The Great Con Job
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Forthewall
Long Time Member
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LAST EDITED ON Apr-13-10 AT 09:03AM (MST)[p]I just went through a back and forth on this issue with Hoytime. It was basically a timeline of how the Fed, Banks, Financial Institutions and a duplicitous congress skirted/killed regulations to allow this ponzi scheme to occur. Note how Ratigan says, "Last 10 years" what happened 10 years ago? The death of the last standing regulations of Glass Steagall is what happened.
I do agree with Hoytime that the Fed needs to go, a point I have echoed on several occasions and that indeed we do have a fiat monetary system.
http://dealbook.blogs.nytimes.com/2010/01/22/yearning-for-glass-steagall-on-capitol-hill/
As Frank says in the article, the death of Glass-Steagall was only a portion of blame, because skirting The Securities Act of 33 & 34 is the other portion.
I'll bet you'll never guess which party attempted to kill Glass-Steagall 12 times over 25 years until they finally succeeded in 1998. That same party referred to it in their talking points as an outdated relic of depression era regulation? Volker fought it tooth and nail as a power give away to the fed. It should come as no surprise that Greenspan applauded it.
The big problem today is look who is in charge of writing the reform bill, no other than legendary bank lackies Dodd & Frank. In essence, the banks are writing their own Banking Reform Bill.
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I do agree with Hoytime that the Fed needs to go, a point I have echoed on several occasions and that indeed we do have a fiat monetary system.
http://dealbook.blogs.nytimes.com/2010/01/22/yearning-for-glass-steagall-on-capitol-hill/
As Frank says in the article, the death of Glass-Steagall was only a portion of blame, because skirting The Securities Act of 33 & 34 is the other portion.
I'll bet you'll never guess which party attempted to kill Glass-Steagall 12 times over 25 years until they finally succeeded in 1998. That same party referred to it in their talking points as an outdated relic of depression era regulation? Volker fought it tooth and nail as a power give away to the fed. It should come as no surprise that Greenspan applauded it.
The big problem today is look who is in charge of writing the reform bill, no other than legendary bank lackies Dodd & Frank. In essence, the banks are writing their own Banking Reform Bill.
Congressional Term Limits
Public Campaign Financing
NeMont
Long Time Member
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FTW,
I agree but if we hold that the Man in the White House is where the bucks stops, which party did Clinton come from? Dodd and Frank also have D's after their names. So while it is true that the R's wanted Glass-Steagall gone, it was only with the help and the blessing of the D's that it got done. Same for NAFTA, I know only Republican policies are bad according some but there is plenty of blame to go around as you are saying.
Nemont
P.S. perhaps you should PM Piper and tell him there are bad Demcrat policies as well. It may help him get through the day.
I agree but if we hold that the Man in the White House is where the bucks stops, which party did Clinton come from? Dodd and Frank also have D's after their names. So while it is true that the R's wanted Glass-Steagall gone, it was only with the help and the blessing of the D's that it got done. Same for NAFTA, I know only Republican policies are bad according some but there is plenty of blame to go around as you are saying.
Nemont
P.S. perhaps you should PM Piper and tell him there are bad Demcrat policies as well. It may help him get through the day.
cabuck
Active Member
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FTW & NeMont,
I think i'll just go away, you both have it exactly right.
And FTW, your last paragraph is why we are headed for another finanical bubble. NeMont, ultimately it's the president who must sign or veto legislation. Only on an over-ride of his veto power can he have an excuse as to legislation passed on his watch.
Cabuck
I think i'll just go away, you both have it exactly right.
And FTW, your last paragraph is why we are headed for another finanical bubble. NeMont, ultimately it's the president who must sign or veto legislation. Only on an over-ride of his veto power can he have an excuse as to legislation passed on his watch.
Cabuck
H
hoytme
Guest
I watched this the other day, and it is nice to see MSNBC putting this out there. I am frankly surprised, but happy.
I still maintain that it is all for naught unless we address the 800 lb gorilla (FED RES) in the room. How can we realistically expect sound policy be written when the Fed has its tentacles EVERYWHERE? Doe sit matter if it's Dodd or someone else putting their name on the policy? The sad truth is, the Fed OWNS Washington, so until we slay the dragon we are at its mercy, and this dragon doesn't believe in mercy.
I still maintain that it is all for naught unless we address the 800 lb gorilla (FED RES) in the room. How can we realistically expect sound policy be written when the Fed has its tentacles EVERYWHERE? Doe sit matter if it's Dodd or someone else putting their name on the policy? The sad truth is, the Fed OWNS Washington, so until we slay the dragon we are at its mercy, and this dragon doesn't believe in mercy.
