Quote (excellence @ Jun 19 2017 12:18pm)
dodd-frank, more aptly named 'status-quo' really made a big difference /s
at least they arent handing out 500k+ mortgages to anyone with a pulse like in 2007, although i'm sure theyll try again soon.
Dodd-Frank actually carries a good bit of weight. I find a lot of value in having the SEC oversee what they probably should've already been overseeing with derivative trading and credit default swaps so that AIG can't leverage themselves 10x what they could afford. I also like that banks aren't permitted to own, invest or sponsor hedge funds or priv equity through the Volcker rule. The FSOC is good for media, but sometimes isn't very effective, I agree. They're supposed to make sure Moodys and S&P don't give fake ratings, which is a plus, but VERY difficult to actually enforce. I like that people are rewarded for reporting financial fraud, but I fear it may be abused and be very costly.
I don't think it's status quo. I think people with money and power say that because otherwise the stock market wouldn't have risen as fast as it did haha.
Quote (duffman316 @ Jun 19 2017 12:29pm)
not surprised to see a libertarian website praising policies that harm average joe's for the benefit of financial corporations by going after the cfpb
I don't believe in having a non-partisan media source. I could've posted CNN, Forbes or anything else and someone would've said something about a bias.
Quote (fender @ Jun 19 2017 01:24pm)
trump deregulating banks again, what could possibly go wrong? we all know those are responsible institutions that would never speculate beyond reason - and these damn regulations are just hurting the economy, not protecting the american taxpayer from another massive bailout, right?
this it what it looks like when a true american patriot gives back power to "the people" i guess...
It's a tough call actually. As a bipartisan guy myself, I view this purely from a financial perspective in what's best for the US to grow (which includes not blowing up into a million pieces of dust in another crash/recession). I want my (and other's) 401k's to grow at a high rate while also not doing shady things that can result in a crash or recession.
Dodd-Frank is extremely complex and causes banks to have to spend tons of time and money going over super basic ways of proving they aren't doing corrupt shit. That sucks because it stifles growth. However, I again, understand why we have these rules in place.
At the end of the day, it's all about having a balance where banks can't do insane stuff like they did in 2008 (really the whole 2000s, and before that too), but they have enough mobility to grow the economy and in turn, our investment accounts.
For full disclosure, I tend to lean on the "you should've let the big banks fail" side, rather than bailing them out.