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Started By
Message
Top Fed Official Resigns
Posted on 2/10/17 at 3:28 pm
Posted on 2/10/17 at 3:28 pm
LINK
Good riddance.
quote:
The top Federal Reserve official charged with bank regulation said on Friday that he would resign, giving President Donald Trump the ability to reshape the powerful board governing the U.S. financial system just as he begins revamping and undoing reforms put in place after the 2007-09 financial crisis.
Daniel Tarullo, at the Fed since 2009, said in his brief resignation letter to Trump that he would leave the central bank "on or around April 5."
Much of Tarullo's legacy involves erecting safeguards after the crisis and accompanying recession, where big banks crumbled or were driven by the Fed and U.S. Treasury into shotgun mergers intended to make them stronger. With the goal of never needing taxpayer bailouts of failed banks, Tarullo has been strict about carrying out the 2010 Dodd-Frank Wall Street reform law. He has also pushed for bigger capital buffers and other checks on potential risks the largest banks may pose to the world's financial system.
Good riddance.
5
Posted on 2/10/17 at 3:30 pm to Aubie Spr96
Yeah, who needs a conservative in charge of the Fed when we have Dr. Debt?
Posted on 2/10/17 at 3:31 pm to mmcgrath
Where in your arse did you pull out that one?
Obama. 10 trillion
Hahahaha
Obama. 10 trillion
Hahahaha
Posted on 2/10/17 at 3:32 pm to mmcgrath
quote:
Dr. Debt?
I'm confused...... Is this a reference to Obama, or Bush, or Clinton, or Bush Sr, or Reagan, etc, etc, etc?
Posted on 2/10/17 at 3:36 pm to Aubie Spr96
Trump doesn't have a hair on his arse if he doesn't nominate either Ron or Rand Paul, or maybe Gary Johnson for the Fed.
Get through the confirmation and hold a press conference merely to drop the mic.
Get through the confirmation and hold a press conference merely to drop the mic.
Posted on 2/10/17 at 3:36 pm to mmcgrath
What?
Posted on 2/10/17 at 3:53 pm to Ace Midnight
quote:
Trump doesn't have a hair on his arse if he doesn't nominate either Ron or Rand Paul, or maybe Gary Johnson for the Fed.
Would be amazing.
Posted on 2/10/17 at 3:57 pm to gthog61
quote:
Obama. 10 trillion
And 2/22 shooting hoops.
Posted on 2/10/17 at 4:03 pm to Ace Midnight
quote:
rump doesn't have a hair on his arse if he doesn't nominate either Ron or Rand Paul, or maybe Gary Johnson for the Fed.
I'd eave Gary Johnson off of your list. But the melt on this board would be something to witness if he nominated one of the two qualified candidates you mentioned.
Posted on 2/10/17 at 4:10 pm to Aubie Spr96
1 down. The rest to go.
Posted on 2/10/17 at 4:17 pm to Aubie Spr96
quote:
He has also pushed for bigger capital buffers and other checks on potential risks the largest banks may pose to the world's financial system.
Yes, yes please frick me over big banks!
And that is exactly what will happen.
Posted on 2/10/17 at 4:27 pm to Ace Midnight
quote:
Ron Paul
There are many ways that Trump could trigger the pending debtpocalypse, and putting Ron Paul in charge of regulating banks would be near the top of the list. 50 years ago, maybe 30, he could've made a positive difference. But now this country has so much debt that any attempt to re-establish sound money, risk management and lending practices will immediately bankrupt the government, the banking system, and the fed itself. Our course to dollar destruction was chosen a while back and Ron Paul nor anyone else can change it now.
Also, I can't figure Trump out, but I have a sneaking suspicion that he has no intention of trying to change course. He's just Obama or Bush with a different constituency. All the political sound and fury is a distraction, a political football match for the masses.
This post was edited on 2/10/17 at 4:30 pm
Posted on 2/10/17 at 4:30 pm to Lakeboy7
Bank with a community bank. Take them out of the equation. You don't need them. You can borrow at a community bank unless you're a huge business. If I can borrow 7 digits on my signature at a community bank, why would the vast majority of the population need them? Loosen their guidelines and if they get in trouble let them fail. And let those with unhealthy debt, or too much money on deposit with a bank suffer the consequences of their irresponsibility.
It's simple really. No need to get all upset becuase some deregulator will likely take over. Screw both the bureaucrat and large banks. Be a free market guy. Be like Mike.
It's simple really. No need to get all upset becuase some deregulator will likely take over. Screw both the bureaucrat and large banks. Be a free market guy. Be like Mike.
Posted on 2/10/17 at 4:45 pm to Ace Midnight
quote:
Trump doesn't have a hair on his arse if he doesn't nominate either Ron or Rand Paul, or maybe Gary Johnson for the Fed.
This would be great. Unfortunately it'll be some Goldman Sachs crony.
Posted on 2/10/17 at 5:09 pm to Iowa Golfer
I went to a community bank for my home loan, know what happened? It was sold to JP Morgan before my 1st payment was due..
Posted on 2/10/17 at 5:18 pm to wdhalgren
quote:
I have a sneaking suspicion that he has no intention of trying to change course. He's just Obama or Bush with a different constituency. All the political sound and fury is a distraction, a political football match for the masses.
Meh, he's just building up his brand.
It's just business.
Posted on 2/10/17 at 5:27 pm to GIbson05
Well, there is that. I asked my bank to keep my mortgages in house, so I've never had that.
My only point is that the vast majority of people have no need for a national bank.
Even in your case if the mortgage is sold to JP Morgan, your life isn't impacted negatively if JP Morgan goes bankrupt. Also, if deregulated, let them do as they wish, within reason, but if they fail, let them fail. There would be some social fallout, but largely avoidable to people who exhibit personal responsibility and good choices. If the bank is not responsible, or the bank consumer for that matter, they should be subject to the same set of consequences I am, not subject to a bailout funded by responsible persons and businesses.
My only point is that the vast majority of people have no need for a national bank.
Even in your case if the mortgage is sold to JP Morgan, your life isn't impacted negatively if JP Morgan goes bankrupt. Also, if deregulated, let them do as they wish, within reason, but if they fail, let them fail. There would be some social fallout, but largely avoidable to people who exhibit personal responsibility and good choices. If the bank is not responsible, or the bank consumer for that matter, they should be subject to the same set of consequences I am, not subject to a bailout funded by responsible persons and businesses.
Posted on 2/10/17 at 5:30 pm to Iowa Golfer
quote:
There would be some social fallout, but largely avoidable to people who exhibit personal responsibility and good choices. If the bank is not responsible, or the bank consumer for that matter, they should be subject to the same set of consequences I am, not subject to a bailout funded by responsible persons and businesses.
Unless the number of banks and people suffering from bad choices impacts the economy to such an extent that responsible parties, such as you and I, are negatively impacted.
Because that's what happened in 2008.
Posted on 2/10/17 at 5:57 pm to WildTchoupitoulas
I wasn't negatively impacted in 2008. My revenue might have decreased, but I don't think so. I was still able to borrow money if I needed to. My understanding is that most experts thought we would have a short and sharp depression. My assumption is that the system would have been cleaned out. Probably some consolidation, although that could have gone the other way.
Unless I'm missing something, I can't buy into bailing out CEO's whose sole responsibility to bto beat estimated quarter after quarter. And even if they don't, get paid enormous amounts at the cost of their shareholders, who they allegedly serve, and their employees, when being an employer needs to be viewed as an ethical and moral responsibility in my opinion. On occasion my employees get a larger percentage increase in compensation that I do. Not often, but it happens. My business and my partner have earnings remain in the company so it can continue to operate, even though we pay taxes on profits we never receive that year. I just can't defend a bail out for people who behave in such an immoral and greedy manner. And this is coming from someone who is admittedly fairly greedly, and not exactly a nice guy in business. But I won't do this at the expense of employees, my partner, or basic ethics. And if I fail, I doubt I get bailed out.
Unless I'm missing something, I can't buy into bailing out CEO's whose sole responsibility to bto beat estimated quarter after quarter. And even if they don't, get paid enormous amounts at the cost of their shareholders, who they allegedly serve, and their employees, when being an employer needs to be viewed as an ethical and moral responsibility in my opinion. On occasion my employees get a larger percentage increase in compensation that I do. Not often, but it happens. My business and my partner have earnings remain in the company so it can continue to operate, even though we pay taxes on profits we never receive that year. I just can't defend a bail out for people who behave in such an immoral and greedy manner. And this is coming from someone who is admittedly fairly greedly, and not exactly a nice guy in business. But I won't do this at the expense of employees, my partner, or basic ethics. And if I fail, I doubt I get bailed out.
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