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Barney Frank probably just became a partner in a specialist firm. There's no stupidity to which these bastards won't stoop.

Well put, Deedee.

You may trade every day but you're still clueless. The first rule of statistics is correlation is not causation. The market did not stabalize and recover in the 1930's. The market took almost two decades to recover and the rule wasn't implemented until 1938 anyway - way after the crash and...

Agreed. It's good for the pros but this is bad for the overall market because it'll suck out liquidity and make the U.S. even less competitive. We are on the fast track to becoming a banana republic.

A total collapse is the best possible outcome for that fat fuck, James. That'll give congress assholes like him another "crisis" to take advantage of and grab more power for themselves.

I just heard that but can't find a story. Does he have that kind of power?

The Investment banks were FORCED by the SEC to use the three SEC approved ratings agencies (Nationally Recognized Statistical Ratings Organizations) and to accept their ratings. The banks (I-banks included) were REQUIRED to by SEC regulation. The banks were absolutely were NOT aware that the...

Let's see. The union members would find something productive to do with their time and the Union bosses will stop collecting mandatory payments, which are now made by taxpayers. The biggest losers will be the Union bosses as unions mostly work for the bosses and not so much for labour...

I completely agree with you here. The politicians have incentive to increase their personal power (power is another form of wealth), so why would they waste a perfectly good crisis by not consolidating power. Whether that power is legislative or regulatory is irrelevant. There's no...

Beltway, I hate to tell you this, but regulation doesn't actually work to make the system safer. It does just the opposite. Most of the problem we have with the financial system today results directly from regulation. Before the Fed began regulating banks, they kept higher reserves than...

Exactly right. GS was based on a false premise in the first place. The banks were accused of doing something they weren't actually doing. This whining about the "repeal" of GS is utter bullshit. The meat of the legislation was that banks were not allowed to use deposits to gamble in the...

Patchie, your post is filled with so many non sequiturs and Marxist dogma (whether you know it's marxist dogma or not is another question) that I don't have time to unwind all of the fallacies. The bottom line is that most people making $250K or more live in high cost areas like NYC where...

There's a reason for that. The top marginal tax rate was around 90% when JFK cut it to increase tax revenue. In the 1970's it was 78%. What you're missing is the EFFECTIVE tax rate (the rate actually paid) was only 23% for the people subject to the top marginal tax rate. Tax shelters and...

I disagree that we need to spend more to stimulate the economy. the whole problem is that we spent too much in the first place. You cannot consume more than you produce in the long run. Credit simply changes the timing of consumption. What we need is lower taxes and less government...

The only way to get an H1-B is to have a job or job offer in the United States. So, obviously, the employer of those people disagrees with you. Since it's the employer's call, I think that's a futile argument. But, you miss the point again: They don't want the visa anymore. America is no...

Guys, You can debate how worthy or unworthy the H1-B visa holders are until you're blue in the face and still you will miss the point. H1-B holders are very skilled labour and they are demanded everywhere in the world. The United States made it a nightmare to get an H1-B visa, but until...

Exactly. And without skilled immigrants, who will the entrepreneurs hire? Walk into any math, engineering, economics or finance program in any university in America and count the number of American faces. There are almost none. Americans have become lazy. They're all doing majors like...

put your money in several accounts at different banks. The bank manager told us that was happening a few months ago for that very reason.

Let's complete the thought experiment.... We know that work costs you something (sleep, time with your family, etc.). So, if every $1 above $500K is confiscated, then you wouldn't put forth the effort to make it. that takes the tax revenue from anything above $500K to zero. So, to get...

Yet, despite the 14-20% VAT in Europe, the middle class is not destroyed.