INCOME INEQUALITY SOLUTION

Growing income inequality?? Mark Cuban has the solution. Easy Peasy: read all about it here:

https://finance.yahoo.com/news/mark-cuban-wealth-inequality-175638842.html

I do sort of wonder how this works for the families living paycheck to paycheck, but what do I know, eh?

There is a great Mexican movie on that, kill all the poor...

brigitte wrote:There is a great Mexican movie on that, kill all the poor...

Ah, but then who would do all the scutwork?

gringal wrote:Growing income inequality?? Mark Cuban has the solution.  Easy Peasy: read all about it here:

https://finance.yahoo.com/news/mark-cuban-wealth-inequality-175638842.html

I do sort of wonder how this works for the families living paycheck to paycheck, but what do I know, eh?

How easily Cuban forgets the housing crisis. He should be promoting banking regulations to prevent predatory lending.   I guess once you’re rich you tend to forget the struggles of the poor.

The housing crisis was created by the Clinton administration. First, he put the Community Reinvestment Act on steroids, creating the perverse pressure to do "no doc" and "liar loans". Nobody that refused to do them could stay in business.

Then Robert Rubin, his Sec. of the Treasury, gutted the Glass-Steagall Act, which had separated commercial and investment banking, and had protected us regular folks for 66 years from the predation of investment banking . Thus began the rapid securitization of all kinds of loans, but particularly mortgages, and that was the beginning of the end. The movie The Big Short, was pretty good at compressing all this for the average person.

It only took 8 years after that for it all to fall apart... Only 8 short years! And we still don't have a new Glass-Steagall (although am hopeful during a Trump second term, as he DID promise this), and lending standards are still loosening up again. FHA is still a disaster for the taxpayers.

Trump also promised many things, and there are numerous news articles pointing out the current results.

MexiMiss wrote:The housing crisis was created by the Clinton administration. First, he put the Community Reinvestment Act on steroids, creating the perverse pressure to do "no doc" and "liar loans". Nobody that refused to....

Yes Clinton could have and should have vetoed the repeal of Glass-Stegall. But he didn't. I think your viewpoint fails to mention the fact that the repeal was overwhelmingly supported and pushed thru both the House and Senate by the Republicans, not the Democrats.

Look up the vote count by party lines if you don't want to swallow that.

And that is the rest of the story.

Forgot to mention this fact about the bill that replaced the Glass-Steagall Act:

"Gramm-Leach-Bliley was named after its three sponsors, all of them Republicans.