2020 Dem POTUS candidate catch all discussion thread

[TIDE-HSV]

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed.

This shouldn't be a surprise, since the weaker banks got shaken out. However, the "con" debater I mentioned pointed out the constant pressure by the banking industry to go back to the pre-2008 rules, including drastically reducing reserve requirements and eliminating the now-mandatory "stress tests." Life was just a lot more profitable for them back then...

[TIDE-HSV]

You are most likely correct to one degree or another that this will happen sooner or later. I read last night about a Chinese AI that was able to diagnose childhood illnesses as well as a PA (physician's assistant). China has an advantage in this area due to data availability/sharing while privacy and the fractured data systems in the US hamper development. For at least a while after development I can see humans being needed to assure proper operations and being able to get out of unusual situations (and public reassurance/jobs PR). Some job areas will take longer than others, but it may very well happen in my lifetime. We will likely see employment shift toward technical skills even further and oversight, but when machines begin to design and perhaps conceptualize better than humans then what? Skynet, here we come!

And - we're stuck with a president who wants to return us to the 1950s, with happy miners in blackface and every little town full of puffing smoke stacks...

[rgw]

Some form of this will be a necessity in the years to come, when automation replaces mundane jobs that employ millions of Americans.
From truck driving to Macdonald’s, landscaping to laundries, many people will be out of work with no prospects for future employment. What then? Think they can all be brain surgeons? (Even that may be fully automated sooner than you think). And I dare a politician to say they can “learn to code”. I learned late in life (COBOL was my first), and I know a dozen truckers and maybe one MIGHT be able to learn how at a rudimentary level.
At some point, the government will be obligated to provide for its citizens when there are simply not enough jobs available. So although UBI isn’t necessary just yet IMO, it will be one day in the not-too-distant future.


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You are accurate but that is a bit over the horizon. Much further than, say, an ecological catastrophe due to carbon emissions and runaway consumption. UBI has some blindspots though. It isn't a cure all because we still don't know what to do with a society where most have no economic utility.

[RollTide_HTTR]

Not trying to promote this guy but if anyone is interested here is a link to basically an FAQ Andrew Yang has for UBI. Not a whole lot of ground breaking information there though.

https://www.yang2020.com/what-is-ubi/

[UAH]

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed.

The point that I was making is that the Fed pumping money into the system to stave off the effects of the tech bust led directly to the housing bubble with the corresponding development of derivative instruments of mass destruction that led to the failure of the banking system. Instead of allowing a work out following the housing crisis the Fed has stepped in and re-inflated the credit market and the equity markets with its easy money policy. A good question to measure that today would be to ask oneself how many auto loans would be in default and how much credit card debt would be in default in an economic downturn. We just saw a glimpse of that with the government shutdown.

In regard to your comment on bank closings I believe Sheila Bair, who headed the FDIC at the time was definitely the right person at the right time to conduct a complete restructuring of the regional banking system. The banks that had inadequate balance sheets predominately due to their real estate loan portfolio were restructured and combined with larger banks that had higher deposit to loan ratios than the failed banks. Very few branches of any bank actually closed and most branch managers received new business cards and new signs appeared on the branches. In these restructurings tax payers through the FDIC assumed responsibility for the assets on the books of the failed banks after a five year period of collections and loan restructuring by the newly organized banks. The restructured banks were only required to demonstrate good faith in their restructuring efforts.

To Tide-HSV's point the physical banking structure is still there seeking a means to get back to the days of generating big profits and large bonuses that were generated during the housing bubble.

[twofbyc]

You are accurate but that is a bit over the horizon. Much further than, say, an ecological catastrophe due to carbon emissions and runaway consumption. UBI has some blindspots though. It isn't a cure all because we still don't know what to do with a society where most have no economic utility.

I don’t think it’s that far. When did the smart phone first come out?
Technology is advancing at breakneck speed ( for several reasons), and I think within 10-15 years it will be upon us; about the same time that Mother Earth starts extracting revenge, the way I see it.
If they begin to occur simultaneously and we aren’t prepared, things will get ugly quick.


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[NationalTitles17]

And - we're stuck with a president who wants to return us to the 1950s, with happy miners in blackface and every little town full of puffing smoke stacks...

​Luddism has always been successful.

[TIDE-HSV]

[/FONT]onalTitles17;3385294]​Luddism has always been successful.

Yep. It's scary, along with his self-printed margin remark in his first trade speech - "TRADE IS BAD!" When I saw that, I realized just how deep our (the world's) problems were...

[Crimson1967]

Longtime political junkies will probably remember Lyndon Larouche. He ran for the Democratic nomination every time for years and held views that could best be described as nutty. He has died at 96.

https://www.nbcnews.com/news/amp/ncna971306

Not really relevant to this thread but I remember him running and reading about him gave me a chuckle.


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[GrayTide]

Longtime political junkies will probably remember Lyndon Larouche. He ran for the Democratic nomination every time for years and held views that could best be described as nutty. He has died at 96.

https://www.nbcnews.com/news/amp/ncna971306

Not really relevant to this thread but I remember him running and reading about him gave me a chuckle.


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Thanks, had forgotten about him.

[92tide]

Longtime political junkies will probably remember Lyndon Larouche. He ran for the Democratic nomination every time for years and held views that could best be described as nutty. He has died at 96.

https://www.nbcnews.com/news/amp/ncna971306

Not really relevant to this thread but I remember him running and reading about him gave me a chuckle.


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my first interaction with larouchies was in logan airport on the way back to b-ham while i was in college. the pamphlets provided some "interesting" reading for the flight.

[twofbyc]

A Marxist who evolved into a hard right conservative - is it really that far of an evolution?


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[twofbyc]

Just saw an interview with Pete Buttigieg (sp) - seems to be the best orator among the Dems, from what I’ve seen so far.
Very well spoken and intelligent. Also very young.


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