Obama in TX speech carefully confuses legal immigration with illegal border-crashing

[BigRob]

Re: Obama in TX speech carefully confuses legal immigration with illegal border-crash

What was the penalty for all the mort writers who lied on the applications? Too many to get caught, they are just unemployeed now. What was the penalty for the rating houses who didn't rate the derivatives low enough? What was the penalty for all the managers who knowingly processed bad loans? They took the money and split. There were never enough regulations or regulators, Reagan took care of that. I oppose all theft in the financial system, I take great offense at their method of renumeration, I think they should have more skin in the game when they are playing with other peoples money. You have to take continuing education to maintain your license don't you? Isn't ethics a mandatory class? First chapter deals with the conumdrum of fuducuiary ethics, is it right to make a profit for the client that would ultimately be bad for the economy. The question is never answered. I wish to regulate and make this an answerable question. The previous post say what I would want.

The penalty should have been that your bank failed and went under...but thanks to the government, that penalty will never materialize.

Banks don't have to have any "skin in the game" because the government bails them out when they make bad bets instead of letting the market correct itself.

As for your plan to "regulate" profits that are "bad for the economy"...that is patent lunacy...The only entity capable of determining what is the bad for the market is the market...stop attempting to regulate everything and let it work.

 

[clarkatticus]

Re: Obama in TX speech carefully confuses legal immigration with illegal border-crash

What was the penalty to the democrat party for starting the whole mess by having Fanny Mae tell lenders they would purchase subprime loans??

Again, I know you have never sold a mort, but the Democratic party, Fannie Mae or Freddie Mac had no influence on the mort lenders with the possible allowance that they provided the ability to commit fraud, but they were not the motivators. No mort salesman said, "i'm gonna sell this loan because Freddie mac is making me", he simply found a way around ethics and penalties to make unearned profit at the expense of the world economy. If it were up to me, the new paradym would be, if a person makes a huge amount of money he better have sweat, worried, strained and used all his knowledge and skill to make it, or he didn't earn it. That's how our forefathers did it. And Big Rob, you are right, the banks did get bailed out because they were too big to fail. My ideas would downsize banks and make them more responsive to their customers and more responsible to their shareholders. Even Teddy Roosevelt knew not to let business get too big, why do we have to have this lesson all over again? The problem with letting the market regulate themselves is just what happened in 07. Again, Reagan was wrong, wrong, wrong. But he was a nice guy.