Obama says financial sector to shrink
- Thread starter ASusilovic
- Start date
Governments aren't stupid, they just are not here to serve their citizens, they serve the people that buy the politicians.. I don't see any political solutions to that problem at all. Nowadays, I don't care about the economics, anybody with half a brain can get the book Square Foot Gardening and be up and running with enough veggies to feed a family in a month. If their housing is paid for, or they can put together enough friends to rent a house, they can have shelter and excellent food... I'm going with the Constitution Party because I really am happy with shelter, food, friends and freedom, who cares much about the rest of it all?
"What I think will change, what I think was an aberration, was a situation where corporate profits in the financial sector were such a heavy part of our overall profitability over the last decade," he said told the New York Times Magazine.
"Part of that has to do with the effects of regulation that will inhibit some of the massive leveraging and the massive risk-taking that had become so common."
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Why would the financial sector not have been the most profitable? The government has given away everything else to the rest of the world. So now the financial sector is to be given away because it is too profitable. Makes sense.
If the gooberment had done it's job and the CDO's, CDS's, MBS's had traded on the exchanges out in the public for scrutiny, much of this would not have happened. Independent traders and such would have seen what trash they were. Those derivatives would never had established any volume and would have died as many derivatives have.
The worst part is that they truly do not care about any of us. "We are taking this and this and this away from you. We suggest that you become an unemployed engineer."
"Part of that has to do with the effects of regulation that will inhibit some of the massive leveraging and the massive risk-taking that had become so common."
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Why would the financial sector not have been the most profitable? The government has given away everything else to the rest of the world. So now the financial sector is to be given away because it is too profitable. Makes sense.
If the gooberment had done it's job and the CDO's, CDS's, MBS's had traded on the exchanges out in the public for scrutiny, much of this would not have happened. Independent traders and such would have seen what trash they were. Those derivatives would never had established any volume and would have died as many derivatives have.
The worst part is that they truly do not care about any of us. "We are taking this and this and this away from you. We suggest that you become an unemployed engineer."
Last I checked, we hadn't changed our form of government yet. O is just posturing and grandstanding, using what Teddy Roosevelt called the "bully pulpit".
The gubment can't mandate where people work or go to school and will never be able to. Don't worry, "they" can't change the basic underpinnings of our society.
One thing they *can* change is the favorable 60/40 split in tax treatment for futures trading. I'm surprised I haven't heard about this being on the table yet.
God, I hope they don't rescind that.
For the record, I'm an engineer trading derivatives.
new regulations clamp down on "massive risk-taking
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Just reaching here. I wonder with the use of leverage collectively, the financial sector has more wealth than the gov't. The gov't prints dollars to maintain a balanced ratio or in this case a take away also. If the balance is upset private weath could become powerful (if they joined forces) and destroy the gov't OR the failure of private wealth could destroy the gov't. Hence Obama is going to build a corral.
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Just reaching here. I wonder with the use of leverage collectively, the financial sector has more wealth than the gov't. The gov't prints dollars to maintain a balanced ratio or in this case a take away also. If the balance is upset private weath could become powerful (if they joined forces) and destroy the gov't OR the failure of private wealth could destroy the gov't. Hence Obama is going to build a corral.