>>NINE DEMOCRATS IN CONGRESS ARE JOINING A GOP EFFORT TO
DEREGULATE THE BANKS.
AS WE KNOW, THE GOP HAS BEEN PRETTY
AGGRESSIVE IN TRYING TO SCALE BACK DODD-FRANK, WHICH WAS A
PRETTY MEDIOCRE REGULATORY EFFORT BY DEMOCRATS UNDER THE
OBAMA ADMINISTRATION, AND OF COURSE IT FOLLOWED THE ECONOMIC
MELTDOWN BACK IN 2008.
NOW SOME DEMOCRATS ARE SAYING, I MEAN,
MAYBE WE WANT TO MAKE IT A LITTLE EASIER FOR BANKS TO GET
OUT SOME LOANS, AND THESE QUESTIONABLE MORTGAGES THAT LED
TO THE ECONOMIC MELTDOWN IN 2008.
LET ME GIVE YOU THE DETAILS --
>>THOSE POOR BANKS.
THEY WOULD LEND YOU ALL THE MONEY, IT'S
JUST THAT WE ARE STIFLING THEM.
>>THIS IS SO BAD.
I PAY A LOT OF ATTENTION TO THE HOUSING
MARKET AND SUBPRIME MORTGAGES, SUBPRIME MORTGAGES ARE ALREADY A
PROBLEM, THIS WILL LEAD TO SUBPRIME MORTGAGES ON STEROIDS.
LET ME GIVE YOU A FEW MORE DETAILS ON THIS PROPOSAL --
>>THESE ARE PEOPLE CONCERNED THEY WON'T GET REELECTED BECAUSE
THESE ARE TRUMP LOVING STATES --
>>THE IDEA HERE WAS IF A BANK IS TOO BIG TO FAIL, WE NEED TO
KEEP A CLOSER EYE ON THEM SO WE DON'T HAVE THE SAME SCENARIO WE
HAD IN 2008, WE DON'T WANT TO HAVE TO KEEP BAILING THESE BIG
BANKS OUT.
AS A RESULT IF IT'S A BIGGER BANK THAT HAS MORE IN
ASSETS THEY HAVE TO ABIDE BY STRICTER REGULATIONS.
THEY WANT
TO INCREASE THE CAP FROM $50 BILLION TO $250 BILLION.
IT
WOULD ESSENTIALLY ALLOW MORE OF THESE BANKS TO GET BY WITHOUT
HAVING TO DEAL WITH THE STRINGENT REGULATIONS.
SO --
>>LET'S CLARIFY A BUNCH OF THINGS.
NUMBER ONE, TO BE FAIR,
THE ONE THING IT DOES NOT APPLY TO HIS BANKS ABOVE $250 BILLION
IN ASSETS, THE MEGABANKS LIKE J.P. MORGAN AND BANK OF AMERICA,
IT DOESN'T APPLY TO THEM.
BUT BANKS AND CREDIT CARD COMPANIES,
ETC., BETWEEN 50 AND 250 BILLION ARE STILL GIGANTIC.
AND
THERE'S ANOTHER PART THAT WOULD SCALE BACK THE FREQUENCY OF BANK
STRESS TESTS.
THE STRESS TESTS LET YOU KNOW ABOUT ALL THE
BANKS, ARE THEY TAKING TOO MANY RISKS?
HERE THE LEGISLATORS SAY,
DO WE REALLY HAVE TO CHECK THAT THEY ARE TAKING RISKS?
REMEMBER
THEY ARE ALLOWED TO GAMBLE WITH YOUR DEPOSIT OR MONEY, BEFORE
WHEN WE HAD GLASS-STEAGALL WHICH WAS INSTITUTED IN THE ROOSEVELT
ERA AND TAKEN AWAY BY REPUBLICANS AND BILL CLINTON,
YOU COULDN'T GAMBLE WITH INVESTOR MONEY.
NOW THE
INVESTMENT SIDE OF THE BANK CAN SAY THANK YOU FOR DEPOSITING, I
WILL USE THAT TO GAMBLE ON DERIVATIVES.
SO YOU NEED THE
STRESS TEST TO CHECK IN TO SEE IF THEY ARE TAKING ON TOO MUCH
RISK, NOW REPUBLICANS AND CORPORATE DEMOCRATS HAVE
DECIDED, DO WE REALLY NEED THE STRESS TESTS?
>>THIS IS A DISASTER BECAUSE THING ABOUT IT, WHEN YOU INVEST
YOUR MONEY WITH A BANK OR DEPOSIT YOUR MONEY, YOU DO SO
UNDERSTANDING THAT A CERTAIN AMOUNT, UP TO A CERTAIN AMOUNT,
IS FDIC INSURED, MEANING THE GOVERNMENT ENSURES THAT.
IS
SOMETHING GOES TERRIBLY WRONG THE GOVERNMENT WILL STEP IN AND
MAKE SURE YOU GET SOME PORTION OF THAT MONEY BACK.
RIGHT NOW I
THINK THE NUMBER IS $250,000.
THE REASON I MENTION THAT IS,
WHO DO YOU THINK IS GOING TO BE ON THE LINE WHEN BANKS DUE TO
MANY RISKY THINGS, AND THEN THEY ARE ABOUT TO GO UNDER?
IT'S THE
TAXPAYERS.
WHERE DO YOU THINK THE GOVERNMENT GETS THAT MONEY
TO ENSURE YOUR INVESTMENTS IN THOSE BANKS?
THIS IS SETTING UP
ANOTHER FINANCIAL COLLAPSE, ANOTHER BIG BAILOUT, IT'S A
COMPLETE DISASTER, AND TO ME THE RELEVANT PART ABOUT THIS IS THE
FACT THAT YOU HAVE NINE DEMOCRATS WHO ARE LIFE, YES,
THIS SOUNDS GREAT, IT SOUNDS LIKE SOMETHING WE DEFINITELY
WANT TO DO.
DEMOCRATS DON'T UNDERSTAND WHY PEOPLE ARE
LEAVING THE PARTY, WHY PEOPLE DON'T LIKE THEM, DON'T TRUST
THEM, DON'T CONSIDER THEM THE PARTY THAT LOOKS OUT FOR THE
LITTLE GUY ANYMORE.
IT'S BECAUSE OF B.S. LIKE THIS THAT GOES ON.
>>LET ME HIT BOTH SIDES BECAUSE THEY DESERVE IT.
REPUBLICANS
WILL GO AROUND SAYING IF WE JUST HAD MORE FREEDOM AT THE BANK
LEVEL THEY COULD DO INNOVATIONS.
THEIR INNOVATIONS ARE WHAT
COLLAPSED THE ECONOMY IN THE FIRST PLACE.
THE INNOVATION IS,
WHAT OTHER CRAZY DERIVATIVE CAN I COME UP WITH TO GAMBLE WITH
YOUR MONEY?
IT'S PREPOSTEROUS, AND ALMOST EVERY REPUBLICAN AT
THE NATIONAL LEVEL IS PRO BANKS AND PRO BAILOUTS.
THEY WILL
PRETEND THEY AREN'T FOR BAILOUTS, BUT AS ANA POINTED
OUT, WHAT IS THE FDIC?
IF THERE IS A BANKING COLLAPSE, THE
GOVERNMENT WILL PROTECT YOUR MONEY UP TO $250,000, THAT'S A
BAILOUT.
YES IT BAILS YOU OUT, BUT IT ALLOWS THE BANKS TO
GAMBLE WITH THAT MONEY BECAUSE THEY KNOW IT IS GOVERNMENT
INSURED.
SO THAT'S PREPOSTEROUS, AND THE PUBLICANS KNOW IT.
THAT'S NOT CAPITALISM, THAT'S NOT FREEDOM, THAT'S NOT ANY OF
THE CUTE LITTLE CATCHPHRASES THEY USE, AND THEY KNOW IT.
SO
WHEN THEY DEREGULATE THE BANKS THEY SAY GO AHEAD, GAMBLE WITH
OTHER PEOPLE'S MONEY, WE HAVE YOUR BACK.
NOW TO THE DEMOCRATS.
THEY USE THESE NINE CORPORATIST DEMOCRATS, THEY USE THE EXCUSE
THAT THEY ARE MAINLY IN RED STATES THAT TRUMP WON.
WAIT A
MINUTE, YOU THINK IT IS A POPULIST POSITION TO BE
PRO-GIANT BANKS?
DONALD TRUMP RAN TO SAY THE GLOBAL FINANCIAL
INTERESTS ARE SCREWING YOU OVER, THAT'S HOW WE WON THE ELECTION.
NOW YOU THINK THE WAY TO WIN IN RED STATES IS TO SAY GLOBAL
FINANCIAL INTERESTS ARE AWESOME?
HOW MANY ADS DID TRUMP RUN
AGAINST THAT?
HOW MANY TIMES DID HE SAY HILLARY MAKES SPEECHES TO
GOLDMAN SACHS, HILLARY IS BOUGHT BY GOLDMAN SACHS, NOW HIS
CABINET IS RIDDLED WITH GOLDMAN SACHS, AND HE'S A LIAR, BUT
THAT'S HOW HE WON THE ELECTION, SAYING HE WAS AGAINST THE BANKS.
SO HEIDI HEITKAMP AND JOE DONNELLY AND MARK WARNER, WHO IS
IN A STATE THAT HILLARY CLINTON WON ANYWAY AND HAS NO EXCUSE,
DON'T PRETEND YOU ARE DOING IT FOR REASONS OF APPEALING TO
VOTERS, YOU ARE DOING IT TO APPEAL TO DONORS.
YOU ARE ALL BOUGHT AND YOU ARE ALL CORRUPT.
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