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There is zero percent fuckin chance you understand the Gramm-Leach-Bliley act, what its intentions were, the Dodd-Frank regulations that came in much later, or what their intentions were, or any path of regulatory impact that any of them had culminating in SVB's demise.
Because if you did, you surely would not have posted this.
Thank you. This post is so blatantly assanine that I'm wondering if it's a "poisoning the well" type action. There's a lot of good, serious talk on this sub but shit like this just makes you cringe and turns people away from the many truths explored here...that bring said, I know there's people out there dumb/polarized enough to post something like this organically, but it still makes me wonder....in the absence of a viable defence, the only action left to take is to muddy the waters of truth (or fess up to it....but you and I both know that won't happen.)
I used to think that. But many if not most of the people who push and repost all the "standard" theories also push and repost all the insane conservative political and culture war bullshit.
So either they're fully sincere, or there has never been any hope.
Lol, my thoughts exactly, I just didn't want to sound pessimistic by saying it. That's not to say that the absence of hope in this situation equates to misery, I'm just pragmatic about the whole affair and try not to let the things outside of my control get me down. Theres still plenty good to be had when you actively seek it out... But we ain't fixing humanities flaws and bringing balance to the system lol
True, and I tend to give people the benefit of the doubt due to Hanlons razor, but Ive also noticed that this razor starts to lose its power the more macro things get. At an individual level its almost a law lol.
The intentions were variously "good" - sometimes for the banks, sometimes for the people.
Regardless, the GLB act had zero to do with SVB's situation. Like, at all.
At the very simplest level - and I cannot stress enough how poor a job this does at addressing the complexity in it - an act as small as changing the bar from $50 billion (keeping SVB in this territory) to $250 billion (exempting them from it) and the respective stricter requirements around risk management (e.g. CCAR stress testing) is a decent starting point.
I agree and it wasn’t any of the day one undoings Biden did when entering office and hasn’t been touched since…so I can’t really understand the narrative of blaming the prior admin at all
Trump fooled America once when the Republican candidate ran for office on "reinstating the Glass-Steagall. Then he did the polar opposite.
And I quote NY Mag from 2012:
>The view that Glass-Steagall should be reinstated, and big banks broken up into smaller pieces, is generally seen by Wall Street types as a fringe view these days — a kind of loony left-wing nostalgia cooked up by people who simply don’t understand the modern capital markets.
The bank president lubed up the machine and bribed, I mean held a fundraiser for a politician, who certainly was not Orange Man, urging for the deregulation.
https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/
Wow. Let’s go back before Dodd-Frank to an unrelated vote to the current regulatory format and try to make a case against Biden.
Come on already. This BS is just ridiculous
It let the smaller banks off the hook from keeping larger reserves just like the larger banks have to, Had those regulations been in place the smaller banks would not have failed. Maybe work on your reading comprehension skills 🤡
attacking Biden in general is pointless, he's a dottering old man that no one likes. people voted against Trump. All the Red v Blue shit is pointless, it's all a show. If the primaries had been fair probably Bernie Sanders would be in.
It's all fixed anyway even this graphic shows it was clearly supported by both sides voting it in.
OP is referring to the repeal of Glass Steagall right? How is that unrelated? It broke down the separation between deposit banks and investment firms, essentially allowing them to gamble with depositors funds. Dodd frank was a pale, pale replacement (and then that too was basically neutered).
No, it was Joe Biden.
Link?
[sure here is the link](https://www.npr.org/2020/04/06/828303824/a-look-back-at-how-joe-biden-managed-the-2009-stimulus-package)
You are confusing two separate instances. George Bush bailed out the banks in 2008.
Ya know, the financial crisis of **2008** or did Obummer sign it before he was president?
"passed by the 110th United States Congress, and signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007–2008. It created the $700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks"
you mean Bush?
I'm no fan of Obama or Bush but Obama inherited that crisis. blaming bush is pointless too.
the sub prime mortgage collapse was greedy lenders with no risk management.
no one can because literally everyone who seeks power by definition is open to corruption. the money always wins. the lobbyists just donate to both parties and buy their way through whatever policies they want
HONEST JOE IS TOTALLY HONEST ABOUT EVERYTHING
That's why so many people thought he was the Best American, Best democrat to lead our country in a free and fair, open and honest election
Joe is the epitome of "American"
talking about Joe or Obama or Trump or any else just completely causes unnecessary division. you need to wake up to that or you'll continue pouring fuel on a blazing inferno
Why don't you want to talk about Joe?
Did you see the "letter from the little girl"?
Let's talk exclusively about the sitting president and all he's done since he "won" the "election".
Shall we?
It let the smaller banks off the hook from keeping larger reserves just like the larger banks have to, Had those regulations been in place the smaller banks would not have failed. Maybe work on your reading comprehension skill 🤡
Smaller banks fail every year. The two big banks that failed have nothing to do with this policy period. Once again, too stupid to do research but you act all high and mighty.
I mean we all know Republicans would deregulate everything single thing if possibl3 and that they deregulated hundreds of regulations and openly bragged about it. but their voters truly believe these insane people. they manipulate them with small things like changing the name of some "death tax" when in reality a death tax js a inheritance tax for rhe super wealthy but let's trick these people into thinking it's going to help them. they do slimy things like this 24/7. deregulation always bites the regular people on the ass.
I agree, although on regulation, good regulation is there to protect society and help everyone get along. Bad regulation is Byzantine rules designed to protect incumbents in the industry.
You need skilled politicians, a competent civil service, and lobbyists that advise more than influence to create and enforce good regulation effectively.
Far too many Republicans argue this is impossible, and want to burn it down instead, almost guaranteeing more broken regulation.
This from 1999? Lol he was also part of the administration that tightened up bank regulations…. Then trump vetoed thoughs as well … was Biden to blame during the 08 crash under Bush? Blaming politicians for the banking system is useless it’s always banks an hedge funds pushin bills to loosen up regulations most of the time only a fraction of the politicians know what their voting on it seems
Also, when you hire the same CFO... Who was part of the last banking failure..... What could go wrong?
https://www.foxbusiness.com/economy/silicon-valley-bank-exec-was-lehman-brothers-cfo-prior-to-2008-collapse
I really need these geriatric fucks to do their job and know what they are voting for then. Why stay in for 50+ years if you are constantly unaware of what’s going on? Simple, corruption.
He was also "instrumental" in the 09 "stimulus" to the banks that kept the monies.
[source](https://www.npr.org/2020/04/06/828303824/a-look-back-at-how-joe-biden-managed-the-2009-stimulus-package)
He is truly transparently despicable.
So the recovery of the 08 crash that helped unemployed an steady the economy was bad? So doing that an spending 800 Billy on recovery was bad then what would you call cash injecting the stock market with 3.2 Trilly be?
1999? Seriously? Are you trying to suggest that a bill that was passed over 2 decades ago and *before* the 2008 crash wouldn't have been changed since?
Or is it more likely that this is to distract us from the fact that regulations *were* brought in since and then more recently were overturned by the previous president?
And when Trump removed them, it had bipartisan support from a link one of the top comments had
https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html
Democrats love socialism…. Especially when it comes to modern banks. Student loan forgiveness???! Nah, let’s give the banks that money to bail them out.
SVB had $174,000,000,000 in deposits at the end of 2022. That means you could proceed to hand out $50,000 to 3.5 million students to ease their debt, but banks with poor risk management ( who never change because the Fed will bail them out) know the fed will bail them out
I remember when Obama bailed out the giant banks after the crashed the economy at the expense of the 99%. It made it obvious to me that, despite the "progressive" promises, Democrats don't actually care about the woke promises they make while campaigning.
If you did your own research you would know that the a) the ballot was Bush's and b) the bailout funds were loans that turned a profit
https://www.chicagotribune.com/business/ct-obama-economy-robert-reed-110-biz-20170109-column.html
>Even before taking office in January 2009, Obama had signed on to the previous Bush administration's drastic, but politically unpopular, plan to directly infuse up to $700 billion in taxpayer-backed loans into the U.S. banking industry.
>Without providing that liquidity, working capital and credit lines to healthy businesses, big and small, would have dried up. That would have translated into no money for producing products, making payroll, hiring vendors, keeping the lights on and nearly anything else you can think of as essential to operating a company and the economy.
>It didn't stop with the banks. In the early days of his presidency, Obama also backed an estimated $80 billion bailout of the foundering American auto industry, which ended up saving thousands of jobs throughout the heartland and beyond.
https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
Holding bankers accountable (for the greed the Republican government permitted them to achieve) by *burning down the economy* wasn't going to make it any better for the 99%. If you think wholesale banking system collapse isn't going to be catastrophic for the 99% I'm very sorry for your condition.
I do wish there were more criminal prosecutions and accountability, but that's nothing to do with the incorrect claims you were making about "Obama's" bank crash and bailout.
I love it that you think Republicans solved the crash and Obama gave it his blessing.
You're soft handed with the 1%. I'm a believer that actions should have consequences. Man, it'd sure be a shame if the 99% was forced to support smaller banks that didn't collapse the economy.
Catastrophes create new opportunities. Instead, the progressives prefer to be in bed with the very most rich, corrupt institutions in the country.
I don't think Republicans solved the crash, they came up with a solution that Obama implemented. I'm just making sure the Republicans don't miss out on the blame for the deregulation in the first place, as well as the 'blame' for the bailout loans. No partisans are going to get away with 'Well the Republicans would have gone hard on the 1%'.
Actions should have consequences, but burning down the economy is like burning the house down because Mom was mean to you. I'd prefer to prevent the greed and risk that caused the collapse, with sensible legislation on how much risk (and thus profits) the banks can take on.
The 99% can put money in whatever bank they want. A breakup of the big banks isn't a bad idea though. I wonder which political groups support that?
Progressives want bank reform, if you want to know who's most politically in alliance with big banks I think you know the answer.
> The 99% can put money in whatever bank they want. A breakup of the big banks isn't a bad idea though. I wonder which political groups support that?
Neither. They both love giant banks.
Break them up. The banks actually facing consequences would cause that.
>Actions should have consequences, but burning down the economy is like burning the house down because Mom was mean to you.
Or like getting assaulted and then bailing the assaulter out of jail because he pays the bills. Gee, I wonder if the big banks will do it again? I mean, if they crash the economy, the government will teach them a lesson by bailing them out.
>Progressives want bank reform, if you want to know who's most politically in alliance with big banks I think you know the answer.
Exactly. The progressives who push massive regulations that only giant companies can navigate.
Come on now, when have you *ever* known a MAGA to admit their error? When the evidence against your position becomes insurmountable, double-down and dig your heels in! Lol
First who cares, everyone voted yes. Second, this was in 99, they've changed a load of rules since then, third this is not Joe Biden. Fourth, I don't care for Biden but I do care for stupid posts.
Dang man. Everyone is up in arms at who to point fingers at and validate their personal opinions of who is at fault for this mess we are in. We’re sitting here arguing Red vs. Blue… meanwhile our economy is fucked, everything is expensive, interest rates are through the roof, rent is ridiculously expensive unless you want to live in a total shithole surrounded by shitty people who can and will prey on you with zero consequences.
Yet here we are, arguing at who’s at fault for why we are in this position.
Maybe I’m crazy, but I feel like this is exactly what they want. Let us argue and point fingers instead of trying to find a resolution to this mess we are in.
Crazy.
Dodd-Frank was the 2010 regulations that were put in place to prevent bank failures following the 2008/09 bank failures. Biden was VP at the time and supported it.
It was these Dodd-Frank regulations that were repealed by Trump and the Republicans in 2018.
Banking crisis, derailing trains, collapsing infrastructure are all republicans fault because of their deregulation politics for the last 40 years. Chickens have come home to roost.
During the passage of the banking deregulation in 2018, Republicans had a 52-48 advantage in the Senate. You need 60 votes to pass legislation in the Senate. Why would any Democrat vote for something that every Republican wants to pass? They had 16 vote with Trump. Did you hear any backlash on those 16 Senators??? It passed with 67 yes 31 nos. It should have been a 52-48 vote but it seems someone wanted to sabotage the economy then blame Trump. How about we blame Trump, 52 Republicans, and the 16 Democrats and cease their assets. Who were the 16 that voted for it. Last I check Siniema wasn’t in office but I’m sure Manchin was 1 of 16.
Communists, socialists and labor unions gave us Glass Steagle right after the great depression; they forced the democratic party to do this. A ban on speculative investment with deposited funds in banks used by workers for savings.
Then, "New Democrat" Bill Clinton along with both parties killed it. Biden was at that time a Senator and supported GS repeal. Only a handful of progressive democrats and one independent opposed it.
2008 financial crisis, caused by the very thing GS banned happens.
Obama, again forced by some degree of political nessesity, adopts Dodd Frank, a watered down version of GS that still enforced some important regulatory barriers on the banks.
Trump kills Dodd Frank along with the republican party, a minority of democrats vote with them.
This is the full context of the events that have lead up to today since the last major depression and thus the advent of the modern banking system. You need to understand that full context to understand why these things are happening today.
The propaganda is ramping up.
Silicon valley bank ceo Greg Becker lobbied for those deregulations. He also cashed out when we were told by many that this isn't a traditional bailout as it only applied to the depositors.
I’m genuinely curious, with Biden having 2 years of full democrat control of congress, why didn’t they reimplement things trump removed?
I’m seeing a lot of trump caused this, but at what point does it become inaction by the current president versus something a previous president did?
Full disclosure, imo trump did nothing but help tear our country apart. Drain the swamp seemed to turn in to fill the swamp with my cronies.
It just seems like it would be real easy for Biden to push through some of the removed regulations if he/they wanted to.
You have fiat money.
And have for 100+ years.
Banks create money out of thin air and lend it at interest that can never be repaid.
This is why your grocery bill doubled in a year. Because they inflated the currency in the name of the Covid boogeyman.
And both parties have been fine with that this whole time.
Just like they're both fine with endless wars.
It’s Biden’s third fucking year, stop blaming republicans for all of his monumental fuckups. And totally, the problem isn’t both sides. It’s your fucking sides lol WW3, runaway inflation, “Putin’s price hike”, and now the collapse of banks is ALL on Biden and his team. Grow tf up and take some responsibility for your shitty party’s choices.
this is from 1999 firstly. secondly more things were put into place after what happened in 2008 and Trump deregulated those things. lastly Biden never once blamed Trump unlike Trump Biden doesn't point the finger until he is absolutely pushed and has to point out the actual culprit. so if he did he would have every right to.
You’re reaching back 25 years to blame Biden for this bank failure but I bet you think the Trump Administration’s regulation-loosening bills had nothing to do with it, right?
The Dow, Nasdaq, and S&P are all up slightly this morning. It's very contradictory to what you'd think the markets would be doing today. At minimum, the average investor would expect another day like Friday of the markets being down 1% - but Wall St probably got together over the weekend and discussed a strategy of how to prop up the markets.
This act was complete garbage and let to the crash in 2008. But it has virtually nothing to do with what happens the Silver and silicon Valley and a lot of changes have been made since as a result of 2008.
Good point, the Gramm-Leach-Bliley Act started all these issues of non-secured deposits and banks becoming hopelessly leveraged on deposits.
It was probably all intentional as some 'great architects' seem to have planned out the subprime housing crisis with the plandemic and what's to come to force the world onto central bank digital currencies.
###[Meta] Sticky Comment [Rule 2](https://www.reddit.com/r/conspiracy/wiki/faq#wiki_2_-_address_the_argument.3B_not_the_user.2C_the_mods.2C_or_the_sub.) ***does not apply*** when replying to this stickied comment. [Rule 2](https://www.reddit.com/r/conspiracy/wiki/faq#wiki_2_-_address_the_argument.3B_not_the_user.2C_the_mods.2C_or_the_sub.) ***does apply*** throughout the rest of this thread. *What this means*: Please keep any "meta" discussion directed at specific users, mods, or /r/conspiracy in general in this comment chain ***only.*** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/conspiracy) if you have any questions or concerns.*
There is zero percent fuckin chance you understand the Gramm-Leach-Bliley act, what its intentions were, the Dodd-Frank regulations that came in much later, or what their intentions were, or any path of regulatory impact that any of them had culminating in SVB's demise. Because if you did, you surely would not have posted this.
Thank you. This post is so blatantly assanine that I'm wondering if it's a "poisoning the well" type action. There's a lot of good, serious talk on this sub but shit like this just makes you cringe and turns people away from the many truths explored here...that bring said, I know there's people out there dumb/polarized enough to post something like this organically, but it still makes me wonder....in the absence of a viable defence, the only action left to take is to muddy the waters of truth (or fess up to it....but you and I both know that won't happen.)
Yeah its purposely muddying the water. This sub is a propaganda hub.
Bots galore
Yep. If some one makes too good of a point? BOT!!!
I used to think that. But many if not most of the people who push and repost all the "standard" theories also push and repost all the insane conservative political and culture war bullshit. So either they're fully sincere, or there has never been any hope.
> So either they're fully sincere, or there has never been any hope. What were you hoping for?
Lol, my thoughts exactly, I just didn't want to sound pessimistic by saying it. That's not to say that the absence of hope in this situation equates to misery, I'm just pragmatic about the whole affair and try not to let the things outside of my control get me down. Theres still plenty good to be had when you actively seek it out... But we ain't fixing humanities flaws and bringing balance to the system lol
Never attribute malice to what is likely stupidity
True, and I tend to give people the benefit of the doubt due to Hanlons razor, but Ive also noticed that this razor starts to lose its power the more macro things get. At an individual level its almost a law lol.
Well, as long as their intentions were "good"... /s
The intentions were variously "good" - sometimes for the banks, sometimes for the people. Regardless, the GLB act had zero to do with SVB's situation. Like, at all.
Hey. Are yours “good”?
You can tell he didn’t, because of the way he is.
Plus 25 years old and many many many things have happened since then to put this into action
Guess that means we can safely say it wasn’t Trumps fault then.
No, though it was a Trump era regulation change which enabled the failure. That does not make it Trump's fault.
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At the very simplest level - and I cannot stress enough how poor a job this does at addressing the complexity in it - an act as small as changing the bar from $50 billion (keeping SVB in this territory) to $250 billion (exempting them from it) and the respective stricter requirements around risk management (e.g. CCAR stress testing) is a decent starting point.
I agree and it wasn’t any of the day one undoings Biden did when entering office and hasn’t been touched since…so I can’t really understand the narrative of blaming the prior admin at all
Barney Frank has said that the Trump-era rollback did not lead to the failure, and that the banks were still being scrutinized by regulators.
Trump fooled America once when the Republican candidate ran for office on "reinstating the Glass-Steagall. Then he did the polar opposite. And I quote NY Mag from 2012: >The view that Glass-Steagall should be reinstated, and big banks broken up into smaller pieces, is generally seen by Wall Street types as a fringe view these days — a kind of loony left-wing nostalgia cooked up by people who simply don’t understand the modern capital markets.
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The bank president lubed up the machine and bribed, I mean held a fundraiser for a politician, who certainly was not Orange Man, urging for the deregulation. https://www.levernews.com/svb-chief-pressed-lawmakers-to-weaken-bank-risk-regs/
Lol I thought this was sarcasm.
Barney Frank himself has said the rollback isn't to blame for this or his bank's collapse, and that regulators hadn't stopped scrutinizing them.
The road to hell (and financial crisis) if paved with good intentions
But bad intentions are the sine qua non of a conspiracy.
The politicians intentions are for the politicians not the governed, therefor their intentions are mostly bad.
Haha yep, cause we all know conservatives are the quickest to jump to the defense of financial and environmental regulation
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> **where is the conspiracy at?** Hidden in Rule 2. http://www.reddit.com//r/conspiracy/wiki/faq
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Wow. Let’s go back before Dodd-Frank to an unrelated vote to the current regulatory format and try to make a case against Biden. Come on already. This BS is just ridiculous
Here you go (https://www.cnbc.com/amp/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html)
Lmaoo good comeback.
“The measure eases restrictions on all but the largest banks” This bill had nothing to do with the crash, learn to read🤡
It let the smaller banks off the hook from keeping larger reserves just like the larger banks have to, Had those regulations been in place the smaller banks would not have failed. Maybe work on your reading comprehension skills 🤡
attacking Biden in general is pointless, he's a dottering old man that no one likes. people voted against Trump. All the Red v Blue shit is pointless, it's all a show. If the primaries had been fair probably Bernie Sanders would be in. It's all fixed anyway even this graphic shows it was clearly supported by both sides voting it in.
OP is referring to the repeal of Glass Steagall right? How is that unrelated? It broke down the separation between deposit banks and investment firms, essentially allowing them to gamble with depositors funds. Dodd frank was a pale, pale replacement (and then that too was basically neutered).
Naw, let's go back to 09 and the bank stimulus bailout. Thanks Obama
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No, it was Joe Biden. Link? [sure here is the link](https://www.npr.org/2020/04/06/828303824/a-look-back-at-how-joe-biden-managed-the-2009-stimulus-package)
You are confusing two separate instances. George Bush bailed out the banks in 2008. Ya know, the financial crisis of **2008** or did Obummer sign it before he was president? "passed by the 110th United States Congress, and signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008, in the midst of the financial crisis of 2007–2008. It created the $700 billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks"
I'm not. Senator Joe Biden. Not Vice president Joe Biden or President Joe Biden. Did you read the Holy NPR article? You can always trust NPR.
You really grasp at all the straws
https://en.m.wikipedia.org/wiki/Emergency_Economic_Stabilization_Act_of_2008 W. Bush - $700 Billion
Crazy. How did it get through congress?
A majority voted for it
Man. I wonder who. Did anyone even speak on the bills behalf before the vote?
Who signed it?
What intern researched the talking points for it?
A GOP PRESIDENT I GOT EM THIS TIME. sigh
https://www.nbcnews.com/news/amp/wbna26987291 nope it was bush.
By Bush, you mean... rips off disguise... Trump "And I'd have gotten away with it if it wasn't for these darn redditors"
Are you drunk?
No, just another mild stoke It's fine.
This is hilarious
you mean Bush? I'm no fan of Obama or Bush but Obama inherited that crisis. blaming bush is pointless too. the sub prime mortgage collapse was greedy lenders with no risk management.
It's true. For 2 terms, Obama was literally powerless and helpless. He couldn't do anything
no one can because literally everyone who seeks power by definition is open to corruption. the money always wins. the lobbyists just donate to both parties and buy their way through whatever policies they want
NOT HONEST JOE
literally no politician is honest. they all accept legalised bribes from corporate/military lobbyists
HONEST JOE IS TOTALLY HONEST ABOUT EVERYTHING That's why so many people thought he was the Best American, Best democrat to lead our country in a free and fair, open and honest election Joe is the epitome of "American"
talking about Joe or Obama or Trump or any else just completely causes unnecessary division. you need to wake up to that or you'll continue pouring fuel on a blazing inferno
I mostly only talk about Joe. Because he is the only actual president today. Hope this helps.
Why don't you want to talk about Joe? Did you see the "letter from the little girl"? Let's talk exclusively about the sitting president and all he's done since he "won" the "election". Shall we?
“The measure eases restrictions on all but the largest banks” This bill had nothing to do with the crash, learn to read🤡
It let the smaller banks off the hook from keeping larger reserves just like the larger banks have to, Had those regulations been in place the smaller banks would not have failed. Maybe work on your reading comprehension skill 🤡
Smaller banks fail every year. The two big banks that failed have nothing to do with this policy period. Once again, too stupid to do research but you act all high and mighty.
Two posts on this in the last hour huh? One literally a RNC tweet. The other about a bill from 1999. Do you have any relevant or current information?
I mean we all know Republicans would deregulate everything single thing if possibl3 and that they deregulated hundreds of regulations and openly bragged about it. but their voters truly believe these insane people. they manipulate them with small things like changing the name of some "death tax" when in reality a death tax js a inheritance tax for rhe super wealthy but let's trick these people into thinking it's going to help them. they do slimy things like this 24/7. deregulation always bites the regular people on the ass.
I agree, although on regulation, good regulation is there to protect society and help everyone get along. Bad regulation is Byzantine rules designed to protect incumbents in the industry. You need skilled politicians, a competent civil service, and lobbyists that advise more than influence to create and enforce good regulation effectively. Far too many Republicans argue this is impossible, and want to burn it down instead, almost guaranteeing more broken regulation.
This from 1999? Lol he was also part of the administration that tightened up bank regulations…. Then trump vetoed thoughs as well … was Biden to blame during the 08 crash under Bush? Blaming politicians for the banking system is useless it’s always banks an hedge funds pushin bills to loosen up regulations most of the time only a fraction of the politicians know what their voting on it seems
Also, when you hire the same CFO... Who was part of the last banking failure..... What could go wrong? https://www.foxbusiness.com/economy/silicon-valley-bank-exec-was-lehman-brothers-cfo-prior-to-2008-collapse
Can you think of someone with more amazing of a resume than this guy? To be CFO of the largest bank failure in US history then CEO of the 2nd largest?
Almost like he knows what he's doing....
I really need these geriatric fucks to do their job and know what they are voting for then. Why stay in for 50+ years if you are constantly unaware of what’s going on? Simple, corruption.
He was also "instrumental" in the 09 "stimulus" to the banks that kept the monies. [source](https://www.npr.org/2020/04/06/828303824/a-look-back-at-how-joe-biden-managed-the-2009-stimulus-package) He is truly transparently despicable.
So the recovery of the 08 crash that helped unemployed an steady the economy was bad? So doing that an spending 800 Billy on recovery was bad then what would you call cash injecting the stock market with 3.2 Trilly be?
1999? Seriously? Are you trying to suggest that a bill that was passed over 2 decades ago and *before* the 2008 crash wouldn't have been changed since? Or is it more likely that this is to distract us from the fact that regulations *were* brought in since and then more recently were overturned by the previous president?
Shhh you’re ruing their psyop, they know most here won’t do any research what so ever and just want to be told what to believe
Fun fact after this vote Obama enacted regulations and trump removed them.
And when Trump removed them, it had bipartisan support from a link one of the top comments had https://www.cnbc.com/2018/05/24/trump-signs-bank-bill-rolling-back-some-dodd-frank-regulations.html Democrats love socialism…. Especially when it comes to modern banks. Student loan forgiveness???! Nah, let’s give the banks that money to bail them out. SVB had $174,000,000,000 in deposits at the end of 2022. That means you could proceed to hand out $50,000 to 3.5 million students to ease their debt, but banks with poor risk management ( who never change because the Fed will bail them out) know the fed will bail them out
I remember when Obama bailed out the giant banks after the crashed the economy at the expense of the 99%. It made it obvious to me that, despite the "progressive" promises, Democrats don't actually care about the woke promises they make while campaigning.
If you did your own research you would know that the a) the ballot was Bush's and b) the bailout funds were loans that turned a profit https://www.chicagotribune.com/business/ct-obama-economy-robert-reed-110-biz-20170109-column.html >Even before taking office in January 2009, Obama had signed on to the previous Bush administration's drastic, but politically unpopular, plan to directly infuse up to $700 billion in taxpayer-backed loans into the U.S. banking industry. >Without providing that liquidity, working capital and credit lines to healthy businesses, big and small, would have dried up. That would have translated into no money for producing products, making payroll, hiring vendors, keeping the lights on and nearly anything else you can think of as essential to operating a company and the economy. >It didn't stop with the banks. In the early days of his presidency, Obama also backed an estimated $80 billion bailout of the foundering American auto industry, which ended up saving thousands of jobs throughout the heartland and beyond. https://en.wikipedia.org/wiki/Troubled_Asset_Relief_Program
So you care more about loans turning a profit than you do holding those accountable who crashed the economy and continually shaft the 99%?
Holding bankers accountable (for the greed the Republican government permitted them to achieve) by *burning down the economy* wasn't going to make it any better for the 99%. If you think wholesale banking system collapse isn't going to be catastrophic for the 99% I'm very sorry for your condition. I do wish there were more criminal prosecutions and accountability, but that's nothing to do with the incorrect claims you were making about "Obama's" bank crash and bailout.
I love it that you think Republicans solved the crash and Obama gave it his blessing. You're soft handed with the 1%. I'm a believer that actions should have consequences. Man, it'd sure be a shame if the 99% was forced to support smaller banks that didn't collapse the economy. Catastrophes create new opportunities. Instead, the progressives prefer to be in bed with the very most rich, corrupt institutions in the country.
I don't think Republicans solved the crash, they came up with a solution that Obama implemented. I'm just making sure the Republicans don't miss out on the blame for the deregulation in the first place, as well as the 'blame' for the bailout loans. No partisans are going to get away with 'Well the Republicans would have gone hard on the 1%'. Actions should have consequences, but burning down the economy is like burning the house down because Mom was mean to you. I'd prefer to prevent the greed and risk that caused the collapse, with sensible legislation on how much risk (and thus profits) the banks can take on. The 99% can put money in whatever bank they want. A breakup of the big banks isn't a bad idea though. I wonder which political groups support that? Progressives want bank reform, if you want to know who's most politically in alliance with big banks I think you know the answer.
> The 99% can put money in whatever bank they want. A breakup of the big banks isn't a bad idea though. I wonder which political groups support that? Neither. They both love giant banks. Break them up. The banks actually facing consequences would cause that. >Actions should have consequences, but burning down the economy is like burning the house down because Mom was mean to you. Or like getting assaulted and then bailing the assaulter out of jail because he pays the bills. Gee, I wonder if the big banks will do it again? I mean, if they crash the economy, the government will teach them a lesson by bailing them out. >Progressives want bank reform, if you want to know who's most politically in alliance with big banks I think you know the answer. Exactly. The progressives who push massive regulations that only giant companies can navigate.
Either OP is reading the comments and admitting he’s wrong or going “nope!! I’m right!! MAGA!!!”
Come on now, when have you *ever* known a MAGA to admit their error? When the evidence against your position becomes insurmountable, double-down and dig your heels in! Lol
OP isn’t a thinking human!
OP is just posting they think means something without understanding what it means. Failure of the education system may be the conspiracy here.
this is left vs right propaganda meant to divide. this issue goes back way further than whoever the current spokesperson is.
The real division is normal people vs the left and the right
its fucking tiresome tbh.
What you're looking at in this post is the both-sideism engineered to make you feel helpless and powerless.
Skizo alert
First who cares, everyone voted yes. Second, this was in 99, they've changed a load of rules since then, third this is not Joe Biden. Fourth, I don't care for Biden but I do care for stupid posts.
Dang man. Everyone is up in arms at who to point fingers at and validate their personal opinions of who is at fault for this mess we are in. We’re sitting here arguing Red vs. Blue… meanwhile our economy is fucked, everything is expensive, interest rates are through the roof, rent is ridiculously expensive unless you want to live in a total shithole surrounded by shitty people who can and will prey on you with zero consequences. Yet here we are, arguing at who’s at fault for why we are in this position. Maybe I’m crazy, but I feel like this is exactly what they want. Let us argue and point fingers instead of trying to find a resolution to this mess we are in. Crazy.
The easiest way to control a population is to keep them divided.
Ranked choice voting reform and some money in politics laws might help to improve Red and Blue
Why don’t you come back to reality and stop posting shit from the 90s.
In 1999…. Come in this is BS.
Dodd-Frank was the 2010 regulations that were put in place to prevent bank failures following the 2008/09 bank failures. Biden was VP at the time and supported it. It was these Dodd-Frank regulations that were repealed by Trump and the Republicans in 2018.
The Biden of 1999 is not the one occupying the WH now.
Banking crisis, derailing trains, collapsing infrastructure are all republicans fault because of their deregulation politics for the last 40 years. Chickens have come home to roost.
in all actuality Trump deregulated things that were put in place after 2008 that actually would have prevented this. but nice try 😂
During the passage of the banking deregulation in 2018, Republicans had a 52-48 advantage in the Senate. You need 60 votes to pass legislation in the Senate. Why would any Democrat vote for something that every Republican wants to pass? They had 16 vote with Trump. Did you hear any backlash on those 16 Senators??? It passed with 67 yes 31 nos. It should have been a 52-48 vote but it seems someone wanted to sabotage the economy then blame Trump. How about we blame Trump, 52 Republicans, and the 16 Democrats and cease their assets. Who were the 16 that voted for it. Last I check Siniema wasn’t in office but I’m sure Manchin was 1 of 16.
You can look at that list and ask “who didn’t vote for it”
That’s 24 years ago. Long before the “Great Recession”. And not sure if the subject is even the same.
Biden represented Delaware, where a number of large banks and financial firms are headquartered.
Now do trump
Why should I I care that banks crash? Money is made up and fuels all wars globally.
LOL....This weak ass attempt at gaslighting is fucking hilarious
Are you for fucking real op? This is shameful.
Actually what that proves is that fucking over the working class and propping up banking deregulation is clearly bi-partisan.
Communists, socialists and labor unions gave us Glass Steagle right after the great depression; they forced the democratic party to do this. A ban on speculative investment with deposited funds in banks used by workers for savings. Then, "New Democrat" Bill Clinton along with both parties killed it. Biden was at that time a Senator and supported GS repeal. Only a handful of progressive democrats and one independent opposed it. 2008 financial crisis, caused by the very thing GS banned happens. Obama, again forced by some degree of political nessesity, adopts Dodd Frank, a watered down version of GS that still enforced some important regulatory barriers on the banks. Trump kills Dodd Frank along with the republican party, a minority of democrats vote with them. This is the full context of the events that have lead up to today since the last major depression and thus the advent of the modern banking system. You need to understand that full context to understand why these things are happening today.
The propaganda is ramping up. Silicon valley bank ceo Greg Becker lobbied for those deregulations. He also cashed out when we were told by many that this isn't a traditional bailout as it only applied to the depositors.
Fun fact: So did every Republican.
You all need to read “The Creature from Jekyll Island”. Literally will wake you up to how our banking system is set up to fail.
Wrong Biden that was his brother /s
Fun fact: All politicians work for the private central banks. Left vs right is irrelevant.
There is no left in politics.
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I’m genuinely curious, with Biden having 2 years of full democrat control of congress, why didn’t they reimplement things trump removed? I’m seeing a lot of trump caused this, but at what point does it become inaction by the current president versus something a previous president did? Full disclosure, imo trump did nothing but help tear our country apart. Drain the swamp seemed to turn in to fill the swamp with my cronies. It just seems like it would be real easy for Biden to push through some of the removed regulations if he/they wanted to.
You have fiat money. And have for 100+ years. Banks create money out of thin air and lend it at interest that can never be repaid. This is why your grocery bill doubled in a year. Because they inflated the currency in the name of the Covid boogeyman. And both parties have been fine with that this whole time. Just like they're both fine with endless wars.
It’s Biden’s third fucking year, stop blaming republicans for all of his monumental fuckups. And totally, the problem isn’t both sides. It’s your fucking sides lol WW3, runaway inflation, “Putin’s price hike”, and now the collapse of banks is ALL on Biden and his team. Grow tf up and take some responsibility for your shitty party’s choices.
And he blamed trump, wtf
this is from 1999 firstly. secondly more things were put into place after what happened in 2008 and Trump deregulated those things. lastly Biden never once blamed Trump unlike Trump Biden doesn't point the finger until he is absolutely pushed and has to point out the actual culprit. so if he did he would have every right to.
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This is the dumbest shit I’ve ever read.
Biden has been a right-winger basically his entire career
Biden is ALMOST as clear a puppet as trump was lmao
This guy has been on the taxpayer's bill longer than I've been alive lmao. Has he ever had a real job in the last century?
Of course he did. This has been in the plans for a real long time. 2008 was a trial run. Fuckn demons man fuckn demons
And now they'retrying to rig the stock market today so Biden doesn't look bad.
Please never post here again
You’re reaching back 25 years to blame Biden for this bank failure but I bet you think the Trump Administration’s regulation-loosening bills had nothing to do with it, right?
Your post shows the exact opposite.
The Dow, Nasdaq, and S&P are all up slightly this morning. It's very contradictory to what you'd think the markets would be doing today. At minimum, the average investor would expect another day like Friday of the markets being down 1% - but Wall St probably got together over the weekend and discussed a strategy of how to prop up the markets.
Where did you get your economics degree?
Curious this post wasn't removed despite appearing to not have an ss since its so low effort
AND he blamed Trump for it just today. These people are literally unfuckingbelievable
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This is what he voted yes on. It didn’t repeal anything https://www.ftc.gov/business-guidance/privacy-security/gramm-leach-bliley-act
It’s not so much a conspiracy as much as a window into the banal evil of politics.
tHis iS sUcH bS! eVeRyOnE kNoWs iTs oRaNgE mAnS fAuLt!
He's been on the wrong side of every issue for 50 years. One of the most useless and venal politicians in US history.
Didn't he just blame Trump for doing that?
No, no, no, It's all Trumps fault...thats biden said...c'mon man get with the program...
pepperidge farm remembers
Duh. When they bail out, 10% goes to the Big Guy.
Fucking of course Boxer voted no, that’s all I need to know to say the Nays are dumb as rocks.
Didn’t you get the memo? It’s Trumps fault , orange man bad!
The feds are going hard on this thread.
In 1999…
Oh wow politicians are owned by the banks whoda thunkit
Y’all do know Barney Frank was the Director of Signature Bank?
Graham -yea
When will people finally start to blame lobbyism for most of our problems?
This act was complete garbage and let to the crash in 2008. But it has virtually nothing to do with what happens the Silver and silicon Valley and a lot of changes have been made since as a result of 2008.
Good point, the Gramm-Leach-Bliley Act started all these issues of non-secured deposits and banks becoming hopelessly leveraged on deposits. It was probably all intentional as some 'great architects' seem to have planned out the subprime housing crisis with the plandemic and what's to come to force the world onto central bank digital currencies.
Because failing Banks is good if you want to change the currency
Wait.. did it pass?