Help me remember. Did politicians tell banks to give loans to people who were at risk for not being able to pay them off?

@OriginalWhiteDevil

Ай бұрын

Yes. That happened during the Clinton administration when they deregulated Wall Street banks and told them to find whatever ways they can to approve mortgage loans for people who normally wouldn't qualify. One way was to rely on stated income. A person says, without having to show any proof, "I make $200,000 a year." The bank says, "Sounds like you can afford it. Approved."

@user-ok2mq6ig5y

Ай бұрын

@@OriginalWhiteDevilnot just Clinton. Obama helped a lot. By setting aside prime-rate mortgages for low-income blacks and Hispanics with bad credit,treated welfare as valid income in mortgage applications and provided favorable interest rates and down-payment assistance for minority borrowers with weak credit, and more using his Justice department and threats from Democratic leaders.

@jamesmcd71

Ай бұрын

Not only did the politicians tell the banks to give loans to people that can't afford it. The gov would go after those institutions that didn't give loans to people who couldn't afford it.

@user-ok2mq6ig5y

Ай бұрын

Obama played a role using his justice department. They set aside prime-rate mortgages for low-income blacks and Hispanics with bad credit, treated welfare as valid income in mortgage applications they provided favorable interest rates and down-payment help for minority borrowers with bad credit.

@GeneralPoulos

Ай бұрын

Obama No

I really dislike Elizabeth Warren, but I dislike Powell even more. He's insufferable.

@richardpavek7345

Ай бұрын

This time Warren actually sounds like a conservative. Hence I must agree with her complaint to Powell. However, she like all Liberals will still waste our money on the DEI G A R B A G E.

I LOOOOOOVE YOU ELIZABETH WARREN

@Janiix89

Ай бұрын

Why? She has proven to be a huge hypocrite on banking - says one thing and then does another- look no further than her “anti-crypto army”

Warren is always so far off base and full of crap.

@gimmeshelter1969

Ай бұрын

You must be a banker. 😂

@Mark.Allen1111

27 күн бұрын

I’m pretty sure that it’s her job to regulate the banks. Powell is responsible for stable prices and full employment.

It’s a good thing her chair swivels and it looks like she’s reading everything she says WTF🙈🇺🇸

@richardpavek7345

Ай бұрын

It's good she did read it. She gave a very clear account of what our Fed has done wrong. While I despise Warren for all of her Liberal garbage, finally she is spot on. We conservatives should complain to Powell exactly as she has done here. We should not reward the rich gamblers with bonuses that cost us!

@ronm4501

Ай бұрын

@@richardpavek7345 l appreciate you but she probably knew about this or should have known….well…anyway….. she looked fidgety l don’t trust her no hyperbole no l mean it it’s not a joke lol🇺🇸

If the FED is private, why does it fall on them to regulate the big banks, and not the governmet?

@stephenshuman1

8 күн бұрын

Probably because it’s not private

@sesh8863

8 күн бұрын

@@stephenshuman1 They did a FOIA Request a few years back, at that time JPM and Citi was the major onwers, look it up.

She did NOT bring the receipts... WTH... when he says "no i don't believe you." You don't say go back and check. You bring up the exact document date, and then you quote it. I think we all agree no bonuses to bank executives when the bank is having issues and their customers are suffering and no one condones risky behavior when the risky behavior is exposed legitimately. But bring the receipts if you're going to make the accusations... TALK is cheap...

@richardpavek7345

Ай бұрын

You say: I think we all agree no bonuses to bank executives when the bank is having issues and their customers are suffering and no one condones risky behavior. While I despise Warren for all of her Liberal garbage, finally she is spot on. We conservatives should complain to Powell exactly as she has done here.

What an amazing senator. Should have been president

@coolazguy15

Ай бұрын

No

@Janiix89

Ай бұрын

Im voting for her replacement this year- have voted for her in the past but no way anymore

@Raptors2023

Ай бұрын

@@Janiix89 why?

@Janiix89

Ай бұрын

@@Raptors2023 she used to the voice against big banks but yet she is the biggest critic of crypto now which makes no sense seeing as blockchains allow banking of the unbanked and for verifiable public record auditing - there is just so much innovation to come from the blockchain industry and she is head of the “anti cryto army”

She cares about little things like bonuses & CEO salaries...when a bank has to be bailed out...suggestion Pocahontas, the Fed shouldnt bail them out at all...let them fail...if their too big to fail concentrate your efforts on reducing their power ( more competition, etc.)

@richardpavek7345

Ай бұрын

While I agree with you, and while I despise Warren for all of her Liberal garbage, finally she is spot on. We conservatives should complain to Powell exactly as she has done here. We should not reward the rich gamblers with bonuses that cost us!

@user-nd3fp5fl8n

Ай бұрын

Silicon Valley Bank WAS allowed to fail. However, the government didn't allow depositors to also lose money.

@stevedeng

Ай бұрын

Yes, however they protected high earners w more than 250K covered by FDIC..Some were companies ( which should have known better) using money for payroll, others were individuals ( who knew how FDIC works), yet these white glove customers were bailed out losing no principle over the 250K FDIC..the Fed would have treated you & I in accordance w FDIC regs..Additionally the Feds arbitrarily changed the secure deposits from mark to market values to the principle held on Bonds ( Market value up to 20% less than principle) averting potential bank defaults...the policy was continued for JP morgan who purchased the one Silicone bank, if my memory serves me? I suspect many of these individuals were donors to politic parties, thus the FED cut them slack...you & I can't buy influence...rules for thee but not me sayth the in crowd..

Warren always picks a fight with Powell about something. She did not engage him in a cooperative dialog, when he might've been happy to gather the pertinent data about executive compensation. She is not dumb, but showboating doesn't make good policy.

Nothing stops the banks from over spending, got it. What stops the government?

She was a bankruptcy lawyer. She understands more than she acknowledges. Always grandstanding however

It seems a bit hypocritical to hear members of congress, no matter how correct or good their intentions are, demand someone else in the government, with a LOT less power to institute changes of this order and specificity, to Do. Their. Job. I get the Fed doesnt want to be political but GD sometimes when the politico's refuse to act it falls to the rest of the crew to save the ship. I cant help but wonder if him being a Republican is blinding him or holding him back from seeing/doing things that need systemic reforms for the health of the greater economy longterm.

@buildingmanager1602

Ай бұрын

The Fed is not government

No more bailout.

❤

Not to mention more fees and much less service

Heard that Powell was battered at the latest hearing; Warren sure went after him here and definitely got the best of him. Powell has been a miserable failure at the Fed and he (like Biden) needs to be relieved of his duties ASAP. 😎

Wait ..there was a problem in 2008 and 2023? I wonder what happened..

It was a rare and decent moment for Warren.

Warren is a native american.

@erniebuchinski3614

Ай бұрын

Sure she is . . . and I didn't just run out of Preparation-H. 😆

Powell basically called Warren a liar during in his testimony when questioned by another senator.

Kudos to Warren on this one. Do your job Powell

Little lady against the mafia

It's rare that I applaud a democrat, but this was good.

@dasfahrer8187

Ай бұрын

No it wasn't. It was nonsense lol.

@richardpavek7345

Ай бұрын

@@dasfahrer8187 You are wrong! While I despise Warren for all of her Liberal garbage, finally she is spot on. We conservatives should complain to Powell exactly as she has done here. We should not reward the rich gamblers with bonuses that cost us!

@dasfahrer8187

Ай бұрын

@@richardpavek7345 Nah. She's complaining about something out of context. You're getting caught up in her nonsense.

@richardpavek7345

Ай бұрын

@@dasfahrer8187 Let me ask: Should we reward the rich gamblers with bonuses that cost us? How is this out of context? I believe she is correct on principle, but never on any Liberal garbage. Powell is an ASS too.

@dasfahrer8187

Ай бұрын

@@richardpavek7345 The fact that you're asking this tells me that you don't understand the underlying monetary and banking concepts and are focusing on the shinies that Warren is superficially complaining about.

🎉

I don't think that risk taking departments can take funds from a different Department.

I can't believe this maniac keeps getting re-elected.

@richardpavek7345

Ай бұрын

True. But she is correct for the very first time.

@KungPowEnterFist

Ай бұрын

@@richardpavek7345 Correct in that when JP called her out on it, she could not provide the alleged quote. Because it was a fiction.

Overall, I like Jerome Powell more than dislike Jerome Powell. It angered me that he printed money way more and longer than what I would have felt that he should have and loss badly buying QQQ and puts and Sqqq calls and shares and buying forex contracts bullish on the dollar. When the stock market way beyond the high before the "pandemic". Now I am receiving a loss from the effects of the high inflation mostly cause as well as paying my own bills but also having to loan money to friends cause none of them have enough money to pay for their own rents. In a way it did make me feel a little bit better as I giggled watching her smack Powell a little from another person.

This woman is bat shit crazy

@richardpavek7345

Ай бұрын

True, but not on this one point.

How could anyone vote for such a miserable person ?

Hmm it's her job to write laws, that is what she was elected to do.

@richardpavek7345

Ай бұрын

While I despise Warren for all of her Liberal garbage, finally she is spot on. We conservatives should complain to Powell exactly as she has done here. We should not reward the rich gamblers with bonuses that cost us!

Mic 🎤 drop 🕳️.

When Powell worked for Trump, he started doing the opposite of what Trump asked him to do. Now, he's screwing this administration.

@user-nd3fp5fl8n

Ай бұрын

The Federal Reserve should use data to set interest rate policy. Presidents invariably want interest rates to go down, which generates inflation. The Fed is not under the command of the president, for good reason. Countries that do not have independent central banks often wreck their economies.

She makes some good points but her attempts to take down Powell is a losing strategy.

@gimmeshelter1969

Ай бұрын

Why?

Why is she allowed to speak?

@terrancekayton007

Ай бұрын

Because she was elected to do so.