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Government Oversight; This is why you need it...
Topic Started: Sep 9 2016, 12:15 AM (373 Views)
Ronin
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http://www.nbcnews.com/business/business-news/wells-fargo-fined-185-million-improper-account-openings-n645031


The market has no means to discourage or prevent this without the force of government.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
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estonianman
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Ronin
Sep 9 2016, 12:15 AM
http://www.nbcnews.com/business/business-news/wells-fargo-fined-185-million-improper-account-openings-n645031


The market has no means to discourage or prevent this without the force of government.
Incorrect. Depositors, credit seekers and investors can shut this down.

unfortunately the US government has decided to limit the banks we can deal with.

The government has also created a situation where it doesn't matter, with the FDIC and a precedent for bailouts.
Edited by estonianman, Sep 9 2016, 12:18 AM.
MEEK AND MILD
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Robert Stout
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Big banks are a government of their own, like the cable company................. :)
Jesus can raise the dead, but he can't fix stupid
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estonianman
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Robert Stout
Sep 9 2016, 12:31 AM
Big banks are a government of their own, like the cable company................. :)
Yes indeed. government "oversight" created this situation.

MEEK AND MILD
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Drudge X
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Ronin
Sep 9 2016, 12:15 AM
http://www.nbcnews.com/business/business-news/wells-fargo-fined-185-million-improper-account-openings-n645031


The market has no means to discourage or prevent this without the force of government.
Did someone force you to deposit your loot at Wells Fargo?
Kate Steinle was separated from her family permanently but leftists didn't seem to mind.
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Tsalagi
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I'd take this even further, not just California, Wells Fargo purchased First Union/Wachovia, I'd investigate them in all 50 States. I have Wells Fargo, and it concerns when over 5000 employees are criminals...and depositors didn't know esto, and investors have no incentive to shut it down, they were raking in money
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Director @ Center for Advanced Memetic Warfare
Tsalagi
Sep 9 2016, 11:27 AM
I'd take this even further, not just California, Wells Fargo purchased First Union/Wachovia, I'd investigate them in all 50 States. I have Wells Fargo, and it concerns when over 5000 employees are criminals...and depositors didn't know esto, and investors have no incentive to shut it down, they were raking in money
Cause of gov't policies regulating/stifling competition and gov't policies keeping interest rates artificially low....

:popcorn:
Only liberals can choose not to go down the road to widespread, systematic violence.
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estonianman
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Tsalagi
Sep 9 2016, 11:27 AM
I'd take this even further, not just California, Wells Fargo purchased First Union/Wachovia, I'd investigate them in all 50 States. I have Wells Fargo, and it concerns when over 5000 employees are criminals...and depositors didn't know esto, and investors have no incentive to shut it down, they were raking in money
Depositors are insured by the federal government, so they do not care.

That said, future depositors would see this and avoid Wells Fargo - and it is easy to switch banks.

Thing is, the banking system is the most regulated industry on the planet. That means the government has really limited variety and choice.
MEEK AND MILD
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jake58

Ronin
Sep 9 2016, 12:15 AM
http://www.nbcnews.com/business/business-news/wells-fargo-fined-185-million-improper-account-openings-n645031


The market has no means to discourage or prevent this without the force of government.
Actually, the govt did nothing to prevent it. Market forces will hurt Wells Fargo much more than the govt can tho I'm for jail time for anyone caught involved with this. Tough love. Let out the low level marijuana dealers to make room.
That which can be asserted without evidence; can be dismissed without evidence- Christopher Hitchens
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Ronin
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The idea that government regulation and oversight stifles competition which inhibits the markets ability to police itself is stupid.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
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Ronin
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Also, 5300 people getting fired for breaking the law equals an entirely corrupt corporate structure. The feds needs to police these companies like drug trafficking rings. They need the little guys to gather evidence and roll on the kingpins.
Edited by Ronin, Sep 9 2016, 09:33 PM.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
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estonianman
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Ronin
Sep 9 2016, 09:21 PM
The idea that government regulation and oversight stifles competition which inhibits the markets ability to police itself is stupid.
This is just retarded. Seriously. get a mod to delete this, it's just embarrassing.

Of course licensing, taxes, fees and mandates are going to make it harder for a start-up to sustain itself.

Do you think the corporate lobbyists that assisted in writing the laws did this on accident?
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estonianman
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The most regulated industry in the world somehow skirted the law and now needs more regulation, says the left.

Film at 11
MEEK AND MILD
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Ronin
Sep 9 2016, 09:23 PM
Also, 5300 people getting fired for breaking the law equals an entirely corrupt corporate structure. The feds needs to police these companies like drug trafficking rings. They need the little guys to gather evidence and roll on the kingpins.
Could you start with the corrupt gov't structure first....please....

Reminder: any Clinton Foundation donor in the 10 million+ range can join Hillary's classified intelligence briefing today LIVE on Periscope!
Only liberals can choose not to go down the road to widespread, systematic violence.
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jake58

Ronin
Sep 9 2016, 09:21 PM
The idea that government regulation and oversight stifles competition which inhibits the markets ability to police itself is stupid.
The idea that govt regulation is effectual in preventing actions such as this is equally ludicrous - examples abound, Deepwater-Horizon, Madoff, Enron - all regulated by the govt, all epic disasters. Govt is better at telling us why things can't be done, than actually doing anything.
That which can be asserted without evidence; can be dismissed without evidence- Christopher Hitchens
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jake58

Ronin
Sep 9 2016, 09:23 PM
Also, 5300 people getting fired for breaking the law equals an entirely corrupt corporate structure. The feds needs to police these companies like drug trafficking rings. They need the little guys to gather evidence and roll on the kingpins.
The DoJ tried this(immunity) on Pagliano and now Combetta... doesn't seem to be working that well
That which can be asserted without evidence; can be dismissed without evidence- Christopher Hitchens
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Drudge X
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I wonder if leftists are in favor of government oversight here.

https://www.yahoo.com/finance/news/facebook-co-founder-pledging-20-million-defeat-trump-105046540--election.html
Kate Steinle was separated from her family permanently but leftists didn't seem to mind.
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Ronin
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jake58
Sep 9 2016, 10:32 PM
Ronin
Sep 9 2016, 09:21 PM
The idea that government regulation and oversight stifles competition which inhibits the markets ability to police itself is stupid.
The idea that govt regulation is effectual in preventing actions such as this is equally ludicrous - examples abound, Deepwater-Horizon, Madoff, Enron - all regulated by the govt, all epic disasters. Govt is better at telling us why things can't be done, than actually doing anything.
I'm not under the impression that government regulation and oversight will end or prevent all malfeasance.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
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estonianman
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Ronin
Sep 10 2016, 12:27 AM
jake58
Sep 9 2016, 10:32 PM
Ronin
Sep 9 2016, 09:21 PM
The idea that government regulation and oversight stifles competition which inhibits the markets ability to police itself is stupid.
The idea that govt regulation is effectual in preventing actions such as this is equally ludicrous - examples abound, Deepwater-Horizon, Madoff, Enron - all regulated by the govt, all epic disasters. Govt is better at telling us why things can't be done, than actually doing anything.
I'm not under the impression that government regulation and oversight will end or prevent all malfeasance.
But you do think that by creating monopolies and cartels in business - that it will somehow not encourage it.
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Ronin
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estonianman
Sep 10 2016, 01:36 AM
Ronin
Sep 10 2016, 12:27 AM
jake58
Sep 9 2016, 10:32 PM

Quoting limited to 3 levels deep
I'm not under the impression that government regulation and oversight will end or prevent all malfeasance.
But you do think that by creating monopolies and cartels in business - that it will somehow not encourage it.
I don't believe the government creates monopolies by imposing regulation and oversight. I believe monopolies are the result of the aggressive companies that drive out or buy out competition in the marketplace. I believe they would occur with or without government regulation or intervention.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness.
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