it's all a dog & pony show. remove your attention from it
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it's all a dog & pony show. remove your attention from it
đź‘Ťđź‘Ťđź‘ŤQuote:
Originally Posted by TitoFan
Day 2 of waiting for the FBI to raid Joe Biden's homes and offices for hiding classified information.
Hopefully big Joe remembered the telepathic declassification technique!
Quote:
Originally Posted by TitoFan
Neither guy is going to be charged with mishandling classified information. Where there might be charges is how they both handled the situation after classified information was discovered.
Biden's people immediately called the National Archives and had the stuff transferred back to them the same day.
Trump ignored requests from the Archives people for months after he left office to hand over stuff he still had. A couple of pallets of documents were taken from the White House when he moved out so the Archives people knew he had a load of stuff. In the end they issued a subpoena. Trump's people showed them a store room full of boxes at his Florida restaurant but would not let them inspect the boxes. They did hand over a small amount of documents and said that was all they had. Trump tried to get his lawyers to sign a document saying they'd searched everywhere and there was nothing else but none of his fifth rate slip and fall lawyers even would sign it which tells you everything you need to know about Trump and his truthfulness. The feds then unearthed evidence that Trump was lying and that he'd actually had multiple boxes of documents removed from the store room and placed in his office, presumably because he thought the feds would never dare go in there. The feds took this evidence to a judge who issued a search warrant. The FBI found dozens of boxes of documents in Trump's office and elsewhere.
Since then Trump has said variously he took them on purpose, they belong to him, I want them back, I magically declassified them, it's a witch hunt, etc etc.
He's bang to rights on at least obstruction of justice here. Whether he actually gets charged with anything is a different matter.
Vice president doesn't have the power (even telepathic) to declassify squatQuote:
Originally Posted by palmerq
LmfaoQuote:
Originally Posted by Kirkland LaingQuote:
Originally Posted by TitoFan
Neither guy is going to be charged with mishandling classified information. Where there might be charges is how they both handled the situation after classified information was discovered.
Biden's people immediately called the National Archives and had the stuff transferred back to them the same day.
Trump ignored requests from the Archives people for months after he left office to hand over stuff he still had. A couple of pallets of documents were taken from the White House when he moved out so the Archives people knew he had a load of stuff. In the end they issued a subpoena. Trump's people showed them a store room full of boxes at his Florida restaurant but would not let them inspect the boxes. They did hand over a small amount of documents and said that was all they had. Trump tried to get his lawyers to sign a document saying they'd searched everywhere and there was nothing else but none of his fifth rate slip and fall lawyers even would sign it which tells you everything you need to know about Trump and his truthfulness. The feds then unearthed evidence that Trump was lying and that he'd actually had multiple boxes of documents removed from the store room and placed in his office, presumably because he thought the feds would never dare go in there. The feds took this evidence to a judge who issued a search warrant. The FBI found dozens of boxes of documents in Trump's office and elsewhere.
Since then Trump has said variously he took them on purpose, they belong to him, I want them back, I magically declassified them, it's a witch hunt, etc etc.
He's bang to rights on at least obstruction of justice here. Whether he actually gets charged with anything is a different matter.
Double standards:Quote:
Originally Posted by TitoFan
https://twitter.com/gtconway3d/statu...04080907075584
Also, too:
https://twitter.com/petestrzok/statu...76189798711298
What exactly are you laughing at?Quote:
Originally Posted by NoSavingByTheBellLmfaoQuote:
Originally Posted by Kirkland LaingQuote:
Originally Posted by TitoFan
Neither guy is going to be charged with mishandling classified information. Where there might be charges is how they both handled the situation after classified information was discovered.
Biden's people immediately called the National Archives and had the stuff transferred back to them the same day.
Trump ignored requests from the Archives people for months after he left office to hand over stuff he still had. A couple of pallets of documents were taken from the White House when he moved out so the Archives people knew he had a load of stuff. In the end they issued a subpoena. Trump's people showed them a store room full of boxes at his Florida restaurant but would not let them inspect the boxes. They did hand over a small amount of documents and said that was all they had. Trump tried to get his lawyers to sign a document saying they'd searched everywhere and there was nothing else but none of his fifth rate slip and fall lawyers even would sign it which tells you everything you need to know about Trump and his truthfulness. The feds then unearthed evidence that Trump was lying and that he'd actually had multiple boxes of documents removed from the store room and placed in his office, presumably because he thought the feds would never dare go in there. The feds took this evidence to a judge who issued a search warrant. The FBI found dozens of boxes of documents in Trump's office and elsewhere.
Since then Trump has said variously he took them on purpose, they belong to him, I want them back, I magically declassified them, it's a witch hunt, etc etc.
He's bang to rights on at least obstruction of justice here. Whether he actually gets charged with anything is a different matter.
Also, here's another question you won't answer:
Today in Trump (saddoboxing.com)
Quote:
Originally Posted by Kirkland LaingQuote:
Originally Posted by TitoFan
Neither guy is going to be charged with mishandling classified information. Where there might be charges is how they both handled the situation after classified information was discovered.
Biden's people immediately called the National Archives and had the stuff transferred back to them the same day.
Trump ignored requests from the Archives people for months after he left office to hand over stuff he still had. A couple of pallets of documents were taken from the White House when he moved out so the Archives people knew he had a load of stuff. In the end they issued a subpoena. Trump's people showed them a store room full of boxes at his Florida restaurant but would not let them inspect the boxes. They did hand over a small amount of documents and said that was all they had. Trump tried to get his lawyers to sign a document saying they'd searched everywhere and there was nothing else but none of his fifth rate slip and fall lawyers even would sign it which tells you everything you need to know about Trump and his truthfulness. The feds then unearthed evidence that Trump was lying and that he'd actually had multiple boxes of documents removed from the store room and placed in his office, presumably because he thought the feds would never dare go in there. The feds took this evidence to a judge who issued a search warrant. The FBI found dozens of boxes of documents in Trump's office and elsewhere.
Since then Trump has said variously he took them on purpose, they belong to him, I want them back, I magically declassified them, it's a witch hunt, etc etc.
He's bang to rights on at least obstruction of justice here. Whether he actually gets charged with anything is a different matter.
"Mishandling classified information"... "handling the situation after classified information was discovered"...
I'm not gonna split hairs here. It's all improper conduct regarding classified documentation... whatever name we want to give to it.
Is Trump's worse? Maybe. That's not even my point here is it.
My point is that the only way we're going to be able to have credible discussions back and forth between "Trump fans" and "Biden fans" is if we're willing to call a spade a spade.
From Day One I've made my UTTER DISDAIN FOR TRUMP fully well known on this forum (and elsewhere in life).
But I'm not going to excuse Biden when he does something wrong.
When I criticize Biden... it doesn't mean now I like Trump.
BTW... the bolded part is where I actually agree.
Quote:
Originally Posted by TitoFanQuote:
Originally Posted by Kirkland LaingQuote:
Originally Posted by TitoFan
Neither guy is going to be charged with mishandling classified information. Where there might be charges is how they both handled the situation after classified information was discovered.
Biden's people immediately called the National Archives and had the stuff transferred back to them the same day.
Trump ignored requests from the Archives people for months after he left office to hand over stuff he still had. A couple of pallets of documents were taken from the White House when he moved out so the Archives people knew he had a load of stuff. In the end they issued a subpoena. Trump's people showed them a store room full of boxes at his Florida restaurant but would not let them inspect the boxes. They did hand over a small amount of documents and said that was all they had. Trump tried to get his lawyers to sign a document saying they'd searched everywhere and there was nothing else but none of his fifth rate slip and fall lawyers even would sign it which tells you everything you need to know about Trump and his truthfulness. The feds then unearthed evidence that Trump was lying and that he'd actually had multiple boxes of documents removed from the store room and placed in his office, presumably because he thought the feds would never dare go in there. The feds took this evidence to a judge who issued a search warrant. The FBI found dozens of boxes of documents in Trump's office and elsewhere.
Since then Trump has said variously he took them on purpose, they belong to him, I want them back, I magically declassified them, it's a witch hunt, etc etc.
He's bang to rights on at least obstruction of justice here. Whether he actually gets charged with anything is a different matter.
"Mishandling classified information"... "handling the situation after classified information was discovered"...
I'm not gonna split hairs here. It's all improper conduct regarding classified documentation... whatever name we want to give to it.
Is Trump's worse? Maybe. That's not even my point here is it.
My point is that the only way we're going to be able to have credible discussions back and forth between "Trump fans" and "Biden fans" is if we're willing to call a spade a spade.
From Day One I've made my UTTER DISDAIN FOR TRUMP fully well known on this forum (and elsewhere in life).
But I'm not going to excuse Biden when he does something wrong.
When I criticize Biden... it doesn't mean now I like Trump.
BTW... the bolded part is where I actually agree.
I was just replying to what you wrote.
Is there a drinking game for tonight's SOTU address? Think I'll have to settle for every time they show that horse face Ric Flair impersonator Majory T Greene shouting something shrill.
Ok, this is pretty good ;D
https://i.imgur.com/wNQPb1Y.jpg
spy balloon, what a story
Well tonight seems to have crystallised that there's no chance of even the current incarnation of the GOP ever cutting Medicare and Social Security. Maybe Sleepy Joe baited them into it tonight. And they're not going to touch the military so that means that when the rubber does eventually meet the road fiscally (some years away yet) then we're going to be looking at tax increases not spending cuts. Although this does give them time to get crazier so who knows. At least we know that at the minute they've bottled out of anything of any significance.Quote:
Originally Posted by Spicoli
As far as the balloon goes, as far as I can be bothered to read on one hand you've got the GOP saying Sleepy Joe should have shot it down immediately, on the other hand the reporting says Biden told them to shoot it down as soon as it was safe to do so and because it was so huge and was carrying equipment the size of two buses they waited until it was over water. Supposedly they were jamming its comms as well and they're digging the remains out of shallow waters off the Carolina coast. Also, too, there were loads of these things over the past years including during previous administrations and so on and so on. Is this really significant/accurate? I genuinely haven't bothered finding out.
who still thinks The Potato is better than Trump?
Just a qq (quick question). Do you have any criticism at all of Biden or the Democrats? Honestly
Tell me what you think they're doing wrong or not doing or whatever.Quote:
Originally Posted by NoSavingByTheBell
So there isn't a single thing that you think you can risk saying you think Biden is doing badly. Nothing at all.
Come on. There must be something you think he's clearly doing so badly that's he's undefendable on. What about immigration? Some culture war shit? Nothing at all? You post endless stuff about him and when it comes down to it there isn't a single thing you'll definitively say he's doing badly.
If you do manage to reply to this no videos. And your own words.
Come on then. The southern border! Biden's open border policy is letting millions of economic migrants posing as asylum seekers into America every year! That's a hundred percent true by the way. It's an unarguable fact. I'm not disputing that at all. You're not even going to criticise this?Quote:
Originally Posted by NoSavingByTheBell
There must be at least the southern border policy that you think he's doing badly on. Probably other things too. You really think he's done nothing worth criticising? We both agree he's doing the least worst possible job given current circumstances?
Quote:
Originally Posted by Kirkland LaingCome on then. The southern border! Biden's open border policy is letting millions of economic migrants posing as asylum seekers into America every year! That's a hundred percent true by the way. It's an unarguable fact. I'm not disputing that at all. You're not even going to criticise this?Quote:
Originally Posted by NoSavingByTheBell
There must be at least the southern border policy that you think he's doing badly on. Probably other things too. You really think he's done nothing worth criticising? We both agree he's doing the least worst possible job given current circumstances?
Brock's gone AWOL, wasting an opportunity to have a good debate.
I myself am a devout Trump hater... but I'll do my best to fill in.
Yes... Biden's southern border and immigration policies and decision-making has left a lot to be desired. I'm glad you agree with that. Although to be fair... Trump fukked that one up just as bad or worse. Seems like no one is capable of doing that one job correctly. Border control isn't rocket science... but it may as well be, given the horrible job the last two Presidents have done.
But I'll another area where I totally criticize Joe. "Inclusivity." We are all painfully aware of the need to reduce discrimination in positions of power. The picture of an all-white male "good ol' boy" club as the President's cabinet has taken a long time to overcome. Racism and sexism are unfortunately very much still alive in America.
But IMHO, Biden has bent over backwards to the point of snapping in two, when it comes to rushing to appease every Tom, Dick, and Harry for the sole purpose of inclusion. Merit FIRST... THEN you go about making sure people aren't being left out due to race or gender.
Speaking of race, I'm sure you're ready with a laundry list of reasons why Rachel Levine was the man... woman... whatever for the job he... she... whatever was appointed to by the President. I'll only counter with "Biden should've looked longer and harder." I'm sure there were plenty of equally or MORE qualified candidates to hold that position. Levine's appointment was laughable... and opened the doors wide open to the whole gender mess that is only beginning to show its ugly head in the States today. Not everyone who has concerns about elementary school education, gender clinics, and women's sports is a hater. Most of us are level-headed, open-minded, concerned citizens that care very much about the future of the nation and society in general.
Other than that... Biden's done a fairly credible job. As you said... given the circumstances. It can't be easy following the World's Biggest Joke as President of the United States. Trump did a lot of damage to people's psyche, appealing to the ugliest sentiments in people... as well as giving a voice to those masses easily led by the nose ring. Where else do you see debates STILL going on about whether January 6th was an insurrection, or just a "peaceful stroll to the Capitol." But I'm digressing. This belongs in the Trump thread.
My concerns about 2024 are about Biden's age. It's incredible that in one of the greatest powers in the free world today, there can't be one single, solitary, qualified and credible candidate other than Biden... to lead a political party in opposition to The Biggest Con Man of All Time.
U.S. Employers Keep Hiring, but Signs of Easing Are Seen https://www.nytimes.com/2023/03/10/b...JNWJDJ69qt54q4
Should be good news for Americans but as we are all still in bizzaro world, this is bad news, Federal reserve to keep up the rate hikes and increase the recession chances?
2008 will look like a kindy party compared to whats comingQuote:
Originally Posted by palmerq
Tell me more, what's going to happen?
i hope svb doesn't have a roll on effect
They'll err on the side of too high rates to kill inflation even if the rates cause a recession. If inflation doesn't abate they'll deliberately raise rates high enough to create a recession big enough to flatten inflation.Quote:
Originally Posted by palmerq
Quote:
Originally Posted by NoSavingByTheBell2008 will look like a kindy party compared to whats comingQuote:
Originally Posted by palmerq
What's coming?
As far as immigration does until about ten years ago both parties had the exact same line on it. Both acted tough on stopping people coming over the border but did nothing to actually stop it. Then the Democrats started moving left on immigration with sanctuary cities and whatnot which gave Trump an opening and became his signature issue. Trump talked even tougher than anybody had before but other than a load of pointless theatre at the border did nothing at all. The numbers coming over the border actually went up ( because there's no control down there the only way to judge how many are coming in it how many the border police apprehend) although this is due to how fucked up things are in central and southern America, massive violence in some countries sending lots of people north and you can't really blame Trump for that. Same with Biden at the minute. However deportations actually fell under Trump from Obama levels. Like anything else with that fucker a load of bullshit, bluster and theatre and no actual end results. Deportations are back up under Biden I think but lots of people coming over the border, basically a backlog from the pandemic years and lots of violence in central America.Quote:
Originally Posted by TitoFanQuote:
Originally Posted by Kirkland LaingCome on then. The southern border! Biden's open border policy is letting millions of economic migrants posing as asylum seekers into America every year! That's a hundred percent true by the way. It's an unarguable fact. I'm not disputing that at all. You're not even going to criticise this?Quote:
Originally Posted by NoSavingByTheBell
There must be at least the southern border policy that you think he's doing badly on. Probably other things too. You really think he's done nothing worth criticising? We both agree he's doing the least worst possible job given current circumstances?
Brock's gone AWOL, wasting an opportunity to have a good debate.
I myself am a devout Trump hater... but I'll do my best to fill in.
Yes... Biden's southern border and immigration policies and decision-making has left a lot to be desired. I'm glad you agree with that. Although to be fair... Trump fukked that one up just as bad or worse. Seems like no one is capable of doing that one job correctly. Border control isn't rocket science... but it may as well be, given the horrible job the last two Presidents have done.
But I'll another area where I totally criticize Joe. "Inclusivity." We are all painfully aware of the need to reduce discrimination in positions of power. The picture of an all-white male "good ol' boy" club as the President's cabinet has taken a long time to overcome. Racism and sexism are unfortunately very much still alive in America.
But IMHO, Biden has bent over backwards to the point of snapping in two, when it comes to rushing to appease every Tom, Dick, and Harry for the sole purpose of inclusion. Merit FIRST... THEN you go about making sure people aren't being left out due to race or gender.
Speaking of race, I'm sure you're ready with a laundry list of reasons why Rachel Levine was the man... woman... whatever for the job he... she... whatever was appointed to by the President. I'll only counter with "Biden should've looked longer and harder." I'm sure there were plenty of equally or MORE qualified candidates to hold that position. Levine's appointment was laughable... and opened the doors wide open to the whole gender mess that is only beginning to show its ugly head in the States today. Not everyone who has concerns about elementary school education, gender clinics, and women's sports is a hater. Most of us are level-headed, open-minded, concerned citizens that care very much about the future of the nation and society in general.
Other than that... Biden's done a fairly credible job. As you said... given the circumstances. It can't be easy following the World's Biggest Joke as President of the United States. Trump did a lot of damage to people's psyche, appealing to the ugliest sentiments in people... as well as giving a voice to those masses easily led by the nose ring. Where else do you see debates STILL going on about whether January 6th was an insurrection, or just a "peaceful stroll to the Capitol." But I'm digressing. This belongs in the Trump thread.
My concerns about 2024 are about Biden's age. It's incredible that in one of the greatest powers in the free world today, there can't be one single, solitary, qualified and credible candidate other than Biden... to lead a political party in opposition to The Biggest Con Man of All Time.
But even with record numbers coming in unemployment is still at a fifty year low and job openings are skyrocketing:
https://fred.stlouisfed.org/graph/fredgraph.png?g=111cS
So you can see why both parties, who are both pro business to varying degrees, aren't going to do anything to stop people coming in. They'd both like more people if possible, particularly the GOP who are a wholly owned subsidiary of big business and also gain politically from having constant headlines about the border. It's a winning issue for them politically.
Will answer the other stuff in between the fights.
As far as inclusivity goes,it's a good thing that a forty percent nonwhite America sees its government to resemble the country to some extent. If you can point to one person in the government who isn't qualified for the job I'd be surprised. I could point to endless people in the last administration who weren't qualified including the DNI which is basically the second most powerful job in government after the prez and Trump appointed a fucker with zero, zero intelligence experience and the fucking GOP Senate confirmed him.
Look at Rachel Levine.
DeSantis is running for prez and because he's been governor of a state for three years nobody will question whether he's qualified or not.
Levine is assistant secretary of health. An assistant to the actual secretary. She was previously secretary of health in Pennsylvania for four years and has also been physician general. She's a professor of pediatrics and psychiatry at Penn State medical school and graduated from Harvard medical school. So she's eminently fucking qualified. She's also transgender and that's a fucking good thing, it's good that this particular minority can see some level of representation in their government while one of America's political parties turns them into hate figures for half the population. And they're doing this, let me remind you, to get enough votes to get elected so that they can cut taxes for the wealthiest few people in the country. People being attacked and murdered for political gain. It's 2022 and after demonising every minority the GOP have found another group of marginalised people to terrorise with the power of government and by rousing the rabble. Absolutely fucking shameful.
And if you think I'm exaggerating about the GOP and how evil and cynical they are just read this:
After President Richard Nixon declared a “war on drugs” in 1971, the number of people incarcerated in American jails and prisons escalated from 300,000 to 2.3 million. Half of those in federal prison are incarcerated for a drug offense, and two-thirds of those in prison for drug offenses are people of color. Disproportionate arrest, conviction, and sentencing rates for drug offenses have devastated communities of color in America.
Between 1980 and 2011, arrests of African Americans for violent and property crimes fell, but rose dramatically for drug offenses. As the Washington Post reported, African Americans are far more likely to be arrested for selling or possessing drugs than whites, even though whites use drugs at the same rate and are more likely to sell drugs.
In a new article for Harper’s magazine, journalist Dan Baum reports that President Richard Nixon’s domestic policy chief, John Ehrlichman, admitted that the war on drugs was designed to have precisely this impact on the Black community.
In a 1994 interview, Mr. Ehrlichman said, “You want to know what this was really all about?” He went on:
“The Nixon campaign in 1968, and the Nixon White House after that, had two enemies: the antiwar left and Black people. You understand what I’m saying? We knew we couldn’t make it illegal to be either against the war or Black, but by getting the public to associate the hippies with marijuana and Blacks with heroin, and then criminalizing both heavily, we could disrupt those communities. We could arrest their leaders, raid their homes, break up their meetings, and vilify them night after night on the evening news. Did we know we were lying about the drugs? Of course we did.”
https://eji.org/news/nixon-war-on-dr...-black-people/
And I don't think one government appointment opened the door to anything. You have a section of the left which bangs on endlessly about gender issues to an extent that's counterproductive and it's counterproductive because the right exploits it for political gain. That has been going on for a while.
As far as education goes that's down to local school boards and individual states pretty much. Trans women in women's sports should be banned, that big swimmer for instance is just ridiculous, but it's just a handful of people nationwide and again it's blown up out of all proportion for political gain. Sex change clinics for kids I'm sure push medication, treatments and surgeries more than they ethically should but that's the case with every single aspect of American healthcare, it's what you get with an entirely for profit system. It would be abnormal if this one part of the healthcare system stuck to ethical norms, no other part does. But this is private businesses and private individuals on the demand and the supply side here. Conservatives are supposed to believe in the sanctity of private individuals exercising freedom of choice in a free market. Except of course when they can demonise the whole thing for political gain to the point where it creates ongoing terrorist incidents:
https://www.bostonglobe.com/2022/12/...ff-are-coping/
Kirkland Laing is a banking expert(or maybe I got a letter wrong there:S) can you explain this for us dums duns
Regulators Close Second Bank and Move to Protect Deposits https://www.nytimes.com/2023/03/12/b...oJmRji5NcKP6Hw
Potato Joe worse than Carter
Nick, Aaron or Anson carter?
https://www.mediaite.com/trump/trump...g-to-collapse/Quote:
Originally Posted by palmerq
We've had zero or effectively zero rates for many years now but the Fed had to start putting them up recently to flatten inflation. When you raise rates after so many years of free money it catches out firms who were doing risky or iffy business that was only profitable due to zero rates. You also get loanees defaulting and lots of bank loans going bad which makes the banks insolvent if they have a lot of those loans. I'm sure there are a few banks out there sitting on a ton of bad loans or soon to be bad loans. There'll definitely be more banks in trouble in the next few years. Commercial real estate is in trouble too.
SVB catered to a lot of tech startups. These startups were flush with venture capital cash that had been invested in them, SVB had no expertise in what to do with that money so they bought a bunch of longer dated bonds. These bonds lost money when the Fed raised rates and at the same time SVB's customers suddenly needed cash as it turned out their businesses were geared to low interest rates so SVB had to sell their securities at a lot to pay them back and the whole thing spiralled.
Signature did a lot of real estate business in NY but then got into crypto just before it went pop. Curious timing, the people who ran the bank are not blithering idiots so there's some hidden reason for going after crypto money when they knew the whole thing was a scam. They must have been short of cash somehow, made some bad loans probably. A crypto bank called Silvergate that catered to the crypto industry got shuttered a week ago but didn't make much news.
The Fed have now jumped in to backstop the system which should end the panic but bank runs are about irrational fear and can happen in an instant these days now everybody has electronic banking so you never know. Luckily there's nobody out there trying to fuel the panic for their own grift or profit:
https://www.mediaite.com/trump/trump-pours-gasoline-on-the-fire-amid-economic-fears-following-silicon-valley-banks-failure-the-banks-are-already-starting-to-collapse/
https://www.mediaite.com/trump/trump-pours-gasoline-on-the-fire-amid-economic-fears-following-silicon-valley-banks-failure-the-banks-are-already-starting-to-collapse/
It'llbe interesting to see if the feds investigate the people like Peter Thiel who started the SVB panic last week. This is just uninformed speculation here by somebody who has no knowledge of this at all but it's just possible some of these fuckers were shorting the bank's stock while they were telling people to pull their money out. Maybe the authorities might look into this.
Motherfucker.
https://www.mediaite.com/trump/trump...g-to-collapse/
That's the link that's not working from the previous post. What an absolute shower of shit he is.
I would ask you what Biden has to do with this but you're just trolling and could never come up with a coherent answer, could you thickhead.Quote:
Originally Posted by NoSavingByTheBell
You know which president is responsible for SVB's demise? The fucker who rolled back all those burdensome regulations the Democrats brought in after the GOP-created 2008 financial meltdown.
A chief culprit, economists say, is legislation President Donald Trump signed into law in 2018, which rolled back key parts of the Dodd-Frank banking regulations passed in the wake of the 2008 financial crisis. That 2018 legislation, called the Economic Growth, Regulatory Relief, and Consumer Protection Act, passed with strong support from the Republican Party and critical support from some Democrats. Among those leading the charge was McCarthy, then House majority leader.
“We’re going to move this Senate bill directly to the president’s desk to ensure these reforms help the economy to grow further by making community banks stronger,” McCarthy said of the legislation in 2018. “This is going to free up a great deal of capital and this will help a lot.”
“This was a 100 percent avoidable problem,” economist Dean Baker told The Intercept in an email, pointing to the Dodd-Frank repeal bill. “That bill raised the asset threshold above which banks have to undergo stress tests from $50 billion to $250 billion. SVB would have been required to undergo regular stress tests before the revision; among the stresses you look at are sharp rises in interest rates, which is apparently what did in SVB. Presumably, if its books had been subject to this test, the risk would have been detected and they would have been required to raise more capital and/or shed deposits.”
https://theintercept.com/2023/03/11/...ns-lobby-fdic/
There's currently a massive effort to roll back even more regulations now the GOP have control of the House. Looks like things will go the other way now.
President Donald Trump
has signed the biggest rollback of financial regulation since the Dodd-Frank Act was enacted in 2010, freeing smaller banks from the burden of being labeled too big to fail.
Surrounded by lawmakers and financial regulators at the White House on Thursday, Trump put pen to paper on the product of years of industry lobbying and sensitive talks on Capitol Hill
There's that burden word again. Burdensome. God bless those lobbyists. Burdensome.
I did notice that the last few days on twitter contained quite a lot of all caps posts, looked pretty suspicious.
So has the actions of the federal reserve protected the Americans from a massive fallout form svb collapse? I assume a lot of businesses get their money from there and if was to vanish that could bigger a lot of people, so crisis averted for now?
So if one banks collapse is a disaster what would happen if the us defaults? Like some lovely chaps seem to try to push for every chance they get.
Weeks not monthsQuote:
Originally Posted by NoSavingByTheBell