House quietly passed a rollback of Dodd-Frank yesterday-- "Financial Choice Act"

[Govna]

While everybody was distracted by Comey's testimony, they were busy with this.

[quote]House Republicans voted Thursday to deliver on their promise to repeal Dodd-Frank — the massive set of Wall Street regulations President Barack Obama signed into law after the 2008 financial crisis.

In a near party-line vote, the House approved a bill, dubbed the Financial Choice Act, which scales back or eliminates many of the post-crisis banking rules.

The legislation is the brainchild of House Financial Services Committee Chairman Jeb Hensarling, R-Texas.

"Dodd-Frank represents the greatest regulatory burden on our economy, more so than all the other Obama-era regulations combined," Hensarling told reporters Wednesday. "There is a better way: economic growth for all; bank bailouts for none."

[u]Rolling back regulations[/u]

Hensarling's nearly 600-page bill would defang Dodd-Frank by repealing the so-called Volcker Rule, which prevents government-insured banks from making risky bets with investments. It would also scrap a requirement, which goes into effect Friday, that retirement advisers put their clients' interests ahead of their own.[/quote]

[url]http://www.npr.org/2017/06/08/532036374/house-passes-bill-aimed-at-reversing-dodd-frank-financial-regulations[/url]

And on Wednesday, Mitch McConnell invoked Rule 14 in the Senate in an attempt to speed up the process of them voting to cripple our healthcare system: [url]https://facepunch.com/showthread.php?t=1567193[/url]

[Untouch]

2007 crash 2.0: we didn't learn a THING edition incoming

[inaba]

[QUOTE=Untouch;52334249]2007 crash 2.0: we didn't learn a THING edition incoming[/QUOTE]

Well the GOP is stuck in the 1800's, so it makes sense 2007 hasn't happened yet

[Disgruntled]

Literally trying to break the country and sell off the pieces. Fuckers should hang.

[highlight](User was banned for this post ("Calm Down" - rilez))[/highlight]

[Zero-Point]

These same people have the attitude that regulations are unfair for businesses, without wondering why it is we feel the need to regulate them to begin with.
If businesses didn't do fucked up bullshit, we wouldn't have to regulate them because they'd be self-regulating, but they've shown little desire to do so in the past.

[Jon27]

So, while the UK is trying to break itself, the US will allow its banks to crash the financial market again. Meanwhile the EU is sitting watching in dismay, thinking "What the fuck world? STOP."

[Saxon]

But the banks are too big to fail guys

[Zero-Point]

[QUOTE=Saxon;52334412]But the banks are too big to fail guys[/QUOTE]

*too big to fail so long as we keep throwing money at them when they fuck shit up for everybody

[Govna]

[QUOTE=Saxon;52334412]But the banks are too big to fail guys[/QUOTE]

That mentality of theirs is in the same vein as "God Himself Cannot Sink This Ship".

[Gook Nukem]

[QUOTE=Disgruntled;52334265]Literally trying to break the country and sell off the pieces. Fuckers should hang.

[highlight](User was banned for this post ("Calm Down" - rilez))[/highlight][/QUOTE]

How can you ban this guy? He has the right to be mad at what's happening, calmly or not.

[highlight](User was banned for this post ("Derailing" - Big Dumb American))[/highlight]

thanks for banning me for derailing even though i didn't derail the thread at all BDA ur the best mod ever

[Mr. Someguy]

[QUOTE=RenegadeCop;52334510]Time for banks to take all your money and bet it on the riskiest possible investments because hey, its no skin off their nose.[/QUOTE]

I hope they do it, and when it all goes to shit, we have a party in office that says no we won't bail you out, you fucked up and now you live with the consequences, welcome to Capitalism. Nationalize the companies that are going to fail, stabilize them, and either liquidate their assets and break them down so every local branch becomes its own company.

[Big Dumb Patriot]

Oh, wow, great. They got rid of the fiduciary rules -- rules which existed specifically to keep people working in the financial sector [I]that you have hired to represent your financial interests[/I] from intentionally fucking you over for personal gain. Welcome back, financial predators. Apparently the GOP missed you.

[goluffy]

[QUOTE] It would also scrap a requirement, which goes into effect Friday, that retirement advisers put their clients' interests ahead of their own.[/QUOTE]
Wow. How could someone possibly pass this and act like it's a good thing?

[That Deer]

How to GOP:

1. Find something Obama did.
2. Call it a financial burden.
3. Claim killing it results in job/economic growth.
4. Find a way to bypass as many processes as possible.
5. Fuck the general public.

Contingency plan: Hillary e-mails.

[Omilinon 👻]

I'm certainly expecting this turn of events, as it's happened [I]every single time[/I]:

1.) Too much deregulation and conservative "pro-business" attitudes bubble up and begin the tidings of a financial panic/crisis.

2.) Crisis occurs, resulting in sky-high unemployment, hay-wire inflation or stagflation, and a stock market in ruins.

3.) Policy enacted to reform, relieve, and recover --> usually due to a liberal or progressive President pushing through social programs and/or regulations (New Deal (Great Depression), Dodd-Frank (2008 Financial Crisis), creation of the Federal Reserve System (Panic of 1907), etc.,).

4.) People forget over time, "pro-business" conservative gets put into the Presidency again, repealment of protections put beforehand.

5.) Repeat ad nauseam.

[Rocko's]

Once again, is there anything beneficial for the general American public about this? I know there isn't, but is there a reason they can provide that it can help US? Because all this does is help them, and fuck America and its people over. But it's okay, because they'll keep getting away with it until this country is completely fucked over, and it's too late to do anything. Fucking disgusting how these pieces of shit think they are doing no harm to this country, and only use their job to benefit themselves.

[Invadernouga]

[QUOTE=Disgruntled;52334265]Literally trying to break the country and sell off the pieces. Fuckers should hang.

[highlight](User was banned for this post ("Calm Down" - rilez))[/highlight][/QUOTE]

Yeah I don't think this guy was implying that these men should literally be hung.

[highlight](User was banned for this post ("Derailing" - Big Dumb American))[/highlight]

[ZombieDawgs]

What effect will this eventually have on the outside world? I'm thinking crippled western economy?

[Awaken90125]

God Republicans are fucking disgusting, they are sub-human.

[Smartlord]

[QUOTE=ZombieDawgs;52335095]What effect will this eventually have on the outside world? I'm thinking crippled western economy?[/QUOTE]
if we see another financial crash of the same magnitude we're thinking another crippled world economy

[Mr. Someguy]

[QUOTE=RenegadeCop;52335197]Not bailing them out would cause such a shit show, but people seem eager to prove the stove isn't hot until they burn their own hand.

So fuck it, let the world burn.[/QUOTE]

You seem to be intentionally misunderstanding me. Damaging the world economy and hurting millions of people financially for years to come should not be rewarded. They should be told to fuck off, and the government should seize their companies and stabilize the markets, then break them up. The bailouts as we did them before just felt like the government was taking money from the poor to save the rich from their own greedy mistakes. So much for personal responsibility.

[Guriosity]

Would regulating business help end racism? Would it end sexism?

Bonus points if you recall who said that.

Its not just the GOP who is part of the problem.

[editline]10th June 2017[/editline]

[QUOTE=Omilinon;52335031]I'm certainly expecting this turn of events, as it's happened [I]every single time[/I]:

1.) Too much deregulation and conservative "pro-business" attitudes bubble up and begin the tidings of a financial panic/crisis.

2.) Crisis occurs, resulting in sky-high unemployment, hay-wire inflation or stagflation, and a stock market in ruins.

3.) Policy enacted to reform, relieve, and recover --> usually due to a liberal or progressive President pushing through social programs and/or regulations (New Deal (Great Depression), Dodd-Frank (2008 Financial Crisis), creation of the Federal Reserve System (Panic of 1907), etc.,).

4.) People forget over time, "pro-business" conservative gets put into the Presidency again, repealment of protections put beforehand.

5.) Repeat ad nauseam.[/QUOTE]

Do not forget during times of economic turmoil radialism becomes more common. This including racism. If you support a party who allows this to happen, you making things worse for progress.

There is this book titled "Free Lunch by David Day Johnson". I suggest you pick up a copy. Its about how corporate welfare and other abuses came to be.

[editline]10th June 2017[/editline]

[QUOTE=Rika-chan;52335111]God Republicans are fucking disgusting, they are sub-human.[/QUOTE]

Any one who supports a corrupt party ought become society's emotional punching bag. The leaders are not at fault here. This is both corporate and political. The people who keep rewarding the crooks wit political office and keeps covering for them are. A leaders without followers is very limited in the damage they can inflict.

[Tacticallamb]

[QUOTE=Quark:;52334684]How can you ban this guy? He has the right to be mad at what's happening, calmly or not.[/QUOTE]

Because we are too weak, that's why we've allowed the rich to steal from us for so long.

[Alice]

[QUOTE=Guriosity;52335369]Its not just the GOP who is part of the problem.[/QUOTE]
For someone who thinks that the GOP is part of the problem you sure spend an inordinate amount of time trying to deflect from extremely shitty things they do and in the process failing to not only acknowledge their shitty actions but look like one of their stereotypical supporters.

[Curls]

So loans are safe right?

[kharkovus]

[QUOTE=Omilinon;52335031]I'm certainly expecting this turn of events, as it's happened [I]every single time[/I]:

1.) Too much deregulation and conservative "pro-business" attitudes bubble up and begin the tidings of a financial panic/crisis.

2.) Crisis occurs, resulting in sky-high unemployment, hay-wire inflation or stagflation, and a stock market in ruins.

3.) Policy enacted to reform, relieve, and recover --> usually due to a liberal or progressive President pushing through social programs and/or regulations (New Deal (Great Depression), Dodd-Frank (2008 Financial Crisis), creation of the Federal Reserve System (Panic of 1907), etc.,).

4.) People forget over time, "pro-business" conservative gets put into the Presidency again, repealment of protections put beforehand.

5.) Repeat ad nauseam.[/QUOTE]

[IMG]http://www.bearbullexaminer.com/wp-content/uploads/2016/04/top_1_to_01.jpg[/IMG]

All we need to fix the problem is a huge depression followed by a massive world war.

[FunnyGamer]

What kind of human being can honestly look at a bill that is basically "do not allow the people who control the money to prey upon the ones who do not" and think, "this is something that must be removed for the good of the people!"

Obviously this question doesn't matter, since the GoP is clearly full of not humans, but ur-liches from an alternate dimension. Or maybe lizard people.

[Guriosity]

[QUOTE=Alice3173;52335795]For someone who thinks that the GOP is part of the problem you sure spend an inordinate amount of time trying to deflect from extremely shitty things they do and in the process failing to not only acknowledge their shitty actions but look like one of their stereotypical supporters.[/QUOTE]

Let's re phase that :
[video]https://youtu.be/07w9K2XR3f0[/video]

Second, you haven't caught on yet that I see both sides as just a different flavor of jerk?
BOTH ARE CORRUPT and corrupt due to their followers.

It not the parties that suck. It is the public.

The followers of both parties allow horrible people as leaders for the same reason a battered spouse defends their significant other's abusive actions and refuses to press charges. Its disgusting.

The right thinks they the good guys and blames it all on the Democrats. The Democrats think they the good guys and blame it all the GOP.

You are both horrible. Its not the leaders of either party for being corrupt. Its the voting public. Amy one who votes in corrupt leaders ought be punished. Not the officials.
[editline]10th June 2017[/editline]

[QUOTE=Gray Altoid;52336397]What kind of human being can honestly look at a bill that is basically "do not allow the people who control the money to prey upon the ones who do not" and think, "this is something that must be removed for the good of the people!"

Obviously this question doesn't matter, since the JEWS is clearly full of not humans, but ur-liches from an alternate dimension. Or maybe lizard people.[/QUOTE]

The Democrats are corrupt too. The fact you blame it all on one party and think the other is clean is rather not pretty.

Its no different behavior then Nazis blaming it all on the Jews and claiming their side is squeaky clean.

Projection and ignoring the faults of your own side is bigotry.

[FunnyGamer]

[QUOTE=Guriosity;52336420]

The Democrats are corrupt too. The fact you blame it all on one party and think the other is clean is rather not pretty.

Its no different behavior then Nazis blaming it all on the Jews and claiming their side is squeaky clean.

Projection and ignoring the faults of your own side is bigotry.[/QUOTE]

Hahaha, okay dude. Yeah, they're all the same. That's why both Democrats [I]and[/I] Republicans voted Yea to this bill, right? That's why they've both voted Yea to every single awful newsworthy bill, right? That's why, during the Republican campaign against female reproductive rights circa 2012, the Democrats supported their abortion ban shoved inside motorcycle regulations, right? Oh wait...

Yeah, they're both corrupt, sure. Every single political entity has the capacity for corruption. But if you honestly believe, even for an instant, that they're both "equally bad," hoo boy do you have it wrong.

[SirJon]

sounds like a great time to move to the US for finance graduates