Amerika, zemlja velika

[Eraserhead]

Dobar clanak koji moze i ovde i na ekonomiju

 

The Right Way To Reform Wall Street

 

It’s easy to forget, but the Tea Party emerged not in response to ObamaCare, nor illegal immigration, but to the aftermath of the 2008 financial crisis.  So why is it that the Tea Party’s Republican allies have been mostly silent on the issue of Wall Street reform?

 

(DISCLOSURE: I am an adviser to former Texas Gov. Rick Perry, but the opinions in this post are mine, and do not necessarily correspond to those of Gov. Perry.)

 

In 2009 the Obama Administration had considered forcing banks to offer borrowers more lenient terms than the ones to which they had originally agreed, as a way of helping overleveraged homeowners. CNBC’s Rick Santelli famously asked, “This is America! How many of you people want to pay for your neighbor’s mortgage that has an extra bathroom and can’t pay their bills? Raise their hand…We’re thinking of having a Chicago Tea Party in July…I’m gonna start organizing.”

 

Average Americans of both parties hated the Wall Street bailouts. They resented the fact they were being forced to suffer through a difficult economy, with no recourse, while banks with hundreds of billions of dollars in capital received taxpayer-funded relief.

 

A narrative set in—fueled by a liberal media, Democratic victories and Republican quietude—that greedy bankers took advantage of an unregulated financial system to cause the financial crisis. As a result, the primary catalysts of the crisis—Washington policymakers—were let off the hook.

 

Former congressman Barney Frank (D., Mass.) famously declared that he wanted to “roll the dice” in favor of looser mortgage standards. Representative Frank and former senator Chris Dodd (D., Conn.) not only helped create the housing bubble but also lent their names to a bill officially known as the “Dodd-Frank Wall Street Reform and Consumer Protection Act.”

 

Dodd-Frank has hardly solved the problem of banks that are too big to fail. Since the financial crisis, one in four community banks—nearly 2,000 of them—have closed their doors. Meanwhile, the banks that were supposedly too big to fail in 2008 have only gotten bigger. So how big will the bailouts need to be during the next crisis?

 

Furthermore, Dodd-Frank didn’t address the proximate cause of the financial crisis: the housing bubble. Indeed, the Federal Reserve has created a new bubble by keeping interest rates too low for too long. Fannie Mae and Freddie Mac have reduced their down payment requirements to a mere 3%.

 

One of the most under appreciated—and important—causes of the housing bubble was a boom in cash-out mortgage refinancings. As prices went up, individuals could convert the equity in their homes into borrowed cash—along with low, tax-free interest payments. Cash-out refis inflated mortgage demand and made it more likely that borrowers took out loans at the top of the market.

 

According to a 2013 study by the Dallas Fed, Texas avoided the worst of the housing bubble, because it regulates cash-out refinancings. Fewer Texans borrowed at the top, and fewer were underwater when the bubble burst. The national share of underwater first mortgages peaked at 27% in the U.S. in 2011, compared to just 7% in Texas.

 

New leadership can address these issues. Former Texas governor Rick Perry has proposed incentivizing the largest banks to break up into smaller entities, by applying stricter capital requirements to them. He would exempt community banks, banks run as partnerships and asset management firms from Dodd-Frank’s onerous regulations. And he has proposed winding down Fannie and Freddie, but applying his state’s cash-out refi regulations to them in the meantime.

 

So far, no one else in the Republican field has advanced specific Wall Street reforms. A number of candidates have expressed their desire to repeal Dodd-Frank, but few have described how they would replace the misguided policies that led to the financial crisis in the first place.

 

It would be great to see the 2016 GOP field engage in a robust debate about how best to end the era of bailouts and crony capitalism. If that debate doesn’t happen, Republicans will have only themselves to blame for the result.

Edited September 13, 2015 by Eraserhead

[Gandalf]

Get the Pope to bless the DC Metro system so it actually works

 

[theanswer]

pope se vozi u fiat 500

[akibono]

pope se vozi u fiat 500

 

Toma sredio, jak je u Vatikanu   

Plašim se samo Alekove reakcije što mu je radio iza leđa    

 

[Gandalf]

Pope Francis’s reception in the U.S. from the left and the right

 

Jesus said to Rush Limbaugh, “Go and sell your possessions and give to the poor, and you will have treasure in heaven; and come, follow Me.” But when Rush heard this statement, he went away grieving; for he was one who owned much property. (Matthew 19)

Jesus wouldn’t have been welcome on Fox News. Indeed, as an undocumented Palestinian, he wouldn’t have even made it through U.S. Immigration.

 

[pacey defender]

Speaker John A. Boehner will resign from Congress and give up his House seat at the end of October, according to aides in his office.

[ObiW]

 

Speaker John A. Boehner will resign from Congress and give up his House seat at the end of October, according to aides in his office.

 

Bice zapamcen po naradnzastom tenu i sposobnosti da u momentu zaplace, ko rom com glumica.

[pacey defender]

Jedini kongresmen kog sam upoznao. Pre tri godine ostavio je utisak čoveka koji balansira između više struja unutar partije i pokušava da napravi posao sa demokratama. Ne znam koliko je bio uspešan u tom pozadinskom poslu, ali iz ovo malo javnih nastupa što sam uhvatio, delovalo je da, u potrazi da se svima prilagodi, izgovara 1 veliko ništa.

 

Poor man's  Francis Underwood - nužno poređenje :)

Edited September 25, 2015 by pacey defender

[Prospero]

Brate mili
 
 
 

Graphic Video Shows Delaware Cops Fatally Shoot Man In Wheelchair

Police say he had a gun, a claim his family disputes.






Matt FernerNational Reporter, The Huffington Post[/size]

• 
   

YOUTUBEVideo appears to show Delaware police fatally shoot man in a wheelchair.

A graphic cell phone video purportedly shows police in Wilmington, Delaware, fatally shooting a 28-year-old disabled man in a wheelchair, whom police say was in possession of a handgun -- a claim the man's family disputes. Whether or not he had a weapon is unclear from the video.

Posted: 09/25/2015 05:18 PM EDT | Edited: 09/25/2015 05:54 PM EDT

 

[pacey defender]

Malo što sam prozujao kroz Wimington putem Street View. Deluje da su komotno mogli tamo da snimaju The Wire. 

[hazard]

Brate mili

 

 

 

 

Čitam naslov i pomislim ,,brate nije opet valjda crnac?" i onda skrolujem dole u vidim čoveka u kolicima

 

Znači i crnci u invalidskim kolicima su takođe po default-u naoružani i opasni kriminalci

[Eraserhead]

Horor

[Takeshi]

stomacina belog policajca dodaje na utisku.

[Prospero]

Šunja se oprezno i napeto kao da prilazi mitraljeskom gnezdu

 

via TT

[iDemo]