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Economy
See other Economy Articles

Title: Without rules, financial markets don't work
Source: Elizabeth Warren | U.S. Senator for Massachusetts
URL Source: http://www.warren.senate.gov/?p=press_release&id=774
Published: Apr 17, 2015
Author: Sen. Elizabeth Warren
Post Date: 2015-04-17 11:53:49 by A Pole
Keywords: None
Views: 3176
Comments: 23

For too long, the opponents of financial reform have cast the debate as an argument between the pro-regulation camp and the pro-market camp. They generally put Democrats in the first camp and Republicans in the second.

But that so-called “choice” gets it all wrong.

Rules are not the enemy of markets. Without some basic rules and accountability, financial markets don’t work. People get ripped off, risk-taking skyrockets, and markets fall apart. Rolling back the rules or firing the cops can be profoundly anti-market.

Republicans claim – loudly and repeatedly – that they support competitive markets, but their approach to financial regulation is pure crony capitalism. It helps the rich and the powerful protect and expand their wealth and their power – and leaves everyone else behind.

This week, I gave a big policy speech where I presented ways we can promote competition, innovation, and safety in financial markets. The speech was long and wonky, but it really boils down to two principles:

First, financial institutions shouldn’t be allowed to cheat people. Markets work only if people can see and understand the products they are buying, only if people can reasonably compare one product to another, only if people can’t get fooled into taking on far more risk than they realize just so that some fly-by-night company can turn a quick profit and move on. That’s true for families buying mortgages and for pension plans buying complex financial instruments.

Second, financial institutions shouldn’t be allowed to get the taxpayers to pick up their risks. That’s true for using insured deposits for high-risk trading, and it’s true for letting Too-Big-to-Fail banks get a wink-and-a-nod guarantee of a government bailout. We know what changes we need to make financial markets work better. Strengthen the rules to prevent cheating. Make the cops do their jobs. Cut the banks down to size. Change the tax code to promote more long-term investment. Tackle shadow-banking done by non-bank firms and subsidiaries.

Changes like these can make a real difference. They can help protect hard-working families from cheats and liars. They can help rein in the lawless practices that are still too common on Wall Street. They can end Too Big to Fail.

The secret to better markets isn’t turning loose the biggest banks to do whatever they want. The secret is smarter, more structural regulation that forces everyone to play by the same rules and doesn’t let anyone put the entire economy at risk.

The key steps aren’t hard. It just takes political courage – and a strong demand from people like you – to complete the unfinished business of financial reform.

Post Comment   Private Reply   Ignore Thread  


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#1. To: A Pole (#0)

This is the next POTUS folks, when Xlinton tanks. Doncha just love her?

Republicans claim – loudly and repeatedly – that they support competitive markets, but their approach to financial regulation is pure crony capitalism. It helps the rich and the powerful protect and expand their wealth and their power – and leaves everyone else behind.

She's right. That's why all the modern day robber barons like Gates, Buffet, Soros, the 'green energy guy' and all the rest are republicans.

Oh wait - - - you mean they're all Zero supporters and marxist/socialist democrats???

Liz Warren. What a tool. Completely unqualied to be any more than a kindergarten teacher.

Which makes her (in Bizarroland USA) COMPLETELY qualified to be the next POTUS.

Rufus T Firefly  posted on  2015-04-17   12:10:44 ET  Reply   Trace   Private Reply  


#2. To: A Pole (#0)

First, financial institutions shouldn’t be allowed to cheat people. Markets work only if people can see and understand the products they are buying, only if people can reasonably compare one product to another, only if people can’t get fooled into taking on far more risk than they realize just so that some fly-by-night company can turn a quick profit and move on. That’s true for families buying mortgages and for pension plans buying complex financial instruments.

Second, financial institutions shouldn’t be allowed to get the taxpayers to pick up their risks. That’s true for using insured deposits for high-risk trading, and it’s true for letting Too-Big-to-Fail banks get a wink-and-a-nod guarantee of a government bailout. We know what changes we need to make financial markets work better. Strengthen the rules to prevent cheating. Make the cops do their jobs. Cut the banks down to size. Change the tax code to promote more long-term investment. Tackle shadow-banking done by non-bank firms and subsidiaries.

Changes like these can make a real difference. They can help protect hard-working families from cheats and liars. They can help rein in the lawless practices that are still too common on Wall Street. They can end Too Big to Fail.

Sen. Warren is 100% correct.

"we are tartets from evil doers!!!" [ and ] U looked up birfer on the dcitionary. It isn't a movie.

Jameson  posted on  2015-04-17   12:19:45 ET  Reply   Trace   Private Reply  


#3. To: Rufus T Firefly (#1)

Liz Warren. What a tool. Completely unqualied to be any more than a kindergarten teacher.

You are not a good bankster brownosing Rushbot, you forgot the main argument that she does not have enough Indian blood.

A Pole  posted on  2015-04-17   12:34:14 ET  Reply   Trace   Private Reply  


#4. To: Jameson (#2)

Sen. Warren is 100% correct.

Yep.

Vicomte13  posted on  2015-04-17   13:26:13 ET  Reply   Trace   Private Reply  


#5. To: Jameson (#2)

Sen. Warren is 100% correct.

Best case scenario is Warren is 100 percent naive. Worst case scenario is Warren is 100 percent a demogogue. Maybe she falls somewhere in between.

The politics of strife and envy. Two-bit politicians exploit it - they tell everyone how "we're gonna get those evil rich and make those bastards pay."

I wish these a-holes (and those that follow them) would learn that The Perfect Society ....... is NEVER going to happen (this side of the pearly gates, that is)

But the search for the perfect society - when it's at the hands of ever- increasingly totalitarian government- never ends well. At it's best, we end up with an Obama.

At it worst, well name any 20th or 21st century dictator or tyrant.

Rufus T Firefly  posted on  2015-04-17   13:39:02 ET  Reply   Trace   Private Reply  


#6. To: A Pole (#3)

Rushbot

Rush is too republican for my tastes. Besides, he comes on when I'm at work and can't listen to him after hours cuz he charges too much.

I'm more a Mark Levin kinda guy.

And he provides free podcasts.

Rufus T Firefly  posted on  2015-04-17   14:00:36 ET  Reply   Trace   Private Reply  


#7. To: A Pole (#0)

"First, financial institutions shouldn’t be allowed to cheat people."

No.

First, the federal government shouldn't be allowed to force lending institutions to extend mortgages to people who cannot afford them.

Second, it's not cheating if the borrower doesn't understand the terms of the mortgage. That's why we have lawyers.

misterwhite  posted on  2015-04-17   14:07:54 ET  Reply   Trace   Private Reply  


#8. To: Rufus T Firefly (#5)

Best case scenario is Warren is 100 percent naive. Worst case scenario is Warren is 100 percent a demagogue.

Senator Warren's argument here is certainly not naive, and is clearly and very simply rational.

There isn't so much as a whiff of politics in her conclusion...

(if there was she'd be talking about Glass Steagall)

"we are tartets from evil doers!!!" [ and ] U looked up birfer on the dcitionary. It isn't a movie.

Jameson  posted on  2015-04-17   14:10:44 ET  Reply   Trace   Private Reply  


#9. To: Jameson (#8)

There isn't so much as a whiff of politics in her conclusion...

Aw come on. She's a public official, and as such every time she speaks . . . it's political.

Not saying that's a bad or a good thing. It's just the way it is. Whenever ANY public official speaks, it's political. They're either 1)running for office, 2) planning on running for office, or 3)supporting someone else running for office.

Now going back to what I posted earlier. Warren supports a political point of view that's (my opinion) very naive. And dangerous.

The perfect world that statists like Warren envision is NEVER going to happen on this earth.

Sorry.

Rufus T Firefly  posted on  2015-04-17   14:48:05 ET  Reply   Trace   Private Reply  


#10. To: Rufus T Firefly (#9)

Warren supports a political point of view that's very naive. And dangerous.

The perfect world that statists like Warren envision is NEVER going to happen on this earth.

Perhaps you're reading a different article....this one is addressing the need for further reform and regulation of the financial services industry.

This is not really a "perfect world" exercise...it is directly related to the work done by the committee on which she sits.

"we are tartets from evil doers!!!" [ and ] U looked up birfer on the dcitionary. It isn't a movie.

Jameson  posted on  2015-04-17   14:57:35 ET  Reply   Trace   Private Reply  


#11. To: Rufus T Firefly (#5)

The politics of strife and envy. 

Hash Bimbo is a crook

A Pole  posted on  2015-04-17   15:22:32 ET  Reply   Trace   Private Reply  


#12. To: Jameson (#10)

Perhaps you're reading a different article....this one is addressing the need for further reform and regulation of the financial services industry.

This is not really a "perfect world" exercise...it is directly related to the work done by the committee on which she sits.

Some questions for you (in no particular order). These pertain to the financial services industry, but the questions could be applied to anything subject to regulation (i.e. campaign finance)

1. How long has the financial services industry been regulated?

2. How many regulations are enough?

3. Is there a "magic regulation" out there that - if imposed - would "fix" everything? Would we then have no need for more regulations?

4. Why is it - speaking in general terms - that when a regulation doesn't solve the issue it was supposed to solve or, worse yet, causes other problems, that the regulation is never repealed? More regulations are just piled on top of it?

Name your statist: Zero, Warren, the Xlintons, the Bushes. They all have one thing in common. They LOVE regulations because it gives gov't more power.

Why people (who seem afraid of freedom) fall for this speaks to the power of cradle to grave indoctrination, I suppose.

Viva La Publik Skools!

Rufus T Firefly  posted on  2015-04-17   17:45:26 ET  Reply   Trace   Private Reply  


#13. To: A Pole (#11)

Hash Bimbo is a crook

That may or may not be true, but you can tune him out or change the station. Rush has no power over your well being if you choose not to give him any.

Not true with crooks like Lois Lerner - who used to work for the IRS. Heard of them? They have the power to take your money and/or put you in jail.

Or Harry Reid - who as Senate Majority Leader did the impossible - brought additional shame and disgrace to an institution who's reputation was already in the toilet.

Or finally the master himself - Emperor Zero. Sworn to defend and uphold the US Constitution, he's pretty much worked as a one-man wrecking crew to what's left of this once magnificent Republic.

Get your priorities in order.

Rufus T Firefly  posted on  2015-04-17   17:52:57 ET  Reply   Trace   Private Reply  


#14. To: misterwhite (#7) (Edited)

it's not cheating if the borrower doesn't understand the terms of the mortgage.

Well what was it when the mortgage shysters were using whiteout and scissors to falsify documents?

Did the ebile ol' goberment make them do that too?

"Them mesicans is here illegally anyhow - they're ignorant and unedumatated, and they DESERVE to be taken advantaged of."

That how it'd work in Misterwhite's Loan Emporium?

VxH  posted on  2015-04-17   19:38:07 ET  Reply   Trace   Private Reply  


#15. To: Rufus T Firefly (#12)

that the regulation is never repealed?

You mean like Glass-steagal?

VxH  posted on  2015-04-17   19:41:47 ET  Reply   Trace   Private Reply  


#16. To: Rufus T Firefly (#13)

a one-man wrecking crew to what's left of this once magnificent Republic.

Well GeeOpie,  Ruffus - remind us what Dubya was workin' on when he was selling the Ambassadorship to the Netherland to the Godfather of Subprime?   

 


"Oops"
 

VxH  posted on  2015-04-17   19:47:07 ET  (2 images) Reply   Trace   Private Reply  


#17. To: VxH (#16)

Well GeeOpie, Ruffus - remind us what Dubya was workin' on

Where the Sam Hill have I ever written anything remotely saying that "Dubya" was anything great?

So take that crap and stick it where the sun don't shine

And don't ping me - I don't waste my time with idiots who still buy into the two-party fraud.

Rufus T Firefly  posted on  2015-04-17   22:13:12 ET  Reply   Trace   Private Reply  


#18. To: Rufus T Firefly (#17) (Edited)

I don't waste my time with idiots who still buy into the two-party fraud.

Who's buying into the two party fraud, Suuper-genius, if not Lush Rimbaugh?

The RINOs are fleecing the Republic whilst the Rats are eating it from the inside out.

VxH  posted on  2015-04-18   0:25:16 ET  Reply   Trace   Private Reply  


#19. To: Rufus T Firefly (#12)

Ok, I see that you really aren't interested in discussing the merits of Senator Warren's positions on the need for Banking reform.

Instead you want to beat the dead horse of "more government power"......

Good luck

"we are tartets from evil doers!!!" [ and ] U looked up birfer on the dcitionary. It isn't a movie.

Jameson  posted on  2015-04-18   5:57:33 ET  Reply   Trace   Private Reply  


#20. To: Rufus T Firefly (#13)

That may or may not be true, but you can tune him out or change the station. Rush has no power over your well being if you choose not to give him any.

That may or may not be true that you are being paid for the trolling, jamming and hijacking treads that are inconvenient for your bosses.

BTW, your handle has distinctly trollish smell.

A Pole  posted on  2015-04-18   6:31:25 ET  Reply   Trace   Private Reply  


#21. To: Jameson (#19)

Ok, I see that you really aren't interested in discussing the merits

It is not in his job description.

A Pole  posted on  2015-04-18   6:32:32 ET  Reply   Trace   Private Reply  


#22. To: Jameson (#19)

I see that you really aren't interested in discussing

There's plenty of that to go around.

Let's review the cast of characters that has been brought into the "discussion". Not by me, by the way:

Rush Limbaugh- post 3
Rush Limbaugh again - post 11
"Dubya" - post 16

I did mention others in post 13 - but the "discusssion" was already off the rails at that point.

To review, I saw the post about Liz Warren, and I wanted to comment on it. I'll admit that my saying in my first post "what a tool" may not have been the best way to go. Obviously she has fans out there in flyover country, and I should respect that.

While I observe politics in general and am fascinated by it, I am not a student of the banking or financial industry. I do know it's been regulated for years and years, and yet problems remain. Perhaps Warren will finally propose the "magic regulation" that will fix it once and for all?

So because I follow politics, I took the opportunity to make this more about her (Warren). That's why I quoted her statement (in post 1) thus:

Republicans claim – loudly and repeatedly – that they support competitive markets, but their approach to financial regulation is pure crony capitalism. It helps the rich and the powerful protect and expand their wealth and their power – and leaves everyone else behind.

The point was/is: If so-called "crony capitalism" is all on the republican side, then why are mega-billionaires like Bill Gates, Warren Buffett, Tom Steyer and George Soros all democrats?

This is a legitimate question, and you'll note it was posed in post 1. Yet no one chose to answer it before going off on rush limbaugh and george bush rabbit trails.

Just to close (as this will be my last comment on this topic): the Elizabeth Warren phenomenon is interesting. Not necessarily because of her - but because of what she represents.

I believe that the democrats are going to come to realize that with Hilliary Xlinton they have a pig in a poke. She is not Bill; she is not warm and fuzzy, she is not likeable; and (even with all the billions that will be spent and the inevitable election fraud) she may not be electable.

So I believe they will turn to Elizabeth Warren, and there is a good chance she will be the nominee.

Do I believe it makes a difference (at this point) whether Elizabeth Warren, Hillary Xlinton, or Jeb Bush occupy the WH after next election? No, not really. The seeds of our destruction were planted long ago (yes, even before George W. Bush, believe it or not).

All we're doing now is rearranging the deck chairs of the Titanic.

Rufus T Firefly  posted on  2015-04-18   7:38:13 ET  Reply   Trace   Private Reply  


#23. To: Rufus T Firefly (#22)

There's plenty of that to go around.

Let's review the cast of characters that has been brought into the "discussion". Not by me, by the way:

Rush Limbaugh- post 3

In the very first (#1) comment you started your inane troll disruption:

"Liz Warren. What a tool. Completely unqualied to be any more than a kindergarten teacher. Which makes her (in Bizarroland USA) COMPLETELY qualified to be the next POTUS."

Congratulation, you hijacked this thread successfully, you may move to other thread or forum.

A Pole  posted on  2015-04-18   8:11:02 ET  Reply   Trace   Private Reply  


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