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A Development That Should Have Wall Street Terrified
Business Insider ^ | June 15 2014 | Joe Weisenthal

Posted on 06/15/2014 10:32:22 AM PDT by PoloSec

Wall Street lost a close friend this week.

As BI's Linette Lopez explained on Wednesday, the defeat of Eric Cantor, to primary opponent Dave Brat, meant that one of Wall Street's most reliable allies within the GOP was gone. And not just gone, but replaced by a candidate who specifically made being anti-Wall Street part of his campaign.

The New Yorker's Ryan Lizza went as far as to describe Dave Brat the Elizabeth Warren of the right. On the trail, Bratt lamented the fact that no Wall Street bankers went to jail for the crisis of 2008.

But the story is bigger than just Cantor having close ties to the finance industry.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: economy; investing; markets; wallstreet
Breaking Hearts on Wall Street...
1 posted on 06/15/2014 10:32:22 AM PDT by PoloSec
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To: PoloSec

“meant that one of Wall Street’s most reliable allies within the GOP was gone.”

Can we say Crony Capitalism or sucking on the government teat.


2 posted on 06/15/2014 10:35:24 AM PDT by Parley Baer
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To: PoloSec; All

This Cantor was for Amnesty for illegals. The defeat of this moron Cantor stopped amnesty for now. that Amnesty would have allowed all 40 million illegals to become citizens and to bring in 100 million more of their family members from the 3rd world, from Mexico and other countries into the USA


3 posted on 06/15/2014 10:35:46 AM PDT by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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To: PoloSec

The “Rockefellers” are upset the pillaging of the middle-class may not continue unabated.


4 posted on 06/15/2014 10:36:43 AM PDT by headstamp 2 (What would Scooby do?)
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To: PoloSec

How much power does a freshman congressman have...?

I very much doubt Wall Street is terrified...

They are dozens of other congress critters more than willing to sell their souls to Wall Street...


5 posted on 06/15/2014 10:39:52 AM PDT by Popman ("Resistance to Tyrants is Obedience to God" - Thomas Jefferson)
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To: Democrat_media

Isn’t this going on anyhow with all the children pouring in? Please explain the difference. Obama has a pen and I think that no matter who is in congress they won’t/ can’t stop him from doing whatever the hell he feels like doing.


6 posted on 06/15/2014 10:57:48 AM PDT by lilypad
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To: lilypad
where are the street protests from conservatives protesting the tyranical actions of Obama and demanding this dictator's resignation ?

where are even calls for such protests from our so called conservative leaders, Rush, savage , levin, Beck, Palin, fox news, etc. etc. etc? NOWHERE

7 posted on 06/15/2014 11:03:05 AM PDT by Democrat_media (Obama ordered IRS to rig 2012 election and must resign)
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To: PoloSec

The Banking Crisis was not the sole creation of “Bankers”. Congress critters are as much if not more guilty.


8 posted on 06/15/2014 11:04:37 AM PDT by BwanaNdege ( "For those who have fought for it, Life bears a savor the protected will never know")
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To: PoloSec

Dave Brat is not replacing Eric Cantors position
of power. Only his district position.


9 posted on 06/15/2014 11:07:46 AM PDT by rwoodward ("god, guns and more ammo")
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To: PoloSec

What a bunch of BS. Government and mainly Congress are the cause of all our problems. Corrupt incompetent, selfish and greedy politicians determine the how the game is to be played and then the rest of the nation tries to figure out how to protect itself. Where does that lead us, to be just a corrupt and greedy and selfish as the politicians. And the nation goes deeper and deeper into an evil cesspool.


10 posted on 06/15/2014 11:12:37 AM PDT by mulligan (I)
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To: BwanaNdege

The Banking Crisis was not the sole creation of “Bankers”. Congress critters are as much if not more guilty.”

The banking crisis was caused because of the dims quest to have everyone own a home, even if they had no job. Bankers were not allowed to ask about employment, only income. So welfare queens with five kids could qualify. And the bankers were ordered to provide a certain amount of loans to the low income in order to make any loans at all So they
were caught between a rock and a hard place. Either make crappy loans or make no loans at all.


11 posted on 06/15/2014 11:36:07 AM PDT by angry elephant (Endangered species in Seattle)
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To: PoloSec
On the trail, Bratt lamented the fact that no Wall Street bankers went to jail for the crisis of 2008.

Hey Dave, I hear ya. Pissed me off too. And still does. Fancy bankers and other corporate elites that break the law should go to jail. Just that simple. Jail give people pause whereas fines are just a joke.

12 posted on 06/15/2014 11:49:41 AM PDT by upchuck (... honesty is the never-ending rehearsal for those who want to be the friends of God...)
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To: PoloSec

The Wall Street and Main Street factions of the Republican Party have been at war since the days when Robert A. Taft and Wendell Willkie were squaring off. Looks like the Main Street faction finally scored a big win.


13 posted on 06/15/2014 11:52:32 AM PDT by Fiji Hill
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To: angry elephant

So how does that explain the bankers still getting millions of dollars in bonuses while hard working, responsible US citizens who want to accumulate savings to secure their futures can’t even get a measly 1% interest on savings?


14 posted on 06/15/2014 11:57:02 AM PDT by grania
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To: PoloSec

Dave Brat the “Elizabeth Warren of the right”?????

Sorry, Brat has an actual brain. As abysmal as the establishment GOP has become, there couldn’t possibly be an Elizabeth Warren of the right.


15 posted on 06/15/2014 12:04:40 PM PDT by DPMD
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To: PoloSec

No Bankers were charged because Eric Holder made the statement that the bankers broke no laws,that’s why there were not charged.
That makes sense because they did exactly what the government told them to do,give mortgages to people who could not afford them,the banks knew they were crap loans and so they insured themselves against losses on the crap loans and insurance companies,insuring the crap loans knew they were crap,so they insured themselves against the losses to come,then they bundled these crap loans into bonds rated triple A sold them all over the world.
So you had trillions tied up in crap,Gas went to 4.00 a gallon,adjustable rate mortgage rates went up,people holding these crap mortgages who could not afford them in the first place,now could not pay them at all,the whole ball of crap collapsed,now the banks get bailed out by responsible people paying off the banks with no interest on anything while the banks get loans at 0 interest and the insurance companies get bailed out by the tax payers.
And Bratt is concerned about no one in the banks being charged,he better get better educated on this one or he will just be another hack,he has now just joined the criminal enterprise that caused the freaking mess


16 posted on 06/15/2014 12:21:15 PM PDT by ballplayer
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To: DPMD

Is Dave Brat falsely claiming to be an American Indian?

Did he spend 10 years practicing law in MASS without a license?

Then he’s NOT the ‘Elizabeth Warren’ of the Right.


17 posted on 06/15/2014 12:22:44 PM PDT by LyinLibs (If victims of islam were more "islamophobic," maybe they'd still be alive.)
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To: PoloSec

Wall Street created its own demise when it decided to set up our economy as Wall Street vs. The People. They sold out to the FedGov and are actively promoting Fascism which is total cooperation between industry and government with the people used as pawns. The trading of securities in the modern era is just a fraudulent way of fleecing the people through government theft of the people’s money and laundering through a trading floor.


18 posted on 06/15/2014 12:25:18 PM PDT by Dr. Thorne ("How long, O Lord, holy and true?" - Rev. 6:10)
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To: angry elephant
And the bankers were ordered to provide a certain amount of loans to the low income in order to make any loans at all So they were caught between a rock and a hard place. Either make crappy loans or make no loans at all.

All true, but, as I understand it, the banking institutions were quite complicit, once they had certain assurances from the government. Then lenders were making these high-risk loans, bundling them into packages, and selling them to investors as AAA-rated securities. That made things 1000 times worse, and has yet to unwind. I'm not a financial guy, so this my layman's understanding of the situation, but the banks are in no way blameless.
19 posted on 06/15/2014 12:40:51 PM PDT by fr_freak
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To: fr_freak; angry elephant
Then lenders were making these high-risk loans, bundling them into packages, and selling them to investors as AAA-rated securities.

And, in doing so, they were following the example of Fannie Mae and Freddie Mac -- who invented the mortgage bundles in order to sell them to investors, thereby raising more money to buy more sub-prime mortgages.

Sure, the banks and mortgage companies were accomplices in the sub-prime mortgage scam. But they were coerced into the fraud by the government, who also demonstrated to them how to escape liability. Until you ran out of other people's money...

20 posted on 06/15/2014 12:47:04 PM PDT by okie01 (The Mainstream Media: Ignorance on parade.)
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To: PoloSec

Eric Cantor had a friendly (corrupt) relationship with Wall Street. Eric Cantor helped get laws passed that were favorable to Wall Street, and Wall Street contributed millions of dollars to Eric Cantor’s reelection campaigns.

Unfortunately, this beautiful friendship had to end when Eric Cantor mistakenly calculated that he would need only $5 million dollars to defeat his relatively unknown primary opponent who had almost no campaign money.

If the City of Detroit wasn’t too big to fail, then neither was Goldman Sachs. If General Motors was able to go bankrupt and restructure itself, then Citigroup could have done the same.

Instead, the Wall Street banks were bailed out with billions of taxpayer dollars, because Congressman Eric Cantor and many of his colleagues wanted to be Congressman-for-life, and they needed millions of campaign dollars from Wall Street to do so.

There is now an opening for a new House Majority Leader and another for a new Congressman in Virginia’s District 7. If those positions are filled by honorable men or women instead of by Eric Cantor clones willing to take kickbacks from Wall Street in exchange for bankrupting America’s taxpayers by sending multi-billion-dollar bailouts to Wall Street year after year, it will be a rare triumph for America.


21 posted on 06/15/2014 1:59:08 PM PDT by Bluestocking
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To: PoloSec

Biggest problem on Wall Street is that we still have the “Too Big to Fail” (TBtF) problem WITH Wall Street. Big Government Lovers want TBtF Money Center ‘Banks’, they are easy to tax, fine, have lunch with and get a job with later. In spite of $Billions in fines, they still pay their management $Billions in salary and bonuses, each being taxed by local, state and Federal Governments. Senator Chuck Schumer and his echo Sen. Kristen Gillibrand are ultra liberal and for the poor UNTIL you threaten Wall Street, then you better watch out!

Breakup TBtF, make them able to fail without another 2008-9 DISASTER! Not going to happen with this bunch and unlikely with any future unless we have blood in the streets. Sigh!


22 posted on 06/15/2014 2:17:18 PM PDT by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
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To: PoloSec

“the Elizabeth Warren of the right.”

He faked a racial heritage to take advantage of minority set-asides???


23 posted on 06/15/2014 2:41:53 PM PDT by tcrlaf (Q)
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To: PoloSec

Geee, I didn’t think the banksters should have gone to jail, I thought they should have been hanging on lamp posts all the way up and down Wall Street along with their political enablers.


24 posted on 06/15/2014 2:46:25 PM PDT by Chickensoup (Leftist totalitarian fascism is on the move.)
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To: PoloSec

On the trail, Bratt lamented the fact that no Wall Street bankers went to jail for the crisis of 2008.

I’m liking him more everyday, now if he’d include some
democrats...I’d like him even more.


25 posted on 06/15/2014 2:50:06 PM PDT by tet68 ( " We would not die in that man's company, that fears his fellowship to die with us...." Henry V.)
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To: ballplayer
the bankers broke no laws,that’s why there were not charged. That makes sense because they did exactly what the government told them to do,give mortgages to people who could not afford them,

Thank you for providing a factual and intelligent response.

Carrying on about how evil bankers are reminds me of the workers who hate the boss because they feel he just sits around and they have to do all the work.

26 posted on 06/15/2014 2:59:09 PM PDT by ladyjane
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To: Democrat_media

“where are the street protests from conservatives protesting the tyranical actions of Obama and demanding this dictator’s resignation ?”

Conservatives don’t tend to be involved in street protests. That’s the tool of 3rd world mobs and former 60’s hippies.


27 posted on 06/15/2014 6:54:04 PM PDT by yorkiemom
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