Lack of government support worsened the Great Depression? FRom 1933 to 1937, the government pumped massive amounts of money into the system, the WPA was founded, the New Deal list goes on and on. And what happened, we had another depression -- yes a depression, albeit smaller -- in 1937-38! Only rearmament and World War II pulled us out of it.
If Santelli was good at trading or knowledgable of the markets as he thinks he is, he wouldn't be screaming like his buddy, CNBC number one nut case Larry Kudlow... but making tons of money trading!!
larry kudlow is an alcoholic and was a coke head then he converted to jesus from moses...he has serious issues and mental retardation....hes a bullshitter a la cramer or santelli...just regular for wall st crew.
Hey, like I said, I understand the libertarian argument, and that's a different debate, but it seems slimy (a new synonym for inconsistent) to be a libertarian toward homeowners but not toward banks.
They took on counterparty risk. SIPC is only going to cover cash, stocks and bonds at IB, right? Its the exchange that covers the counterparty risk of derivative trades. I've read your posts, i know you know this better than i do. Trade otc at your own risk. In hindsight we know the banks ignored the real risk, they were were wrong. Now if they're insolvent let them fail. Carl
Was he also opposed to jacking FDIC coverage limits sky high, or he is just another guy who only wants his own bread buttered?
Carl, What I'm posing is the fact that the SIPC doesn't have the reserves to handle a major, major blow out. They'd need to approach Congress for help. Just like the banks did......
Am I missing something? Does FDIC have a few trillion laying around somewhere just waiting for banks to default? I'm thinking FDIC = taxpayer. Letting banks domino into the abyss can't be a good thing for any of us. If they get funded (propped up) by us, their board/executives should get replaced by a conservative (fiscal not political) operation who should be free to make money and buy back our (FDIC/taxpayer/TARP...) portion later. If that's not possible up front then certainly stringent regulatory strings must be present. (I guess where we are headed) Sooner than later, new regulations should/would be in place stating if you want to be an FDIC operation, guess what... follow these transparent conservative policies (regs) or all of you go to jail IF we have to push the FDIC magic button ever again. Real Gitmo type jail, not Madoff house arrest. Sorry... 1st paragraph contains my real point.