Ban hedge funds, ban Collateral Debt Obligations, ban Credit Default Swaps, impose a 1% Tobin tax or wall street sales tax on high frequency tradings, and maybe restore the Glass-Steagall firewall that separates commercial banks from investment banks.
AHAHAHA! The SAME people that you Liberals love are the SAME exact ones you hate! They have been successful at destroying America from within. You know, this country used to be amazing... yeah... back when almost everyone believe in god. Everyone stops believing and they take god out of everything and now look where we are going. People, we MUST pray for this country... We still have a chance, just believe in god.. thats all we have to do and things will be marvelous again!
@Zickefoose What?!?When was this country amazing?Before civil liberties?Before workers rights?Before womens sufferage?Before abolishinists ended slavery?When?Never, its a mythical time you speak of that never really existed.And pray all you want your imaginary friend doesn't impact reality.We need a new social structure that removes the corruption and dominance all together.Right now we are an immature UNSUSTAINABLE petty childish society and always have been.
the 1 world govt wsj-foxnews-rushie ECONOMIC FREEFALL neocons is the obstruction politico of NO ... the murdoch family (bod & largest shareholder) are mostly foreigners & rupert's wife's born in chicom Xuzhou ... meocons CAN'T HANDLE THE TRUTH so they lie ... take financial reform ... it is needed very badly ... but the meocons are fighting it all the way ... you need major govt regulations on our financial industry ... laissez faire failed again like in 1929 .. join the fox news sponsor boycott
If you are willing to set aside one time, your allegiance to Obama and question his motives with a little suspicion you may just find that he is just a politician. Political motivation may even be overshadowed by nefarious intent. I'm disgusted by the GOP as well, however right now they may actually have the country's best interest at heart in blocking this bill in its current form! Question everything from either side.
the 1 world govt wsj-foxnews-rushie ECONOMIC FREEFALL neocons is the obstruction politico of NO ... the murdoch family (bod & largest shareholder) are mostly foreigners & rupert's wife's born in chicom Xuzhou ... meocons CAN'T HANDLE THE TRUTH so they lie ... take financial reform ... the tea party & gop will block it because they received cash support from wall street ... but we need regulation on derivatives ... the gop uses derivatives to crash the economy .. join the fox news sponsor boycott
@AgnesBojaxhiu2000 You'er right! The GOP did accept campain contributions from wall st. The Dems collected 10 times that amount from the 70% registered Dem Wall St. CEOs. As far as the GOP/Wall St. fat cat connection a little actual research is required on your account. Look at Obama's finacial advisory team. At least 1/2 are former Goldman Sachs CEOs and lobbyists and I haven't even finished investigating! Fact..check it out!
CDS has been used for major mergers of big businesses. It is a fake exchange tools created by the Zionist world bank lobbyists to conquer the entire world for centralizing all human efforts and local resources for some narrow mind rich businessmen without paying due to the local people. They are the insults of our modern technology and our global intellects. All they play are political psychology of backdoor connections with fake money that people doesn't need.
This quote explains the reason that we must demand real money tied to resources!! Fiat money is the enemy of the people. Who can understand?
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency......, and does it in a manner which not one man in a million is able to diagnose.
The US economy grew at a $89b annualized rate in Q2. That was the first growth since Q2 2008 and came to $22b in actual growth in Q3. The bankers, after causing the greatest economic calamity since the Great Depression, are rewarded with $140b, thats x6 the growth accomplished so far in the much heralded economic recovery.
Meanwhile, 7m families face foreclosure and 25m Americans cant find full time work.
When the whole thing crashes, two things will happen if people are smart. (1) All that crap will simply be ignored as if it was never transacted. (2) Kill all the stock brokers and like parasites. Tracking them down and exterminating them would be a great jobs program. Wait. There's that Bill of Rights thing. Damn. But we can still dream.
Don't worry. Not even the people who designed them and trade them every day know what dirivitives are. They started out as a way of distributing risk, so individuals or corporations can make risky decisions and not lose their shirts, but now are simply ways to help very very rich people get even more money by gambling.
I retract the "don't worry" I said at the start off this comment. Worry. Be very very afraid.
Yeah, the job of president is pretty useless now. The banks and corporations own most of the country and the people, and religious goof balls own the rest. The founding fathers would be having a WTF moment if they were still alive.
I guess for all their wisdom they just underestimated the levels of ignorance and stupidity some people can achieve.
Obama's the biggest fucking disappointment I've ever seen. How's the Politics of making everyone happy working out for ya, Obama? It's not going to work for long, considering the only motherfuckers you aren't satisfying are your Constituents, you fucking moron.
That's true about campaign promises, but he talked a big game during the election. I was actually naive enough to expect a little FDR style legislation going through, but that isn't happening.
It's all this weak sauce legislation that's going to have our economy crash again and my mother living in pain until she's 55
What's most disappointing is that he and 7 other Senator's are the only hope for real reform, as it is....
FDR is one of my favorite presidents. He established laws against child labor, created the minimum wage and the 40 hr work week, created Social Security, and with the prompting of Eleanor he began a move away from racial discrimination.
(Fox News would probably be trying to rip FDR a new one if he was our current president.)
Nothing has changed as far as regulating Wall Street. I, too, am very concerned there will be another -manipulated by Wall Street- big drop in the stock market.
FDR met with the unions, talking about their common goals.
At the end of the meeting, Roosevelt told the unions: "Now we know what we BOTH want, it is YOUR job to force me to do it"...
Because there were very powerful people trying to force him to NOT do it.
Same goes with Obama, except the powerful people have an entire news network, talk radio,well the whole of Newscorp, as well as churches and the teabaggers along with the Republicans against him.
Problem is, if he sticks his neck out too far, he will get his head clobbered, not only by the Republicans (who are already trying to clobber his head anyway, for any reason, even made up reasons like mustard on a hamburger) but by his own party.
Bush wasn't a disappointment. He did just what was expected. Huge steps towards theocracy, pandering to the wealthy, deregulating the financial sector even more, starting wars and giving big juicy no bid contracts to his corporate buddies, all the while causing America to become a global embarrassment.
Calling Bush a disappointment is a huge misunderestimation.
Right now he almost can't lose. The opposition have no viable candidates. Unless he invades a couple of countries and causes a financial meltdown like the last guy, he is pretty much gonna sail home to an easy win.
The Republicans are doing everything they can to block his reforms. Everything from shouting "I object" to every single Democratic remark, to joining with Lieberman and the Bluedogs to filibuster everything.
What? Libertarians? Greens? No, the only real chance is to take over the Democrats, and get behind people like Grayson, and complete the Progressive takeover of the Democrats, just like the Roosevelts did.
Sure do that. But if they don't get the Democratic nomination, the next step would be to vote 3rd party. You have to keep the democratic party on its toes, else they will take you for granted like they always do
If enough Progressives get into congress to be able to filibuster legislation, then that would be perfect. Because the Republicans+1 democrat can do that, and ALL of the Republicans can be counted on to filibuster. At the moment, only a handful of third-party Progressives have to get in to wield enormous power to tip the balance.
@IFloridaMotocrossI Please, research until you figure out why limited government and abolishment of unnecessary regulations is the best thing for the prosperity and well being of the average citizen that is possible.
Yeah, I have researched your Friedman, Austrian, Peter Schiff leaning views. They're garbage, counter-productive, and not even feasible in the modern day economics....
What you suggest is ideological, for recent history has proven your views, when converted to policy, to be disasterous.
Worse is yet to come if we let the boys from Enron create a carbon credits trading scheme.
Dirivitives can be useful in a system, but this lawless application of dirivitives specifically created to give vast profits to a very few, THEY will destroy capitalism.
by definition in capitalism, most or all profits go to the rich. I love all of the contradictions in capitalism. Like, capital accumulation is a necessity and capitalism cannot work without it, but if there is too much accumulation, the system fails because the poor do not have enough money to buy things.
definitely a high wage helps everyone, but if a company can pay their workers less, they make more profit. When every capitalist pays their workers less to be as competitive, capitalists will still try to pay their workers less to make more profit. Search "Capitalism hits the fan" It is amazing how since 1970, real wages have actually gone down, but productivity has doubled.
The corporations have bought most of Congress and the true members we have as a people left in the capitol have to contend with sellouts who rather make an extra buck instead of reforming the financial sector for the people. Just like the health care reform bill this stinks.
The numbers aren't that shocking. GDP doesn't tell us what everything is worth in the world; it merely measures production output (per year). So Cenk's analysis means nothing -- total apples and oranges. Derivative bets can cover everything, including real estate and other fixed assets. So when you spread it across 6.7 billion people, $90k per person isn't that shocking. The combined net VALUE of all people and establishments (incl govt) are worth much, much more than $600 trillion!
You really think Obama single-handedly makes every bill and plan!? Then you're ignorant. ANYONE who makes a bill or whatever had to argue with like a dozen other people for hours, and by the time everything's done, the original plan is NOTHING like it originally was. To blame 'Obama' is just stupid.
Obama seem to forget that you must be the change you wish to see happen. Obama is a politcal whore job. I should have voted for Sara Palin so we can run this country down and then rebuild this country with slavery labor once again. Cenk can be in charge of sexing the women to create more slaves babies. I am fair man so i let any race be slave if they want to.
"liberal pals in the Congress" News flash, lobbyists control liberals AND conservatives. Which is why under the conservatives we got rid of regulation. Fun. Until campaign finance reform is past this will continue. That will never pass though, since the very people who have to pass it have the most to loss from it; assuming its done right.
but, I sometimes do get as partisan toward the Conservatives, as Cenk is to the left.
Needless to say,
both sides of the aisle in the Congress, (and the President),
are all whores, who will insure that their re-election comes first. And that it done with lots and lots of lobbyists money, which is a virtual guarantee.
You're trapped in the false dichotomy paradigm of "conservatives and liberals". There is a 800 lb gorilla in the room and you are busy throwing spitballs at the supposed problem.
In respect to "sucking the economy dry"; please look back to the previous administration for an egregious economic result.
nice thought but most people that are "better" at running things, are actually running things, like private businesses and non gov. businesses. What we should start doing is searching for the next "savior" politician who is as crooked or worse than the rest of them and repeat the process over and over and over again like we always do.
I don't think you understand the subjects you wish to comment upon. You confuse notional value of derivatives with actual value. How could investors pay for agency ratings? Even if you were right about eliminating future CDS, the real issue is what would you do about the ones that already exist? Pretend they didn't? Undo them?
Give me control over a nation's currency, and I care not who makes its laws. (Mayer Amschel Rothschild 1743-1812) People will argue Left and Right with futility to their death until they understand how our monetary system is designed, until then they will not recognize the fallacies amongst political rhetoric aimed to separate and distract us from the underlying problem which is also "the power that be"-central banking; an entity who's tentacles extend into all aspects of government. End the Fed
I am not sure it matters who pays the fees to the credit rating agencys, apparently there was no fraud in the ratings they gave. The problem was as said in the financial times that the employees where rating complex deals they didnt understand . so as the FT again said they gave AAA ratings to "grotesque risk monsters".
it matters not who pays the fee if the people rating them dont know what they are doing.
I couldn't agree with you more. The 1% elite who control the money, the country, and our lives will not stop until they are made to stop. One major problem, as I see it, is that the general public is virtually ignorant of what's going on in the country and the world. What's worse is that they don't care. The masses frequently react emotionally and irrationally. For a revolt to be successful we need the people to know what the hell is going on. I'm not holding my breath on that one.
"For a revolt to be successful we need the people to know what the hell is going on."
It might be easier to just pass out maps to their many homes and tell the mob... I mean "people" that these "richy-richers" are satanists who eat children... and burn flags. That ought to do it!
That's what's so sad about the current system, the powers that be have tricked the people there screwing into supporting and defending there agenda, and to add insult to injury, these same idiots oppose all efforts to reform and stop the current theft and abuse going on in Washington.
You're singling out Frank? I guess you forgot it was Paulson who wanted to hand over 100's of billions of dollars to his buddies on Wall Street ---carte blanche, no questions asked, and no repercussions for misuse or FRAUD. GWB used his usual scare tactics in a lame attempt to push Paulson's "rescue" plan through ASAP. Your "s(cum) boy" comment is about your problem with Frank's sex life. Financial reform and the failures of the Republicans and the Democrats are the issue here.
Cenk, Cenk, Cenk. I love you and agree with you about derivatives, but the $600 trillion figure IS NOT the value of the derivatives market. It is the "notional" value. That is a very misleading number.
A bank may make a loan of $1b at 5%. They may then enter a interest rate swap with a 0.5% exposure. The value of that swap is likely less than $1m, but the entire $1b is the NOTIONAL value included in the $600t figure.
Is this figure is the top figure of all the payoffs for all of the dirivitives combined, kind of like adding up all of the money that would be paid off for ALL the bets on a particular horse race, not just the winner?
A lot of these institutions are putting up bets that they are not able to cover... This is what happened with AIG...
The $600 trillion figure is ABSOLUTELY NOT the top payoff for all derivatives. The highest possible payoff for all derivatives is closer to $1 trillion, and the value of all derivatives is closer to $600 BILLION.
Think of it this way, If I bet you $100 that the budget deficit this year will be less than $1.4 trillion, our bet is NOT worth $1.4 trillion. It is worth $100.
Noone's surprised by this. American politicians doing the bidding of the highest payer as they always do.
I hope european countries are honest and brave enough to take this into consideration, and do some restrictions. You see: Our banks are restricted to a point. They still do more than okay, makes lots of money. But they can't do as they please. Most european countries know that it would be dangerous to let them run fee. It's logical.
We need to protect us against the next crash in the US.
They will do exactly what Enron did to California, but on a global scale.
They will use the carbon credits to jack up the price of electricity for every nation that relies on coal and/or oil and, because they will make so much money trading them, they will not do anything to close the coal plants. They plan to use what is happening to the climate as an excuse to gain control of the electricity supply and take us hostage, raking in massive profits.
Talented: I must admit that i don't know much about these things. In spite of the thumbs down you've gotten for this comment, i acually believe you may very well have a point. One things for sure: they wouldn't give a damn about how many people get affected and/or the climate. If there's money to be made they're there.
Good luck getting this passed, even with 60 supposedly liberal Senators. Great idea, would love to see it, but the way this heavily Democratic Senate is acting, I don't foresee this happening. Making quite the cynic out of me.
Yep, it's funny how simple the solution is. We could solve our economic problems by just putting back a high tax on extreme wealth. But, the U.S. is already a third world country politically, so soon we will be the next third world country economically, unless we working class grow some balls and some brains.
@TheGiantRobot and punish people for succeeding and giving people what they want at a reasonable price??? Are you nuts. Why would I risk create a business to give people what they want/need and all the work that goes into it, if I will just get it taken by the government?
Yes, people in the U.S. do need to grow some brains. Real economics and why the U.S. became the greatest civilization man has ever known (past tense) should be taught in schools so that everyone understands.
You wouldn't risk making millions if you had to pay a high tax on it? If that's the case, good, I don't want your kind creating businesses, you've done horrible damage to America and the world as it is.
Also, people who create businesses are a small fraction of the rich. Most of the CEOs, who draw salaries 500x the average worker in their companies, are hired managers. They didn't create shit.
@TheGiantRobot 70%+ of millionaires are from starting businesses (~10% from executive positions or being a crook on wallstreet/government and <10% from doctors, lawyers etc..).
And MOST businesses FAIL. You can lose a lot of money before you find success in providing the things that people want/need. Anyone who does this deserves their success.
People don't give up the security, less stress, min brain power, easier, path of least resistance route of being a taken care of employee for entrepreneurship if the gov't is just going to steal it and give it to themselves, the less initiated, and/or lazy.
Without the millions of Ben Franklins, Thomas Edisons, Steve Jobs, etc... we ALL lose and become poorer.
It is also important to realize that even if you took ALL the money from the top rich it wouldn't even make a dent in the gov't budget.
Okay, first, I'm not buying those numbers. I've known a lot of people who are worth a million or more (not a big deal where I live) and the vast majority are employed by someone else or they are independent contractors - one man businesses.
Anyway, one million doesn't make one rich these days. One million a year, yes, that's rich. And, you don't make that on your own, you make it by having others work for you. Not as you doing a favor to them, either.
If you tax the rich, it does make a huge dent in our governmental income, so I don't know where you're coming from. It also means the working class can be taxed less, which means more of them can start businesses without relying on the rich. It also means the rich have much less leverage, because people are not impoverished - they can do their own thing or chose from many employers, not just a few conglomerates.
Democrats and Republicans are exactly the same .. only as mirror images of one another they appear to be in opposition. They are always at each others thought because they are all hypocrites and the American people let them get away with it time after time after time. Can they ever learn and elect someone like Ron Paul for a change. I mean after the Nixons, Regans, Clintons and Bushes, cant they give a Ron Paul a try. After GWB how bad could Paul be .. I mean really?
@Fukkutah Ron Pail is worse than Bush, He is the Bush b team. No regulation means business as usual. No right to know. Not govt interverntion He supports the oil corps and Saudi in Copenhagen, he wants more tax havens and secret slush funds He is the corp lobby A fake corp stooge It is why tea baggers want inequality. Don.t be fooled. Ron Paul is the worst of the lot. Sure the system is corrupt. open it up and democratize it. not give the corps more power.
Ron Paul wants even LESS regulation than Bush had, and wants to put the US back on the gold standard, which would create a bubble in the gold market, as the US has to buy up massive quantities of gold, thereby forcing up the price of gold and causing massive inflation and debt. It
and the subsequent deflation would kill the US economy dead in the water. The gold standard has been dead since the early 1970s under Nixon - who effectively ended the Bretton Woods Agreement by doing that.
Paul wants to end the Federal Reserve, which causes inflation by printing more money. The gold standard would make your dollar hold up, while the green piece of paper we have right now could be worth nothing with the expected hyper inflation that ill practices of the Fed have led to by pumping more money into the system with nothing to back it. Sorry, but I think we disagree on Paul.
They would have to purchase the gold, one dollar worth of gold for every dollar in your wallet, in your bank account.
Turning to the gold standard would cause INSTANT hyperinflation, plus the instant skyrocketing of the price of gold, which speculators would immediately hoard.pushing up the price not only of gold, but of electronics, which use gold, jewellery, and anything else that requires the use of gold.
hyper inflation is almost inevitable so I'd rather we had it going in the right direction of re-establishing the gold standard and removing this large counterfeiting operation called the Fed rather have it and have the Fed enslave all of us in the end of its cycle. What was the purpose of establishing the Federal Reserve again if you could remind us?
The problem is, there ISNT enough gold to operate our modern economy. It is too large (even after hyperinflation). And this is why we got off the gold standard in the FIRST place.
Well the economy is this size because of credit and because of greedy people who misuse it to grow filthy rich exploiting it with various pyramid schemes. The economy doesn't need to be this large because its unreal. Sort of like buying a couple of monopoly games and thinking you have struck it rich with all the cash inside. It is a fake credit-based economy, and guess who will end up paying for it when things go wrong. Bankers or the Fed?
It is a fake credit based economy, yes, that is what the Supply Side System does. What needs to be done is go back to the kind of system they had back in the 50s, 60s and 70s. The kind of system that they STILL have in Germany, South Korea and Japan, based on higher wages and lower profit margins. Speculation is happening because it is far more profitable to speculate on securities than to build factories and create jobs.
Going onto the gold standard will just create speculation in gold.
@dangerouslytalented we got off the gold standard so that governments could spend money beyond what they had. There is enough gold because the price of gold can rise to accommodate any demand.
I'll use a metaphor that Ron Paul used. If you have a drug addict who wanted a cure, would you deprive him of that cure because you fear withdrawal symptoms and continue supplying with more drugs. This is what you're suggesting with this dollar printing economics.
There is not enough of the "cure' (in this case, gold) to prescribe a proper treatment. And even if there WAS, we would basically be selling the entire economy to speculators, who would be hoarding every single speck of gold they could find.
The gold standard is not the cure for overspeculation. The value of gold is not set. It is as open to speculation and market manipulation as much as any paper fiat currency.
This has already happened with silver (the Bunker-Hunt brothers in the 70s) and with oil (this decade).
What we need to go back to is a little further than what you suggested .. 1930s. The bankers are evil .. and the Fed is a collection of that evil and greedy filth. They have the strings of market sentiment and every once so often use it to crash the market and buy the economy for cents on the dollar. Who do you think benefits every time there is a crash in the market? Who is purchasing failed banks with their assets? They are like a black hole that sucks in everything.
This last comment, Fukkutah, is right on. The Feds are using us. Crash the market, buy it up cheap, raise it up, crash it again. This is why the Fed chief plays with the rates, to keep the markets and the economy unpredictable and unstable.
As far as a gold standard, it's not that important. What's important is that we have a fixed amount of currency - no more fractional banking. And, sorry, Paul is an elitist, corporate liar, but I like a lot of your posts otherwise.
@TheGiantRobot It is true. The gold standard is simply not feasible any more. What needs to happen is have an end to this fiat system in place, either by eradicating the fed, or by having control over it.
@okvideos5 The gold standard is not feasible because of several reasons. One major one being that there is a finite amount of gold on earth, and there is not enough to support a system for everyone.
There is 140 000 tonnes of gold on earth. This is worth about 1.8 trillion. the US governments sovereign debt is about 7 trillion. There is not enough gold to cover the value on earth without the price of gold skyrocketing.
@okvideos5 Quite the compelling argument. You keep "explaining" how there is enough gold. The only problem is that your "explanation" is merely a statement. You haven't actually explained ANYTHING. There is not enough gold.
There is enough gold, however, the gold standard isn't perfect, but it beats allowing governments getting away with printing out fiat monopoly money, screwing us all over.
Once we establish that, then we can discuss better alternatives to the gold standard.
I've gone back a ways to find your EXPLANATION but haven't. All I've seen from you is a claim that there's enough gold but no explanation for not only how you would implement the gold standard but how you would keep from spiraling us down into a depression or how you would keep our currency from being completely devalued and inflation from soaring. No. There have been no explanations. Only claims. But please enlighten me.
@CaptainNeatbeard You have it backwards. Currency already gets devalued on average 3% every year from fractional reserve and fiat money.
Do you understand that the Fed printing more money than resources causes the currency to be worth less aka inflation?
Currency tied to gold won't be devalued b/c its value is of the gold itself.
The panic of 1837 was NOT caused by the gold standard, in fact a big cause of it was the opposite. Banks were issuing too much paper money not backed by anything.
@okvideos5 I understand that currency is devalued from inflation. It happens with paper money, especially through interest and other means. I understand that the panic of 1837 was not an exact situation but it would be similar. Again, the banks were issuing too much paper money. Too much wealth was created. Then an abandonment of fiat money (or a retying of all wealth to gold and silver). There was not enough to cover everyone and it through the U.S. into a depression.
Not only that but we got rid of the gold standard in the 70's to create more wealth. There's not enough gold in the world to cover all the wealth that's been created. If we went back to the gold standard it would throw us into a depression.
@CaptainNeatbeard You are wrong. There is enough gold. The value of gold can rise to whatever is needed from 2000 an oz. to infinite. The advantage is that gold as money would always hold its value or increase and stop the government from being able to behind the scenes spend us and our great grandchildren out of house and home.
However, there are even better alternatives such as a basket of competing currencies.
Rising the value of the gold isn't going to solve anything. If you have an ounce of gold that is worth an entire house (due to it's scarcity) what if you just wanted to buy the ipod inside the house?
That is why there isn't enough gold to cover our economy in modern times...
@IFloridaMotocrossI you know that you wouldn't actually carry the gold around? So you have gold that is worth $300,000 an oz. (wow!) To buy a $300 ipod (1/1000 of 100,000) you would need a 30 milligram note.
@okvideos5 You have a pretty naive understanding of your argument about gold. You forget that by artificially raising the price of gold you are hurting the U.S. by causing us to spend more money to buy foreign goods. Raising the price of gold also increases total wealth artificially. Artificial wealth creation leads to inflation, or hyper-inflation, depending on the overall increase.
@okvideos5 Once again naivete. The price of gold is not fixed to the supply and demand of the market in the same way as, let's say, silver. The price of gold only goes up and down based on whether or not people are selling gold. And you MOST CERTAINLY did say to artificially raise the price of gold, whether you know it or not. You say it can rise to whatever is needed but since that's not how gold works to raise it to the amount to cover all the wealth would require you to artificially raise it.
@CaptainNeatbeard Alright CaptainRetard. Did you learn economics from barney? The price of gold does have to do with how many people are selling AND how many people are buying. Supply and demand.
If no one wants gold then I assure you that it doesn't matter how many people are selling.
If currency was tied to gold DEMAND would go up way faster than supply, therefore pushing the price of gold until it hit equilibrium.
@okvideos5 Let me explain it to you. Since the overall amount of gold does not cover the overall wealth if you tie currency back to gold you will completely DEVALUE that currency. Now your money will become worthless and you will find yourself in a severe depression. If you want an example of a similar situation look at the US depression of 1837.
@CaptainNeatbeard Also, The difference between the value of silver and gold is that silver's value is more strongly tied to it's industrial uses while gold's value is more monetary.
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We need Sarah Palin as President for she will enact Palinomics which will solve all of our financial problems since Palinomics has the SUPREME and DIVINE POWER OF GOD HERSELF!
I was at a party where some finance jackass was braying about how the next big thing was derivatives to sell to idiot doctors to lock in how much they'll get paid for hip replacements. He really thinks there's going to be a huge market for them to skim from. Doctors are easily fleeced, but COME ON.
And acid rain is melting your face. And africanized killer bees are migrating north from Mexico to take over the USA. And theres a hole in the ozone layer that will give everyone skin cancer.
Skin cancer rates are quite high in the Southern hemisphere, bu now the CFCs are gone, the hole is healing again. The killer bees are nasty, but not THAT nasty, and acid rain was a particular threat to forests, particularly in Germany, and pollution controls have eased that problem too.
Go to the Maldives or New Orleans or Bangladesh or even Greenland and you can see the effects of climate change. Even Texas is feeling an effect from increased arctic air currents.
this decade is the warmest ever. followed by the last decade. and so on.
But I dont expect that an american could understand, that this is the meaning of "global warming". Its not your fault, you education system simply sucks.
a good education and watching good documentaries on the subject of climate!
do you dispute that there was an ice cap hundreds of feet thick over all of N America and that it melted leaving glaciers that are currently melting away??
Right, so all that carbon that we're pumping out of the ground and into the air has nothing to do with this decade being the warmest on record, since record keeping began...
Keep spewing corporate-sponsored disinformation, big business will love you for it! cha-ching.
Carbon does insulate the globe, but is a minor "green house gas" speaking of green houses when you enter one what do you feel? Humidity right, because water vapor is a much greater green house gas. Excesses water vapor even at small amounts creates a great insulating effect that warms up the planet. Global warming is very real, but it is most likely caused by natural factors not human ones.
Highest temperatures in "recorded history" means your wrong, unless you believe that the 13th century was before recorded history, or that unrecorded data from that time period could somehow exist and be accurate.
Ice melts at a specific temperature, it doesn't need to be hotter than it is today to melt the ice of the past, no matter how much of it there was.
Now, stop calling others dumb, ignorant or foolish while you yourself are typing nonsensical messages.
well, but 7 degrees in sevenhoundred years are a bit less then 6 degrees(Celsius) in one hundret, which is the prognosis for the next century or the 1.5(celsius) this century.
Also, all volcanos combined just give 2% of the CO2, what man make, so please dont say, its just earth-made!!
Ban hedge funds, ban Collateral Debt Obligations, ban Credit Default Swaps, impose a 1% Tobin tax or wall street sales tax on high frequency tradings, and maybe restore the Glass-Steagall firewall that separates commercial banks from investment banks.
jsamsonite07 1 year ago 7
what are all those things in your ears?
punanibuzzed 1 year ago
AHAHAHA! The SAME people that you Liberals love are the SAME exact ones you hate! They have been successful at destroying America from within. You know, this country used to be amazing... yeah... back when almost everyone believe in god. Everyone stops believing and they take god out of everything and now look where we are going. People, we MUST pray for this country... We still have a chance, just believe in god.. thats all we have to do and things will be marvelous again!
Zickefoose 1 year ago
@Zickefoose Yes, back when we had Dick Cheney and George Bush to look up to.
Such great CHristian men of god.
HopeForPeaceNow 1 year ago
@Zickefoose What?!?When was this country amazing?Before civil liberties?Before workers rights?Before womens sufferage?Before abolishinists ended slavery?When?Never, its a mythical time you speak of that never really existed.And pray all you want your imaginary friend doesn't impact reality.We need a new social structure that removes the corruption and dominance all together.Right now we are an immature UNSUSTAINABLE petty childish society and always have been.
99missingperson99 1 year ago
Why not simply tell the banks that they are on their own, you mess up, your on your own buddy. Wouldn't that be much more simple?
SharkN5I50 1 year ago
the 1 world govt wsj-foxnews-rushie ECONOMIC FREEFALL neocons is the obstruction politico of NO ... the murdoch family (bod & largest shareholder) are mostly foreigners & rupert's wife's born in chicom Xuzhou ... meocons CAN'T HANDLE THE TRUTH so they lie ... take financial reform ... it is needed very badly ... but the meocons are fighting it all the way ... you need major govt regulations on our financial industry ... laissez faire failed again like in 1929 .. join the fox news sponsor boycott
AgnesBojaxhiu2000 1 year ago
If you are willing to set aside one time, your allegiance to Obama and question his motives with a little suspicion you may just find that he is just a politician. Political motivation may even be overshadowed by nefarious intent. I'm disgusted by the GOP as well, however right now they may actually have the country's best interest at heart in blocking this bill in its current form! Question everything from either side.
Budney420 1 year ago
the 1 world govt wsj-foxnews-rushie ECONOMIC FREEFALL neocons is the obstruction politico of NO ... the murdoch family (bod & largest shareholder) are mostly foreigners & rupert's wife's born in chicom Xuzhou ... meocons CAN'T HANDLE THE TRUTH so they lie ... take financial reform ... the tea party & gop will block it because they received cash support from wall street ... but we need regulation on derivatives ... the gop uses derivatives to crash the economy .. join the fox news sponsor boycott
AgnesBojaxhiu2000 1 year ago
@AgnesBojaxhiu2000 You'er right! The GOP did accept campain contributions from wall st. The Dems collected 10 times that amount from the 70% registered Dem Wall St. CEOs. As far as the GOP/Wall St. fat cat connection a little actual research is required on your account. Look at Obama's finacial advisory team. At least 1/2 are former Goldman Sachs CEOs and lobbyists and I haven't even finished investigating! Fact..check it out!
Budney420 1 year ago
CDS has been used for major mergers of big businesses. It is a fake exchange tools created by the Zionist world bank lobbyists to conquer the entire world for centralizing all human efforts and local resources for some narrow mind rich businessmen without paying due to the local people. They are the insults of our modern technology and our global intellects. All they play are political psychology of backdoor connections with fake money that people doesn't need.
beancube2010 1 year ago
Another bad part of the bill is the new oversight entity will be under the Fed.
bertly71 1 year ago
This quote explains the reason that we must demand real money tied to resources!! Fiat money is the enemy of the people. Who can understand?
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens
There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency......, and does it in a manner which not one man in a million is able to diagnose.
okvideos5 2 years ago
This has been flagged as spam show
Lets put banker bonuses into real perspective.
The US economy grew at a $89b annualized rate in Q2. That was the first growth since Q2 2008 and came to $22b in actual growth in Q3. The bankers, after causing the greatest economic calamity since the Great Depression, are rewarded with $140b, thats x6 the growth accomplished so far in the much heralded economic recovery.
Meanwhile, 7m families face foreclosure and 25m Americans cant find full time work.
Silberdachs 2 years ago
When the whole thing crashes, two things will happen if people are smart. (1) All that crap will simply be ignored as if it was never transacted. (2) Kill all the stock brokers and like parasites. Tracking them down and exterminating them would be a great jobs program. Wait. There's that Bill of Rights thing. Damn. But we can still dream.
newdarnaccount 2 years ago 2
I just wanted to say that the crazy, swirl o' particles intro graphic is awesome. Nice stylistic change.
FirstAmongNerds 2 years ago 2
I really wish we could have a true left wing party and not just these spineless, centrist Democrats.
madpickin26 2 years ago
I have very lil idea of what cenk is talking about here. Derivitives and such i dont know what the fuck they are.
Ivan951 2 years ago
Don't worry. Not even the people who designed them and trade them every day know what dirivitives are. They started out as a way of distributing risk, so individuals or corporations can make risky decisions and not lose their shirts, but now are simply ways to help very very rich people get even more money by gambling.
I retract the "don't worry" I said at the start off this comment. Worry. Be very very afraid.
dangerouslytalented 2 years ago
Comment removed
RedShirtDiaries 2 years ago
Yeah, the job of president is pretty useless now. The banks and corporations own most of the country and the people, and religious goof balls own the rest. The founding fathers would be having a WTF moment if they were still alive.
I guess for all their wisdom they just underestimated the levels of ignorance and stupidity some people can achieve.
morganbath 2 years ago
Obama's the biggest fucking disappointment I've ever seen. How's the Politics of making everyone happy working out for ya, Obama? It's not going to work for long, considering the only motherfuckers you aren't satisfying are your Constituents, you fucking moron.
Good luck winning in 2012, asshole.
IFloridaMotocrossI 2 years ago
Obama? I think George W fits the "biggest fucking disappointment" award.
hottiemen4me 2 years ago
No, I don't think many Progressives expected Bush to do anything productive, contrary to Obama's compaign promises.
IFloridaMotocrossI 2 years ago
True about GWB expectations.
Follow through on campaign promises? Not too many presidents have.
1. Bush promised to restore integrity and dignity to the White House. Failed miserably
2. Campaigned to bring in Compassionate Conservatism. Failed again. Isn't "Compassionate Conservatism" an oxymoron.
3. Claimed to be a fiscal conservative. Not to the wealthy elite. The national debt skyrocketed because of Bush.
Obama is stuck with Bush's mega cluster f---k. He deserves some slack.
hottiemen4me 2 years ago
That's true about campaign promises, but he talked a big game during the election. I was actually naive enough to expect a little FDR style legislation going through, but that isn't happening.
It's all this weak sauce legislation that's going to have our economy crash again and my mother living in pain until she's 55
What's most disappointing is that he and 7 other Senator's are the only hope for real reform, as it is....
IFloridaMotocrossI 2 years ago
FDR is one of my favorite presidents. He established laws against child labor, created the minimum wage and the 40 hr work week, created Social Security, and with the prompting of Eleanor he began a move away from racial discrimination.
(Fox News would probably be trying to rip FDR a new one if he was our current president.)
Nothing has changed as far as regulating Wall Street. I, too, am very concerned there will be another -manipulated by Wall Street- big drop in the stock market.
hottiemen4me 2 years ago
FDR met with the unions, talking about their common goals.
At the end of the meeting, Roosevelt told the unions: "Now we know what we BOTH want, it is YOUR job to force me to do it"...
Because there were very powerful people trying to force him to NOT do it.
Same goes with Obama, except the powerful people have an entire news network, talk radio,well the whole of Newscorp, as well as churches and the teabaggers along with the Republicans against him.
dangerouslytalented 2 years ago
@dangerouslytalented
The thing is, I don't see Obama having that kind of initiative.
IFloridaMotocrossI 2 years ago
Problem is, if he sticks his neck out too far, he will get his head clobbered, not only by the Republicans (who are already trying to clobber his head anyway, for any reason, even made up reasons like mustard on a hamburger) but by his own party.
dangerouslytalented 2 years ago
Bush wasn't a disappointment. He did just what was expected. Huge steps towards theocracy, pandering to the wealthy, deregulating the financial sector even more, starting wars and giving big juicy no bid contracts to his corporate buddies, all the while causing America to become a global embarrassment.
Calling Bush a disappointment is a huge misunderestimation.
dangerouslytalented 2 years ago
Right now he almost can't lose. The opposition have no viable candidates. Unless he invades a couple of countries and causes a financial meltdown like the last guy, he is pretty much gonna sail home to an easy win.
morganbath 2 years ago
Considering the alternative, Obama will win.
The Republicans are doing everything they can to block his reforms. Everything from shouting "I object" to every single Democratic remark, to joining with Lieberman and the Bluedogs to filibuster everything.
dangerouslytalented 2 years ago
VOTE OBAMA OUT AND VOTE 3RD PARTY
ebertnroeper 2 years ago 5
What? Libertarians? Greens? No, the only real chance is to take over the Democrats, and get behind people like Grayson, and complete the Progressive takeover of the Democrats, just like the Roosevelts did.
dangerouslytalented 2 years ago 4
Sure do that. But if they don't get the Democratic nomination, the next step would be to vote 3rd party. You have to keep the democratic party on its toes, else they will take you for granted like they always do
ebertnroeper 2 years ago
If enough Progressives get into congress to be able to filibuster legislation, then that would be perfect. Because the Republicans+1 democrat can do that, and ALL of the Republicans can be counted on to filibuster. At the moment, only a handful of third-party Progressives have to get in to wield enormous power to tip the balance.
dangerouslytalented 2 years ago
Good Point, Well lets vote progressives in congress. We need a viable 3rd party. We need competition.
ebertnroeper 2 years ago 2
Yeah, the Libertarians would just de-regulate more of the economy, and that's not really the direction we want to go....
IFloridaMotocrossI 2 years ago 3
@IFloridaMotocrossI Please, research until you figure out why limited government and abolishment of unnecessary regulations is the best thing for the prosperity and well being of the average citizen that is possible.
okvideos5 2 years ago
@okvideos5
Yeah, I have researched your Friedman, Austrian, Peter Schiff leaning views. They're garbage, counter-productive, and not even feasible in the modern day economics....
What you suggest is ideological, for recent history has proven your views, when converted to policy, to be disasterous.
IFloridaMotocrossI 2 years ago
@IFloridaMotocrossI examples please.
okvideos5 2 years ago
@IFloridaMotocrossI @IFloridaMotocrossI """"recent history has proven your views, when converted to policy, to be disasterous.""""
To clarify, examples of this. You're not Mike Norman right??? LOL
okvideos5 2 years ago
Removal of Glass-Steagall, heavier derivative leverages, legalized Credit Default Swaps, etc, etc...
IFloridaMotocrossI 2 years ago
Derivatives will destroy capitalism.
rring88 2 years ago
let them.The last 5 years I've been traveling around the world.because i believe capitalism will die soon any way
greenblacky 2 years ago
Worse is yet to come if we let the boys from Enron create a carbon credits trading scheme.
Dirivitives can be useful in a system, but this lawless application of dirivitives specifically created to give vast profits to a very few, THEY will destroy capitalism.
dangerouslytalented 2 years ago
by definition in capitalism, most or all profits go to the rich. I love all of the contradictions in capitalism. Like, capital accumulation is a necessity and capitalism cannot work without it, but if there is too much accumulation, the system fails because the poor do not have enough money to buy things.
rring88 2 years ago
Henry Ford knew different.
He raised the pay of his workers every year he could, paying the highest wages possible.
Because he knew he could make far more money if the workers could also afford to buy cars.
This is a lesson that the current industrialists have forgotten.
dangerouslytalented 2 years ago 2
definitely a high wage helps everyone, but if a company can pay their workers less, they make more profit. When every capitalist pays their workers less to be as competitive, capitalists will still try to pay their workers less to make more profit. Search "Capitalism hits the fan" It is amazing how since 1970, real wages have actually gone down, but productivity has doubled.
rring88 2 years ago
The corporations have bought most of Congress and the true members we have as a people left in the capitol have to contend with sellouts who rather make an extra buck instead of reforming the financial sector for the people. Just like the health care reform bill this stinks.
dmp079 2 years ago
how funny is it that Dem Blue dogs are suppose to be financial conservatives... they thought this bill went too far?
Ynative 2 years ago
fucken disgusting
mrpatience2007 2 years ago
Ana is really pretty :] <3
mannieTFormers 2 years ago
The numbers aren't that shocking. GDP doesn't tell us what everything is worth in the world; it merely measures production output (per year). So Cenk's analysis means nothing -- total apples and oranges. Derivative bets can cover everything, including real estate and other fixed assets. So when you spread it across 6.7 billion people, $90k per person isn't that shocking. The combined net VALUE of all people and establishments (incl govt) are worth much, much more than $600 trillion!
dookdawg214 2 years ago
America is going the way of Rome. I'm just waiting until they go broke from putting solid gold statues of Bill O'reilly everywhere.
blackkakari 2 years ago
Bill O'Reilly is a putz. We will look back and say how we should have listened to men like Lyndon LaRouche
rarelibra 2 years ago
if embezzeling is illegal, then why isnt credit default swaps??!
amp1616 2 years ago
Because very rich white people do credit default swaps.
Gerafix 2 years ago
NO SHIT its full of loopholes...
...its Obama's plan.
treid100182 2 years ago
You really think Obama single-handedly makes every bill and plan!? Then you're ignorant. ANYONE who makes a bill or whatever had to argue with like a dozen other people for hours, and by the time everything's done, the original plan is NOTHING like it originally was. To blame 'Obama' is just stupid.
Rietto 2 years ago
You meant to say: "NO SHIT it's full of loopholes... it's from politicians."
Gerafix 2 years ago
Comment removed
entelechi 2 years ago
Obama seem to forget that you must be the change you wish to see happen. Obama is a politcal whore job. I should have voted for Sara Palin so we can run this country down and then rebuild this country with slavery labor once again. Cenk can be in charge of sexing the women to create more slaves babies. I am fair man so i let any race be slave if they want to.
MrRightAllTime 2 years ago
This comment has received too many negative votes show
You didn't look too surprised Cenk,
with the new "Financial Reform Bill Loopholes".
Nor should you be.
Your liberal pals in the Congress
will continue to insure that their pockets
won't be negatively effected.
That's what happens,
when you, (the liberals),
have the "Presidency", the Senate, and the Congress.
You suck the economy dry.
bobbytiger 2 years ago
lol u mad?
deathgrindcheese 2 years ago
nah, bobby, we're just pissed that the democrats are following in the corrupt footsteps of your guys (the repubs).
Funny how you weren't upset about it when your guys were drained the economy.
rowdyphantom 2 years ago
"liberal pals in the Congress" News flash, lobbyists control liberals AND conservatives. Which is why under the conservatives we got rid of regulation. Fun. Until campaign finance reform is past this will continue. That will never pass though, since the very people who have to pass it have the most to loss from it; assuming its done right.
falconfira 2 years ago 3
@falconfira:
Totally agree,
but, I sometimes do get as partisan toward the Conservatives, as Cenk is to the left.
Needless to say,
both sides of the aisle in the Congress, (and the President),
are all whores, who will insure that their re-election comes first. And that it done with lots and lots of lobbyists money, which is a virtual guarantee.
Will there be real campaign finance reform?
Not going to happen.
And that's too bad for all of us.
bobbytiger 2 years ago
bobby-
You're trapped in the false dichotomy paradigm of "conservatives and liberals". There is a 800 lb gorilla in the room and you are busy throwing spitballs at the supposed problem.
In respect to "sucking the economy dry"; please look back to the previous administration for an egregious economic result.
1nomadic 2 years ago
goddamn ineffectual government.
TheDuckofLaw 2 years ago
We need to start searching for a candidate to take on Obama in 2012. These things take time, and the quicker we start the process the better.
sonyavsystem 2 years ago
nice thought but most people that are "better" at running things, are actually running things, like private businesses and non gov. businesses. What we should start doing is searching for the next "savior" politician who is as crooked or worse than the rest of them and repeat the process over and over and over again like we always do.
jsg103 2 years ago
well of course it is
jackhartcup 2 years ago
I don't think you understand the subjects you wish to comment upon. You confuse notional value of derivatives with actual value. How could investors pay for agency ratings? Even if you were right about eliminating future CDS, the real issue is what would you do about the ones that already exist? Pretend they didn't? Undo them?
CroatAndNettles 2 years ago
i kno this is an important issue but THANK GOD its a boring one, made me stop procrastinating and go back to my paper :P
shruberz 2 years ago
"It's madness! This is Sparta!"
sweYoda 2 years ago
why do i get the feeling that the Consumer Protection Agency will spend the entire time fucking over consumers?
stefminus 2 years ago
Give me control over a nation's currency, and I care not who makes its laws. (Mayer Amschel Rothschild 1743-1812) People will argue Left and Right with futility to their death until they understand how our monetary system is designed, until then they will not recognize the fallacies amongst political rhetoric aimed to separate and distract us from the underlying problem which is also "the power that be"-central banking; an entity who's tentacles extend into all aspects of government. End the Fed
beatsbytheory 2 years ago 2
I am not sure it matters who pays the fees to the credit rating agencys, apparently there was no fraud in the ratings they gave. The problem was as said in the financial times that the employees where rating complex deals they didnt understand . so as the FT again said they gave AAA ratings to "grotesque risk monsters".
it matters not who pays the fee if the people rating them dont know what they are doing.
Itajiwolf 2 years ago
Financial reform? Won't happen until there are riots or a revolt. Until then, WE'RE fucked on reform!!!
dirtynas 2 years ago 3
did they repeal GrammLeachBliley Act????
midgetman433 2 years ago
I couldn't agree with you more. The 1% elite who control the money, the country, and our lives will not stop until they are made to stop. One major problem, as I see it, is that the general public is virtually ignorant of what's going on in the country and the world. What's worse is that they don't care. The masses frequently react emotionally and irrationally. For a revolt to be successful we need the people to know what the hell is going on. I'm not holding my breath on that one.
hottiemen4me 2 years ago 2
"For a revolt to be successful we need the people to know what the hell is going on."
It might be easier to just pass out maps to their many homes and tell the mob... I mean "people" that these "richy-richers" are satanists who eat children... and burn flags. That ought to do it!
wdgeo 2 years ago
That's what's so sad about the current system, the powers that be have tricked the people there screwing into supporting and defending there agenda, and to add insult to injury, these same idiots oppose all efforts to reform and stop the current theft and abuse going on in Washington.
TheDalinkwent 2 years ago 2
"Financial Reform Bill is Filled with Loopholes"
OF COURSE!!!!
lestliness 2 years ago 2
How can you talk about this subject and not mention s(cum)boy BARNEY FRANK???
Who do you think the Banksters depend on as the Financial Services Committee Chairman to protect their scams???
C'mon Cenk!
RAMKING61 2 years ago
You're singling out Frank? I guess you forgot it was Paulson who wanted to hand over 100's of billions of dollars to his buddies on Wall Street ---carte blanche, no questions asked, and no repercussions for misuse or FRAUD. GWB used his usual scare tactics in a lame attempt to push Paulson's "rescue" plan through ASAP. Your "s(cum) boy" comment is about your problem with Frank's sex life. Financial reform and the failures of the Republicans and the Democrats are the issue here.
hottiemen4me 2 years ago
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Watch my videos.
RAMKING61 2 years ago
um, yeah, i'm going to the forest to hunt dear with stone tools by myself, it better than trusting another human being apparently
PrinceOfDoubt 2 years ago
Is there any possible way to regulate Wall Street, or are they just going to have free reign forever?
kelseywall 2 years ago
This trading bubble of imaginary money does really have the potential to once again crash the world economy.
qanazir 2 years ago 2
Cenk, Cenk, Cenk. I love you and agree with you about derivatives, but the $600 trillion figure IS NOT the value of the derivatives market. It is the "notional" value. That is a very misleading number.
A bank may make a loan of $1b at 5%. They may then enter a interest rate swap with a 0.5% exposure. The value of that swap is likely less than $1m, but the entire $1b is the NOTIONAL value included in the $600t figure.
Richardgwm 2 years ago
Is this figure is the top figure of all the payoffs for all of the dirivitives combined, kind of like adding up all of the money that would be paid off for ALL the bets on a particular horse race, not just the winner?
A lot of these institutions are putting up bets that they are not able to cover... This is what happened with AIG...
dangerouslytalented 2 years ago
The $600 trillion figure is ABSOLUTELY NOT the top payoff for all derivatives. The highest possible payoff for all derivatives is closer to $1 trillion, and the value of all derivatives is closer to $600 BILLION.
Think of it this way, If I bet you $100 that the budget deficit this year will be less than $1.4 trillion, our bet is NOT worth $1.4 trillion. It is worth $100.
Richardgwm 2 years ago
Noone's surprised by this. American politicians doing the bidding of the highest payer as they always do.
I hope european countries are honest and brave enough to take this into consideration, and do some restrictions. You see: Our banks are restricted to a point. They still do more than okay, makes lots of money. But they can't do as they please. Most european countries know that it would be dangerous to let them run fee. It's logical.
We need to protect us against the next crash in the US.
jo05dk 2 years ago 2
The next crash will be the carbon credits.
They will do exactly what Enron did to California, but on a global scale.
They will use the carbon credits to jack up the price of electricity for every nation that relies on coal and/or oil and, because they will make so much money trading them, they will not do anything to close the coal plants. They plan to use what is happening to the climate as an excuse to gain control of the electricity supply and take us hostage, raking in massive profits.
dangerouslytalented 2 years ago
Talented: I must admit that i don't know much about these things. In spite of the thumbs down you've gotten for this comment, i acually believe you may very well have a point. One things for sure: they wouldn't give a damn about how many people get affected and/or the climate. If there's money to be made they're there.
Guess we'll just have to wait and see..
jo05dk 2 years ago
BTW TYT
Germany and France are now looking at the UK tax on bankers bonuses.
They are going to do the same apparently
So Europe is Taxing the hyper rich back to Earth orbit, getting some of our loans back.
Ron Paul's tea baggers and Alex Jones call this communism LOL
we are taxing the rick, it is not communism, it is the will of the people.
They stole the economy.
tax it back.
invest in education and health.
plant the seed or you will get even more dumb ppl. and the USA will sink
marsCubed 2 years ago 8
Good luck getting this passed, even with 60 supposedly liberal Senators. Great idea, would love to see it, but the way this heavily Democratic Senate is acting, I don't foresee this happening. Making quite the cynic out of me.
sephirich 2 years ago
Yep, it's funny how simple the solution is. We could solve our economic problems by just putting back a high tax on extreme wealth. But, the U.S. is already a third world country politically, so soon we will be the next third world country economically, unless we working class grow some balls and some brains.
TheGiantRobot 2 years ago 4
@TheGiantRobot and punish people for succeeding and giving people what they want at a reasonable price??? Are you nuts. Why would I risk create a business to give people what they want/need and all the work that goes into it, if I will just get it taken by the government?
Yes, people in the U.S. do need to grow some brains. Real economics and why the U.S. became the greatest civilization man has ever known (past tense) should be taught in schools so that everyone understands.
okvideos5 2 years ago
You wouldn't risk making millions if you had to pay a high tax on it? If that's the case, good, I don't want your kind creating businesses, you've done horrible damage to America and the world as it is.
Also, people who create businesses are a small fraction of the rich. Most of the CEOs, who draw salaries 500x the average worker in their companies, are hired managers. They didn't create shit.
TheGiantRobot 2 years ago
@TheGiantRobot 70%+ of millionaires are from starting businesses (~10% from executive positions or being a crook on wallstreet/government and <10% from doctors, lawyers etc..).
And MOST businesses FAIL. You can lose a lot of money before you find success in providing the things that people want/need. Anyone who does this deserves their success.
... continued
okvideos5 2 years ago
People don't give up the security, less stress, min brain power, easier, path of least resistance route of being a taken care of employee for entrepreneurship if the gov't is just going to steal it and give it to themselves, the less initiated, and/or lazy.
Without the millions of Ben Franklins, Thomas Edisons, Steve Jobs, etc... we ALL lose and become poorer.
It is also important to realize that even if you took ALL the money from the top rich it wouldn't even make a dent in the gov't budget.
okvideos5 2 years ago
Okay, first, I'm not buying those numbers. I've known a lot of people who are worth a million or more (not a big deal where I live) and the vast majority are employed by someone else or they are independent contractors - one man businesses.
Anyway, one million doesn't make one rich these days. One million a year, yes, that's rich. And, you don't make that on your own, you make it by having others work for you. Not as you doing a favor to them, either.
TheGiantRobot 2 years ago
If you tax the rich, it does make a huge dent in our governmental income, so I don't know where you're coming from. It also means the working class can be taxed less, which means more of them can start businesses without relying on the rich. It also means the rich have much less leverage, because people are not impoverished - they can do their own thing or chose from many employers, not just a few conglomerates.
TheGiantRobot 2 years ago
You are so fucking right...
IFloridaMotocrossI 2 years ago
Haha, thanks, Motocross.
TheGiantRobot 2 years ago
Democrats and Republicans are exactly the same .. only as mirror images of one another they appear to be in opposition. They are always at each others thought because they are all hypocrites and the American people let them get away with it time after time after time. Can they ever learn and elect someone like Ron Paul for a change. I mean after the Nixons, Regans, Clintons and Bushes, cant they give a Ron Paul a try. After GWB how bad could Paul be .. I mean really?
Fukkutah 2 years ago
marsCubed 2 years ago
Ron Paul wants even LESS regulation than Bush had, and wants to put the US back on the gold standard, which would create a bubble in the gold market, as the US has to buy up massive quantities of gold, thereby forcing up the price of gold and causing massive inflation and debt. It
dangerouslytalented 2 years ago
Dam man, that is a good point, well said.
anubus55555 2 years ago
and the subsequent deflation would kill the US economy dead in the water. The gold standard has been dead since the early 1970s under Nixon - who effectively ended the Bretton Woods Agreement by doing that.
johncrwarner 2 years ago
Paul wants to end the Federal Reserve, which causes inflation by printing more money. The gold standard would make your dollar hold up, while the green piece of paper we have right now could be worth nothing with the expected hyper inflation that ill practices of the Fed have led to by pumping more money into the system with nothing to back it. Sorry, but I think we disagree on Paul.
Fukkutah 2 years ago 3
They would have to purchase the gold, one dollar worth of gold for every dollar in your wallet, in your bank account.
Turning to the gold standard would cause INSTANT hyperinflation, plus the instant skyrocketing of the price of gold, which speculators would immediately hoard.pushing up the price not only of gold, but of electronics, which use gold, jewellery, and anything else that requires the use of gold.
dangerouslytalented 2 years ago
hyper inflation is almost inevitable so I'd rather we had it going in the right direction of re-establishing the gold standard and removing this large counterfeiting operation called the Fed rather have it and have the Fed enslave all of us in the end of its cycle. What was the purpose of establishing the Federal Reserve again if you could remind us?
Fukkutah 2 years ago
The problem is, there ISNT enough gold to operate our modern economy. It is too large (even after hyperinflation). And this is why we got off the gold standard in the FIRST place.
dangerouslytalented 2 years ago
Well the economy is this size because of credit and because of greedy people who misuse it to grow filthy rich exploiting it with various pyramid schemes. The economy doesn't need to be this large because its unreal. Sort of like buying a couple of monopoly games and thinking you have struck it rich with all the cash inside. It is a fake credit-based economy, and guess who will end up paying for it when things go wrong. Bankers or the Fed?
Fukkutah 2 years ago
It is a fake credit based economy, yes, that is what the Supply Side System does. What needs to be done is go back to the kind of system they had back in the 50s, 60s and 70s. The kind of system that they STILL have in Germany, South Korea and Japan, based on higher wages and lower profit margins. Speculation is happening because it is far more profitable to speculate on securities than to build factories and create jobs.
Going onto the gold standard will just create speculation in gold.
dangerouslytalented 2 years ago
Totally agree.
/watch?v=CMV-Thhx3ps&feature=email
I have tried in vain to drill things like this into people here. If you are board and fancy pontificating check it out.
CmdrTobs 2 years ago
@dangerouslytalented we got off the gold standard so that governments could spend money beyond what they had. There is enough gold because the price of gold can rise to accommodate any demand.
okvideos5 2 years ago
So when a bank goes on a "run" people don't lose all they're money that's in that bank.
IFloridaMotocrossI 2 years ago
I'll use a metaphor that Ron Paul used. If you have a drug addict who wanted a cure, would you deprive him of that cure because you fear withdrawal symptoms and continue supplying with more drugs. This is what you're suggesting with this dollar printing economics.
Fukkutah 2 years ago
There is not enough of the "cure' (in this case, gold) to prescribe a proper treatment. And even if there WAS, we would basically be selling the entire economy to speculators, who would be hoarding every single speck of gold they could find.
dangerouslytalented 2 years ago
Then let the economy shrink to its realistic size .. use other commodities with gold, but don't just continue to print paper and call that an economy
Fukkutah 2 years ago
The gold standard is not the cure for overspeculation. The value of gold is not set. It is as open to speculation and market manipulation as much as any paper fiat currency.
This has already happened with silver (the Bunker-Hunt brothers in the 70s) and with oil (this decade).
dangerouslytalented 2 years ago
What we need to go back to is a little further than what you suggested .. 1930s. The bankers are evil .. and the Fed is a collection of that evil and greedy filth. They have the strings of market sentiment and every once so often use it to crash the market and buy the economy for cents on the dollar. Who do you think benefits every time there is a crash in the market? Who is purchasing failed banks with their assets? They are like a black hole that sucks in everything.
Fukkutah 2 years ago 8
This last comment, Fukkutah, is right on. The Feds are using us. Crash the market, buy it up cheap, raise it up, crash it again. This is why the Fed chief plays with the rates, to keep the markets and the economy unpredictable and unstable.
As far as a gold standard, it's not that important. What's important is that we have a fixed amount of currency - no more fractional banking. And, sorry, Paul is an elitist, corporate liar, but I like a lot of your posts otherwise.
TheGiantRobot 2 years ago
@TheGiantRobot It is true. The gold standard is simply not feasible any more. What needs to happen is have an end to this fiat system in place, either by eradicating the fed, or by having control over it.
spiderpig85 2 years ago
@spiderpig85 just curious. Why do you think the gold standard isn't feasible, although like I said, there are better alternatives.
A gold standard is superior to our current fractional reserve, inflationary, fiat currency for sure.
okvideos5 2 years ago
@okvideos5 The gold standard is not feasible because of several reasons. One major one being that there is a finite amount of gold on earth, and there is not enough to support a system for everyone.
spiderpig85 2 years ago
Comment removed
okvideos5 2 years ago
@okvideos5
There is 140 000 tonnes of gold on earth. This is worth about 1.8 trillion. the US governments sovereign debt is about 7 trillion. There is not enough gold to cover the value on earth without the price of gold skyrocketing.
spiderpig85 2 years ago
@spiderpig85 "without the price of gold skyrocketing"
Bingo!!! You solved the dilemma all on your own. Congratulations.
okvideos5 2 years ago
@okvideos5 Quite the compelling argument. You keep "explaining" how there is enough gold. The only problem is that your "explanation" is merely a statement. You haven't actually explained ANYTHING. There is not enough gold.
CaptainNeatbeard 2 years ago
@CaptainNeatbeard LOL.
Read ALL of my comments on this video genius.
There is enough gold, however, the gold standard isn't perfect, but it beats allowing governments getting away with printing out fiat monopoly money, screwing us all over.
Once we establish that, then we can discuss better alternatives to the gold standard.
okvideos5 2 years ago
I've gone back a ways to find your EXPLANATION but haven't. All I've seen from you is a claim that there's enough gold but no explanation for not only how you would implement the gold standard but how you would keep from spiraling us down into a depression or how you would keep our currency from being completely devalued and inflation from soaring. No. There have been no explanations. Only claims. But please enlighten me.
CaptainNeatbeard 2 years ago
@CaptainNeatbeard You have it backwards. Currency already gets devalued on average 3% every year from fractional reserve and fiat money.
Do you understand that the Fed printing more money than resources causes the currency to be worth less aka inflation?
Currency tied to gold won't be devalued b/c its value is of the gold itself.
The panic of 1837 was NOT caused by the gold standard, in fact a big cause of it was the opposite. Banks were issuing too much paper money not backed by anything.
okvideos5 2 years ago
@okvideos5 I understand that currency is devalued from inflation. It happens with paper money, especially through interest and other means. I understand that the panic of 1837 was not an exact situation but it would be similar. Again, the banks were issuing too much paper money. Too much wealth was created. Then an abandonment of fiat money (or a retying of all wealth to gold and silver). There was not enough to cover everyone and it through the U.S. into a depression.
CaptainNeatbeard 2 years ago
Not only that but we got rid of the gold standard in the 70's to create more wealth. There's not enough gold in the world to cover all the wealth that's been created. If we went back to the gold standard it would throw us into a depression.
CaptainNeatbeard 2 years ago
@CaptainNeatbeard You are wrong. There is enough gold. The value of gold can rise to whatever is needed from 2000 an oz. to infinite. The advantage is that gold as money would always hold its value or increase and stop the government from being able to behind the scenes spend us and our great grandchildren out of house and home.
However, there are even better alternatives such as a basket of competing currencies.
okvideos5 2 years ago
@okvideos5
Rising the value of the gold isn't going to solve anything. If you have an ounce of gold that is worth an entire house (due to it's scarcity) what if you just wanted to buy the ipod inside the house?
That is why there isn't enough gold to cover our economy in modern times...
IFloridaMotocrossI 2 years ago
@IFloridaMotocrossI you know that you wouldn't actually carry the gold around? So you have gold that is worth $300,000 an oz. (wow!) To buy a $300 ipod (1/1000 of 100,000) you would need a 30 milligram note.
okvideos5 2 years ago
In that case, you are still using a note that has to be fiat..... Why even go back?
IFloridaMotocrossI 2 years ago
@okvideos5 You have a pretty naive understanding of your argument about gold. You forget that by artificially raising the price of gold you are hurting the U.S. by causing us to spend more money to buy foreign goods. Raising the price of gold also increases total wealth artificially. Artificial wealth creation leads to inflation, or hyper-inflation, depending on the overall increase.
CaptainNeatbeard 2 years ago
@CaptainNeatbeard There is no naivety here especially since you are the one that doesn't get it...
I didn't say anything about artificially raising the price of gold. The price would still be determined by supply and demand aka the market.
However, your whole comment corroborates against inflationary, fiat money and for real money.
okvideos5 2 years ago
@okvideos5 Once again naivete. The price of gold is not fixed to the supply and demand of the market in the same way as, let's say, silver. The price of gold only goes up and down based on whether or not people are selling gold. And you MOST CERTAINLY did say to artificially raise the price of gold, whether you know it or not. You say it can rise to whatever is needed but since that's not how gold works to raise it to the amount to cover all the wealth would require you to artificially raise it.
CaptainNeatbeard 2 years ago
@CaptainNeatbeard Alright CaptainRetard. Did you learn economics from barney? The price of gold does have to do with how many people are selling AND how many people are buying. Supply and demand.
If no one wants gold then I assure you that it doesn't matter how many people are selling.
If currency was tied to gold DEMAND would go up way faster than supply, therefore pushing the price of gold until it hit equilibrium.
okvideos5 2 years ago
@okvideos5 Let me explain it to you. Since the overall amount of gold does not cover the overall wealth if you tie currency back to gold you will completely DEVALUE that currency. Now your money will become worthless and you will find yourself in a severe depression. If you want an example of a similar situation look at the US depression of 1837.
CaptainNeatbeard 2 years ago
@CaptainNeatbeard Also, The difference between the value of silver and gold is that silver's value is more strongly tied to it's industrial uses while gold's value is more monetary.
okvideos5 2 years ago
This comment has received too many negative votes show
We need Sarah Palin as President for she will enact Palinomics which will solve all of our financial problems since Palinomics has the SUPREME and DIVINE POWER OF GOD HERSELF!
ecwaufisxtreme 2 years ago
I was at a party where some finance jackass was braying about how the next big thing was derivatives to sell to idiot doctors to lock in how much they'll get paid for hip replacements. He really thinks there's going to be a huge market for them to skim from. Doctors are easily fleeced, but COME ON.
GrownupPhan 2 years ago
The global warming scam passed by Congress. Goldman Sachs is in the middle of it, as usual a potential trillion dollar sure thing.
And Former Vice President Al Gore who will profit from the cap-and-trade plan through his company, Generation Investment Management,
Gore is joined by three former Goldman Sachs heads in their carbon offsets business.
RomeoMD25 2 years ago
Global warming is no scam.
But carbon trading is. It was put together by the exact same people who brought us the subprime mortgage bonds and Enron.
dangerouslytalented 2 years ago
Global warming is real!
And acid rain is melting your face. And africanized killer bees are migrating north from Mexico to take over the USA. And theres a hole in the ozone layer that will give everyone skin cancer.
Scorceror 2 years ago
Skin cancer rates are quite high in the Southern hemisphere, bu now the CFCs are gone, the hole is healing again. The killer bees are nasty, but not THAT nasty, and acid rain was a particular threat to forests, particularly in Germany, and pollution controls have eased that problem too.
Go to the Maldives or New Orleans or Bangladesh or even Greenland and you can see the effects of climate change. Even Texas is feeling an effect from increased arctic air currents.
dangerouslytalented 2 years ago 4
global warming is proven, so fuck off.
Battleschnodder 2 years ago 3
@Battleschnodder no shit and there's a big yellow thing called THE SUN that causes it dumbass
TyredUvBS 2 years ago
lol
Aspire198 2 years ago
Your ignorance is astounding. Good comeback, though!
Scorceror 2 years ago
this decade is the warmest ever. followed by the last decade. and so on.
But I dont expect that an american could understand, that this is the meaning of "global warming". Its not your fault, you education system simply sucks.
Battleschnodder 2 years ago 3
@Battleschnodder
"this decade is the warmest ever. followed by the last decade. and so on."
you dumb, ignorant progressive dork!
the planet has had very many warmings and coolings in past history, none of which were man made
in the 13th century the earth was 7 degrees warmer than today, with great results
the great warming that melted the ice caps over all n. America thousands of yrs ago was MUCH hotter than any current warming
get your fuckin act together, fool
genie0390 2 years ago
whats your source on that?
Silentisdeath 2 years ago
Silentisdeath,
what's my source,??
a good education and watching good documentaries on the subject of climate!
do you dispute that there was an ice cap hundreds of feet thick over all of N America and that it melted leaving glaciers that are currently melting away??
genie0390 2 years ago
Right, so all that carbon that we're pumping out of the ground and into the air has nothing to do with this decade being the warmest on record, since record keeping began...
Keep spewing corporate-sponsored disinformation, big business will love you for it! cha-ching.
antifaith82 2 years ago
Carbon does insulate the globe, but is a minor "green house gas" speaking of green houses when you enter one what do you feel? Humidity right, because water vapor is a much greater green house gas. Excesses water vapor even at small amounts creates a great insulating effect that warms up the planet. Global warming is very real, but it is most likely caused by natural factors not human ones.
whatdoyouwantandwhy 2 years ago
@whatdoyouwantandwhy
Boy does it feel Humid, it's like Natures Sauna.
Amazing what Liquid can do if given the right mixture.
2DRonaldo 2 years ago
Highest temperatures in "recorded history" means your wrong, unless you believe that the 13th century was before recorded history, or that unrecorded data from that time period could somehow exist and be accurate.
Ice melts at a specific temperature, it doesn't need to be hotter than it is today to melt the ice of the past, no matter how much of it there was.
Now, stop calling others dumb, ignorant or foolish while you yourself are typing nonsensical messages.
XGP15A3 2 years ago
well, but 7 degrees in sevenhoundred years are a bit less then 6 degrees(Celsius) in one hundret, which is the prognosis for the next century or the 1.5(celsius) this century.
Also, all volcanos combined just give 2% of the CO2, what man make, so please dont say, its just earth-made!!
Battleschnodder 2 years ago
This comment has received too many negative votes show
Nancy Pelosi the slithering reptile doesn't care what the fuck gets passed by the House as long as it costs trillions of dollars.
LIBERAL BITCH
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