The Republicans want to repeal Dodd-Frank

blu3bird

blu3bird

Well-Known Member
That doesn't seem like a very good move. So what, if they do something like this, banks will be able to give predatory loans to people that can't pay them back? That's pretty dumb. Where the fuck do these politicians get these ignorant ideas?

I guess on the other hand though, maybe people shouldn't sign up for a loan they can't afford?
 
S

schuylaar

Well-Known Member
blu3bird said:
That doesn't seem like a very good move. So what, if they do something like this, banks will be able to give predatory loans to people that can't pay them back? That's pretty dumb. Where the fuck do these politicians get these ignorant ideas?

I guess on the other hand though, maybe people shouldn't sign up for a loan they can't afford?
Click to expand...
Not really, it's a scheme. What happens is, most homeowners have a small down payment which means they must carry MIP. Customer defaults, bank files for the MIP gets paid COMPLETELY 100%. The property is then sold for pennies on the dollar in 'blocks' to investors who make a killing by flipping them, selling for huge profit and the cycle repeats.

Losers: Insurance company and Homeowner
Winner: Banks and Investors

Repeal of Dodd-Frank whether partially or completely will game the system even more in favor of banks' and investors' predatory practices.

Thanks, Hillary!
 
UncleBuck

UncleBuck

Well-Known Member
ttystikk said:
... And along with it, eviscerate the Consumer Financial Protection Bureau.

They claim it will improve the economy.

Discuss...
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last two times republicans had all three branches of government and wanted to make major financial protection reform:

1929, hoover

2002, george w bush



i see no reason why history would indicate anything bad can come of this.
 
ttystikk

ttystikk

Well-Known Member
blu3bird said:
That doesn't seem like a very good move. So what, if they do something like this, banks will be able to give predatory loans to people that can't pay them back? That's pretty dumb. Where the fuck do these politicians get these ignorant ideas?

I guess on the other hand though, maybe people shouldn't sign up for a loan they can't afford?
Click to expand...
No, banks will be able to do the very same things that got us the Great Crash of 1929 which led into the Great Depression, and the Crash of 2008. Since the taxpayers bailed out the banks, it works out! At least, for THEM.

And what is that thing they'll be able to do? Investment banking with their deposits, backed by the government in case they screw up.

If they win, they keep the money. If they lose, we get stuck with the bill. What could possibly go wrong?
 
Growdict

Growdict

Well-Known Member
They want to get rid of
Bipartisan dodd frank banking reform
ACA
Clean air
Clean water
Paris accord
Yes. This is good news for billionaires and bad news for everyone else.
Also slash state department and foreign aid. ( prevents wars). Increase military (fights wars)
Wait until tax reform, everything is tilted to the top 1 percent
 
ttystikk

ttystikk

Well-Known Member
Growdict said:
They want to get rid of
Bipartisan dodd frank banking reform
ACA
Clean air
Clean water
Paris accord
Yes. This is good news for billionaires and bad news for everyone else.
Also slash state department and foreign aid. ( prevents wars). Increase military (fights wars)
Wait until tax reform, everything is tilted to the top 1 percent
Click to expand...
Strange. I could swear that clean air, clean water and peace with our earthly neighbors was good for them too?
 
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