Elizabeth Warren Introduces the COP Special Report on Regulatory Reform

[mizzoulibertarian]

Why doesn't president obama listen to her instead of giethner and summers? she ought to be president.

[AudioForAnarchists]

Elizabeth Warren is so hot.

It's amazing to see Americans on the left and right ranting against the same people, yet remaining so divided. Both sides constantly say they hate both parties, but both sides seem to hate the other side more. Both sides hate the bankers, but conservatives call them socialists (for some odd reason).

And Elizabeth Warren does an incredible job of exposing how fucked up your system is, and, within the boundaries of this system, she provides alot of good insight.

[BarbarianDragon]

Damn Republicans...I can't wait till everyone's grandparents die.

[sovereignself]

this video is soo messed up..

[Arturoxmx]

Finally someone with brains is given this position.

And yes

this problem got bigger with Clinton and the CORRUPT REPUBLICANS.

[Tacomagrrl]

I saw Professor Warren on the Daily Show for the first time and since have read and watched everything I could about her including her lecture at Berkley ( you should watch) Although she tends to be almost motherly in her approach and her optimism is hard for me personally to feel. I believe she should speak more, I personally think she should be on the presidents team and kick Summers to the curb. Kudos to you Mrs. Warren I'm reading your book!

[BarbarianDragon]

Plus she's a fox.

[beas4000]

I am just curious who will oversight our government and all the spending they are doing right now? Maybe if the government had Mr. Franks watching over fannie and freddie mac they wouldnt have needed a bailout...

[BarbarianDragon]

Elizabeth Warren is the chair of the congressional oversight panel, which oversees government spending.

[beornborg1]

It seems that if my post is near the character limit it won't submit. But I'll try again. Averageworking gal seemed to say there wasn't a correlation between deregulation and the S&L failures of the 80's. Wikipedia and the FDIC have extensive articles discussing how particular deregulations led to the crisis. If there is a better explanation, could someone provide the appropriate links/references? Thanks.

[averageworkinggal]

TILA has been aroung for decades.

To say that lending disclosure was inadequate in nonsense.

If you are too stupid to understand the amortization profile of a mortgage, then don't buy a house.

But obviously, there are people too stupid out there.

[BarbarianDragon]

Wow, your argument is so much more cogent! Are you sure YOU aren't the Harvard law professor here?

[averageworkinggal]

Elizabeth is wrong.

The 1980s occurred long before the 21st century financial instruments that came along in the 1990s and led to the financial crisis.

She's wrong to say deregulation.

Saying regulation did not modernize with the financial system is more correct.

The Madoff case shows the false hope of regulation.

[highway234]

right because she's not blaming clinton. and everybody knows everything is clinton's fault.

[benympls]

Your an idiot.

[mprat001]

I believe that Warren was referring to the relaxation of regulation that led to the S&L crisis of the late 1980's. In many ways, what we're going through now is deja vu - the same problem but on a much grander scale. It seems reasonable to view the long-term trend toward deregulation as something that's occurred over decades.

[BarbarianDragon]

Bitch, who you gonna believe?

[averageworkinggal]

Elizabeth is a Democrat and thus obsessed with regulation.

[BarbarianDragon]

THUS! BITCH SAID THUS!

[averageworkinggal]

The Fed was not deregulated in the 1980s.

In fact, it was regulations on S&L and the Fed's monetary policy that killed the S&Ls.

[CarryANation]

While I agree with everything she is saying, she is leaving off the fact that there was massive FRAUD at every level of this system, from mortgage originators, to the ratings agencies, to the sellers of CDS (JP Morgan, Goldman Sachs)

[Neuroelectronic]

Nobody is going to see this video. It will have no impact. Obama works for the banks. He will not enact meaningful regulation. The market will collapse. Prepare yourself.

[averageworkinggal]

The secret to fixing the banking crisis is simple:

Turn loose the private sector on it by eliminating all taxes on interest income for loans used to purchase toxic assets and eliminate all capital gains taxes on profits made on purchased toxic assets.

It's simple.

Then investors can focus on estimating fair market prices.

All gains are tax free and all losses are privitized and subject to the accuracy of the price estimate.

[Carolab]

The solution is simple, indeed. Eliminate the Fed and the private banker middle-men. Public banks, currency issued by Treasury, per the Constitution.

[averageworkinggal]

The latest conspiracy theory delusion is the subprime debacle is a Bilderberg Conspiracy.

That means that marxist ACORN would have to be on the Bilderberg member list.

ACORN was the shakedown group that used the Community Reinvestment Act in the early 1990s to get Lib Democrats in Congress in change the GSEs charter to focus on subprime securitization and thus bootstrap the Subprime Lending industry from nothing.

ACORN and the Congressional Black Caucus are far more important than R&R.

[averageworkinggal]

David Rockefeller - 93 years old.

Definitely an old fossil and out of the picture.

Sir Evelyn de Rothschild - not too old but wants lots of bank regulation thus he's big time anti International Banker NWO.

Oh well, there goes the old Rockefeller. Rothschild delusional conspiracy theory.

Concoct a new delusion - Lib Democrat Goldman Sachs international banker NWO. It might be more plausible.

[Carolab]

David Rockefeller still participates in every Bilderberg meeting as do the Rothschilds. Go read up on the attendees and other information by Jim Tucker, who has been covering the annual meetings for years.

[Carolab]

Bilderberg meetings are sponsored jointly on an annual basis by the Rothschilds in partnership with the Rockefellers. Rothschilds are the unrivaled royal family of international Zionism. Lord Jacob Rothschild is head of the English branch of the Rothschild family and serves as chairman of Yad Hanadiv, the Rothschild foundation which built and handed over to the State of Israel the buildings for both the Knesset and the Supreme Court, and President of the Institute for Jewish Policy Research.

[averageworkinggal]

The Fed did not cause the I-Banks to adopt the Basel II standard.

They did it on their own accord in 2004.

[Carolab]

The banks were operating outside of Basel requirements by operating as SPEs, moving bad debts off their balance sheets in order to meet the capital reserve requirements imposed by Basel. The FASB in July was pushing them to move off-balance entries on-balance and lobbyists got the FASB and SEC to back off. Then in September, right after McCain & Obama met in DC for the "bailout meeting", JP Morgan and Goldman Sachs ceased being SPEs & became holding companies, because of Basel II deadlines.

[Carolab]

The Basel II requirements became mandatory for the US and UK right when the "bailouts" were announced. Furthermore, the banks are STILL operating outside of Rule 39 of the Basel II Accords, which requires them to "mark to market"--and you just heard yesterday how they want to "temporarily ease" mark-to-market, because they want the taxpayers to pay their determined "exit price" instead of fair value. It was even in a letter to the BIS by Goldman Sachs that the banks want to set the exit price.

[Carolab]

By the way, the banks were caught with their pants down with Elizabeth Warren's audit. We are getting an average of $66 per $100 WE spend for their "assets", which Paulson said would be "par" exchanges. Now Goldman Sachs is offering to pay back the bailout money. The NYT just reported we were bailing out "healthy" banks. Why did they do this? Basel II requirements, for one, and for another to rip us off so that they could buy up other banks and consolidate wealth and power. IOW, a swindle.

[Carolab]

Some of the assets, i.e., from AIG and Bank of America, are only returning $41 per every $100 we "invest".

[Carolab]

And, by the way, as holding companies JP Morgan and Goldman Sachs are eligible for "unlimited assistance" from the Fed. JP Morgan alone holds more than $90 TRILLION in derivatives debts.

[averageworkinggal]

The bankers acted in concert with the Fed?

Acted in concert to:

rack up a projected $3.6T in total losses vs. $1.4T is equity thus bankrupting themselves (per Roubini).

That's real smart collusion by those "International Bankers".

This debacle leaves all those stupid "International Banker" conspiracy theories in shambles for good.

The question is how many CT idiots will continue to drone away regardless and continue to make fools of themselves.

[Carolab]

Yes, they certainly did, figuring that they would get taxpayer bailouts and strip the middle class of all of its assets. Don't believe this? It's happened before. It's what the Fed does--its entire reason for being was to eliminate competition between the big banks so that they all act in unison in setting "policy" which benefits them, and not us. Go listen to G. Edward Griffin's lecture here on YouTube and get an education.

[Carolab]

In addition, I suggest you read "Screwed--The Undeclared War on the Middle Class" by Thom Hartmann and also Ravi Batra's book "Greenspan's Fraud".

[averageworkinggal]

260K Wall Streeters are out the door unemployed (10% of the job losses) including Thain (Merrill), Fuld (Lehman), Prince (Citi), O'Neal (Merrill) etc. just so they could strip the middle class by bankrupting themselves first, huh?

[Carolab]

You understand the compensation packages, right? Further, ever hear of "tax havens"? How much money do you think these guys have socked away somewhere? The banks were actually betting against each other's "failure" with credit default swaps--which of course we taxpayers covered with our "bailout" money. You should read about John Paulson in Portfolio(dot)com and how he "bet against" Lehman Brothers--and made a billion bucks.

[averageworkinggal]

I read the John Paulson article.

So what.

It's a hedge fund, not a bank.

There are always players making side bets.

Paulson's bet was easy once the Fed began raising short term interest rates in 2004.

You're simply too delusional about the I-banks.

The masters of the universe were really idiots of the universe.

The purpose of TARP 1 was to get banks to buy up bad banks and save the govt. FDIC costs.

So acquisitions were good things.

[Carolab]

The point is he KNEW Lehman was going down, indications of a conspiracy. And as for FDIC covering the "losses", there simply is not enough there to even make a dent in the "derivatives". You really need to visit a website called webofdebt(dot)com written by Ellen Brown who is a frequent guest on Thom Hartmann and whose 30 years of research and analysis on our monetary system he refers to as "brilliant".

[averageworkinggal]

What Paulson did was no conspiracy.

He was one of the few investors who correctly read the financial market long before the rest of the market caught on and placed his bets by shorting financial stocks and buying CDS side bets against the financials.

Both easy bets to anyone paying attention.

CDSs are contracts and not deposits.

The FDIC does not make good on CDSs.

CDSs could bankrupt a C-bank and thus force FDIC to cover deposits, but it would not be covering CDSs.

[Carolab]

I know full well what CDSs are--no need to lecture me. Of course the FDIC wouldn't cover them, although the banks were trying to pretend their assets were higher through their use when in fact they were worth zero. Wall Street is an insider's racket. The banks were betting against each other, and Lehman's was one slated to go down, principally because it was among the protection sellers (of CDSs) and would not participate in long-term capital management. Read Ellen Hodgson Brown.

[Carolab]

The FDIC covers deposits, as anyone knows.

[CarryANation]

Paulson is a fraud that sold CDS than immediately shorted them, knowing they were based on fraudulent, subprime, PREDATORY lending.

Not to mention FRAUD from ratings agencies like S&P.

Jail time.

[Carolab]

The Federal Reserve Banking system has been undermining our economy for decades. The bankers acted in concert with the Fed (which they in fact own) to create this crisis as a concerted effort to generate the greatest transfer of wealth in recorded history. If we do not end the Fed's private control or abolish it altogether we can expect not only more of the same but more of the same on an international level--through the Bank of International Settlements. Read the Basel II Accords.

[averageworkinggal]

It's amazing how ignorant these Fed drones are.

They make a fool of themselves every time they parrot the debunked conspiracy theory drivel.

Anyone who actually reads the Federal Reserve Act, 12 USC, section 3, can easily see how screwed those 'private' bankers are.

No individual or foriegner can own a part of the Fed.

Only member bank corporations (all the big ones are publically traded and thus publically owned.) can own part of the Fed.

The 'it's private" argument is so stupid.

[Carolab]

Actually, it was recently explained on the financial website SeekingAlpha that it IS privately owned--by member banks and some of the original families who founded it (Rockefellers, Rothschilds, etc.) Go look it up: "Eight Important Facts About The Fed". People consistently believe the Fed propaganda that is is a government "agency" when as Kucinich said recently on the House floor "it's about as 'federal' as Federal Express". I guess you think a long-term Congressman is wrong, too.

[Carolab]

Also read Stephen Lendman's articles about the Fed and the "banking crisis".

[MrTGolden]

Absent a robust policy directing upward of $1 trillion per year in credit for investment in physical economy over the next decade, attempts to close the door after the horses have left the barn are likely to prove woefully inadequate. Although financial industry re-regulation and enforcement are, indeed, essential, absent a parallel investment policy, our nation's present, downward spiral will all too likely continue.

[averageworkinggal]

Monetary Policy by the Fed and the Lender of Last Resort provided by the Fed had a greater impact on stopping the cyclical bank crises prior to the Fed.

The problem is the Fed itself got out of control in the 90s and 00s to compensate for rampant Keynesianism by Congress and created inflationary bubbles that popped.

[averageworkinggal]

Deregulation goes back to the Civil War actually, with the creation of National Banks.

The SCOTUS actually did more deregulation than politicians by imposing the Federal Preemption doctrine for National Banks in 1978 during the Carter years.

[Carolab]

Lincoln issued debt-free greenbacks through the Treasury, per the Constitution.

1. Lincoln issued $400 billion in debt free greenbacks to finance the Civil War.

2. Lincoln had crossed the international bankers and beat their cost of money.

3. During that time, the London Times brazenly reported that by that method, the U.S. would furnish its own money without cost, and "That government must be destroyed, or it will destroy every monarchy on the globe."

[averageworkinggal]

Your comments are clearly the mark of the crackpot beast.

[Carolab]

And your remarks are clearly the mark of the brainwashed.

[averageworkinggal]

You the one regurgitating lunatic fringe, debunked conspiracy theory nonsense, moonbatlab.

Your nonsense comes straight from crackpot web sites.

[Carolab]

At least I have the class to refrain from name calling.

[landy1282]

These recommendations need urgently to be implemented. To this I might add (as a longer term goal), updating corporate governance and tax laws for limited liability corporations and partnerships. Hedge Funds and Private Equity funds, both of whom worked in concert with now-defunct investment banks to increase systemic risk in our economy, were essentially incentivized into creation through the paramaters (or lack thereof) of these laws.