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  1. #1
    Atomic Punk bklynboy68's Avatar
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    Default Wall Streets no lose view of 2016

    The early voting is in, and Wall Street loves what it sees and hears from its anointed 2016 front-runners Democrat Hillary Clinton and Republican Jeb Bush (with Chris Christie as a fallback).

    The big-bank honchos feel theyre sitting pretty because, as one private-equity exec put it, Were in a no-lose situation if the above are the real field. In fact, to the extent that Wall Street loves these three, theyre in trouble with the rest of the country.

    The bankers are right on one thing: For all their philosophical differences, both parties front-runners are tied tight to the Wall Street establishment.But if historys any guide, that will be a bright red warning sign for voters in both parties who believe much of the economy needs fundamental change and fast.

    For all Hillarys lefty posturing of late (Dont let anybody tell you its corporations and businesses that create jobs), she counts Goldman Sachs chief Lloyd Blankfein and Blackrock head Larry Fink among her top backers.

    Jeb is known for education and other reforms as Floridas governor, but hes spent much of his time since working with the money men first as a Lehman Bros. special adviser, then jumping ship to Barclays Capital until he began exploring a presidential run. And Christie has some pretty close friends among the banking glitterati himself from hedge-fund honcho Steve Cohen, whose firm was indicted in 2013 over insider-trading allegations, to . . . Mrs. Christie, a bond-market executive for a hedge fund.

    OK, theres nothing necessarily bad about having friends in finance. Yet the bank lobby ranks among the countrys most self-absorbed, and at times nefarious, interest groups.This is the bunch, after all, that got Washington to drop the Glass-Steagall law and other rules that kept US banks smaller, more manageable and less risky but also less profitable.
    That is, the banks got so much rope that they nearly hanged themselves in 2008.

    These are also the geniuses who plowed big bucks into the coffers of the moderate Barack Obama in the 08 race giving the country the least moderate president in modern history, particularly on the economy. On the other hand, while Obamas taxing, spending and regulations continue to hamper job growth for average Americans, the Dow and the super-rich bankers are doing great. And the Wall Street crowd cares much less about the long-term health of the economy than it does about its cherished bottom line.

    So if the bankers are right, whichever of the top three wins will end up focusing on small-fry issues once in the White House, rather than taking on such big-ticket items as real banking reform or overhauling the whole tax code.

    Yes, people like Fink at Blackrock talk up the need to lower the US corporate tax rate (now among the worlds highest) to save American jobs. But I cant recall the last time old Larry (pay last year: over $22 million) came out swinging to lower taxes for, say, the guy running the corner deli, or the Westchester family of four that loses more than half its income to taxes by various layers of government.

    The reason, I can only suspect, is that lowering individual income-tax rates would hurt BlackRocks business of selling tax-exempt municipal bonds to everyone trying to escape punitive taxes.

    The Wall Street crowd also hates pesky regulations like the Dodd-Frank law, which prevents the likes of Goldman Sachs from trading its way back to massive profitability.But while the bankers want Dodd-Frank tweaks, they have zero interest in wholesale reform that ends the practice of bailing out banks every time they screw up, aka Too Big To Fail.
    After all, that taxpayer backing (which Dodd-Frank enshrines) guarantees that the great and powerful will survive the next collapse with new taxpayer bailouts.

    Im told the bank honchos believe neither Clinton nor Bush nor Christie has the stomach for a fundamental restructuring of banks that would make them smaller and leave more room for banks to lend to small businesses, because theyd have to hold less in capital as a cushion against 08-style losses.

    As for tax reform: When was the last time you heard any of the Big Three discuss a large-scale overhaul of the way the government confiscates what Americans earn?
    The funny thing is, Wall Street could get its pawn and find it elected a pit bull. (I cant tell you how many times Fink called Obama a moderate back in 08.)

    Or maybe a populist (Liz Warren or Rand Paul), or a no-bull guy like Wisconsins Scott Walker, will hang Wall Street around the front-runners necks, changing the debate and the race.
    The main thing is: Whenever Wall Street sees a no-lose situation, the rest of America is looking at a no-win one.



    http://nypost.com/2015/02/08/wall-st...-view-of-2016/
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  3. #2
    Atomic Punk Dave's Dreidel's Avatar
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    Wall Street will want return on their investment, and they invest heavily in both D's and R's just to cover their bases.
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  4. #3
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    It's been a rigged game for quite sometime now...
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  5. #4
    Atomic Punk Little Dreamer's Avatar
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    Yes, and it will be until corporations and unions are banned from donating money to politicians. Public financing would bring a welcomed leveling of the playing field and let it be a debate of ideas. TV ads should also be banned, they bring nothing to the table.
    Little Dreamer

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  7. #5
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    when both Rage Against the Machine and Bill O'Reilly tell you that they can't tell the difference between the presidential candidates then you know you're in trouble. It's been that way for the past couple decades.

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  9. #6
    Atomic Punk bklynboy68's Avatar
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    Quote Originally Posted by It's Mike View Post
    when both Rage Against the Machine and Bill O'Reilly tell you that they can't tell the difference between the presidential candidates then you know you're in trouble. It's been that way for the past couple decades.
    "He has a swaggering retro machismo that will give hives to the Steinem cabal" -Camille Paglia on Donald Trump

    "Make way for the bad guy"- Tony Montana

    'This hamburger don't need no helper"- David Lee Roth

    "I wish Bon Jovi would've given me a call before he recorded all of his hits, because the lyrics would've been smarter, the melodies would've been much more smashing, and they would've sold a lot fewer records." -David Lee Roth

    "My beef is people thinking Bon Jovi is good cuz they sold lots of records to housewives." -tango

    "But being number one doesnt really mean jack fuck all. We sold twice as many records as other records that year (1984) that landed in the Number One position." ~Eddie Van Halen

 

 

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