U.S. House banking chairman unveils Dodd-Frank replacement

[Technocracy Timmy]

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Source.

[Technocracy Timmy]

The reforms to the cfpb in particular could have serious political ramifications in regards to the Ohio governor's race. If the GOP doesn't get a replacement bill through that actually weakens the power of the cfpb then I'd expect Trump to fire the head of the bureau, Richard Cordray.

In regards to the regulations themselves, I don't support the measure. Lending would increase and likely boost the economy but the last thing everybody (even Wall Street) wants is another financial crisis since it jeopardizes everybody currently holding large amounts of political and financial power. Plus wrecking the rest of the country isn't a good thing either.

[publicunofficial]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

[Technocracy Timmy]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

[publicunofficial]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Most of the people who own guns vote for pieces of s**t like Mr. Hensarling.

[Technocracy Timmy]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Most of the people who own guns vote for pieces of s**t like Mr. Hensarling.

They also range from either doing well economically or just barely surviving. If yet another crisis hits their pocket books even harder then there will be large amounts of social upeahvel. Don't expect this current Republican Party to adequately address such a crisis.

[Doimper]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

. . . Right.

[publicunofficial]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Most of the people who own guns vote for pieces of s**t like Mr. Hensarling.

They also range from either doing well economically or just barely surviving. If yet another crisis hits their pocket books even harder then there will be large amounts of social upeahvel. Don't expect this current Republican Party to adequately address such a crisis.

I also don't expect the current Democratic Party to capitalize on such social upheaval. Especially not when the Senate Majority Leader is Wall Street's #1 guy.

[The_Doctor]

What TT said. A second crisis might sap the debt strapped working class beyond the breaking point and force a revolt. Measures like this raise the likelihood of something going wrong in the name of profits. It's the neoliberal conservatives acting in the name of ideology rather than adapting to the 2008 crisis.

The Republicans don't quite understand or grasp how much this country has changed since 2008.

[Technocracy Timmy]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Most of the people who own guns vote for pieces of s**t like Mr. Hensarling.

They also range from either doing well economically or just barely surviving. If yet another crisis hits their pocket books even harder then there will be large amounts of social upeahvel. Don't expect this current Republican Party to adequately address such a crisis.

I also don't expect the current Democratic Party to capitalize on such social upheaval. Especially not when the Senate Majority Leader is Wall Street's #1 guy.

The negative ramifications of a strong repeal of the financial protections put into place in 2010 will take far longer than 4 years or so to be felt in another calamity. It's quite possible Schumer won't be the senate majority leader.

and that's saying nothing of Pelosi who is already 77 years old.

[publicunofficial]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Most of the people who own guns vote for pieces of s**t like Mr. Hensarling.

They also range from either doing well economically or just barely surviving. If yet another crisis hits their pocket books even harder then there will be large amounts of social upeahvel. Don't expect this current Republican Party to adequately address such a crisis.

I also don't expect the current Democratic Party to capitalize on such social upheaval. Especially not when the Senate Majority Leader is Wall Street's #1 guy.

The negative ramifications of a strong repeal of the financial protections put into place in 2010 will take far longer than 4 years or so to be felt in another calamity. It's quite possible Schumer won't be the senate majority leader.

and that's saying nothing of Pelosi who is already 77 years old.

If it happens longer than 4-8 years from now, there's a good chance that it causes the economy to explode under a Democratic president who then takes the blame.

[Technocracy Timmy]

The people who caused the last financial crisis got off scott-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Most of the people who own guns vote for pieces of s**t like Mr. Hensarling.

They also range from either doing well economically or just barely surviving. If yet another crisis hits their pocket books even harder then there will be large amounts of social upeahvel. Don't expect this current Republican Party to adequately address such a crisis.

I also don't expect the current Democratic Party to capitalize on such social upheaval. Especially not when the Senate Majority Leader is Wall Street's #1 guy.

The negative ramifications of a strong repeal of the financial protections put into place in 2010 will take far longer than 4 years or so to be felt in another calamity. It's quite possible Schumer won't be the senate majority leader.

and that's saying nothing of Pelosi who is already 77 years old.

If it happens longer than 4-8 years from now, there's a good chance that it causes the economy to explode under a Democratic president who then takes the blame.

Certainly possible. Although given the instability in the financial markets (2008) combined with the instability of the political situation (2016) I'd be shocked if it didn't happen sometime between 2020-2024. I'm pretty sure Pence will be president. He'd be a Ford/Hoover figure and win in 2020 while the Democrats are still warring with one another in 2020. That's my prediction though. (Based on TD's timeline) Who knows.

[pbrower2a]

The people who caused the last financial crisis got off scot-free so why would they ever fear causing another one?

If they were responsible for yet another financial crisis and got away scot free then a country with 300 million guns and over 300 million people aren't gonna be too forgiving.

Maybe they think that they could get away from the putrid mess that they left behind and live well on the loot that they transmit to places in which they will be able to live well.  Dirty money, as from embezzlement and drug dealing, is gone in most places once it is tracked down.

These fellows are lucky that they faced a comparatively-conservative Barack Obama as President, someone more intent on getting the economy humming along again than on personal retribution.  

[The_Doctor]

1. TT is a prediction thief.
2. I doubt the Democrats will regain power until the fiscal + economic crisis occurs. I anticipate the Republicans having an edge until that situation occurs. That could be 2020, 2024, or at the extremes, 2028. Obama left us a fiery strong economy so this crisis will take a while to develop but given Obama didn't solve the underlying roots of the financial crisis this will be an issue that comes up again.
3. The 2008 crisis occurred before we got our foreshadowing Presidency. Obama was a sign of things to come but he was operating within a minority Democratic coalition.
4. Donald Trump and Mike Pence do not have the political coalition or capital to head off the crisis. In fact behavior like what Jeb Hensarling is doing will make the coming crisis worse. Obama tried to head off the crisis by instituting Dodd-Frank but by removing the protections the Republicans are creating the conditions.
5. The Republicans can slip portions of repeal etc into must pass bills and bills that have gone to Conference and need final approval. In fact this is most likely what they will do.

[Technocracy Timmy]

1. TT is a prediction thief.

Edited to credit you, although I just assume most people here have read your timeline and knew where I got that from

[pbrower2a]

1. TT is a prediction thief.
2. I doubt the Democrats will regain power until the fiscal + economic crisis occurs. I anticipate the Republicans having an edge until that situation occurs. That could be 2020, 2024, or at the extremes, 2028. Obama left us a fiery strong economy so this crisis will take a while to develop but given Obama didn't solve the underlying roots of the financial crisis this will be an issue that comes up again.
3. The 2008 crisis occurred before we got our foreshadowing Presidency. Obama was a sign of things to come but he was operating within a minority Democratic coalition.
4. Donald Trump and Mike Pence do not have the political coalition or capital to head off the crisis. In fact behavior like what Jeb Hensarling is doing will make the coming crisis worse. Obama tried to head off the crisis by instituting Dodd-Frank but by removing the protections the Republicans are creating the conditions.
5. The Republicans can slip portions of repeal etc into must pass bills and bills that have gone to Conference and need final approval. In fact this is most likely what they will do.

An economy can go very bad very fast. Think of what happened to Herbert Hoover. Maybe we would have had  more pervasive reforms had the economy melted down over three years  (autumn 1929-autumn 1932) than over a year and a half (autumn 2007-spring 2009).  But we are operating on an honor system instead of under bureaucratic red tape. Once the honor system becomes irrelevant, we are in for the bad behavior that precipitated panics as in 1929 and 2008.

I expect Republicans to push a 'profits-first' economy that will have wage cuts and union-destruction as a cure for any economic distress -- which will be like smoking to deliver some relief from the pain of lung cancer.