New Banking Regs Discussion?

[FordNut]

So today Obama proposed some banking restrictions and regulations. Some of them are basically a reversal of Clinton's policy, others are supposed to get some of the stimulus money back, and others are intended to address the obscene bonuses given out by these companies. The "too big to fail" problem should be addressed too.

Anybody want to chime in on how they feel about the subject?

My opinion: there is way too much growth in many industries, usually it comes about from buyouts of competitors. This is a big problem, because there is less competition (monopolies) and every time there is a big merger a lot of people's jobs are eliminated (usually from the company being acquired). The only winners are the big companies. Jobs are eliminated and the marketplace loses competition. In some ways I feel that there should be a breakup of several big companies in many industries, similar to the AT&T breakup decades ago.

[Phrog_gunner]

I don't think one bank should have to pay back another banks share. Apparently wall street doesn't either, the DOW dropped 200 pts today.

There already are antitrust laws. I don't think the government should be involved in trying to "save jobs". If that were the case we would probably be spending billions to subsidize the guys who make wooden field plows.

[CBT]

No arguements here. I'll say it again, we are a country that imports poverty and exports jobs. Hell, the actual Vise-Grips company went out of business recently because they cannot compete with cheap competition. What's made here anymore? Levi's, nope. Thermos brand Thermoses, nope. Vice-Grips we covered already. Arizona Jeans Company, out of business. Craftsman work clothes, Carharts, Dickies, none of them made here. I could go on and on. It's crazy, and I do not think we have seen the worst of it. I kept getting newspaper-like sales flyers thrown on my lawn. I call the number listed on it if you want the deliveries to stop. It was a call center in the Phillipines. The frickin newspaper company that distributed them is 5 miles up the road. Why do I have to call the Phillipines, they aren't the ones throwing the damn thing in my yard!

[Phrog_gunner]

Those are all jobs that Americans are "too good for", or the unions and politicians have jacked up the cost of "unskilled labor" so much the companies go elsewhere.

[LIGHTNIN1]

When did Pres Obama become an expert on running banks and how banks operate? Maybe the same day he became an expert on running car companies.If you notice these politicians are always passing more and more regulation on something and the same problem still exist.The legislation sometimes is the problem.The more they meddle the worst it gets.Maybe they should spend more time at State dinners in the White House with foreign dictators.

[bob6364]

You bogey heads got my thread locked I see.....:beer:

[bob6364]

BO is the perfect prez..sleep..BO KNOWS..sleep...he got a big award Just for being BO.sleep..you should not question BO...sleep

[babbage]

How I feel? ----> Kill Barry

[FordNut]

You bogey heads got my thread locked I see.....:beer:

It really was getting way off topic...
We were fortunate it went on as long as it did.

[bob6364]

Bunny is dazed and tired from her states recent election....now its over these threads will close quicker :D

[LIGHTNIN1]

Fordnut
You have some valid concerns about the banks and large companies. It just seems that any time they try to fix something success eludes them. They let Lehman Bros fail and AIG and other banks they gave them money.Why? Penn Central went under and the world did not end. So have a lot of big companies. A lot of jobs were lost but eventually they were replaced with others.This country is full of entrepreneurs if the Washington crowd would get out of the way and make it profitable to be in business.

[CBT]

When did Pres Obama become an expert on running banks and how banks operate? Maybe the same day he became an expert on running car companies.If you notice these politicians are always passing more and more regulation on something and the same problem still exist.The legislation sometimes is the problem.The more they meddle the worst it gets.Maybe they should spend more time at State dinners in the White House with foreign dictators.

Czars, that's how he does it. Hopefully the attachment shows up legible.
18353

[FordNut]

I wonder if a revision of tax code which favors smaller, regional businesses would help? If so, Walmart wouldn't be able to run all the small, local companies out of business. I've seen a couple of small local banks that were bought out by bigger banks (one by BB&T, another by United) and the quality of service went down, branches were closed, and people lost their jobs. Does anybody think we're better off with 3 or 4 mega-oil companies than when we had competition from separate BP, Amoco, Philips, Sinclair, Chevron, Texaco, Exxon, Mobil, etc...? It's only the corporations that are better off.

I do see negative impacts from government interference, there was a show on the other night about Samoa. The US government tried to impose the minimum wage. One of the 2 companies that did business there (Star Kist or Chicken of the Sea) shut down, so unemployment instantly skyrocketed.

Maybe I've been jaded by my experiences. The last 2 jobs I had were with small regional or state-wide companies. Both of the companies were sold to larger nationwide companies. Both times, lots of good people lost their jobs due to consolidations. Myself included.

Sorry, I don't have a lot of answers, if I did I would be a Czar. Just throwing it out there for discussion.

[CBT]

I wonder if a revision of tax code which favors smaller, regional businesses would help? If so, Walmart wouldn't be able to run all the small, local companies out of business. I've seen a couple of small local banks that were bought out by bigger banks (one by BB&T, another by United) and the quality of service went down, branches were closed, and people lost their jobs. Does anybody think we're better off with 3 or 4 mega-oil companies than when we had competition from separate BP, Amoco, Philips, Sinclair, Chevron, Texaco, Exxon, Mobil, etc...? It's only the corporations that are better off.

I do see negative impacts from government interference, there was a show on the other night about Samoa. The US government tried to impose the minimum wage. One of the 2 companies that did business there (Star Kist or Chicken of the Sea) shut down, so unemployment instantly skyrocketed.

Maybe I've been jaded by my experiences. The last 2 jobs I had were with small regional or state-wide companies. Both of the companies were sold to larger nationwide companies. Both times, lots of good people lost their jobs due to consolidations. Myself included.

Sorry, I don't have a lot of answers, if I did I would be a Czar. Just throwing it out there for discussion.
If I remember correctly, Pelosi was the driving force on this, Samoa fell under her district.

[LIGHTNIN1]

CBT,that was a good post about the Obama people going to save the car companies. I am thinking maybe I will approach them with a proposal to make a car that runs off of goose droppings.They should go for that.

[SC Cheesehead]

When did Pres Obama become an expert on running banks and how banks operate? Maybe the same day he became an expert on running car companies.If you notice these politicians are always passing more and more regulation on something and the same problem still exist.The legislation sometimes is the problem.The more they meddle the worst it gets.Maybe they should spend more time at State dinners in the White House with foreign dictators.

A wise man once said, "You can't tax your way to prosperity, and you don't regulate your way to economic growth."