Barack Obama plans fast action to tighten financial rules - DFWstangs Forums
 
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post #1 of 8 (permalink) Old 01-25-2009, 09:56 AM Thread Starter
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Barack Obama plans fast action to tighten financial rules

Quote:
WASHINGTON: The Obama administration plans to move quickly to tighten the nation's financial regulatory system.

Officials say they will make wide-ranging changes, including stricter U.S. government rules for hedge funds, credit rating agencies and mortgage brokers, and greater oversight of the complex financial instruments that contributed to the economic crisis.
http://www.iht.com/articles/2009/01/...25regulate.php

I applaud President Obama actions. He could go one better by requiring the following:

LTV ratio 80% max for realestate
LTV ratio 90% max for all other consumer loans except for
Unsecured loans (credit cards) would be max of 20% credit limit to income
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post #2 of 8 (permalink) Old 01-25-2009, 11:17 AM
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Im glad he is doing this. Alot of the damage is done though but this will prevent further damage

98 Brokra
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post #3 of 8 (permalink) Old 01-25-2009, 11:29 AM
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too little, too late... but better than nothing.

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post #4 of 8 (permalink) Old 01-25-2009, 11:35 AM
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Quote:
Originally Posted by mardyn View Post
too little, too late... but better than nothing.

mardyn
Wonder how this will affect his standing with the minorities that used easy credit to attain all their toys?

Long term it is a good idea, but short term it could create some severe consequences.

1/19/09, the last day of Free America.
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post #5 of 8 (permalink) Old 01-25-2009, 12:22 PM
Lifer
 
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Quote:
Originally Posted by Sean88gt View Post
Wonder how this will affect his standing with the minorities that used easy credit to attain all their toys?

Long term it is a good idea, but short term it could create some severe consequences.
Surely he will give exceptions to the rule, like his supporters.

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If you like the IRS, DMV and the Post Office, you will love Obamacare!

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I have to agree with a quote from former Treasury Secretary William E. Simon: "Bad politicians are sent to Washington by good people who don't vote."
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post #6 of 8 (permalink) Old 01-25-2009, 12:48 PM
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I'm sure it will be like Sarbanes Oxley and appear to work fine at first but then be a complete fuck up.

I'd also like to know what kind of "oversight" anyone is going to give to credit swaps and derivatives. Are they also going to regulate the temperature of the sun? lol
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post #7 of 8 (permalink) Old 01-25-2009, 12:52 PM
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Quote:
Originally Posted by AL P View Post
I'm sure it will be like Sarbanes Oxley and appear to work fine at first but then be a complete fuck up.

I'd also like to know what kind of "oversight" anyone is going to give to credit swaps and derivatives. Are they also going to regulate the temperature of the sun? lol
I also wonder why people think these promises of oversight by the federal government are some big deal. Hell, the average school district can't keep up with their money and people trust the Messiah to keep up with the federal budget? Give me a break!

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If you like the IRS, DMV and the Post Office, you will love Obamacare!

“An armed society is a polite society. Manners are good when one may have to back up his acts with his life.”
Robert A. Heinlein

I have to agree with a quote from former Treasury Secretary William E. Simon: "Bad politicians are sent to Washington by good people who don't vote."
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post #8 of 8 (permalink) Old 01-25-2009, 01:00 PM
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Quote:
Originally Posted by Sean88gt View Post
Wonder how this will affect his standing with the minorities that used easy credit to attain all their toys?
My guess is those folks are already so over extended, laid off or foreclosed, it won't matter all.
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