YellowFever
New member
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YellowFever said:Trump will sign executive order to de-regulate banks. Bank stocks today are rallying! Dodd-Frank Act is going to get kicked to the curb.
Can anyone say, 0% down, no income, no credit, no problem. Have a pulse? Sign here, collect the keys to your house!! Hell, even Redfin will give you $5000 rebate so you'll be up the first month you close. ;D ;D ;D
http://finance.yahoo.com/news/today...trumps-plan-to-cut-regulations-163521892.html
Perspective said:YellowFever said:Trump will sign executive order to de-regulate banks. Bank stocks today are rallying! Dodd-Frank Act is going to get kicked to the curb.
Can anyone say, 0% down, no income, no credit, no problem. Have a pulse? Sign here, collect the keys to your house!! Hell, even Redfin will give you $5000 rebate so you'll be up the first month you close. ;D ;D ;D
http://finance.yahoo.com/news/today...trumps-plan-to-cut-regulations-163521892.html
Ain't Trump grand? He's trying to kill the fiduciary rule too. So financial "advisors" can continue to sell regular folk funds with 5%+ loads, high fees, and unnecessary annuities in their retirement accounts. He's also going to kill CFPB efforts to end the payday loan industry.
All hail King Troll and his apologist Congressmen shills of the financial industry!
Perspective said:Ain't Trump grand? He's trying to kill the fiduciary rule too. So financial "advisors" can continue to sell regular folk funds with 5%+ loads, high fees, and unnecessary annuities in their retirement accounts. He's also going to kill CFPB efforts to end the payday loan industry.
All hail King Troll and his apologist Congressmen shills of the financial industry!
collected said:Perspective said:Ain't Trump grand? He's trying to kill the fiduciary rule too. So financial "advisors" can continue to sell regular folk funds with 5%+ loads, high fees, and unnecessary annuities in their retirement accounts. He's also going to kill CFPB efforts to end the payday loan industry.
All hail King Troll and his apologist Congressmen shills of the financial industry!
The fiduciary rule was made for trial lawyers. It uses subjective words such as "reasonable" and "excessive" so I think it would've led to tons of lawsuits well outside what the crooked financial advisors sell. People should have the freedom to make bad decisions as long as it's not unconscionable and they weren't tricked or lied to.
If all the regulations are going back to what they were then I would buy a home ASAP if you're still renting. You don't want to be in the position of buying when prices are much higher later on ;D.
The fiduciary rule has it's flaws. It has it's pros and cons. There are some good aspects to it.Perspective said:Ain't Trump grand? He's trying to kill the fiduciary rule too. So financial "advisors" can continue to sell regular folk funds with 5%+ loads, high fees, and unnecessary annuities in their retirement accounts.
spootieho said:The fiduciary rule has it's flaws. It has it's pros and cons. There are some good aspects to it.Perspective said:Ain't Trump grand? He's trying to kill the fiduciary rule too. So financial "advisors" can continue to sell regular folk funds with 5%+ loads, high fees, and unnecessary annuities in their retirement accounts.
I've been to a few conferences covering this. It puts into place subjective rules like "you can't charge too much" without actually defining what "too much" is. They estimated that the rule would result in billions of dollars worth of lawsuits for subjective stuff. It's estimated that brokerages will have to spend about 4 billion to get compliant. Financial Advisors have already been dropping long term clients or changing their fee structures because it's no longer worth it for them to stay on their current course.
Also, many companies that B2B with broker/dealers are now losing business as too much liability is being put on the broker/dealers and they would rather not take on that liability.
I work with compliance in the financial industry. I'm going to call you out here. You are completely full of BS. You didn't even give his post adequate consideration before shooting it down.Perspective said:That's certainly what the financial industry has argued vehemently for many months because their commissions/income is in jeopardy. They've convinced you apparently.
The free market isn't perfect. When it's blatantly obvious a group is harming another group for decades, considering regulation is reasonable.
Perspective said:Agreed, it isn't a perfect solution. There rarely are perfect solutions to problems. The question is, would consumers be better off with this regulation in place, or without it? We know the financial industry, and its sales people, would be worse off with this regulation in place.
spootieho said:I work with compliance in the financial industry. I'm going to call you out here. You are completely full of BS. You didn't even give his post adequate consideration before shooting it down.Perspective said:That's certainly what the financial industry has argued vehemently for many months because their commissions/income is in jeopardy. They've convinced you apparently.
The free market isn't perfect. When it's blatantly obvious a group is harming another group for decades, considering regulation is reasonable.
I did, and also you are misusing the "ad hominem" logical fallacy.Perspective said:Tell me where my point is wrong, rather than resorting to ad hominems.
spootieho said:I did, and also you are misusing the "ad hominem" logical fallacy.Perspective said:Tell me where my point is wrong, rather than resorting to ad hominems.
gld2 said:how will deregulation impact the housing /RE market or stock market?
gld2 said:how will deregulation impact the housing /RE market or stock market?
That depends on the consumer. Keep in mind that it does increase the costs to manage your money.Perspective said:Are consumers better off with this rule, than without it?
spootieho said:That depends on the consumer. Keep in mind that it does increase the costs to manage your money.Perspective said:Are consumers better off with this rule, than without it?
In aggregate, I'd say the consumer is better off with it. That doesn't justify passing a poorly written law, though. Just think of all the extreme possible hypothetical scenarios where a bad law can benefit some people.
spootieho said:gld2 said:how will deregulation impact the housing /RE market or stock market?
That depends on how the market will respond. If banks get more loose with their loans, it's likely more people will be able to get loans with less of a safety bubble. If the economy takes a downturn again, those people who don't have a safety bubble will default. If enough people default, home prices will drop. If it's easier to walk away, more people will walk away.
Prices in certain areas will go up as demand goes up. Areas that didn't recover so well after the last crisis will see a bigger boost in their home values.