Submission

speezo_mchenry · 2012-05-24T22:32:55.757556+00:00

That's Katie Fey

NeilPoonHandler · 6 days

I think Girls is hilarious. Donald Glover will probably just make it more hilarious. All you people bitching sound exactly like the "whiny girls" you claim to dislike.

radbrad7 · 9 days

Hoboken, NJ

funkster · 9 days

Do it. Sounds like a great deal and looks like a great place.

maxwellhill · 9 days

Well it would no doubt have caused quite a commotion. I will never doubt that. But let's not forget that there were plenty of small regional banks that had mortgages as collateral. They knew the assets, understood the markets, and never overleveraged themselves. Plenty of smaller banks never needed a bailout (or were offered one). So... what would have happened? I believe that these larger banks that were too big to fail would have sold their assets for fractions of a dollar to these smaller banks, and the risk would have been managed more appropriately. Instead, the US government just propped up a system we already watched fail. I believe it will fail again.

Regulation doesn't mitigate any of these risks. It adds government beuraucracy and just disuades businesses from starting in America. The right way to go about this is to let banks that make mistakes suffer the consequences. Not bail them out, or lower their lending rates to compensate for their mistakes.

Jamie Dimon shouldn't be on the Fed board to begin with. However, I have a serious issue with the Fed in general, and don't really believe a private insitution, run by a man that isn't elected, should have almost autonomous control over our money supply. But....that is a whole other loaded issue in and of itself.

funkster · 10 days

Is it on the first floor?

brakeson · 10 days

Those socks are NOT cool

maxwellhill · 10 days

What about letting them fail instead of giving them billions of dollars in bailouts, and 0% access to the fed discount window? Government regulation doesn't help identify problems, and doesn't incentivize companies from not making mistakes again in the future. If you mess up, you suffer the consequences...plain and simple.

Yeah, the CDOs lost value....but the CDS skyrocketed in value.

Well, rates are still artificially low......let's see what the government does when they can no longer keep them artificially low.

phineas_p_madcap · 10 days

That owl in the Tootsie Pop commercials had that slogan way before you

maxwellhill · 10 days

That is totally true....but plenty of people recognized that fact prior to the blowup and warned of the blowup. The government was not one of these "people". Why do you trust they will with more regulation?

Credit default swaps weren't the originators of CDO's.....they were essentially a hedge against CDO's. Your understanding of CDS isn't exactly right. They were essentially an insurance payment in the event mortgages failed. If mortgages failed, the value of the CDS went up, not down. If Lehman and Bear were going to issue these, they should understand what they would have to pay. If they were wrong...they deserve to suffer (and did).

The government created this problem by keeping interest rates artificially low....not high.

I never said Dimon should step down.

maxwellhill · 10 days

How does that translate into knowing that the economy would fail if they weren't bailed out? Why do they need more regulation? The government already couldn't recognize this problem ahead of time...why do you trust they would be able to going forward with more regulation? What would more regulations solve? It would just dissuade more businesses from having their operations on US soil and make it harder for people to conduct business here. Let's not forget many, many banks had absolutey no problems in 2008.

I agree Due Dilligence and risk management is a huge key... but that isn't a government role. That is the role of the banks making those investments. If they want to have relaxed credit standards, they should suffer the consequences if they're wrong.

JPM received a bailout. They paid it off...but many banks didn't. I think JPM is in fine financial standing, even if they lost $2B....it was only 1/9th of their 2011 profits. Hah...thanks... I know plenty about the financial world. I think big banks are fine...I just don't think it's the role of the taxpayer to subsidize the mistakes they make. If they want to be big, they need to know how to cope with big mistakes they make.

zirconencrustedtweez · 11 days

I don't understand this post

maxwellhill · 11 days

I don't even know where to begin with this circle-jerk of bullshit. Why don't we start from the end.

You're referring to the lack of accountability... and NOW calling that a problem. How does giving a company a bailout for losing billions of dollars ingrain a sense of accountability in their actions? I think failing when you make a mistake is accountability, and it's what I've been advocating for this entire time. You're not using my own words against me at all... You don't recognize that bailing people out destroys accountability.

Your 2nd to last paragraph is such textbook regurgitated bullshit. "Jingoistic Fox News Fantasy prose".... way to go... very original. Did you steal that one from Rachel Maddow? Here is a point through actual history... The Industrial revolution in America, the early 20th century, Henry Ford... that is an example of history where Capitalism allowed this country to grow. This country became great because we were allowed to innovate, we could afford to have our own people build our goods, and make the prices of goods cheaper for consumers. Why am I having this discussion with a socialist?

Have YOU ever heard of the powerhouse called China? Are you familiar with the tyranical marxist leader who established the People's Republic of China, Mao Zedong? The man who had authoritative rule over China until 1976? Holy fuck you're just talking out of your ass! The funniest part too, is that even though China is a communist country, they actually have more of a capitalist environment there than we do in America.

I don't believe any country in this world has enough Laissez-Faire capitalism.....but America certainly had way more while it was becoming the worlds economic powerhouse. The only reason China is now growing is because after the U.S Government stepped in and started actively inflating the U.S dollar, we exported our manufacturing base to China because it was too expensive to uphold here. So, China will surpass us...but it's because we're making mistakes, not because they're great.

Noctine · 11 days

I failed mine the first time too.... REALLY badly.... and I was pretty good at driving. Swallow your pride, focus up, and you'll crush it next time.

maxwellhill · 11 days

I am absolutely making points.... that being one of them. Yes, I want Laissez Faire Capitalism..... Why is that "fucking stupid"? Because the REST OF THE WORLD has moved past that? REALLY!? Like who? Please give me a shining example of another world economy that is just doing brilliantly right now after abandoning capitalism. Just about the only thing the U.S economy has going for it is that other countries are doing worse. We're the world hegemonic power, with the largest economy, and we became that way through capitalism.... so, I don't really see how comparing us to other countries make any sense whatsoever.

You're totally wrong... most people form societies, LIKE THE UNITED STATES OF AMERICA, because their former government became too omnipresent in their lives, and they wanted a free society with limited government. But you want MORE government. "Most people form societies to save themselves from this 'accountability'".... Pah! "MOST" people? Please... name me one group of people who formed a society with the express intent of having no accountability for their actions.

I'm not talking exclusively about personal accountability. Corportate counts too. I think government accountability should exist too... that doesn't.

Wow! So now you think, based solely on a discussion on Reddit where I'm espousing the principals this country was founded upon, that I'm capable of breaking the law, and risking jail time, just to make money. I must say, your argument, if you ever had one, has deteriorated now to the "name calling" phase. Congratulations.

maxwellhill · 11 days

I love how you call it vapid and pointless... but can't deny it's absolute truth. It is absolutely about accountability and personal responsibility. I don't know how you actually believe somebody like Jamie Dimon becomes the CEO of a company like JPM. He didn't go to career services day at school and say "I want to be a CEO" and then they gave him the job and hundreds of millions of dollars.... he had to work hard, and prove his ability to make money for other people. And regardless of what he's worth now, he wasn't always worth that much (he may have inherited money... I don't know... but this is generally how this principle works). THIS is how you conduct business.....Reputation. Accountability. Results. And if you fail, you lose that business.

Our country isn't what it is because the government mandated certain deposit levels for bank holding companies, or employment demographics....or some other regulation. Regulations, generally speaking, are just a burden to business. Laws and upholding contracts are important...but there's a difference.

A "fetish for capitalism"?!?! You do recognize that this country claims to be a Capitalist nation, correct? That's like a saying I have a fetish for justice. I believe in Capitalism, yes. Is that a fetish?? What a weird term to use.

Well which good times? It certainly wasn't good times in the 90s, when we kept interest rates artificially low and inflated a dot com boom, just like it wasn't during the 2000 when we kept them low and inflated a housing crisis. That wasn't capitalism, that was government manipulation of the US economy. The good times were when we were a country less concerned with borrowing and spending, and more concerned with saving and producing. THAT is how you actually grow an economy.

What are you arguing for then? You want the government to solve more of the problems they caused?

These banks falsified mortgage documentation because they knew they could sell those loans to government sponsored entities and make money. Yet you believe it was necessary to bail these people out. Again, this is the thing I will never understand, and you have yet to even address. So what is it... not "endless" bailouts... just careful bailouts? We have a bunch of politicians decide who deserves to stay and who must fail? YOU get real dude.

maxwellhill · 11 days

First off, it isn't nothingness... it's accountability for your actions. And, I don't know how you can claim it "never does", especially since we haven't allowed capitalism to work in this country for over 30 years. Our country became great long before these outrageous regulations that ultimately just made it more difficult to conduct business on U.S soil.

Capitalism during the good times, and socialism during the bad times is not Capitalism.

maxwellhill · 11 days

I still think that is a wild generalization.

He lost $2B...which is 1/9th of what JPM made last year. It could be far worse. And... if it was, he would lose his job. When you're betting other people's money, they control whether or not you will continue to get paid. If you don't like that setup, then don't give other people your money to bet with. That is the deal.

I'm sure people like Jamie Dimon and investors of JPM absolutely LOVE it when they get bailed out? Why would they "care"? You know who cares, me as a taxpaying American citizen who had no part of their decisionmaking process, but now will subsidize their mistakes. I don't know whether these people are "starving" or not (probably not), but they don't deserve my money either way.

The actual perpetrators of the crash were people in government who lowered the standards for creditworthiness necessary to get a GSE to guarantee a home loan. The government caused this problem, now you trust them to fix it.

You have ABSOLUTELY no idea that it saved us from a great depression. What did it fix? What is better since we gave them the bailouts? How are you now certain there will be no great depression? How did this just not make it even more difficult for us to actually recover? Basically what happened was we borrowed and spent beyond our means, so you think the solution was to borrow and spend even MORE money to fix that problem.

You seem to have a disdain and skewed view of how rich these bankers are....yet you have no problem making the entire country pay for their mistakes. I simply do not understand that mentality.

Why do you trust the government to prevent future problems? What makes you believe they're even capable of that? Ben Bernanke didn't admit to the existence of this crisis until, what, 2008? Bernie Madoff was reported to the SEC what, 6 different times before he was exposed? Your faith in the government, I believe, is naive.

maxwellhill · 11 days

How do you know that? You don't... And, if they're in such a position that a failure would cause a systemic failure in the economy, how the hell are we allowing that to happen? If you're too big to fail, you're too big to exist.

Due Dilligence? That is not the problem. The problem is that we're putting taxpayers on the hook for a problem they never caused.

maxwellhill · 11 days

Your entire comment is based on the false premise that every single person working at a bank or investing in a bank is exorbitantly rich. Just ridiculous.

Capitalism doesn't increase risky behavior....it rewards well calculated risk and punishes poorly calculated risk. Bailouts allow the government to pick winners and losers.

"Don't punish the entire economy and let the rich off the hook by refusing to patch the damages." Isn't taking money from tax paying citizens to give to banks that failed doing EXACTLY that?

maxwellhill · 12 days

They took the risks on the risk they would receive a bailout....and they got one... so they will probably continue to take risks. If had never given them one, this problem may have been solved.

The way I see it, it's like we're giving the keys of our nice car to a 6 year old because he promised to be really really careful....but he crashed it, and then we made all the taxpayers buy him a new car and make him promise to be careful again.

maxwellhill · 12 days

I think Madisons_Ghost has already pointed out the flaws in nearly all your comments.

And, sorry you made a bad bet. Sell it if you think they will screw up again.

maxwellhill · 12 days

If we stop giving them bailouts whenever they make a mistake, I'm sure they wouldn't be so reckless.

maxwellhill · 12 days

You just made that first paragraph up.

If you don't like JPM, don't invest in it.

cragelra · 14 days

It's brilliant

jles

TROPHY CASE

jles

TROPHY CASE

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