While No One Was Looking, Congress Took A Huge Step Toward Fixing The Economy

[Spike]

Another Obama FAIL


Dodd-Frank banking law repealed

House lawmakers on Thursday advanced the "crown jewel" of the GOP-led regulatory reform effort, effectively gutting the Dodd-Frank financial regulations that were put in place during the Obama administration.

The Financial Choice Act, approved in the House by a 233-to-186 vote (no Democrats voted for the bill), has generated almost zero attention. But it has the potential to be the most economically beneficial legislation Congress will consider this year.

Put simply, Dodd-Frank has been a complete failure. Signed into law by President Obama almost seven years ago in the wake of the financial crisis, this massive law was supposed to, in his words, "be good for the economy … foster innovation … stop taxpayer bailouts once and for all."

It has lived up to zero of those promises.

Dodd-Frank's 22,000 pages of regulations, which cost $36 billion to comply with in the first six years, has choked competition in the banking industry, made banking more expensive, harmed economic growth and, to top it off, failed to make the banking system safer or end "too-big-to-fail."

And as for making the financial sector less risky — that too was a sham.

Last year, former Obama economic advisor Larry Summers published a paper looking at financial risks in the wake of Dodd-Frank and found that "no evidence that markets regard banks as safer today than they were before the crisis, despite large decreases in leverage."

http://www.investors.com/politics/e...s-took-a-huge-step-toward-fixing-the-economy/

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President Trump begins dismantling Obama financial regulations

With the stroke of a pen, President Trump has begun the push to dismantle the sweeping Dodd-Frank reform of Wall Street.

Trump signed an executive order that sets the stage for rewriting U.S. financial regulation in an effort to encourage more lending to American businesses.

http://money.cnn.com/2017/02/03/investing/dodd-frank-executive-order-wall-street/index.html?iid=EL

 

[TDX27]

Didn't see that. Good news. Keep plowing forward. I want to see healthcare and/or tax reform get done before their summer break.. If they get either done and especially if the get both done, the markets will go up another 5%.

 

[Ron Burgundy]

Tax cuts for the rich, poor people hurt, blah, blah, blah.

 

[MT~Forged]

Tax cuts for the rich, poor people hurt, blah, blah, blah.

Poor people don't pay taxes, so how would a 50% tax cut for them help? Tax cuts only help those that PAY ******* TAXES.

 

[IndySteel]

Poor people don't pay taxes, so how would a 50% tax cut for them help? Tax cuts only help those that PAY ******* TAXES.

 

[ark steel]

The too big to fail banks, unless I am mistaken have even bigger pieces of the pie today than before Dodd-Frank. seems the reverse of what should have happened.

 

[Tim Steelersfan]

This too should be in the Winning thread! Great news.

 

[mightyguru]

Everybody is looking quite closely, actually.

 

[Spike]

This too should be in the Winning thread!

Haters are too chicken to go there - so I cram in down their throats here



Trump Drops Binders of Paperwork Costing $29M in Pitch for Simpler Infrastructure Process

President Donald Trump on Friday delivered an infrastructure speech in which he displayed what he said was a $29 million, 70-pound environmental report that state officials paid for to get an 18-mile roadway approved, highlighting the hurdles and paperwork that builders face to start major projects.

The president argued that Americans face bureaucratic challenges and burdensome regulations to get projects approved, arguing for a simpler, streamlined process.

To illustrate his point, Trump said he met with state officials responsible for managing infrastructure construction before his speech. One official from Maryland told him about the work that was required to approve the building of a road just 18 miles long.

"They spent $29 million for an environmental report weighing 70 pounds and costing $24,000 per page," Trump said.

“So they spent millions and millions of dollars—when I said how long has this short roadway been talked about, the gentleman said, ‘Well, if you say 20 years, you’re safe,’” Trump said.

http://freebeacon.com/issues/trump-drops-paperwork-pitch-simpler-infrastructure-process/





http://freebeacon.com/issues/trump-drops-paperwork-pitch-simpler-infrastructure-process/

 

[Roy92040]

Okay quit trying to confuse us with the facts here.

 

[SteelerInLebanon]

This whole Russia thing was just smoke screen to get this passed with no one looking. All part of Trumps evil plan. Muhwahahahah.


Sent from my iPhone using Steeler Nation mobile app

 

[Ron Burgundy]

Poor people don't pay taxes, so how would a 50% tax cut for them help? Tax cuts only help those that PAY ******* TAXES.

Hater. The government needs to take money off of people who have more than I do because it makes me feel better.

 

[katsung47]

I'm afraid this is another step to a financial crisis.

944. See how big the bubble is (1/25/2017)

17 years ago, I found the Feds moved the area residents away and bought in houses in large scale. (see #733, 734, 736. CASH FOR HOUSE). As early as 2003, I warned of a housing bubble. (see #180. Beware of housing bubble (11/16/03))That bubble keeps growing up until now. I think that's because They failed to eliminate Kat Sung. The result is: San Jose becomes No.1 highest median house price city (where I live) and San Franciso is the No.2. (Where my mother and sisters live).

Here is a chart of median home sale prices of San Francisco. The curve is accordant to the persecution course the Feds apply on me. The unusual upward price started from 1993. Though the chart author thought there were two bubbles, it is still a big one in fact. The bubble stopped growing up in 2008 due to financial tsunami but the Feds managed to prevent it from breaking. The down turn was mild. Even in lowest point of 2011, it's 695,000. Double the amount of starting price.

From steep curve you may see how big this bubble is.

Report: San Jose, Not San Francisco, Has Highest Median Home Price In Country
BY JACK MORSE IN NEWS ON AUG 12, 2016

San Jose, with a median home price of $1,085,000, currently ranks as the most expensive metropolitan area for would-be home owners. The second most expensive? That would be San Francisco coming in at $885,600.

http://sfist.com/2016/08/12/san_jose_not_san_francisco_has_high.php

 

[CoolieMan]

why don't you all your stupid **** in one thread?

 

[CharlesDavenport]

Talk to me when the ***** senate passes it.

 

[Steelin]

Dodd-Frank is another Obama failure to fall. Winning again under-reported by our "real" news sources. Tell your friends of the good works that our maligned president has implemented. Our press sure isn't. ******* traitors.

 

[Ron Burgundy]

Republican meeting last night after which we adjourn to the post-meeting meeting at the bar/restaurant across the street as usual. I grew up with the owner. He's a hard-core Conservative and owns another company besides this, which is really his main line of work.
So he's sitting with us and I mention the sign out front with new hours due to putting a new facade on the building soon. He says "Yeah, let me tell you about that. I got a grant from the state, we're ready to start, then they say I have to pay "prevailing wage" and pay the painter $80 an hour. No f'ing way I'm paying a painter $80 an hour, my kids can do it. They want me to give some of the money back, hell they can have it."
I said "You're not really paying the painter $80 an hour, you're paying the painter's union $80 an hour, the pay the painter $20, keep some, and donate the rest to Democrats."
He laughs and says "You're giving me an erection."

 

[Steeltime]

Well, yeah, but those government workers earn less than people in the private sector and therefore are giving up money to do the Lord's work.

Or not.

The study found that federal government workers earned an average of $84,153 in 2014, compared to the private sector’s average of $56,350. Cato based its findings on figures from the U.S. Bureau of Economic Analysis (BEA). But when adding in benefits pay for federal workers, the difference becomes more dramatic. Federal employees made $119,934 in total compensation last year, while private sector workers earned $67,246, a difference of over $52,000, or 78 percent.

http://freebeacon.com/issues/study-government-workers-make-78-percent-more-than-private-sector/

 

[Stryker]

Why regulate banks? What harm could that do...

 

[Ron Burgundy]

Why regulate banks? What harm could that do...

Banks have the money, therefore they are racist.

 

[21STEELERS21]

Yes why regulate banks, seems beyond fair to let them invest our deposits in the stock market and keep
paying us the 0.25% interest on those deposits. I like to keep 30K in my regular savings and last year
I was able to earn a whole 75 dollars in bank interest. The wife really appreciated that fine night out I
treated her too on the $75. Wonder how much the bank made?

 

[hamster]

Yes why regulate banks, seems beyond fair to let them invest our deposits in the stock market and keep
paying us the 0.25% interest on those deposits. I like to keep 30K in my regular savings and last year
I was able to earn a whole 75 dollars in bank interest. The wife really appreciated that fine night out I
treated her too on the $75. Wonder how much the bank made?

You can invest it yourself, just like the banks. Quit your whining.

 

[katsung47]

945. The 2017 bubble(2/1/2017)


It was the popping up of the housing bubble that caused the financial tsunami in 2008. The bubble hasn't been cleaned up completely. The real estate loan were lent from banks. No big bank collapsed. They were bailed out by government with tax-payers' money. The banks still held large quantity of foreclosed houses. Then we saw Federal Reserve's Quantitative easy program. That money took over the foreclosed houses for a larger bubble. QE3, where the central bank had spent close to $40 billion per month in mortgage-backed securities. So much money injected into real estate's area, that's why I said there is only one bubble - the 2007 one hasn't been cleaned up and the residue has been extended to a even bigger one - I call it 2017 bubble.

A bubble needs money to keep it to inflating. Federal Reserve had spent nearly four trillion to blow up such a big real estate balloon. It seems they don't want to pour money into that hole any more. So a crook is pushed out to take that responsibility.

I say 2017 bubble because: 1. Federal Reserve said it likely will increase interest twice this year - that will pop up the housing bubble.

2. The unprecedented 2016 election in US that put an unqualified man on president seat. I said something big will happen that nobody (party) want to take the responsibility. (see "902. Trump's job (2) (5/7/2016)")

3. Something big (other then the coming economic crisis) will take place in Europe: War; natural disaster; terror attack.... to distract people from that economic crisis, and drive the money in Europe to US to take over the bubble too. It relates to Russian. I believe Putin is bribed by the Feds to cooperate on this. Trump's Russian love is not a coincidence.

 

[DBS1970]

Why regulate banks? What harm could that do...

Regulation of banks caused the crash via the community reinvestment act forcing the banks to make loans to people who could not pay them back.

 

[Stryker]

Regulation of banks caused the crash via the community reinvestment act forcing the banks to make loans to people who could not pay them back.

SMFH...

You'd think that banks would be fiscally responsible. They are not. It wasn't giving bad loans that crippled the banks, it's allowing banks to retain 10% wealth and loan out 90%. That is where the problems happen, because the banks are fabricating money and creating a false economy. Here's a banking lesson if you want to understand how these institutions operate:

You put $10k in a bank.
The bank is now allowed to loan $9k out, but it's not your $9k. It's the $9k they just punched into their computer. Your $10k is still there.
So now with this 'new' $9k loan, then can now loan out $8100
and here's a new $7290 loan on the $8100
Loans now for $6561, 5905, 5314 4782 4304, 3874, 3486, 3138, 2824, 2541, 2287, 2058, 1853, 1667, 1500, 1350, 1215, 1094, 984.
That's roughly $80k in fabricated loan amounts off a $10k actual investment.

Banks use these fabricated loans to create bad loans. The bad loans are not problems to banks, because they want land/realestate. If you can't pay your mortgage, no problem, the bank now owns the property. This is the bank's end game. Bad loans aren't the problem, because they gain property. The problem is allowing banks to loan money they never had in the first place. The is the epitome of fiscal irresponsibility.

Don't even get me going on shorting stocks, because that makes no ******* sense for a healthy market economy...