A Burgundy and Gold Obsession
'Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.' - Groucho Marx

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Thread: Wall Street

  1. #1

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    James Madison

    Default Wall Street

    Not the movie. In the wake of Morgan-Chase's $2B blunder (to put it nicely), what should we do? Having worked for a Chamber of Commerce, I am (believe it or not), full in favor of less regulations and oversight for most businesses. Small to Medium Businesses are incredibly important in my book, and deserve as much help as we can give them, and are frankly, the real job creators. So once a business gets past a certain point (ie, too big to fail) should we regulate more closely then? Or is it just the banking industry, because they are gambling with tax-payer backed funds? Or is the answer to not regulate at all?

    Thoughts?
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    Army

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    Honestly? I truly believe there is no such thing as too big to fail. We don't need any regulation, just keep taxpayer dollars out of the equation. Once these corporations realize we aren't going to be there to bail them out, they'll either figure out real quick how to run their operation with some sense, or they'll fail as they deserve to.

    Nobody is too big to fail. The taxpayer should not be on the hook for bad management.
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    It's ok, I don't like you either.

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    I am against regulation beyond the basic guidelines for industry integrity. I do favor much stiffer criminal penalties, however. Corzine, the gal who just resigned from M-C.....eff emm....jail time and large fines on their personal fortunes. don't tell folks how to be ethical or run their business - that will fail every time. like the EPA widget suggested...make some examples of people and the deterrence value will increase. the hard part is how you monitor and detect behavior that is unethical but does not blow up like C-M.

    will have to think a bit longer on your question Goal.
    Last edited by fansince62; 05-15-12 at 02:31 PM.
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    Quote Originally Posted by Extreme View Post
    Honestly? I truly believe there is no such thing as too big to fail. We don't need any regulation, just keep taxpayer dollars out of the equation. Once these corporations realize we aren't going to be there to bail them out, they'll either figure out real quick how to run their operation with some sense, or they'll fail as they deserve to.

    Nobody is too big to fail. The taxpayer should not be on the hook for bad management.

    lot of truth in that. as it is......GM? they have 220,000 (or thereabouts) employees worldwide. 168,000 work over-seas. draw your own conclusions. I don't fault a business for doing what it has to do - I just don't want taxpayers funding Indian call centers and Chinese wrench turners. let the business sustain itself. where the Federal government needs to do its thing is fight the smart fight with pirate nations like China.
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    James Madison

    Default

    Quote Originally Posted by Extreme View Post
    Honestly? I truly believe there is no such thing as too big to fail. We don't need any regulation, just keep taxpayer dollars out of the equation. Once these corporations realize we aren't going to be there to bail them out, they'll either figure out real quick how to run their operation with some sense, or they'll fail as they deserve to.

    Nobody is too big to fail. The taxpayer should not be on the hook for bad management.
    This is tricky for me. As FS noted, there are an awful lot of jobs tied to that mismanagement, which thickens the plot, so to speak. On the other hand, these companies enter into these short term profit grabs based on risk, knowing that their risk is mitigated by the Fed. I suspect that jail time and serious, serious fines, depriving these executives of their personal wealth may be the deterant needed.
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    OLine. DLine. Secondary.

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    Indiana

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    Quote Originally Posted by fansince62 View Post
    lot of truth in that. as it is......GM? they have 220,000 (or thereabouts) employees worldwide. 168,000 work over-seas. draw your own conclusions. I don't fault a business for doing what it has to do - I just don't want taxpayers funding Indian call centers and Chinese wrench turners. let the business sustain itself. where the Federal government needs to do its thing is fight the smart fight with pirate nations like China.
    China a pirate nation? I'm curious as to how you classify them as a pirate nation? They seem to be taking a very pragmatic position as far as growing their economy. I'd be interested in what they do that would earn them the epithet "pirate."
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    I'm giving it a 2-4 year window. Looking for improvement in all areas. Redskins, you're on the clock.

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    well...they steal technology like no one's business.

    but....I knew pirate was probably the wrong word when I typed it...but I liked it! the idea is that they are practicing economic warfare with currency manipulations. we need to find a way to respond. so far...the strategy of inflating our currency (paying debt with cheaper dollars) hasn't worked.
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    Baylor

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    Quote Originally Posted by servumtuum View Post
    China a pirate nation? I'm curious as to how you classify them as a pirate nation? They seem to be taking a very pragmatic position as far as growing their economy. I'd be interested in what they do that would earn them the epithet "pirate."
    We have no one to blame but ourselves. We have allowed China to get away with violating copyright laws all the time. Countless ideas have been stolen. We allow it. Shame on us. We are the foolish nation.
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