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Ben Stein: Obama Is ‘So Right’ to Rein in Wall Street’s ‘Drunken Frat Boys’ |
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I don’t want the president to “reign”!!!
And I’m not too keen on him reining in Wall Street, because he’s demonizing them for trying to turn the subprime market of derivatives — which was imposed on lenders by Clinton’s administration and defended by Barney Frankincense, Maximum Waters, and others all through Dubya’s adminisration (when OFHEO and other regulators tried to get a few bullets for their puny regulatory guns — into a reasonably profitable deal. And remember, the Wall Street “frat boys” were dealing with other, equally knowledgeable investors, not the general lay public who don’t know how these things work.
Yeah, and you are rarely right.
Humorous cartoon at http://drawfortruth.wordpress.com/category/elections/ showing Nancy Pelosi and the liberals rush to ram through Obama’s agenda before the 2010 elections.
He’s talking about the other drunken frat boys, not the drunken frat boys that spent all the money that was paid into social security and medicare.
BEN!!!!!!!!!!!!
What are you smoking?..Gahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh.
The DEVILS ALWAYS IN THE DETAILS with this REGIME…………..
Fascism is loosed on America, do not HELP them push their Immoral,Amoral Agenda’s!!
PLEEEEEEZE!
Ben may be considered a genius but not when it comes to Obama.
A normal thinking American can see that anything Obama wants is not good for America.
Ben, stick to movies.
“Activists call on Obama to fight AZ immigrant law”
calling on the lawless to fight the law? hmmm…
obama himself will have to show where he was born if he steps in Arizone in 2012!!!
The last thing we need is more regulation, especially crafted by Chris Dodd, who is one of the architects of the housing bubble in the first place. We got into this mess because of an excess of government regulation, because of artificially low interest rates by the federal reserve, because of the moral hazards created by fannie & freddie. This regulation does nothing to address those underlying problems. The fed is actually given more power, instead of having power taken away from it. Freddie & Fannie are doing even more damage now, insuring even more mortgages now than they were before, they are untouched by this. All this is, is window dressing. Its going to do nothing to prevent the next economic crisis. In fact, had this bill existed in its entirety 4 or 5 years ago, we still would have had the problem. – Peter Schiff
All I can think of his “Win Ben Stein’s Money.” That’s the real Ben Stein.
He should have stuck with the TV show.
Now he is making an ass out of himself. He’s no longer funny and his TV commercials are obnoxious. His opinion is meaningless. He’s a old has-been comic.
OBAMMY IS DRUNK ON POWER AND CONTROL AGAIN.
It’s rein in, not reign in. Jesus.The difference between the right word and the almost right word is the difference between lightning and the lightning bug. Mark Twain.
Wall Street and Washington all sleep in one gigantic king size bed !!!
Ben, I like you for the most part. But to say Barry needs to control Wall Street is the dumbest thing I have ever heard!!
Ben, you don’t get it.
The problem started back with Carter, the Community Reinvestment Act.
The government forced (threatened closures) banks to give loans to people
who couldn’t afford them.
Later on these loans were packaged.
This CRA mess went on steroids under Clinton.
Bush tried on many occasions to reign in Fannie Mae and Freddie Mac, but
Barney Frank and Chris Dodd blocked regulation of these two entities which
were the biggest culprits of these awful loans.
The CRA house-of-cards came crashing down in 2008.
The irony now is that they want to regulate now, but they didn’t then.
Mr. Stein, giving Obama and the Executive branch more power is antithetical
to maintaining the semblance of a free society.
The problem is and always has been THE GOVERNMENT !
You need to read Milton Friedman instead of Bill O’Reilly.
spell-check: rein in, not reign in. Sorry.
Saturn entered from Leo. Left it on 9-9-09. Saturn pulled out of Leo. He entered into Virgo – and this is the first full year in Virgo that he stays there until December 2012 which is the month before the next election.
read yr bible – a day of reckoning for the bad works of many will be corrected November 2012. “Day unto day [the heavens] uttereth speech, and night unto night sheweth knowledge.”
Bueller! Bueller! Bueller!
@ Ellen for Freedom….
You and I may have to disagree here, my friend. The Banks made loans they knew would fail and bet billions that these hispanics…that LA RAZA was lobbying DC to give their people equal opportunities to buy homes even if they couldn’t afford them. The Latino’s many of whom had no job, no income, living on welfare, (yes they get welfare through anchor babies) bought $100,000 homes. The banks said ok, we know they will go belly up….so let’s insure those loans against failure. It’s a WIN-WIN.
Every single day for the last 4 years, the local newspaper has had FORECLOSURE notices……6-12 per day. Read the names….many are Mexican names….some are not but the addresses are in mexican neighborhoods….so are they real or phony ID’s, who knows??
You won’t hear this on any national tv or local media. Especially, if you live a Democratic state. They scrub the news here or bury it completely. Takes homework to live here.
Ellen….what would you think of a JOHN BOEHNER for PRES. And JAN BREWER for VICE Pres. ???? Wouldn’t that be a good ticket!!!
Those tow take no poop from any of the DC cesspool.
Saturn entered from Leo. Left it on 9-9-09. Saturn pulled out of Leo. He entered into Virgo – and this is the first full year in Virgo that he stays there until OCTOBER 2012 which is the month before the next election.
read yr bible – a day of reckoning for the bad works of many will be corrected November 2012. “Day unto day [the heavens] uttereth speech, and night unto night sheweth knowledge.”
Let’s face it folks, there needs to be regulatory reform on Wall Street. However, Obama and crew are trying to put in things that won’t solve the problem and in fact make it worse. The $50 billion dollar slush fund is included to do what?? = to “bail out” financial institutions that are deemed too big to fail at Obama’s discretion. There is NO where (no place) in the current legislation that “protects” consumers and taxpayers from “footing the bill” because the legislation does NOT include absolute assurance or legal verified documentation that no bail outs will occur. Most of all, Obama is going full steam ahead without bi-partisan support just like he did on Health Care and where did it get us? Why now we know (after we found out what was actually in it) that our Health Care costs are going to SKYROCKET and millions of Americans will MOST ASSUREDLY be paying MORE for their health care not less. But I digress… Obama is doing his so-called Wall Street ‘reform’ in a lopsided manner, in my opinion, where he is not even addressing some of the most systemic problems plaguing Wall Street currently. And with the assurance of a $50 billion dollar slush fund still in place in the legislation “taxpayers” not the dimwits on Wall Street will be footing the bill and shouldering the burden for their miscreant deeds and corruption while essentially Wall Street gets away scot-free and will just cry out to mommy and daddy i.e. the Government = to bail them out yet again – at taxpayer’s expense!
Obama needs to “drop his guard” then call in the Republicans and Independents for a bi-partisan approach that will make it possible to “get it right” instead of trying to shove yet another major piece of legislation down the throats of the American people through on his own ill-contrived efforts and “half-baked” accordingly, as it now stands.
I believe the “real” reason Obama wants to do his so-called ‘reform’ his own way is because the way the legislation is presented currently will give Government a “power grab” over ALL financial institutions within the United States, and consequently, will “spill over” to a same type of “power grab” scenario over the international financial institutions and markets as well. In other words, he’s doing it not necessarily because it will help or be beneficial to Wall Street or the American people (in fact it won’t the way it’s currently written up) if enacted; rather he’s doing it, in my opinion, because it will give his Administration and the Government in general more “power” and “control” over the world’s financial markets, institutions, and operations that’s why. When a Government ultimately controls the “money” or the people who “make the money” they will ultimately control… wait for it… yep = the World. >> And you thought Obama is just wanting to help the American people out huh? 
Nope.
This guy(obama) is sick. Truly a disturbed individual. You want to fix the problem , no more retard loans, done. All problems can be traced to the retard loans that fannie and freddie bought and encouraged. Goldman was shorting retard loans. Why was it illegal? It wasn’t even a short it was a hedge or betting the other way or laying off action whatever.GSEs were just as culpable as wall street.
Why does this have to be another moment? Why? Would we be talking about this if there was no such thing as retard loans? no! But lucky us we get to be a part of the history bus Obama. This guy makes me sick. What an arrogant jerk! He just loves all of this monumental moment crap where there be none, Disgusting.
This is historic! Puke!
If there were no such thing as retard loans the cds market could be worth 1000 trillion dollars and the only ones making money would be the guys who sold the contract because there would be no underlying retardation to pollute the asset.There is one guaranteed way to ensure this doesnt happen again. Make writing a retarded loan against the law. If for no other reason than not having to listen to this pompous disgusting blowhard eunuch.
Saturn entered from Leo. Left it on 9-9-09. Saturn pulled out of Leo. He entered into Virgo – and this is the first full year in Virgo that he stays there until NOVEMBER(end of october) 2012 which is the month before the next election.
read yr bible – a day of . reckoning for the bad works of many will be corrected November 2012. “Day unto day [the heavens] uttereth speech, and night unto night sheweth knowledge.”
Obama is such a propagandist. Like at GM and obama’s weekly address. He’s spreading the lies of GM. It’s on http://www.americanparchment.com.
Dear Kay at 6:51 pm…I don’t think we disagree at all. The government pushed the banks to make the loans to people who should not have had them…the banks then gave the loans to the same…and foreclosures went through the roofs…then the piper had to be paid!
The government did this…Wall Street just took advantage of a very bad situation created by the government!
I am not saying not to punish them somehow…but not take them over. Just enforcing the regulations we have in place would be a start!
As to a candidate for President…I see no one today that excites me enough to get behind them. I am sick and tired of voting for the ‘lesser of two evils’!
There are many that have inspired me with their speeches…but I want substance and stability in their conservative convictions.
We have plenty of time to decide on who ‘we’ the people want to represent us going forward…and that will take time and testimony to prove who they really are and what they believe!
Take a look at good ol’ boy…Johnnie “come conservative lately’ McCain. I voted for him…I voted for what I felt was the ‘lesser’ of two evils. But ol’ Johnny did not come through…he was a moderate ‘fence sitter’ and I finally wised up when he rolled over and died!
Then he threw his running mate under the bus…until he found it useful to bring her out, brush her off and put her up as his mouthpiece…and she gratefully obliged.
Not a good thing for both of them! Now he is trying to rescue…immigration? When in the past, he fought for amnesty of illegals?
Time proves alot of things…and we have time to sit back and listen, absorb and remember!
We fight this battle one day at a time. I always appreciate your input into the comment areas…I know you have alot of experience and know of what you speak…and thank you for the expertise you provide.
Never give in and never give up…we are going to win this war…one battle at a time…and everyday brings a new one…but ‘we’ the people are up to the challenge…we have crossed over the line drawn in the sand by the puppet of the Bilderberg…Obama the Bush and we are not afraid!
We fight for ‘all’ of America’s children…even theirs!
—————————————
AMERICA…REMEMBER THE VOTE…
COME NOVEMBER WE WILL BE SERVING UP ‘LAME DUCK’ FOR THANKSGIVING…AND WHAT A DAY OF THANKSGIVING THAT WILL BE!
—————————————-
IMPEACHMENT OR THE ‘ORIGINAL’ RECORDS OF BIRTH…IT IS JUST A MATTER OF TIME…AND 2010 WILL BE THE TIME!
We need to be careful here…
sharpton is setting himself up to look like an real unpatriotic American if he goes to Arizona to criticize their State Law. I guarantee he will even lose some of his Black supporters.
We are on the hook for around 87 bill after all is said and done with wall st. We just let a bill pass that is going to cost us trillions…trillions.
Get over the bailout mania for gods sake. This guy is trying to castrate this country and funking with wall street is a big part of that . Some bailouts result in a boon to the country. Focus concern where it belongs. The government in my view was the creator of the retard loan. No retard loans no mess.
From now on we should call them queers and fairies instead of bulls and bears. I know what your thinking, whats the differance? thats the point.
Sometimes Ben is a schmuck. Most of the time he is not.
Whats the deal? is retard loan offensive orrrrrrr. I don’t know what else to call them. Heck Im retarded ok! Now, No retarded loans, NO wall street mess. Fannie + Freddie + Retarded loans = financial mess. Wall street wrote them too and knew how to hedge them, slightly less retarded.
Criminal? no.
Slightly retarded? yes.
No more retarded loans, no more messes.
This dosn’t need to be the HOLY OBAMA saves the day hour.
Typical liberal douche.
Has his headquarters firmly stuffed up his hindquarters.
Yo, Benny, read this, douche:
http://www.realclearpolitics.com/articles/2010/04/22/big_government_in_bed_with_big_business.html
As smart as he is Ben Stein needs to get his head out Mr. Obama’s ass. The people who perpertrated the Wall Street debacle need to be punished, not the system.
I usually agree with Ben but this time he couldn’t be more wrong. We had regulations in place and the regulators (the S.E.C.) didn’t do their jobs. There are reports of top Executives at the S.E.C. watching porn for many hours a day at their offices during the financial collapse. How does adding more layers of government (special interest fat cats) regulations and regulators help anything? The S.E.C. failed to do their jobs but instead of holding them accountable Obama and the misguided believe it’s better to add more layers of wasteful government bureaucracy to the bankrupt federal government. At this point we can not afford to keep growing government; it is the primary problem with our Multi-Trillion Dollar Debt and Deteriorating Economy! STOP Growing Government NOW!!
I think big banks need to be broken up so they are not too big to fail or SAVE. They control assets >50% of GDP and are the tail wagging the dog. They are too powerful and have the ability to the economy hostage. Geithner, Summers, Stiglitz, and Robert Rubin have been part of the problem in the past.
Break the biggest 13 banks up into smaller pieces, bring back Glass-Stegall, limit the amount of leverage they can use, regulate the derivatives “dark” market, and keep the free market free and the banks out of Washington DC.
.
the banks are bigger in canada. There is no glass stegall in europe. They only lack retarded loans.
This sophistry amounts to stroke fest.
Keep it simple stupid.
No more retarded loans no more problems.
I’m disappointed that Ben Stein would fall for this latest ploy by Obama to make us think he is really trying to “clean up” Wall Street….Obama and his buds at Goldman Sachs have this all worked out to make us think he is saving us from another crash, but this is just another trick out of Alinsky’s handbook ..Just like Obama saying he wants to open up drilling for oil in virgin territories…..He won’t let us drill where the mechanisms are already in place and thus make a difference….Just where it would take years to reap any benefits….I can’t believe Ben Stein could be so dumb….
Forget Wall Street, what needs to be reigned in is Washington’s drugged up left-fringe lunatics.
The financial industry plays with the cards on the table, and the cards on the table were the poor-people mortgages forced upon the banks by the Community Reinvestment Act(CRA).
Obama’s only objective is to ruin America and hand it over to the UN and to world government.
Obama thinks this will make him KING OF THE WORLD.
Wallstreet = proletariat
Main Street = bourgeois
When conservatives start dividing Americans into these “classes” they’ve ALREADY LOST. They already have you thinking in Marxist terms, just without the Marxist terms.
Don’t let them control the debate, don’t let them define, divide and conquer. They will pit us against each other until only their benevolent tyranny can “save” us. Pennsylvania Ave. is where the real thugs live.
I’m not a big fan of Ben Stein’s politics. I’m more of a liberal.
However, I have to tell you all that I don’t think he is being honest here.
Ben Stein is certainly not dumb. How can he of all people not realize that
Obama is only carrying water for Wall Street with this cloaked bailout?!
It doesn’t pass the smell test anymore than when Henry Paulson testified
in front of Congress. I don’t know if
Ben Stein may have made a deal to recover some money, but I certainly
wouldn’t start pouring money into the stock market based on Stein’s sudden support
for the proposed “reform.”
Good on you Ben for being honest. These repukes are so turned around they make the average citizen nauseous. For the repukes good has become bad and bad has become good. Wall Street gambled with our economy and even bet against their own investors to whom they lied.
This cannot be allowed to happen again. You’d think the folks who hate bailouts so much and who had pensions and investments in the toilet would want to avoid Wall Streets reckless behavior but nooooooooo…now these morons want to be Wall Streets champions.
Poor Wall Street. That bad ole President Obama is being mean to you.
You people are MORONS!!! I can’t say it enough. You’re absolute MORONS!
Ben has been taught that the only important thing in life is to acquire as much personal wealth as possible. If anyone complains, just trot out the “Holocaust” boo-hoo stories.
The Goyum are easy prey for the Jews.
I would like to take a moment to try and reign in Ben. First of all Ben, can you name any political figures who need to be reigned in? Next, guess who literaly has their hands on the weapons of mass destruction. Finally, guess who has been gambling and operating a ponzi scheme with taxpayer money for the last 75+ years.
Your right! Retarded loans must never be allowed to be written again, or purchased by GSEs and then have twinkle toes tell us that there is no pwobwem. You are totally right. Once you can explain cds to us mongos then we will accept you’re criticism. Then you can explain how as bankers the euro banks didnt understand the risk involved in cdos. Why did they not hedge their own cdos with a cds contract? Why isn’t paulson being investigated? finally why did it take until the sec’s bogus suit for euro banks to look into the issue?
You lesb…que…faaaa liberals want to castrate the country and and ride the eunuch wave of historically bad decisions to the land of Zimbabwaficationville.
Whatwhatwhat-
It’s not like that. Not everyone here is a Republican.
Haven’t you heard of Third Way politics in Europe? It’s based on
Fabian Socialism. This cr*p has infiltrated both parties.
Here’s how it works:
A political party publicizes a problem that must be dealt with: real or imagined
The solution will always be something that takes
away more wealth and power from the middle class
and hands it over to the corporations.
That’s it!
Obama practices the economic policy of neo-liberalism.
It’s a trick, a ruse.
Obama can speak from the podium and say something generic like:
“We need more freedom.”
Hearing that from Obama, Republicans might be thinking: “Oh great we’re going to get more immigrants and our taxes are going up.”
What most run-of-the-mill liberals here something along the lines of freedom, hmm, that sounds good.
“We the people” need more freedom!
But, here’s the rub, Obama is talking about more freedom for corporations: to send more jobs elsewhere, more freedom for companies to find ways to pay employees less, more freedom for Wall Street to regulate itself…
Basically it’s a scam and a lie.
See , in zimbabwe it is a little known , in fact absolutely totally unknown, fact that when Bob mugabe took over what used to be rhodesia ,or such what, it was considered to be the “Jewel of Africa”.
And now it is considered the…. well. That is what Barry omugabebama is doing to our country.
He believes that he knows best. So he is going to go on and give us a real dose of omugabebama juice.
Mugabe was a maoist too. When he took control, he slowly and surely got rid of all the bad folks that made the country run good, and replaced them with ones that made the country….. ummm. So stand by for the happiness the maoists bring. We need our demons! OOOOOHHH those wall streeters make me sooo mad!!
Anyone who doesn’t agree is soooo dumb!
Look give em a raise if it frees up the credit markets and I can plan and get a business loan or home loan and can get back on track or such what. Do you think there is a better system? Do you want to trade possibility for security? Not me.
The false promise given by libo como obomo mugabism is that you can totally remove risk from our lives. Health reform, Finance reform, nuke treaties, you know the wave of the eunuch history whore
OBAMUGABE!!!
GOT IT.
Ben, God knows I love you, and there may be a shrad of truth in what you say. I would only have you consider the following before throwing your considerable (yes a lot of us listen to you, crazy I know but…) The imperfection of this legislation (what you object too) has the mark of everything else this administration does: it sets them up as the final arbiter of right and wrong. It in effect is designed to build the power base for the new America. Obama has not done one thing to advance America as we all know it, he has however managed to effectively run the left machine that now grips our country. Laws being procedurally passed by the barest of majorities, legislation that is bartered for amongst an elected body that has not nor can read the bill. Opposition tarred obstructionist instead of having their concerns considered. It is an ill wind that fills the sales of a political party that ignores the will of the people. Not a slim majority (the 5-6% victory of the dems in 2008 was and is hailed as a national mandate) but the will of the people on health care (60-65% opposition)is trated like a fringe group stance. No Ben, you are correct in that we need some regulation (although we seem to have some things in place just not the will to enforce), I look at the track record (albeit short) of this administration and find it lacking. Why don’t we see if some of the other moves work out before we give them more control. It reminds of the quickest drive through in town. You don’t have to wait long for your food, but a lot of times you get fries instead of the onion rings your ordered.
I just love you right wing wack-jobs. You turn on and eat your own at a moment’s notice. All Ben did was state the obvious, but since he defended the President’s position, he is automatically unqualified to speak. You all really do have “Obama derangement syndrome” just like the far left had “Bush derangement syndrome” earlier.
Stein is right. Wall Street got greedy and got caught. Was the government complicit? Sure! But what ultimately drove this fiasco was greed. Everybody wanted a piece of the action and manipulated events to optimize their own profits. They knew that they were playing musical chairs with these derivatives and, unfortunately for them, when the music stopped NOBODY had a chair to sit in and they all lost. Some reforms, regulations, and controls are clearly needed.
It’s okay by me if we break the Wall Street ‘frat’ boys knees..just so long as we bust the balls of the boys in congress who gave them a pass to do it.. Our government is not blameless..when do they stand and take responsibility for their corrupt and/or stupid decisions.
I think everybody is just envious. If you’d had the chance to make a fortune on the stock market 99% would do the same. This is just human nature. I am happy to participate from increasing markets.
Ben Stein on Banks and financials in 2007 http://www.youtube.com/watch?v=RYX1AgEV0vo
The Dodd Bill.
Schumer is the Senator to watch. He has received 3 X as much money from Wall Street as any other Senator.
He also is comfortable using the homosexual slur “tea bagger” against taxpayers.
Everyone should read Thomas Sowell’s “The Housing Boom and Bust”.
Ben:
If you haven’t read this, you don’t have the full story! The Community Reinvestment Act under the Carter Administration started forcing banks to make loans to those who they shouldn’t have and it did expand under Clinton…Google “Sept. 30, 1999, President Clinton, Freddie, Fannie…but please read the above book!
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America…this is insane to blame Wall Street for this mess. I like Ben Stein but he is wrong in his assumption.
Those on Wall Street were merely opportunists who took advantage of the opportunity provided by our government!
They are in the business of taking chances and making deals to make a profit!
When given the ‘green light’ of opportunity, they took it as the profiteers they are!
What should be reigned in are those in Congress that gave them this opportunity of a ‘lifetime’!
Where were those in the government that were supposed to police them? Why did they not find the Madoffs of Wall Street?
Where was Timmie “tax evader” Geithner who was head of the system in New York at the time? Was it that he was so busy not paying his own taxes that he cared not about others?
What about Barney ‘the weiner’ Frank, Crissy ‘the dud’ Dodd (sweetheart deals of his own), Chuckie ‘the doll’ Schumer and others who pushed and pushed and pushed to get the banks to give out loans to those with no collateral, no down payment and no means to pay for those loans.
So let us not be so quick to punish Wall Street…they took advantage of bad government and the blindness of those who were to oversee them!
Wall Street should remain to function as it should and within the overseer of the regulating system that is there to keep them on track.
This puppet of the Bilderberg…Obama the Bush and his Democratzi ‘looney’ henchmen need to keep their hands off Wall Street.
We don’t need to give them another opportunity to take over yet another branch of economic survival in this great nation.
Hands off…and Ben Stein…find something else to do!
—————————————
AMERICA…REMEMBER THE VOTE…
COME NOVEMBER WE WILL BE SERVING UP ‘LAME DUCK’ FOR THANKSGIVING…AND WHAT A DAY OF THANKSGIVING THAT WILL BE!
—————————————-
IMPEACHMENT OR THE ‘ORIGINAL’ RECORDS OF BIRTH…IT IS JUST A MATTER OF TIME…AND 2010 WILL BE THE TIME!