DonDiego Suggests It Is Time For . . .

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Originally posted by: arshaleign
I'm sure DonDiego cheered when Wall Street and the investment banking industry was substantially deregulated about a dozen years ago.
How's that working out?
DonDiego has possessed sufficient restraint so as not to cheer as often as arshaleign [AKA forkush] might suggest.
Some de-regulation worked out fine; what didn't work out has been a disaster.

Nonetheless, the biggest "reforms" happened more like 13 years ago, . . . not that it matters. And now things are just totally out of hand, . . . "the foxes are in charge of the henhouse." Some regulations are gone, and some regulations are being ignored without penalty.

item: The government folks in charge of present regulation don't know how to do their jobs; they rely on the bankers to tell them how to regulate the banks. And they relied on the bankers themselves to work out the big bank bailout. Ref: Yahoo.finance

item: The theft of $1.2-billion in depositor funds in the "bankruptcy" of MF Global, in which some hundreds-of-millions-of-depositor-dollars, . . . n.b.not investments, just deposits like in a bank, . . . were transferred illegally to JP Morgan the day before bankruptcy was declared. MF Global's CEO, a Mr. John Corzine, stated before Congress he didn't know where the money had gone. He remains a free and unindicted man. Just this week it has been reported that MF Global was a client of Attorney General Eric Holder's law firm.

item: Treasury Secretary Timothy Geitner was advised the "big banks" were illegally manipulating the London Interbank Offered Rate (Libor) and pocketing millions-of-dollars-a-day months before doing anything about it. Ref: realclearpolitics

As earlier, DonDiego is not trying to influence any reader's political decision. It doesn't matter. They are all crooks. The bankers are the chief crooks.
DonDiego recommends the reader take whatever actions he can to shield himself from a potential financial collapse. It'll start in Europe; it won't stop in Europe.
One should at least keep a few months-worth of cash on hand - not in a bank - so as to be able to buy necessities, if the stores remain open. Plan for temporary chaos. Don't depend on immediate Government "help"; that's what got us here - too much Government "help", with no way to pay for it.


Quote

Originally posted by: DonDiego
Some de-regulation worked out fine; what didn't work out has been a disaster.

Don't depend on immediate Government "help"; that's what got us here


So de-regulation was a disaster, but re-regulation is bad?

Getting government out of the way of investment bankers was a disaster, but this time it will work for sure? Small government (less regulation) coupled with lower taxes for the rich (job creators). We did try that a couple times, isn't that what really got us here?

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Originally posted by: Number51
So de-regulation was a disaster, but re-regulation is bad?
DonDiego didn't say that. F'rinstance, DonDiego suggests the Glass-Steagall Act should be re-instated. Just don't expect the Government regulators to regulate well; they are insufficiently skilled. e.g. They asked the bankers to design and implement the TARP bailout, because they didn't know where to start.

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Originally posted by: Number51
Getting government out of the way of investment bankers was a disaster, but this time it will work for sure?
DonDiego didn't say that. At this stage DonDiego doen't think anything will "work".

Quote

Originally posted by: Number51
Small government (less regulation) coupled with lower taxes for the rich (job creators). We did try that a couple times, isn't that what really got us here?
Small Government is not equivalent to less regulation; that is just one of the benefits.
Lower taxes - for anyone - allows them to do with their money what they wish, not what the Government wishes. DonDiego says this is a good thing.

"What really got us here" is the Government spending more than it receives, and subsequently incurring debt that cannot be repaid. For reference see: Greece, Portugal, Italy, and Spain, . . . only think bigger.

DonDiego favors less Government and less taxes; i.e."spend within one's means".
If someone prefers more Government, then taxes should be raised to pay for it; aye, there's the rub! The politicians don't like to raise taxes enough to pay for what they want to spend. And the taxpayers don't like to see their taxes raised either. So the wily politicians say to their constituents: "OK, let's just raise taxes on somebody else, . . . like evil rich people". DonDiego finds this less than honorable. And likely to inhibit rich people from, f'rinstance, investing in productive enterprises.
Anyway, 'cause politicians are crooked and rich people are nearly as wily as politicians the Country ends up with the worst of both worlds: excessive Government spending and insufficient Government monies.

Why is that trouble?
The Country is now $16-trillion in debt.
With interest rates at 2.0%, that means taxpayers pay around $320-billion in interest every year, forever. But what if to attract bond-buyers interest rates had to rise to, say what they were under President Carter, . . . around 16%? Hmm, . . . that'd be around $2.5-trillion every year in interest payments alone. That's twice the total of all the Federal Income Tax collected in 2011!
There won't be enough "rich people" to cover it either.

Oh, and it doesn't even include the unfunded obligations of Social Security, Medicare, and Medicaid.

That is trouble down the road.

DonDiego says "Hunker Down".
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Originally posted by: DonDiego
Quote

...MF Global's CEO, a Mr. John Corzine, stated before Congress he didn't know where the money had gone. He remains a free and unindicted man. Just this week it has been reported that MF Global was a client of Attorney General Eric Holder's law firm....
I agree with DonDiego that conflicts of interest by our government leaders should be exposed. That's why it is especially important that our prospective federal government leaders make full financial disclosures, including complete multiple years of their tax returns.

Don't you agree, DonDiego?


"I agree with DonDiego that conflicts of interest by our government leaders should be exposed. That's why it is especially important that our prospective federal government leaders make full financial disclosures, including complete multiple years of their tax returns."

So what does this have to do with the topic of 2 thugs beating up a store clerk?
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Originally posted by: hoops2
"I agree with DonDiego that conflicts of interest by our government leaders should be exposed. That's why it is especially important that our prospective federal government leaders make full financial disclosures, including complete multiple years of their tax returns."

So what does this have to do with the topic of 2 thugs beating up a store clerk?
You apparently hit the wrong "Quote" button. You need to address your question to DonDiego.

More candidates for the "Immediate Justice Club":

"An 87-year-old World War II veteran walking from a corner store after purchasing lottery tickets was attacked Monday afternoon by three youths who beat and robbed him, knocking out his hearing aid and breaking his dentures, according to his family and police."

Ref: Three Thugs Attack 87-Year-Old World War II Veteran
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Originally posted by: hoops2


So what does this have to do with the topic of 2 thugs beating up a store clerk?


I was wondering the same thing.

Yep, get a rope!

Wouldn't it have been funny if George Zimmerman was working behind the counter?
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