Congress Hearing on FTX Crypto Collapse

[JoeMemphis]

You are still dodging. Changing the subject. I listed two questions you refuse to address. So answer then. Prove me wrong. The G in GoU is “gutless”.

You told me what I “would” have done. IOW you made it up. You fabricated a position for another poster and then ask them to defend the fabricated position you created for them. That’s your MO. Thanks for demonstrating and admitting the dishonest way you debate issues.

Hey gutless. Answer my two questions. Don’t dodge them. Answer them. Since you claim you answer all questions. Or is that just another lie? Gutless. That’s you. Own that.

[gounion]

You told me what I “would” have done. IOW you made it up. You fabricated a position for another poster and then ask them to defend the fabricated position you created for them. That’s your MO. Thanks for demonstrating and admitting the dishonest way you debate issues.

Hey gutless. Answer my two questions. Don’t dodge them. Answer them. Since you claim you answer all questions. Or is that just another lie? Gutless. That’s you. Own that.

Tell you what: Tell me what questions I’m dodging, and I’ll answer them.

Then we’ll see what you’ll answer.

[gounion]

So is this a regulatory failure or not? Answer the question GoU. I don’t need to hear how to build a watch.

I don’t have a problem blaming the robber. But I do expect my banker to lock the vault. I expect them to take common prudent precautions. And when they don’t do those things that discourage, prevent, or detect fraud, then they share responsibility. It’s contributory negligence in my view. So throw the bad guys in jail. I’m all for it. But don’t let it happen again. Do something about it. Don’t just sit there with your thumb up your ass looking for someone to blame for your lack of effort and stupidity.

Hell, I can't teach you to build a watch, you don't even know how to make a link on a message board. I gave historical background, but to try to explain or teach ANYTHING to you is trying to teach a pig to sing.

You're the one who is looking for someone to blame, not me. You say not to depend on government. But YOU say it's the government's JOB to regulate, while you complain about regulation. You love having it both ways, which is what I and others have explained to you.

"Contributory negligence"? That's a good way to explain your supposed non-support of Donald Trump, while voting and supporting everyone that kept Donald Trump on top. He owned the GOP, yet you kept voting for all those who did what he said.

But you won't answer any questions about that.

The answer to your question is no, this is not a failure of regulation. A bank being robbed isn't the cop's fault, it's the fault of the robber. But you like to coddle criminals, don't you? Nothing's perfect, and when you set up a regulation, the crooks are looking for a way to steal anyway.

Ask Donald Trump.

This is a failure of DEREGULATION.

If it were up to me, I'd ban crypto. But you don't offer solutions, you just want to blame. Here's the blame: Ronald Reagan. After the disaster of unregulated finance in the 20's, we regulated the financial industry. We clamped down on fraud, and regulated the banks and the markets. It worked quite well for half a century. Banks were heavily regulated, and the markets were heavily regulated. The system worked well. You could put your money in a bank, and you knew it was safe there. The banks had to handle your money wisely, and couldn't use it to invest in shady investments.

Then came Reagan. He deregulated our financial system, and right away, Savings and Loans across the country started failing. And the failures continue to this day. THAT'S what "contributory negligence" is.

It would be like telling banks they can't have security cameras or guards, and telling cops they can't respond to bank robberies, and if someone IS caught robbing a bank, the most that can happen is a hundred dollar fine and no jail time.

Because people like Donald Trump love to rob and they don't want any consequences.

I'll tell you right now, an "investment" at a poker table or in a Las Vegas Casino is safer than the stock market which is crooked through and through. Because Las Vegas Casinos are well regulated, and are more honest games than anything you fucking money changers have ever done. It's corrupt accountants that give us the world we have today.

Now, your question is answered. Because I'm not scared of you, you sniveling worm. You're scared of me and run away all the time from questions.

[JoeMemphis]

Hell, I can't teach you to build a watch, you don't even know how to make a link on a message board. I gave historical background, but to try to explain or teach ANYTHING to you is trying to teach a pig to sing.

You're the one who is looking for someone to blame, not me. You say not to depend on government. But YOU say it's the government's JOB to regulate, while you complain about regulation. You love having it both ways, which is what I and others have explained to you.

"Contributory negligence"? That's a good way to explain your supposed non-support of Donald Trump, while voting and supporting everyone that kept Donald Trump on top. He owned the GOP, yet you kept voting for all those who did what he said.

But you won't answer any questions about that.

The answer to your question is no, this is not a failure of regulation. A bank being robbed isn't the cop's fault, it's the fault of the robber. But you like to coddle criminals, don't you? Nothing's perfect, and when you set up a regulation, the crooks are looking for a way to steal anyway.

Ask Donald Trump.

This is a failure of DEREGULATION.

If it were up to me, I'd ban crypto. But you don't offer solutions, you just want to blame. Here's the blame: Ronald Reagan. After the disaster of unregulated finance in the 20's, we regulated the financial industry. We clamped down on fraud, and regulated the banks and the markets. It worked quite well for half a century. Banks were heavily regulated, and the markets were heavily regulated. The system worked well. You could put your money in a bank, and you knew it was safe there. The banks had to handle your money wisely, and couldn't use it to invest in shady investments.

Then came Reagan. He deregulated our financial system, and right away, Savings and Loans across the country started failing. And the failures continue to this day. THAT'S what "contributory negligence" is.

It would be like telling banks they can't have security cameras or guards, and telling cops they can't respond to bank robberies, and if someone IS caught robbing a bank, the most that can happen is a hundred dollar fine and no jail time.

Because people like Donald Trump love to rob and they don't want any consequences.

I'll tell you right now, an "investment" at a poker table or in a Las Vegas Casino is safer than the stock market which is crooked through and through. Because Las Vegas Casinos are well regulated, and are more honest games than anything you fucking money changers have ever done. It's corrupt accountants that give us the world we have today.

Now, your question is answered. Because I'm not scared of you, you sniveling worm. You're scared of me and run away all the time from questions.

So whose job is it to regulate? You claim that Conservatives are to blame for deregulation. Back that up in this case. Tell me what regulations Conservatives blocked. Tell me what regulations Democrats wanted to put into place that was blocked. Explain to me if there weren't regulations and regulatory violations why and how is the SEC involved? They are a regulatory agency. Crimes outside of regulatory agencies are investigated and charged by the IRS, the Secret Service, the FBI, the DOJ. The SEC charged SBF and they are a REGULATORY agency. They had jurisdiction. Why have regulations if you can't enforce them? Hell you aren't even curious what broke down so the next time this happens you will be just as clueless as your head will still be up your ass.

We could have had this conversation weeks ago if you had the stones to answer questions instead of running away.

[gounion]

So whose job is it to regulate? You claim that Conservatives are to blame for deregulation. Back that up in this case. Tell me what regulations Conservatives blocked. Tell me what regulations Democrats wanted to put into place that was blocked. Explain to me if there weren't regulations and regulatory violations why and how is the SEC involved? They are a regulatory agency. Crimes outside of regulatory agencies are investigated and charged by the IRS, the Secret Service, the FBI, the DOJ. The SEC charged SBF and they are a REGULATORY agency. They had jurisdiction. Why have regulations if you can't enforce them? Hell you aren't even curious what broke down so the next time this happens you will be just as clueless as your head will still be up your ass.

We could have had this conversation weeks ago if you had the stones to answer questions instead of running away.

No, REAGAN is responsible for deregulation. It’s that simple.

He’s the reason we don’t have enough regulations on our financial system.

All you have is to blame Biden and Democrats.

But your question has been answered. Now run back away from all the questions you won’t answer.

[JoeMemphis]

No, REAGAN is responsible for deregulation. It’s that simple.

He’s the reason we don’t have enough regulations on our financial system.

All you have is to blame Biden and Democrats.

But your question has been answered. Now run back away from all the questions you won’t answer.

Reagan is dead and he hasn't been in office for decades. What a fucking lousy excuse. Fail.

I didn't blame Biden or Democrats. I blamed government failure to enforce regulations already on the books. What good are regulations you cannot or will not enforce. Obviously there were regulations in this case because the SEC is the regulatory agency that filed the charges. They don't have jurisdiction unless there are regulatory violations. Fail a second time.

[gounion]

Reagan is dead and he hasn't been in office for decades. What a fucking lousy excuse. Fail.

I didn't blame Biden or Democrats. I blamed government failure to enforce regulations already on the books. What good are regulations you cannot or will not enforce. Obviously there were regulations in this case because the SEC is the regulatory agency that filed the charges. They don't have jurisdiction unless there are regulatory violations. Fail a second time.

You just can’t deal with the truth. FDR gave us decades of a safe financial system.

Ever since Reagan, we’ve had nothing but disasters.

You can’t deal with reality.

[JoeMemphis]

You just can’t deal with the truth. FDR gave us decades of a safe financial system.

Ever since Reagan, we’ve had nothing but disasters.

You can’t deal with reality.

You are the one that’s having trouble with reality. FDR has been dead well over a half century. Reagan has been dead for decades. He left office well before Al Gore invented the internet. Lots of shit has changed in the financial markets since those years. Sarbanes Oxley for instance.

Do you have anything current to back up your claim that FTX was NOT also a regulatory failure. It can be a theft. It can also be a regulatory failure. I know that’s tough shit for you to comprehend but it’s possible for two things to be true at once. That’s reality.

[gounion]

You are the one that’s having trouble with reality. FDR has been dead well over a half century. Reagan has been dead for decades. He left office well before Al Gore invented the internet. Lots of shit has changed in the financial markets since those years. Sarbanes Oxley for instance.

Do you have anything current to back up your claim that FTX was NOT also a regulatory failure. It can be a theft. It can also be a regulatory failure. I know that’s tough shit for you to comprehend but it’s possible for two things to be true at once. That’s reality.

And both changed the nation far beyond their deaths.

You probably haven't ever cracked a history book, so you don't know about the crash of '29 and the Great Depression, how our financial system was unregulated and we had bank runs and failures and market crashes as a general rule before then. FDR and the Dems regulated our financial and banking systems so there weren't any crashes, runs and failures for half a century.

Then Reagan came in a deregulated the system. He and the right said regulation was bad, and hamstrung the regulators. Right off the bat we had the Savings and Loans failures, the the tech bubble, then the stock market crashes, then the housing market crash because lenders and banks were allowed to sell off the loans, to be piled into big securities to be sold off in pieces, then the financial markets meltdown of 2008.

Since Reagan, it's one bubble after another. Just one South Seas Bubble after another. Just one scam after another, to dupe the gullible and take their money.

So it's a failure of deregulation. Reagan was WRONG. We never should have deregulated our financial system, and year after year, with one new bubble and crash after another, with one new way the moneychangers come up with to pretend that you're getting something from nothing, we all can see that Reagan was wrong.

And we're paying the price. And of course, like all good conservatives, you make your millions, and leave the people and the regulators holding the bag. Because the bank robber is NEVER to blame, it's the cops, right?

[Glennfs]

And both changed the nation far beyond their deaths.

You probably haven't ever cracked a history book, so you don't know about the crash of '29 and the Great Depression, how our financial system was unregulated and we had bank runs and failures and market crashes as a general rule before then. FDR and the Dems regulated our financial and banking systems so there weren't any crashes, runs and failures for half a century.

Then Reagan came in a deregulated the system. He and the right said regulation was bad, and hamstrung the regulators. Right off the bat we had the Savings and Loans failures, the the tech bubble, then the stock market crashes, then the housing market crash because lenders and banks were allowed to sell off the loans, to be piled into big securities to be sold off in pieces, then the financial markets meltdown of 2008.

Since Reagan, it's one bubble after another. Just one South Seas Bubble after another. Just one scam after another, to dupe the gullible and take their money.

So it's a failure of deregulation. Reagan was WRONG. We never should have deregulated our financial system, and year after year, with one new bubble and crash after another, with one new way the moneychangers come up with to pretend that you're getting something from nothing, we all can see that Reagan was wrong.

And we're paying the price. And of course, like all good conservatives, you make your millions, and leave the people and the regulators holding the bag. Because the bank robber is NEVER to blame, it's the cops, right?

So what was the last history book you cracked

[gounion]

So what was the last history book you cracked

I've got several I'm "reading" now - mostly these days I listen to them on Audible. But the ones I'm working on now are:

Delta Blues: The Life and Times of the Mississippi Masters Who Revolutionized American Music
By: Ted Gioia

Smashing the Liquor Machine: A Global History of Prohibition
By: Mark Lawrence Schrad

The Verge: Reformation, Renaissance, and Forty Years That Shook the World
By: Patrick Wyman

Freedom's Forge: How American Business Built the Arsenal of Democracy That Won World War II
By: Arthur Herman

I probably spend more than 20 hours a week listening.

And I can privately prove to you that I have these. I've got tons more, I've got a membership at Audible and get two books a month, and usually buy more beyond that.

[JoeMemphis]

And both changed the nation far beyond their deaths.

You probably haven't ever cracked a history book, so you don't know about the crash of '29 and the Great Depression, how our financial system was unregulated and we had bank runs and failures and market crashes as a general rule before then. FDR and the Dems regulated our financial and banking systems so there weren't any crashes, runs and failures for half a century.

Then Reagan came in a deregulated the system. He and the right said regulation was bad, and hamstrung the regulators. Right off the bat we had the Savings and Loans failures, the the tech bubble, then the stock market crashes, then the housing market crash because lenders and banks were allowed to sell off the loans, to be piled into big securities to be sold off in pieces, then the financial markets meltdown of 2008.

Since Reagan, it's one bubble after another. Just one South Seas Bubble after another. Just one scam after another, to dupe the gullible and take their money.

So it's a failure of deregulation. Reagan was WRONG. We never should have deregulated our financial system, and year after year, with one new bubble and crash after another, with one new way the moneychangers come up with to pretend that you're getting something from nothing, we all can see that Reagan was wrong.

And we're paying the price. And of course, like all good conservatives, you make your millions, and leave the people and the regulators holding the bag. Because the bank robber is NEVER to blame, it's the cops, right?

So you wrote all that and said virtually nothing relevant about the topic.

[gounion]

So you wrote all that and said virtually nothing relevant about the topic.

Quite relevant. You just aren’t bright enough to understand.

[JoeMemphis]

Quite relevant. You just aren’t bright enough to understand.

So if it were lack of regulation, tell us how and why the SEC, a regulatory agency, is involved?

[gounion]

So if it were lack of regulation, tell us how and why the SEC, a regulatory agency, is involved?

Because Reagan’s deregulation stripped regulatory agencies of their power. Tell me, what regulations did FTX Crypto break?

[JoeMemphis]

Because Reagan’s deregulation stripped regulatory agencies of their power. Tell me, what regulations did FTX Crypto break?

That’s my question for you. You say there aren’t any regulations but yet can’t explain why the SEC has jurisdiction in the case. If there are no regulatory violations, such crimes fall under the IRS, the FBI, the Secret Service and the DOJ. You claim Reagan is to blame for lack of regulation and yet you can’t explain why a regulatory agency has jurisdiction in this case. You think they are just butting in regardless of applicable laws? Is that your legal theory?

[gounion]

That’s my question for you. You say there aren’t any regulations but yet can’t explain why the SEC has jurisdiction in the case. If there are no regulatory violations, such crimes fall under the IRS, the FBI, the Secret Service and the DOJ. You claim Reagan is to blame for lack of regulation and yet you can’t explain why a regulatory agency has jurisdiction in this case. You think they are just butting in regardless of applicable laws? Is that your legal theory?

Answer my question. You’re a cowardly worm.

[JoeMemphis]

Answer my question. You’re a cowardly worm.

I haven’t read the indictment. I just know the SEC indicted them. So they had to have a legal basis and jurisdiction to do so. In case you aren’t keeping up with current events, the SEC, is a regulatory agency. Established by the Securities and Exchange Act of 1933 I believe. They handle regulatory violations by firms that operate on the various exchanges.

[ProfX]

Yeah, you don't want the name of a corrupt, bankrupt company on your arena.

Miami Terminates FTX Arena Naming Rights Deal Following Crypto Exchange’s Bankruptcy
https://variety.com/2023/music/news/ftx ... 235490252/

Until they sell off the naming rights to another corporation - hopefully they won't choose a crypto one this time and I think they're rejecting all the porno site bids - it's just "the Miami Dade Arena".

[gounion]

I haven’t read the indictment. I just know the SEC indicted them. So they had to have a legal basis and jurisdiction to do so. In case you aren’t keeping up with current events, the SEC, is a regulatory agency. Established by the Securities and Exchange Act of 1933 I believe. They handle regulatory violations by firms that operate on the various exchanges.

So you’re arguing from ignorance. But then “willful ignorance” is what you’re all about.

[JoeMemphis]

So you’re arguing from ignorance. But then “willful ignorance” is what you’re all about.

You are the one claiming the GOP blocked regulations and yet you can’t explain how or why the SEC is involved. That’s on you. You are the one arguing from ignorance.

[gounion]

You are the one claiming the GOP blocked regulations and yet you can’t explain how or why the SEC is involved. That’s on you. You are the one arguing from ignorance.

No, Ronald Reagan deregulated our system. The SEC can only do what it's allowed to do by lawmakers.

And the SEC basically charged them with fraud. Crypto isn't illegal. It's a catch-all.

Now, I'd like to see our financial system regulated, but with the GOP having so much power, it just isn't going to happen.

Another history lesson you are ignorant of - 1863 to 1935, banks could issues their own money. That was a mess, with so many currencies all over the place. But in their regulating, Congress outlawed banks making their own currency. The ONLY legal tender allowed was the US dollar.

And I find it funny that you guys always go into orbit because our money isn't on the Gold Standard. I'm betting you're one of them, that thinks US money should be tied to gold.

But now you guys who demand the gold standard came up with cryptocurrency. The reason it's not regulated is because it's brand new. It's just based upon nothing at all, but the thing you guys love is that it's OUTSIDE the government. There is no governmental control. And that's very difficult to do, as it's all worldwide.

FTX Crypto was headquartered in Hong Kong until Sept. 2021, when they moved it to the Bahamas.

So, exactly how is the SEC supposed to regulate a company in the Bahamas?

One more of the long list of questions you're too stupid to answer.

Banks issuing their own money was banned because it was stupid and not good business. Crypto should be banned for the same reason. But that will just drive it underground, idiots will still buy it.

[JoeMemphis]

No, Ronald Reagan deregulated our system. The SEC can only do what it's allowed to do by lawmakers.

And the SEC basically charged them with fraud. Crypto isn't illegal. It's a catch-all.

Now, I'd like to see our financial system regulated, but with the GOP having so much power, it just isn't going to happen.

Another history lesson you are ignorant of - 1863 to 1935, banks could issues their own money. That was a mess, with so many currencies all over the place. But in their regulating, Congress outlawed banks making their own currency. The ONLY legal tender allowed was the US dollar.

And I find it funny that you guys always go into orbit because our money isn't on the Gold Standard. I'm betting you're one of them, that thinks US money should be tied to gold.

But now you guys who demand the gold standard came up with cryptocurrency. The reason it's not regulated is because it's brand new. It's just based upon nothing at all, but the thing you guys love is that it's OUTSIDE the government. There is no governmental control. And that's very difficult to do, as it's all worldwide.

FTX Crypto was headquartered in Hong Kong until Sept. 2021, when they moved it to the Bahamas.

So, exactly how is the SEC supposed to regulate a company in the Bahamas?

One more of the long list of questions you're too stupid to answer.

Banks issuing their own money was banned because it was stupid and not good business. Crypto should be banned for the same reason. But that will just drive it underground, idiots will still buy it.

I’ll ask again. If the SEC has no jurisdiction, how can it file charges? Financial crimes that fall outside the SEC regulatory authority are investigated and charged by the IRS, FBI, Secret Service and the DOJ. So either the SEC as a regulatory body has jurisdiction or it does not.

Again, you don’t need to explain shit that ain’t being asked. Just admit you don’t know.

[gounion]

I’ll ask again. If the SEC has no jurisdiction, how can it file charges? Financial crimes that fall outside the SEC regulatory authority are investigated and charged by the IRS, FBI, Secret Service and the DOJ. So either the SEC as a regulatory body has jurisdiction or it does not.

Again, you don’t need to explain shit that ain’t being asked. Just admit you don’t know.

Tell you what. Your arms aren’t broken, YOU google it, Einstein.

[JoeMemphis]

Tell you what. Your arms aren’t broken, YOU google it, Einstein.

No need. I know the answer.