
Regulators Move to Ease Post-Crisis Oversight of Wall Street - areoform
https://www.nytimes.com/2019/03/06/business/bank-regulation.html
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marricks
I feel like they learned their lesson, and unfortunately for us that lesson
was the government will bail out big banks and executives will get away with
it unscathed so let’s start the boom bust cycle over again in earnest.

~~~
AlexTWithBeard
Well, if you're taking about TARP, the big banks paid everything back with
interest, so the government has even made some profit from this bailout.

~~~
DonnyV
What about the home owners? No one bailed them out. Its always privatize the
profits and socialize the losses.

~~~
zackmorris
This is by design:

[https://nowthisnews.com/videos/politics/jennifer-lawrence-
is...](https://nowthisnews.com/videos/politics/jennifer-lawrence-is-
unbreaking-americas-political-system-failure)

[https://represent.us/](https://represent.us/)

Federal elected officials spend 70% of their time now fundraising, so they
only listen to their donors. And their donors are billionaires and large
institutions.

So there is no statistical correlation now between an issue's popularity and
whether it gets passed into law (voters have been disenfranchised).

Meaning the next bailout will happen exactly the same as the last one, unless
left-right coalitions and other organizations work to end corruption at the
local grassroots level and work their way up to state and federal.

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neaden
Alternate title: Regulators Move to Ease Pre-Crisis Oversight of Wall Street.

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AnimalMuppet
Took me a minute to get that.

And, arguably, that's what happened last time - the repeal of Glass-Steagall
was a big part of creating the environment where the crisis was possible.

------
Causality1
"Stock trading is a young man's game. Right about ten or twelve years after a
crisis, most of the brokers are the floor are too young to remember what the
last crash looked like. You start to hear rumors about bold new ways of doing
things, bold new ways which usually amount to lying, cheating, and stealing."

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ham_sandwich
Wouldn’t large banks and other institutions be in favor of more regulations to
deepen their moats?

I could see why they’d want to get rid of Volckler though, so the big I-banks
can return to the serious pre-crisis trading revenues they were printing.

Just looking quickly at Goldman’s 2006 10K shows they had over $25B in trading
revenue, compared to $5.6B from their traditional investment banking sleeve. I
had no idea it was at that level, wow.

~~~
b_tterc_p
Banking is already very difficult to enter. They have one of the biggest moats
across all industries. This is just a block on extra risky behaviors that are
quite lucrative for the banks.

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codeduck
Those who ignore history are doomed to repeat it.

~~~
awakeasleep
I don't know if this saying applies here.

In the crisis, the finance industry was able to pillage the wealth of the
citizenry, then foreclose on all the property when it blew up, then rent the
property back to the citizens.

A saying for this situation would be more like "A pack of wolves won't be
satisfied with eating just one sheep"

If the citizenry isn't able to defend itself by electing good representation,
it's defenseless to this type of predation.

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ionised
Great.

So nobody learned anything, back to business as usual.

Boom. Bust. Bailout. Boom. Bust. Bailout.

And the tax payer will get the shaft, every time.

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Circumnavigate
Glass-Steagall needs to be repealed.

~~~
AnimalMuppet
I think those replying (and downvoting) need to adjust their sarcasm detector
and re-read.

~~~
mrguyorama
Except there are plenty of people who truly believe that, and it's hard to
tell the difference anymore

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AnimalMuppet
There's plenty of people who believe that Glass-Steagall needs to be repealed?
It was repealed in 1999 (the relevant parts, anyway). That's part of how we
got to 2008.

Anyone who believes that Glass-Steagall needs to be repealed is literally two
decades behind on the news.

That's why I think that it was sarcasm. "We need to remove the post-crisis
oversight" is being compared to repeal of Glass-Steagall. That helped create
the next (2008) crisis; the implication being that ending the post-crisis
supervision will help create the _next_ crisis.

