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Reply #59: So then, please tell me what measures were taken... [View All]

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IrateCitizen Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Oct-18-09 04:15 PM
Response to Reply #53
59. So then, please tell me what measures were taken...
... in terms of sweeping reform of the financial services industry to prevent such a meltdown from occurring in the future. Because as far as I've followed things, there has been NOTHING done to prevent another meltdown.

You do realize, of course, that derivatives trading has INCREASED over the past year, right? This is the ticking time bomb that will ensure that the next meltdown is worse than the last one -- and there WILL be another meltdown to clear out the trillions of dollars in the unregulated derivatives market that isn't really backed up by anything.

The FACT is that the Obama administration missed the moment of real reform, and instead set out to save the banking industry that contributed so heavily to his campaign. Now, the crisis moment has passed, and the likelihood of real, meaningful reform has passed -- despite all of the feel-good speeches to the contrary.
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  -Tim Geithner is an asshole and a failure AllentownJake  Oct-18-09 11:46 AM   #0 
  - k&r  Swamp Rat   Oct-18-09 11:47 AM   #1 
  - Hey Swamp Rat - Is That Geithner?  MannyGoldstein   Oct-18-09 12:04 PM   #10 
  - It looks like Dick Fuld?  Ruby the Liberal   Oct-18-09 12:07 PM   #12 
  - See post #17  Swamp Rat   Oct-18-09 12:20 PM   #18 
     - How About A Similar One For Geithner and Summers?  MannyGoldstein   Oct-18-09 12:22 PM   #20 
  - Former Chairman and CEO of Lehman Brothers Richard Fuld  Swamp Rat   Oct-18-09 12:19 PM   #17 
  - facilitating goldman sachs to run the country's financial system  corpseratemedia   Oct-18-09 12:12 PM   #14 
  - Swamp Rat for Presid... er... Emperor!  Piewhacket   Oct-18-09 09:16 PM   #135 
  - Why does the Tri-Lateral Commission need a rep in Obama's cabinet in TLC member Geitner?  Union Yes   Oct-18-09 11:13 PM   #150 
  - K&R but I fear the unreccers will come over from GD:P in due time  FLAprogressive   Oct-18-09 11:47 AM   #2 
  - To quote another DUer the other day  AllentownJake   Oct-18-09 11:48 AM   #4 
     - !!  jonnyblitz   Oct-18-09 08:44 PM   #128 
     - LOL, well played.... well played!  liberation   Oct-18-09 08:48 PM   #131 
  - And, he was appointed by Obama and he continues to be supported by Obama  debbierlus   Oct-18-09 11:48 AM   #3 
  - He didn't have much control in one important way  Warpy   Oct-18-09 12:05 PM   #11 
  - So, Obama HAD to appoint Geithner because there was no one else with experience  debbierlus   Oct-18-09 12:11 PM   #13 
  - The logic that people use  AllentownJake   Oct-18-09 12:14 PM   #16 
  - Will it EVER end?  theFrankFactor   Oct-18-09 05:58 PM   #96 
  - That is not "logic" it is either denial or shilling...  liberation   Oct-18-09 08:42 PM   #127 
  - Credible economists, yes. Credible administrators, probably not.  Warpy   Oct-18-09 02:49 PM   #38 
  - lets learn a little about little Timmy Geithner...shall we... LETS........  flyarm   Oct-18-09 05:07 PM   #85 
     - Holy shit, that is fucking  Autumn   Oct-18-09 06:23 PM   #105 
     - it damn well should be..i posted this many times in the spring and summer only to have the  flyarm   Oct-18-09 07:03 PM   #108 
        - The amount of denial is damned scary...  liberation   Oct-18-09 08:46 PM   #130 
        - 11/24/08  Tansy_Gold   Oct-19-09 07:14 AM   #174 
           - Yes Tansy_gold..there are alot more of us now..but that doesn't make me feel any better  flyarm   Oct-19-09 08:24 AM   #176 
     - my oh my, they do keep it in the family....  unkachuck   Oct-18-09 08:50 PM   #133 
     - Is there any doubt that there are Democrats and Labour Party in the Establishment?  leveymg   Oct-18-09 09:13 PM   #134 
     - Not me, I had and have no doubt! And it is up to all of us to expose the crooks and liars!  flyarm   Oct-19-09 08:27 AM   #177 
     - Thanks for the information, this is primarily why I come to DU.  olegramps   Oct-19-09 09:01 AM   #182 
  - + :) nt  glitch   Oct-18-09 07:16 PM   #110 
  - I don't blame Geitner. I blame Obama. The buck stops there.  tblue   Oct-18-09 09:28 PM   #136 
  - I agree with you...  sendero   Oct-18-09 09:35 PM   #138 
  - +1  waiting for hope   Oct-18-09 10:20 PM   #141 
  - The Great Joseph Stiglitz Campaigned Openly for Treasury Job, and Was Snubbed  Hidden Stillness   Oct-18-09 01:06 PM   #22 
  - No Obama had to appoint Timmy  AllentownJake   Oct-18-09 01:48 PM   #30 
  - An administrative job going to an academic or a seasoned administrator  Warpy   Oct-18-09 02:46 PM   #36 
  - Timmy was a terrible administrator  AllentownJake   Oct-18-09 03:15 PM   #39 
  - Definitely should put an end to any "only DLCers had experience" bullspin.  glitch   Oct-18-09 07:21 PM   #111 
  - Stiglitz knows exactly the steps to correct  Enthusiast   Oct-19-09 06:54 AM   #172 
  - That's absurd.  Marr   Oct-18-09 01:17 PM   #26 
  - He probably does agree with a lot of these people  Warpy   Oct-18-09 02:45 PM   #35 
  - I like the straight line approach, too. nt  valerief   Oct-18-09 04:43 PM   #75 
  - AHHH AND FAMILY TIES,,..  flyarm   Oct-18-09 05:09 PM   #87 
  - You seriously cannot mean what you just said.  sabrina 1   Oct-18-09 07:32 PM   #114 
  - That is ridiculous.  DWilliamsamh   Oct-18-09 07:45 PM   #117 
  - Elizabeth Warren could handle all three positions at once -- Sec. Treasury,  JDPriestly   Oct-19-09 12:36 AM   #158 
  - Nonsense.  clear eye   Oct-19-09 12:57 PM   #194 
  - I Started A Thread About This Last Week & Actually Got Attacked For Bringing  ChiciB1   Oct-19-09 09:49 AM   #183 
  - He seemed like a questionable choice from the beginning.  Blue_In_AK   Oct-18-09 11:49 AM   #5 
  - He's A Success  MannyGoldstein   Oct-18-09 11:49 AM   #6 
  - Just wait until Obama finds out about this guy. Big time FIRING. You just wait.  Karmadillo   Oct-18-09 11:51 AM   #7 
  - LOL nt  MannyGoldstein   Oct-18-09 12:01 PM   #9 
  - oh please let me get a huge yawn here..or a Big GIANT CHUCKLE!  flyarm   Oct-18-09 05:11 PM   # 
  - If only the king knew, said the serfs.  Jim Sagle   Oct-18-09 08:20 PM   #120 
  - ...  varelse   Oct-18-09 08:36 PM   #125 
  - Asshole? Yes ... Failure? No. He's done exactly what he and his buddies wanted.  EndElectoral   Oct-18-09 11:52 AM   #8 
  - BET ON THAT!!!!!!! YOU WOULD WIN THE LOTTERY! N/T  flyarm   Oct-18-09 05:13 PM   #90 
  - Truth  graywarrior   Oct-18-09 12:13 PM   #15 
  - Since he's marinating in that culture, I say it's time to grill him.  RainDog   Oct-18-09 12:21 PM   #19 
  - If you've ever met anyone who runs the democratic party  AllentownJake   Oct-18-09 12:28 PM   #21 
     - Rahm Emanuel has his fingerprints all over this shit...  scentopine   Oct-19-09 12:00 AM   #153 
  - I was saying this a while ago...  Ardent15   Oct-18-09 01:07 PM   #23 
  - He's not a failure. He's doing what he was hired to do.  Marr   Oct-18-09 01:09 PM   #24 
  - Bingo! n/t  QC   Oct-18-09 01:13 PM   #25 
  - K&R.  OnceUponTimeOnTheNet   Oct-18-09 01:19 PM   #27 
  - Nixon went to China. n/t  theophilus   Oct-18-09 01:32 PM   #28 
  - How has that worked out for us?  AllentownJake   Oct-18-09 01:36 PM   #29 
  - Actually, Nixon sent Ambassador Poppy Bush to China  Sebastian Doyle   Oct-18-09 03:25 PM   #42 
     - wow, Learned something new. Didn't know there was a Prescott Jr.  lostnfound   Oct-19-09 06:26 AM   #171 
  - Summers is just as bad. They both need to go - soon nt  Thickasabrick   Oct-18-09 01:59 PM   #31 
  - Summers is worse  AllentownJake   Oct-18-09 02:02 PM   #32 
     - And we have as much chance  Enthusiast   Oct-19-09 07:14 AM   #173 
  - Marinating...  Subdivisions   Oct-18-09 02:07 PM   #33 
  - No surprises when you pull the Open Secrets information  AllentownJake   Oct-18-09 02:09 PM   #34 
  - A very enthusiastic K&R! He is indeed an asshole and a failure.  Kitty Herder   Oct-18-09 02:46 PM   #37 
  - Does this mean the Obama administration is a failure  ProSense   Oct-18-09 03:21 PM   #40 
  - The entire Wall Street/"Federal" Reserve fellating economic team definitely is.  Sebastian Doyle   Oct-18-09 03:28 PM   #43 
  - That's not what I asked.  ProSense   Oct-18-09 03:47 PM   #44 
     - I'll answer  AllentownJake   Oct-18-09 03:53 PM   #45 
     - "If"? So hypothetically it might be failure? You declared Geithner a failure without an "if." nt  ProSense   Oct-18-09 04:01 PM   #49 
        - Geithner  AllentownJake   Oct-18-09 04:03 PM   #50 
           - You're not answering the question. n/t  ProSense   Oct-18-09 04:06 PM   #51 
              - For a five buck an hour DLC hogwash dispenser, you display an admirable work ethic.  Jim Sagle   Oct-18-09 08:24 PM   #121 
     - Too early to answer that question.  Sebastian Doyle   Oct-18-09 03:56 PM   #46 
        - I wish I could 'rec' a post. Nail on the head. n/t  Fire1   Oct-18-09 07:06 PM   #109 
  - On this issue, the Obama administration is a complete failure  IrateCitizen   Oct-18-09 03:58 PM   #47 
  - Nonsense  ProSense   Oct-18-09 04:08 PM   #53 
     - Neither of those have anything to do with the OP  AllentownJake   Oct-18-09 04:11 PM   #54 
     - So he's not a failure based on evidence, just on your opinion of him? n/t  ProSense   Oct-18-09 04:13 PM   #56 
        - That isn't fucking evidence  AllentownJake   Oct-18-09 04:14 PM   #57 
           - "Your back on ignore." Figures you can't deal with reality n/t  ProSense   Oct-18-09 04:15 PM   #58 
           - ProSense, bud......  StreetKnowledge   Oct-18-09 04:28 PM   #66 
           - Until Obama dismisses Geithner, he is carrying out administration policy.  ProSense   Oct-18-09 04:35 PM   #70 
              - No, it's rather that Summers and Geithner largely regulate the flow of information  IrateCitizen   Oct-18-09 04:49 PM   #78 
                 - Oh please. This isn't B*sh we're talking about  jgraz   Oct-18-09 10:46 PM   #147 
           - Are you for real ?  audas   Oct-19-09 12:05 AM   #155 
           - Hilarious  ampad   Oct-18-09 04:38 PM   #72 
              - I have no problem with debate  AllentownJake   Oct-18-09 04:41 PM   #73 
                 - !  glitch   Oct-18-09 07:29 PM   #113 
                 - And thinks this is okay ...  waiting for hope   Oct-18-09 10:26 PM   #142 
     - So then, please tell me what measures were taken...  IrateCitizen   Oct-18-09 04:15 PM   #59 
        - Financial regulatory reform is  ProSense   Oct-18-09 04:21 PM   #61 
        - Zzzzzzzzzzzzzzz...  IrateCitizen   Oct-18-09 04:25 PM   #62 
        - So the steps toward reform are not important to you? What do you propose:  ProSense   Oct-18-09 04:27 PM   #63 
           - No, what I propose is a vigorous campaign...  IrateCitizen   Oct-18-09 04:33 PM   #68 
           - "similar to the strong-arming that took place to get Dems"  ProSense   Oct-18-09 04:37 PM   #71 
           - Nice strawman, but it misses the point  IrateCitizen   Oct-18-09 04:42 PM   #74 
           - Deleted message  Name removed   Oct-18-09 04:44 PM   #76 
           - "The Sarah Palin of DU." You're really funny.  ProSense   Oct-18-09 04:53 PM   #81 
           - nice  HughMoran   Oct-18-09 11:02 PM   #149 
           - No, you miss the point. You seem to think that with everything on the agenda  ProSense   Oct-18-09 04:55 PM   #82 
              - No, I'm a historian and I understand that in politics...  IrateCitizen   Oct-18-09 05:01 PM   #83 
              - "the notion that Obama is trying to "end war" is utterly laughable,"  ProSense   Oct-18-09 05:08 PM   #86 
                 - Based upon the links you posted....  IrateCitizen   Oct-18-09 05:30 PM   #93 
                 - More on "ending war" being laughable  IrateCitizen   Oct-18-09 06:15 PM   #100 
                    - More on not believing everything you read in  ProSense   Oct-18-09 06:19 PM   #102 
              - Then, there's also this -- Obama and Summers at the G20  IrateCitizen   Oct-18-09 05:05 PM   #84 
           - What transparency?Like the deal with Pharma? Sheesh.  saracat   Oct-19-09 11:03 AM   #189 
           - I'm With You! Been there for about six months now.  theFrankFactor   Oct-18-09 05:54 PM   #95 
           - Non steps - just more rhetoric -  audas   Oct-19-09 12:08 AM   #156 
        - Putting the Fed in charge of regulating derivatives? Come on now.  JDPriestly   Oct-19-09 12:51 AM   #164 
        - If I could  spiritual_gunfighter   Oct-18-09 04:28 PM   #64 
        - Yeah, I'm so sick of ideology over ideas...  IrateCitizen   Oct-18-09 04:35 PM   #69 
        - in this case they needed to save the financial sector from a meltdown BEFORE they regulated it..  BREMPRO   Oct-18-09 06:22 PM   #103 
           - President Obama was the major force behind TARP in congress  AllentownJake   Oct-18-09 06:25 PM   #106 
              - it's not that simple.  BREMPRO   Oct-18-09 07:50 PM   #118 
  - I think they are a brilliant success.  asdjrocky   Oct-18-09 04:28 PM   #65 
  - results count  placton   Oct-18-09 05:10 PM   #88 
  - rofl! nt  glitch   Oct-18-09 07:33 PM   #116 
  - Obama is failing his supporters. Geitner is taking care of his. nt  tblue   Oct-18-09 09:35 PM   #137 
  - I'll answer your question, Pro. I feel like the wife in Heartbreak Kid. I feel  change_notfinetuning   Oct-19-09 01:23 AM   #166 
  - k&r! nt  wildbilln864   Oct-18-09 03:23 PM   #41 
  - Who hired him? nt  earth mom   Oct-18-09 04:00 PM   #48 
  - Sadly, too true. n/t  greytdemocrat   Oct-18-09 05:11 PM   #89 
  - So Frank Rich is the final arbiter for the treasury secretary  TheWebHead   Oct-18-09 04:06 PM   #52 
  - I believe this is what Mr. Rich is talking more about  AllentownJake   Oct-18-09 04:12 PM   #55 
  - So, you're challenging the assertion that Geithner...  IrateCitizen   Oct-18-09 04:19 PM   #60 
  - ummm, no.  girl gone mad   Oct-18-09 08:31 PM   #124 
  - after seeing what has happened and, after watching Capitalism: A Love  davidwparker   Oct-18-09 04:29 PM   #67 
  - Heck of a job, Timmy!  bvar22   Oct-18-09 04:44 PM   #77 
  - +1  IrateCitizen   Oct-18-09 04:50 PM   #79 
  - He must go!  Toucano   Oct-18-09 04:52 PM   #80 
  - They do look like a happy bunch, don't they?  Sebastian Doyle   Oct-18-09 05:26 PM   #92 
  - Yeah. I'd say that. n/t  Fire1   Oct-18-09 05:14 PM   #91 
  - Barack Obama's Cabinet is a Fucking Shithouse - Welcome to Reality.  theFrankFactor   Oct-18-09 05:52 PM   #94 
  - The only one worse than Geithner is Arne Duncan  tonysam   Oct-18-09 11:47 PM   #152 
  - This ain't no kitchen cabinet. It's a bathroom cabinet. If only we could flush  change_notfinetuning   Oct-19-09 01:29 AM   #167 
  - they are crooks from the white house down,,hello  natrat   Oct-18-09 06:00 PM   #97 
  - K&R  Vidar   Oct-18-09 06:04 PM   #98 
  - Geithner and Summers take care of their own to the detriment of the rest  neverforget   Oct-18-09 06:09 PM   #99 
  - And, Citigroup . . .  defendandprotect   Oct-18-09 06:17 PM   #101 
  - Misplaced --  defendandprotect   Oct-18-09 06:22 PM   #104 
  - This is the same elitist game played over and again . . .  defendandprotect   Oct-18-09 06:31 PM   #107 
  - so do these nazis have the same final solution in mind, or a new one ?  natrat   Oct-18-09 08:45 PM   #129 
     - Can't speak to what they "actually" have in mind . . . however,  defendandprotect   Oct-19-09 12:49 AM   #163 
  - Proud to be the 100th Rec. Kick and completely agree. (N/T)  DWilliamsamh   Oct-18-09 07:24 PM   #112 
  - Are you kidding . . . ?? He's a great success for the financial crowd/Wall Street -- !!!  defendandprotect   Oct-18-09 07:33 PM   #115 
  - I disagree. I am so tired of the "in crowd" pissing on the Treasury Secretary.  beachmom   Oct-18-09 07:52 PM   #119 
  - Then give us concrete evidence as to why we should stop.  Jim Sagle   Oct-18-09 08:29 PM   #123 
  - please, these people are so stupid they believe anything they are told  natrat   Oct-18-09 08:50 PM   #132 
     - Yeah, that's concrete, all right...  Jim Sagle   Oct-19-09 11:18 AM   #192 
  - I'm tired of the Treasury Secretary pissing on us  jgraz   Oct-18-09 10:44 PM   #145 
  - Why In The Hell Did Our President Pick him?  Dinger   Oct-18-09 08:28 PM   #122 
  - to do exactly what he is doing  Skittles   Oct-18-09 08:40 PM   #126 
     - Yep  Orwellian_Ghost   Oct-18-09 09:37 PM   #139 
  - K&R  Solly Mack   Oct-18-09 09:46 PM   #140 
  - fox guarding the hen house. n/t  arthritisR_US   Oct-18-09 10:26 PM   #143 
  - No, he's just holding the door open for the foxes  jgraz   Oct-18-09 10:45 PM   #146 
  - K&R -  waiting for hope   Oct-18-09 10:27 PM   #144 
  - Deleted message  Name removed   Oct-18-09 10:59 PM   #148 
  - Wall Street's Stink and Piss  scentopine   Oct-18-09 11:45 PM   #151 
  - Oh totally.  HiFructosePronSyrup   Oct-19-09 12:03 AM   #154 
  - Deleted message  Name removed   Oct-19-09 12:30 AM   #157 
  - You're just jealous.  HiFructosePronSyrup   Oct-19-09 12:39 AM   #161 
  - thanks for letting us know the worse is over because  scentopine   Oct-19-09 12:38 AM   #160 
  - OK, you do that.  HiFructosePronSyrup   Oct-19-09 12:40 AM   #162 
  - Don't confuse them with the facts. It is much easier to be stupid.  saracat   Oct-19-09 01:37 AM   #168 
  - Okay, what steps would you take?  Enthusiast   Oct-19-09 07:50 AM   #175 
     - start here..India to ask US for more H-1B visas  flyarm   Oct-19-09 08:39 AM   #179 
     - You are an advocate of fewer H-1B Visas?  Enthusiast   Oct-19-09 10:50 AM   #187 
        - absolutely...  flyarm   Oct-19-09 06:44 PM   #195 
     - OK - here is what I'd do  scentopine   Oct-19-09 08:55 AM   #180 
        - Okay, I could go for this.  Enthusiast   Oct-19-09 10:55 AM   #188 
  - Fail  AllentownJake   Oct-19-09 05:20 AM   #169 
  - K&R. Yup. nt  Truth2Tell   Oct-19-09 12:38 AM   #159 
  - So the Wizard of Change appointed the Wizard of Business As Usual! And  change_notfinetuning   Oct-19-09 01:04 AM   #165 
  - He did a great job for the CEOs  Hubert Flottz   Oct-19-09 05:32 AM   #170 
  - he is counting on a cushy job after he leaves the Treasury so he has to keep the "trinity" happy  dugaresa   Oct-19-09 08:32 AM   #178 
  - Yes, that is the correct answer.  closeupready   Oct-19-09 10:32 AM   #186 
  - +1  Blue_Tires   Oct-20-09 03:55 PM   #198 
  - It's much like healthcare.  mjvpi   Oct-19-09 08:56 AM   #181 
  - In view of all the testimony here, I have to conclude that Obama's choices are puzzling at best.  olegramps   Oct-19-09 09:55 AM   #184 
  - Yup  AllyCat   Oct-19-09 10:07 AM   #185 
  - His primary task was to stabilize the financial sector. He did. nt  Occam Bandage   Oct-19-09 11:05 AM   #190 
     - No he didn't  AllentownJake   Oct-19-09 11:08 AM   #191 
     - And don't forget the $15T - $17T, that's trillions, we are on the hook for when they lose the next  Greyhound   Oct-19-09 11:26 AM   #193 
     - WTF? They rewrote the rules about reporting losses...  scentopine   Oct-19-09 07:23 PM   #196 
     - Also- when did it become treasury's job to manage wall street?  scentopine   Oct-19-09 07:39 PM   #197 
 

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