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Remember when?

July 26, 2013 - Harry Eagar
Remember when President George Bush and the rightwingers had a better idea about your retirement money? I do. We were supposed to be better off if we just all got Wall Street accounts and let the market take care of it.

It was a great notion if you were a Wall Street insider, not so great if you were John Q. Citizen. Bloomberg reports:

"The government has presented a case that it’s likely to win, given the success rate Manhattan U.S. Attorney Preet Bharara’s office has had against insider traders. The office has won convictions at trial or in guilty pleas in 100 percent of the cases brought. That could herald the demise of Cohen’s fund, which has about $13.9 billion under management, of which about $7.5 billion is part of Cohen’s own $9 billion fortune."

This is notable because the alleged scamster, Cohen, was one of the most admired of all Wall Streeters. The game is rigged.

 
 

Article Comments

(13)

HarryEagar

Jul-28-13 2:28 PM

I am aware of all those things. You are right, the financial landscape had grown beyond the scope of New Deal legislation.

Effective laws like Glass-Steagall needed to be expanded and strenghtened to cope. But from 1980, the Reaganites argued exactly the reverse -- unleash the power of the markets.

They did. How do you like them apples?

There are two ways to treat finance -- trust it or distrust it. Distrust is wiser, and better for everyone except a few.

OneAikea

Jul-28-13 1:23 PM

johngault, show your source of information or Stand tough for understanding.

johngault

Jul-27-13 11:13 PM

Dude, you don't understand and do not care to learn anything and write about it unless it suits your mental fixation on Roosevelt. The Deregulation was morphing way long before Reagan. Do your homework! Mortgage backed bonds, deregulation of market commissions, listing of puts and calls, negative amort.loans, regulatory changes in future contract trading, Fed machinations, and the list goes on. Then are the pension funding issues ! The great time bond It just doesn't sink in that # of issues is greater than you know or are willing to write about. The scoundrels are everywhere-Congress, the bankers, the lawyer/lobbyists, and those who inflated a bubble about every other week. Yet the complaint should be with the regulators, there were strong regs on the books and if they were enforced the mess may not have been so big. But regardless of where to point the blame, no number of laws and politcians will ever be able to legislate away economic bubbles and their aftermaths.

HarryEagar

Jul-27-13 9:46 PM

You don't understand, John. The failure was not brought about by individual knavery. It was caused by a systemic reason which was engineered by Reaganomics.

Once the controls were removed, the failure was inevitable. Even if everyone in the system had been honest, it still would have failed.

The people you named were not arguing for removing controls. That was Gramm and his allies.

The New Deal worked. Deregulation failed.

OneAikea

Jul-27-13 8:24 PM

I certainly remember Mark Rich, and Clinton's pardoning of him. How about Corzine, Franklin Raines( a White House budget director in Clinton's administration and earned how much in Fannie?) before he resigned, and Superior Bank's Penny Pritzker, whose family is to pay over $450 million over 15 years to settle with FDIC. Lastly, Chicago's defunct Broadway Bank.

By your way of hot air thinking and burping it is always the right When if you were an honest researcher and reporter you would comment that the blame should be equally shared. Any further contention only restates the obvious, it confirms disingenuous reporting at best.

johngault

Jul-27-13 5:29 PM

I certainly remember Mark Rich, and Clinton's pardoning of him. How about Corzine, Franklin Raines( a White House budget director in Clinton's administration and earned how much in Fannie?) before he resigned, and Superior Bank's Penny Pritzker, whose family is to pay over $450 million over 15 years to settle with FDIC. Lastly, Chicago's defunct Broadway Bank.

By your way of hot air thinking and burping it is always the right When if you were an honest researcher and reporter you would comment that the blame should be equally shared. Any further contention only restates the obvious, it confirms disingenuous reporting at best.

johngault

Jul-27-13 5:27 PM

I certainly remember Mark Rich, and Clinton's pardoning of him. How about Corzine, Franklin Raines( a White House budget director in Clinton's administration and earned how much in Fannie?) before he resigned, and Superior Bank's Penny Pritzker, whose family is to pay over $450 million over 15 years to settle with FDIC. Lastly, Chicago's defunct Broadway Bank.

By your way of hot air thinking and burping it is always the right When if you were an honest researcher and reporter you would comment that the blame should be equally shared. Any further contention only restates the obvious, it confirms disingenuous reporting at best.

HarryEagar

Jul-27-13 2:11 PM

Remember Phil Gramm?

johngault

Jul-27-13 9:26 AM

It's only a minor fact but take a look at the 2008's donations by party affiliation, and who were running those money center, too large to fail banks. Mostly Democrats and liberals.Go even further and explore the executive managements of Fannie and Freddie. You need to to be accurate if you are going to point blame. Remember Sandy Weil. Robert Rubin, Ace Greenberg, the Lehman brain trust: the list is very, very long. Pary on dudes.

OneAikea

Jul-26-13 10:55 PM

Hey tsker, you finally make some sense in your second post. Good for you and everyone.

Maybe Harry will get some therapy and some day awaken to the possibility that neither side has all the answers nor is entitled to all the gripes.

Party on, may you score some tasty waves and iced beer this weekend.

johngault

Jul-26-13 5:37 PM

Hey tsker, you finally make some sense in your second post. Good for you and everyone.

Maybe Harry will get some therapy and some day awaken to the possibility that neither side has all the answers nor is entitled to all the gripes.

Party on, may you score some tasty waves and iced beer this weekend.

OneAikea

Jul-26-13 4:59 PM

Yet when a conservative is bankrupt or in need of rescue they call the liberals to fight their wars. Many conservatives can talk but when confronted they choose to name call and wrist slap and go into their hissy fit and throw tantrums.

OneAikea

Jul-26-13 4:55 PM

"Liberals believe in government action to achieve equal opportunity and equality for all. It is the duty of the government to alleviate social ills and to protect civil liberties and individual and human rights. Believe the role of the government should be to guarantee that no one is in need. Liberal policies generally emphasize the need for the government to solve problems."

"Conservatives believe in personal responsibility, limited government, free markets, individual liberty, traditional American values and a strong national defense. Believe the role of government should be to provide people the freedom necessary to pursue their own goals. Conservative policies generally emphasize empowerment of the individual to solve problems."

WE need both to balance. Bi-partisan effort by both parties. Each party has good Ideas and should come to a compromise. Conservative think they are entitled since they have the money, the power of money.

 
 

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