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Wed Nov 7, 2012, 09:46 PM

"This Is the Worst Election for Wall Street in Decades"

This Is the Worst Election for Wall Street in Decades

by Tim Fernholz at the Atlantic

http://www.theatlantic.com/business/archive/2012/11/this-is-the-worst-election-for-wall-street-in-decades/264892/

"SNIP............................................

Bill Clinton and George W. Bush pursued financial de-regulation, Barack Obama bailed out Wall Street in 2008, and 2010 brought in a much more bank-friendly Congress. But 2012?

Well, so far, Elizabeth Warren, the Harvard academic and financial regulator, is projected to be elected to the Senate from Massachusetts. That august body filibustered her appointment to run the Consumer Financial Protection Agency, the newly-created bank watchdog that she essentially invented, so now she's now joining the old boys club. Expect her to be a major voice on financial rules, whether or not she ends up on the Senate Banking Committee. And though she worked briefly for President Obama, she's an equal opportunity populist: As the chair of the committee that oversaw the TARP bailouts, she had plenty of harsh words for Secretary of the Treasury Tim Geithner.

Another major critic of the banks, controversial Democratic Representative Alan Grayson, is returning to office after being booted from his seat in 2010, and you can be sure he'll have plenty of unkind words and laws for unlucky Wall Streeters. Grayson was one of the driving figures who forced an audit of the Federal Reserve as part of the Dodd-Frank financial overhaul, and his ability to work with bank-skeptical Republicans like Rep. Ron Paul makes him something of a double threat. Expect him to fulminate for new rules on compensation, transparency and bank behavior; even if his party's not in the majority, Grayson is a media favorite who finds ways to get attention.

The final stroke against the banks could be the reelection of President Obama, Wall Street's best friend in 2008 and public enemy number one ever since. Given widespread political opposition to his campaign from the financial sector, expect it won't have much say in naming the next Treasury Secretary or the appointees who run regulatory agencies, shaping future housing reforms, or merely protecting the carried interest loophole.
..........................................SNIP"

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Arrow 14 replies Author Time Post
Reply "This Is the Worst Election for Wall Street in Decades" (Original post)
applegrove Nov 2012 OP
NYC_SKP Nov 2012 #1
panAmerican Nov 2012 #2
silverweb Nov 2012 #3
applegrove Nov 2012 #4
silverweb Nov 2012 #12
applegrove Nov 2012 #13
ItsTheMediaStupid Nov 2012 #5
applegrove Nov 2012 #7
Mme. Defarge Nov 2012 #6
Angry Dragon Nov 2012 #8
defacto7 Nov 2012 #9
DrToast Nov 2012 #10
applegrove Nov 2012 #11
Zoeisright Nov 2012 #14

Response to applegrove (Original post)

Wed Nov 7, 2012, 09:48 PM

1. Bad, maybe, for Wall Street 2012-2013, but Wonderful for 2020-2050.

Because they live on a quarterly to annual sustainability model.

Romney preyed on that model, they even "harvested" companies on the unsustainable economic model this culture has embraced and adopted.

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Response to applegrove (Original post)

Wed Nov 7, 2012, 09:50 PM

2. I'm glad she has an even bigger platform now

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Response to applegrove (Original post)

Wed Nov 7, 2012, 09:52 PM

3. Bullshit!

The overall economy always does better under Democrats. Period.

Just doing well isn't enough for these clowns, though. They want to do well and be able to gouge and rip off citizens and the commons with impunity.

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Response to silverweb (Reply #3)

Wed Nov 7, 2012, 09:54 PM

4. If you go to the link it mentions that in the next & last paragraph...that wall

street does better under Dems. In other words they don't know what is good for them.

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Response to applegrove (Reply #4)

Thu Nov 8, 2012, 12:01 AM

12. They DO know it.

But it's not enough for them. They want to be able to do whatever they want without restriction and strip the country bare solely for their own profit.

That's why they want reTHUGs in charge -- total deregulation, unrestricted access to all natural resources and the commons, and complete privatization of all services.

They don't want to "do well." They want full ownership.

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Response to silverweb (Reply #12)

Thu Nov 8, 2012, 12:40 AM

13. Yes you are right. They want the huge bonuses that come with

the easy picking of the pockets of the middle class like they got with mortgage derivatives. You are right they just want more, more, and more.

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Response to applegrove (Original post)

Wed Nov 7, 2012, 09:55 PM

5. Not to mention they spent 2-3 Billion Dollars and couldn't buy a president

That must really suck.

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Response to ItsTheMediaStupid (Reply #5)

Wed Nov 7, 2012, 09:57 PM

7. So true. I hope it is sinking in deep as we speak.

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Response to applegrove (Original post)

Wed Nov 7, 2012, 09:56 PM

6. Be still my heart.

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Response to applegrove (Original post)

Wed Nov 7, 2012, 09:58 PM

8. Fuck Wall Street

Does Wall Street exist to protect the American people??
If not then the people have the right to regulate it as much as they like
and the same goes for anything else.
The American people come first, first before anything else.
This is the forgotten thing in this country.
If corporations forget this then they should fail.

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Response to applegrove (Original post)

Wed Nov 7, 2012, 10:07 PM

9. What I'd like to know is...


Who is selling?

Follow the money.

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Response to applegrove (Original post)

Wed Nov 7, 2012, 10:09 PM

10. Bad for Wall St. = Good for Main St.

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Response to DrToast (Reply #10)

Wed Nov 7, 2012, 10:27 PM

11. Democrats are actually good for wall street. The stock market does

better during Democratic Presidencies than Republican ones. Bankers don't know what they need is the point. They just want huge piles of money in bonus form and low taxes. They already have lots. That won't make them happy.

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Response to applegrove (Original post)

Thu Nov 8, 2012, 02:29 AM

14. And it's NEVER going to get any better for those thieves.

They need to be tightly and heavily regulated. No more sacking the country and getting away with it.

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