followed the crash has been one of the main causes of the slow recovery. While they deserve a share of the blame for the recession, they weren't being deceptive.
Dual tracking should have been addressed in the bailout as one of the conditions for receiving money. I doubt that would have helped things considerably by itself.
Not familiar with the last one. |
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akcrono
Joined: 11 Mar 2010
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| Posted: Mon Mar 18, 2013 5:06 am Post subject: |
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| BringTheRain wrote: |
Just keep printing dollars so we can pay these bills from all this government spending. And there will be even more money around to pump up the stock market! No way people would ever call Obama a socialist then.
Just don't institute negative interest rates to pay these bills, leave that to the little people like the Cypriots. We'd rather the US president been seen as fascist by a few than socialist by many. We are in the clear! |
We're not printing dollars to pay debt, we're borrowing. The stock market has some of the best P/E ratios historically, so it's not a bubble. |
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bucheon bum
Joined: 16 Jan 2003
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| Posted: Mon Mar 18, 2013 5:19 am Post subject: |
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| atwood wrote: |
| bucheon bum wrote: |
| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
Somehow they survived the S&L scandal. Pretty sad that the Reagan and Bush administrations sent more bankers to prison than Obama has. |
Who is the "they" you refer to? I ask because S&Ls are no more. They didn't survive. |
I was referring to those in the financial industry, as stillcho alluded to. And there are still S&Ls by the way. |
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atwood
Joined: 26 Dec 2009
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| Posted: Mon Mar 18, 2013 5:26 am Post subject: |
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| bucheon bum wrote: |
| atwood wrote: |
| bucheon bum wrote: |
| akcrono wrote: |
There's merit to the idea that prosecuting banks isn't worth it (causes economic harm in a fragile economy), but I think there won't be deterrence without prosecution. |
Somehow they survived the S&L scandal. Pretty sad that the Reagan and Bush administrations sent more bankers to prison than Obama has. |
Who is the "they" you refer to? I ask because S&Ls are no more. They didn't survive. |
I was referring to those in the financial industry, as stillcho alluded to. And there are still S&Ls by the way. |
Not that many. |
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BringTheRain
Joined: 26 Apr 2010
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| Posted: Mon Mar 18, 2013 6:31 am Post subject: |
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| akcrono wrote: |
| BringTheRain wrote: |
Just keep printing dollars so we can pay these bills from all this government spending. And there will be even more money around to pump up the stock market! No way people would ever call Obama a socialist then.
Just don't institute negative interest rates to pay these bills, leave that to the little people like the Cypriots. We'd rather the US president been seen as fascist by a few than socialist by many. We are in the clear! |
We're not printing dollars to pay debt, we're borrowing. The stock market has some of the best P/E ratios historically, so it's not a bubble. |
Ah, what a relief. Forward! |
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