You have been elected to Senate. You have been asked to write a bill.

[The Troll]

  You  have been elected to the Senate of the United States of America.  Your party has asked you to write a bill.   To write a bill to keep the Banks, Wall Street stock market under control.

What would you do about the following things?  If anything.

  The Stockmarket.  Bail them out again?

The Banks, like Stanley Morgan, to big to fail.

  The banks, the loans they make, the fees they charge and  the interest they can charge.  Do you think 20% to 45% is to much.

  Should there be a cap on the amount, credit companies can charge in interest.

[me]

Yes, banks should be allowed to fail.  Yes, there should be a cap on interest, both bank and credit card.  And the one thing you left out is, no, the government should not be allowed to force them to make risky loans.

The stock market should be left alone to take care of itself.

[Henry Hawk]

I think this is an interesting statement by Thomas Jefferson about this:

{I consider the foundation of the Constitution as laid on this ground: That "all powers not delegated to the United States, by the Constitution, nor prohibited by it to the States, are reserved to the States or to the people."

To take a single step beyond the boundaries thus specially drawn around the powers of Congress, is to take possession of a boundless field of power, no longer susceptible of any definition.

The incorporation of a bank, and the powers assumed by this bill, have not, in my opinion, been delegated to the United States, by the Constitution... They are not among the powers specially enumerated...}

[The Troll]

Yes, banks should be allowed to fail. Yes, there should be a cap on interest, both bank and credit card. And the one thing you left out is, no, the government should not be allowed to force them to make risky loans. The stock market should be left alone to take care of itself.

  First I think a new and improved, Glass Steagall Act, it work of over 30 years, with criminal penalties and jail time, in hard time  prisons, not country club prisons, and forfeitures of all property and money they have made in these ventures.

  Banks like Stanley Morgan (banks to big to fail) should be broken up.  Just like Bell Telephone and Standard Oil and other other monoplies.  The banks as a whole should have a fund to take care of bankruptcy of the banks.

  Rules should be  made to stop the theft and inside trading and the phony packaging of the derivatives they have dreamed up and a closer look at short selling.  With an some really bad punishment for their crimes.  Hard time and the forfeitures of all stolen money.  In other words take everything they have.

  I think there should be a cap on all interest of 20%.  Credit cards and anything sold on credit.  I think that all Payday loans and Car title loans can not collect anymore than 25% of a loan, be for interest and fees.  Some of the poor people have got stuck in these loan for over 50% of the loan.

I think with some good laws with real teeth to put the bad boy away for a long, long time would really help.

The Troll

[Henry Hawk]

 I do not think the government has the fortay in telling the lenders how to evaluate risk in lending....they are NOT very good in that department..over the last 20 years  they have pushed the mortgage industry so hard to get minority homeownership up and into giving "risky" loans, that it damaged the country's financial institution to accomplish its goal....that was extremely POOR advice and that is why we are in the shape we are now...We already have a department of justice who are supposed to enact the laws that we already have in place to nail who those commit fraudulent acts....it is of my opinion, that we need LESS Gov involvement and let the Private Industry handle the loan industry....I realize there has to be SOME oversight, but let the free market dictate what "caps" should be permitted on loans.....and IF they fail, they fail....this is the only way this system can "clean" itself out....it seems the MORE we regulate things, the more it costs us....always screws the little guys...

[Palehorse]

You want to talk about screwing the little guy? Let these banks fail and the "little guy" will get rode hard and put away wet!

[Henry Hawk]

You want to talk about screwing the little guy? Let these banks fail and the "little guy" will get rode hard and put away wet!

I agree as it is now, we have ALL trusted our lives to Wall Street......maybe that needs to change and we all need to not rely on Wall Street....there are safer ways to invest, that Banks have in place....but keeping the Gov from FORCING banks into making bad investments and letting those guys who KNOW how to invest...invest....and by the laws of nature, those who know what they are doing will be successful...not by screwing folks but by helping folks.

I will ALWAYS chose private over gov control ANY day...

[followsthewolf]

Nah.

Let's just abolish all government and governmental services, arm ourselves to the teeth, and let private enterprise (in the form of its most private: every person for him/herself) take over.

After a bloodbath of incredible size, we will reduce ourselves to the size of a grape, and will be ripe for a takeover.

Then we can start all over again.

Yay, private enterprise with NO D*MN GUB'MINT KENTROL A-TALL.

[Henry Hawk]

Nah.

Let's just abolish all government and governmental services, arm ourselves to the teeth, and let private enterprise (in the form of its most private: every person for him/herself) take over.

After a bloodbath of incredible size, we will reduce ourselves to the size of a grape, and will be ripe for a takeover.

Then we can start all over again.

Yay, private enterprise with NO D*MN GUB'MINT KENTROL A-TALL.

actually, I didn't mean ALL gov control...I realize we have to have a certain amount, but if we don't soon get a grip on HOW much trust we have on those crooks in washington, we are going to end up with a government MUCH like the one we escaped from a couple of hundred years ago...my point is, I trust Americans MORE than the guys in Washington .... and not just the dems...ALL of them....they are spending more money than we have got....we got to put our money back into the entreprenours and let them invest into America....NOT let politicians spend OUR money.

[Palehorse]

Got news fer yah Hank; those "banking investments" that have failed and are failing are all privately controlled by the entities doing the investments. This "bloodbath" we're going through is driven by the thieves at the controls and making those stupid decisions in the first place. The government didn't force them to make 250k loans to people making 20k a year, they chose to do so on their own and this is the result.

And, if those banks fail wave good bye to your investments with them too. Back out FDIC insurance and your savings and checking accounts are gone no matter how much you had in them. FDIC was created to encourage people to stop stuffing their mattresses and open up accounts.

The government backed program (FHA) has always had strict guidelines for loans. Fannie May, Freddie Mac, while government backed also had guidelines they were supposed to adhere to but obviously chose not to. Again, not the gubment but the private individual's choices in the lion's share of the cases.

Then add to it the closing companies and resulting job losses, and its just icing on the cake of excrement these private jack asses have whipped up for us all to take a huge bite of. . .

The governments efforts are an attempt to stop the domino thing from happening, seeing how most banks maintain lines of credit and investments within other banks. Once one fails there will be a series of them that will be severely and negatively impacted because of it. And that good old local bank you've trusted for twenty + years with your business would be one of them without a doubt.

[me]

All you had to do for some of the programs in the Fannie or Freddie loan program was to be breathing. 

[followsthewolf]

actually, I didn't mean ALL gov control...I realize we have to have a certain amount, but if we don't soon get a grip on HOW much trust we have on those crooks in washington, we are going to end up with a government MUCH like the one we escaped from a couple of hundred years ago...my point is, I trust Americans MORE than the guys in Washington .... and not just the dems...ALL of them....they are spending more money than we have got....we got to put our money back into the entreprenours and let them invest into America....NOT let politicians spend OUR money.

The sticking point is how much. Some say to-may-to, some say to-mah-to.

[Moonglow]

George Washington was the first to start a rebellion, by taxing whiskey at the rate of 1/2 penny. Blame him.

[Palehorse]

All you had to do for some of the programs in the Fannie or Freddie loan program was to be breathing.

Horse manure. The guidelines were the same for these two as they were for banks. The administrators are to blame for overlooking the rules of qualification, and for creating methods of circumventing them.

[Moonglow]

All you had to do for some of the programs in the Fannie or Freddie loan program was to be breathing.

hardly u don't know what u r saying. I was in an FMHA/USDA home and tried to refinance with Fannie Mae, no go.
i had just gone through 2 bad years of surgery and not being able to work.
When I went to college in 96-97 i did get a student loan.