The Economy

[Libsmasher]

That has got to be, without a doubt, one of the most mindless things I've read here.

Stick around - the resident Obamabots are capable of much worse.

 

[Andy]

That has got to be, without a doubt, one of the most mindless things I've read here. Take pride in the fact that you've now set the bar to an all time low. Call hearings, and punish people who had absolutely nothing to do with what happened.

First time reading a Sihouette post eh? Trust me, in some sectors of this forum, posts by Sihouette are not only the top rung, but revered. While most on the left are satisfied with run by insults and name calling, as well as pointless spamming of youtube videos, Sihouette has always been one to detail what he believes and why... even if it's a bit nutty.

He's a good guy really. He's not one to just spout slurrs. You always wonder if he's still on medication, but he really is a good guy. I can always trust he's not flame baiting, or mindlessly spouting the party line. He really believes what he says. Can't for the life of me figure out by what logic he believes it, but hey

 

[SWP70]

This is why we are having banking problems today. This law was put in after the Great Depression. Changed in 1999

Clinton Signs Legislation Overhauling Banking Laws

WASHINGTON, Nov. 12, 1999 (Reuters) - President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and sell each other's products.
"This legislation is truly historic," President Clinton told a packed audience of lawmakers and top financial regulators. "We have done right by the American people."
The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.
Analysts and industry leaders say the measure will probably fuel a wave of mergers as companies compete to build financial supermarkets offering all the services customers need under one roof.
Financial stocks were winners on Wall Street today, with J.P. Morgan & Company, Citigroup, American Express and Merrill Lynch all posting big gains. That helped the Dow Jones industrial average end up 174.02 points, at 10,769.32.
The Senate approved the final bill by 90 to 8 on Nov. 4 and the House followed suit by a vote of 362 to 57. Congress had previously made almost a dozen unsuccessful attempts over the last 25 years to revise the statutes, which had increasingly come to be viewed as anachronisms.
"The world changes, and Congress and the laws have to change with it," said Senator Phil Gramm of Texas, chairman of the Banking Committee and one of the bill's prime sponsors.
Opponents said it would have the opposite effect, creating behemoths that will raise fees, violate customers' privacy by sharing and selling their personal data, and put the stability of the financial system at risk.
The privacy issue was a key focus in the long and often heated negotiations that produced a compromise bill, and President Clinton made clear he still wanted to see more done to safeguard consumers' personal financial information.
Clinton's support for the legislation comes despite warnings from critics and consumer activists that it could lead to price-gouging of consumers and the erosion of their privacy by newly formed financial conglomerates that are too big and powerful.
"The bill is anti-consumer and anti-community," advocate Ralph Nader declared. "It will mean higher prices and fewer choices for low-, moderate- and middle-income families across the nation."

 

[Mr. Shaman]

Senator Obama has repeatedly complimented both the Clintons and agrees with them fully on the benefits of a surplus, rolling the Bush tax cuts for the rich back to Clinton administration levels and on the need to overhaul our healthcare system...

He's gone farther-than-that. He's being advised by the same people.

http://econ4obama.blogspot.com/2008/06/obama-economic-advisors-and-economic.html

 

[Mr. Shaman]

of course you do, you think sea should part for Clinton as well.

That's one thing that never-made-The-List.

http://clinton3.nara.gov/WH/Accomplishments/

 

[Mr. Shaman]

Fact is the Clinton's are working together quite well with the Obama campaign. And it's Bush that screwed us all over spending up to $12 BILLION DOLLARS per month on his invasion & occupation built on lies... tax cuts in time of war... and love of almost total deregulation. You run your economic house on unheard of big debt overseas and do some stupid things here at home and you get the Bush Republican economic catastrophe!

It's called Precedence.

July 30, 1990 - "Mortgage foreclosures are soaring in the New York metropolitan region as growing numbers of property owners are overwhelmed by crushing real-estate debt.

Mortgage foreclosures are soaring in the New York metropolitan region as growing numbers of property owners are overwhelmed by crushing real-estate debt.

Just months after the giddy boom years of the 1980's, with their rising home values, generous bank lending policies and firm optimism about the regional economy, banks have started declaring defaults on thousands of delinquent mortgages and forcing owners to scramble for new financing or face property losses.

Officials in the region say they are stunned by the depth and suddenness of the increase in foreclosures."

http://query.nytimes.com/gst/fullpage.html?res=9c0ce2de1e38f933a05754c0a966958260

 

[top gun]

This is why we are having banking problems today. This law was put in after the Great Depression. Changed in 1999

Clinton Signs Legislation Overhauling Banking Laws

WASHINGTON, Nov. 12, 1999 (Reuters) - President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and sell each other's products.
"This legislation is truly historic," President Clinton told a packed audience of lawmakers and top financial regulators. "We have done right by the American people."
The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.
Analysts and industry leaders say the measure will probably fuel a wave of mergers as companies compete to build financial supermarkets offering all the services customers need under one roof.
Financial stocks were winners on Wall Street today, with J.P. Morgan & Company, Citigroup, American Express and Merrill Lynch all posting big gains. That helped the Dow Jones industrial average end up 174.02 points, at 10,769.32.
The Senate approved the final bill by 90 to 8 on Nov. 4 and the House followed suit by a vote of 362 to 57. Congress had previously made almost a dozen unsuccessful attempts over the last 25 years to revise the statutes, which had increasingly come to be viewed as anachronisms.
"The world changes, and Congress and the laws have to change with it," said Senator Phil Gramm of Texas, chairman of the Banking Committee and one of the bill's prime sponsors.
Opponents said it would have the opposite effect, creating behemoths that will raise fees, violate customers' privacy by sharing and selling their personal data, and put the stability of the financial system at risk.
The privacy issue was a key focus in the long and often heated negotiations that produced a compromise bill, and President Clinton made clear he still wanted to see more done to safeguard consumers' personal financial information.
Clinton's support for the legislation comes despite warnings from critics and consumer activists that it could lead to price-gouging of consumers and the erosion of their privacy by newly formed financial conglomerates that are too big and powerful.
"The bill is anti-consumer and anti-community," advocate Ralph Nader declared. "It will mean higher prices and fewer choices for low-, moderate- and middle-income families across the nation."

What's the full story? The full story was that in 1999 the Republicans had a veto overriding majority in Congress. John McCain's top economic advisor Phil Graham authored this legislation and pushed it through.

President Clinton trying to be centrist did sign the legislation but it would have been put into effect regardless.

Republicans came up with it... pushed it through and proudly announced they would override a Presidential veto if that were to happen.

Full story...

 

[Dawkinsrocks]

For most of America a vote for the Republicans is a Turkey voting for xmas.

And boy do they fit the bill.

Or should I say, beak

 

[Libsmasher]

What's the full story? The full story was that in 1999 the Republicans had a veto overriding majority in Congress. John McCain's top economic advisor Phil Graham authored this legislation and pushed it through.

President Clinton trying to be centrist did sign the legislation but it would have been put into effect regardless.

Republicans came up with it... pushed it through and proudly announced they would override a Presidential veto if that were to happen.

Full story...

You don't know what you're talking about (as usual ) - that bill had absolutely nothing to do with the credit crisis, as has been thoroughly explained in this thread.

 

[Mr. Carpenter]

For most of America a vote for the Republicans is a Turkey voting for xmas.

And boy do they fit the bill.

Or should I say, beak

I suppose that it never occurred to you that some of us know that this election, just like the last two, we know that we're fixing to have to eat a hot, steaming, sh*t sandwich, so we're having to decide if we want one prepared from the single movement of a 5 lb. chihuahua or from a 200 lb. mastiff. I'm taking the chihuahua, but it sounds like you like mastiff.

 

[top gun]

You don't know what you're talking about (as usual ) - that bill had absolutely nothing to do with the credit crisis, as has been thoroughly explained in this thread.

The Republican (Phil Graham/John McCain) take away all accountability in favor of deregulation led us down this path. I know it's extremely embarrassing for REPUBLICANT'S to admit... but you guys couldn't find a good economy and keep it with two hands and a flashlight!

http://www.youtube.com/watch?v=trykOppmfiE

http://www.youtube.com/watch?v=XfcdEoYk8XM

 

[Andy]

The Republican (Phil Graham/John McCain) take away all accountability in favor of deregulation led us down this path. I know it's extremely embarrassing for REPUBLICANT'S to admit... but you guys couldn't find a good economy and keep it with two hands and a flashlight!

http://www.youtube.com/watch?v=trykOppmfiE

http://www.youtube.com/watch?v=XfcdEoYk8XM

I don't get how you can even post this. The institutions that this bill would have affected, or I should say prevented, are not the ones crashing. You can't blame a specific legislation for a problem that is hitting corporations that would not have been effected by the legislation. That's illogical.

Like saying energy deregulation on electrical power plants is the reason for high gas prices. It makes no sense.

 

[Phoenix68]

The economy.

McCain says its base is "still strong"

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He must have had Snookie Palin doing his economic-research, for him....
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"U.S. Economy Screwed"
January 13, 2008
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"After blowing the last downturn, we've been worried this one since last summer. We also suspect that, given the importance of housing to the economy and debt to consumer spending, the recession will be deeper and more prolonged than people think."

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[mark francis]

This is why we are having banking problems today. This law was put in after the Great Depression. Changed in 1999

Clinton Signs Legislation Overhauling Banking Laws

WASHINGTON, Nov. 12, 1999 (Reuters) - President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and sell each other's products.
"This legislation is truly historic," President Clinton told a packed audience of lawmakers and top financial regulators. "We have done right by the American people."
The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.
Analysts and industry leaders say the measure will probably fuel a wave of mergers as companies compete to build financial supermarkets offering all the services customers need under one roof.
Financial stocks were winners on Wall Street today, with J.P. Morgan & Company, Citigroup, American Express and Merrill Lynch all posting big gains. That helped the Dow Jones industrial average end up 174.02 points, at 10,769.32.
The Senate approved the final bill by 90 to 8 on Nov. 4 and the House followed suit by a vote of 362 to 57. Congress had previously made almost a dozen unsuccessful attempts over the last 25 years to revise the statutes, which had increasingly come to be viewed as anachronisms.
"The world changes, and Congress and the laws have to change with it," said Senator Phil Gramm of Texas, chairman of the Banking Committee and one of the bill's prime sponsors.
Opponents said it would have the opposite effect, creating behemoths that will raise fees, violate customers' privacy by sharing and selling their personal data, and put the stability of the financial system at risk.
The privacy issue was a key focus in the long and often heated negotiations that produced a compromise bill, and President Clinton made clear he still wanted to see more done to safeguard consumers' personal financial information.
Clinton's support for the legislation comes despite warnings from critics and consumer activists that it could lead to price-gouging of consumers and the erosion of their privacy by newly formed financial conglomerates that are too big and powerful.
"The bill is anti-consumer and anti-community," advocate Ralph Nader declared. "It will mean higher prices and fewer choices for low-, moderate- and middle-income families across the nation."

One of Clinton's final acts as President was to sign into law the Commodity Futures Modernization Act that played a substantial role in bringing down Wall Street lest than 8 years later.

The Commodity Futures Modernization Act of 2000 (CFMA) is United States federal legislation that ensured financial products known as over-the-counter (OTC) derivatives remained unregulated. It was signed into law on December 21, 2000 by President Bill Clinton. It clarified the law so most OTC derivative transactions between "sophisticated parties" would not be regulated as "futures" under the Commodity Exchange Act of 1936 (CEA) or as "securities" under the federal securities laws. Instead, the major dealers of those products (banks and securities firms) would continue to have their dealings in OTC derivatives supervised by their federal regulators under general "safety and soundness" standards. The Commodity Futures Trading Commission's (CFTC) desire to have "functional regulation" of the market was also rejected. Instead, the CFTC would continue to do "entity-based supervision of OTC derivatives dealers".[1] The CFMA's treatment of OTC derivatives such as credit default swaps has become controversial, as those derivatives played a major role in the financial crisis of 2008 and the subsequent 2008–2012 global recession.[2][3]

Wikipedia

 

[Phoenix68]

One of Clinton's final acts as President was to sign into law the Commodity Futures Modernization Act that played a substantial role in bringing down Wall Street lest than 8 years later.

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C'mon, now....you're really gonna deny Phil Gramm the credit he deserves?????
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See: 4:40 thru 12:00
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