2016 Postmortem

MFrohike

(1,980 posts)

16. She's right but wrong

Reply to hill2016 (Original post)

Sat Nov 14, 2015, 10:34 PM

Nov 2015

Glass-Steagall would not have directly applied to Lehman or AIG. It would have prevented banks like Wachovia or WaMu from securitizing their own loan pools. Without those securitizations, AIG wouldn't have been in trouble for taking sucker bets on MBS CDS. Without those banks (and others) making a secondary market possible, Lehman would have had trouble failing because they wouldn't have had the chance to leverage themselves so hightly.

Glass-Steagall isn't meant to be a magic wand that fixes everything. It's meant to put a firewall between the Treasury and bad bets made by bankers.

As for fraud, I recommend William Black of UMKC. He's the foremost authority on financial fraud in America today. Sanders is likely familiar with him since he hired Black's colleague, Stephanie Kelton, to be the chief minority economist for the Senate Budget Committee.

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I don't think Sanders actually knows what Wall Street is. [View all] hill2016 Nov 2015 OP

Oh yes, we're all stupid and so is Bernie. n/t Avalux Nov 2015 #1

sure hill2016 Nov 2015 #2

What I heard is that Hillary DOES NOT support re-instating Glass-Steagall. Avalux Nov 2015 #4

huh? hill2016 Nov 2015 #6

Awww...you still haven't figured it out, have you? Avalux Nov 2015 #7

sorry hill2016 Nov 2015 #8

About what? I don't bite bait. n/t Avalux Nov 2015 #9

No, it wouldn't have - because it had been gone for so long Fawke Em Nov 2015 #31

Their mortgage based derivatives were wide scale fraud Mnpaul Nov 2015 #17

so hill2016 Nov 2015 #18

Countrywide Mnpaul Nov 2015 #20

so the bogus stuff hill2016 Nov 2015 #23

Wall St. sold them as AAA based derivatives Mnpaul Nov 2015 #24

yeah well hill2016 Nov 2015 #27

I paid my mortgage to CitiMortgage for quite a long time, that is WALL STREET LSK Nov 2015 #32

Hillary is probably getting her answers fed to her from wall street. putitinD Nov 2015 #3

Tonight she'll report back to them. 840high Nov 2015 #55

Serious. He sounds stuck in a loop. bravenak Nov 2015 #5

O'M and BS are both stuck in the 1990s. DURHAM D Nov 2015 #13

I'd say 60's for the one and 90's for the other. bravenak Nov 2015 #14

I'm surprised that people think ONLY the WTC was damaged that day. Ignorant. bettyellen Nov 2015 #10

The financial district of the World was effectively out of business.... Historic NY Nov 2015 #37

So many thousand businesses below Canal St- many of them small were decimated... bettyellen Nov 2015 #39

Exactly, we would drive down there from upstate to patronize the coffee shops, or sandwich places.. Historic NY Nov 2015 #53

Yep, for the first time in my life I missed the tourists. Took a long time to get them back. bettyellen Nov 2015 #54

Hillary was right too Gman Nov 2015 #11

She was certainly on the "right" Fearless Nov 2015 #26

Bottom line ... earthside Nov 2015 #12

Their business model is fraud. PowerToThePeople Nov 2015 #15

If it weren't for those hucksters.... PosterChild Nov 2015 #45

... PowerToThePeople Nov 2015 #46

I like your reply . ... PosterChild Nov 2015 #52

She's right but wrong MFrohike Nov 2015 #16

without the CFMA Act(which passsed at the same time) Mnpaul Nov 2015 #19

Is Sanders going to say he voted for the Commodities Futures Modifications Act which played a big Thinkingabout Nov 2015 #21

obviously you are naive? Rosa Luxemburg Nov 2015 #22

Best joke I've heard all night! Would you like a few more straws to grasp at?? Fearless Nov 2015 #25

do you actually hill2016 Nov 2015 #29

Do you know how to ask actual questions? Fearless Nov 2015 #33

so hill2016 Nov 2015 #47

A reply to nonsense? There is no reply to nonsense except to shake your head Fearless Nov 2015 #49

I would advise you to stay away from Sanders though hill2016 Nov 2015 #50

Like I said, you have no idea what you're talking about. Fearless Nov 2015 #51

Did you miss the whole derivatives housing crash thing??? LSK Nov 2015 #28

as Hillary explained hill2016 Nov 2015 #30

You really don't know how Wall St. works do you? Fearless Nov 2015 #35

seperating savings and loans from risky business aka derivatives would have prevented a lot LSK Nov 2015 #36

I'm pretty sure now Clinton supporters mmonk Nov 2015 #34

and how much are you willing hill2016 Nov 2015 #41

Now I understand your support of Hillary. n/t Avalux Nov 2015 #42

But do you understand wall street ? Nt PosterChild Nov 2015 #48

that is actually hilarious! DianeK Nov 2015 #38

the answer he gave on national tv hill2016 Nov 2015 #40

you are showing your age DianeK Nov 2015 #43

I'm guessing hill2016 Nov 2015 #44

Obviously you don't. What a waste 840high Nov 2015 #57

i think hill2016 Nov 2015 #58

go read your 2 books 840high Nov 2015 #56