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krabberkris

We need a REVOLUTION

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No wonder I grind my teeth on the way up. I'm fucking PISSED !@!!

Here is a little scrapbook I kept . Reps , Dems , hope you got your reserves :-)

The crisis is now unfolding. They are socializing the whole banking mess. Here is how it all played out in a nutshell . And may we pray it does not get much worse. These are SCARY times.

1 Nov , 1999 , William Jefferson Clinton signs into law the repeal of the Glass Steagall act of 1933 , a law written shortly after the Great Depression. This was the shot heard around the world and started the crisis.

The DOT COM bubble POPS in April , 2000 and we are sent straight into a recession. Millions loose their life savings.


2001 - Alan Greenspan lowers interest rates to historical lows. Banks stop being banks and Wall Street no longer regulated by Glass Steagall creates incredible investment vehicles. Mortgage backed securities , Structured Investment Vehicles (SIVs') , Collateralized Mortgage Obligations , so a few are named.


2002 - Mortgage lending companies pop up like Mushrooms and a frenzy in lending begins. People flock to the Real Estate profession.


2002 - 2003 - Home builders respond by constructing a record number of homes in the greatest sprawl in history. Homes are bought and sold before they are even built !! Anyone can qualify. Home value appreciation goes off the chart.

2002 Alan Greenspan says that now is a great time to get into adjustable rate mortgages . Millions buy homes in that fashion. Those loans are packaged into fancy SIV's and other Wall Street managed chopped , diced , sliced , fancy investment structures that confuse investors around the world. They are backed by American homes , so they buy them.

2004- PRESENT - Adjustable Rate Mortgages reset to higher rates by the millions. Banks are not getting their money back as people walk away from the new unaffordable mortgage. As of 2008 , MILLIONS of ARM's are waiting to reset soon. The crisis has just begun.

2008 - Thrift and investment banks , large insurance companies and small financial institutions fail in droves.

2008- Government begins bailout putting a burden on tax paying workers close to a TRILLION DOLLARS in one of the largest social programs of all time. Wall Street is now officially allowed to Capitalize their gains and Socialize their losses.

Yet 40 million people are still without health care and wonder how they will pay for that MRI at the hospital.

There is a political revolution brewing in this country. YEAH !

As I have stated before, when the dust settles,(this largely government-induced financial and economic implosion, which I think will rival the Depression, will be a black mark on the nightmare that is the Bush legacy for an eternity.

But , don’t forget Clinton. He could have changed history with one single veto. We don't need a "CHANGE" in Washington. We NEED a "REVOLUTION" !
The man who smiles when things go wrong has thought of someone to blame it on.

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1 Nov , 1999 , William Jefferson Clinton signs into law the repeal of the Glass Steagall act of 1933 , a law written shortly after the Great Depression. This was the shot heard around the world and started the crisis.



Wherever you cut and pasted this from needs to be checked for accuracy.

On November 12, 1999, Bill Clinton signed the Gramm-Leach-Bliley Act which repealed provisions that prohibit a bank holding company from owning other financial companies.

See; http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

It wasn't Clinton that started this crap. He couldn't have vetoed it if he had wanted to since it had passed by a Republican controlled Congress; Senate 90-8-1 and in the House: 362-57-15. It was veto proof.
quade -
The World's Most Boring Skydiver

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Ha ha ha

I believe we will arrive at the point very soon when people will see that this main stream political scene we have had will fail. I was watching FOX and CNN tonight. WOW . We need help. ! Maybe you can get that for us Mr. US ARMY SIR !
The man who smiles when things go wrong has thought of someone to blame it on.

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See , not copied and pasted. An honest error and off by 11 days. The G.L.B Act felled the Firewall and opened the whole mess.

Clinton was in CHARGE! He signed the BILL. Phil Gramm..... that's for another thread
The man who smiles when things go wrong has thought of someone to blame it on.

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If you want a a constitutional revolution useat the incumbents. The resulting gridlock i Washington due to the breakdown of the oligarchy will permit the economy to correct itself - and it will be a painful but short correction. The recovery will take a decade or more but the fat will be out of the system.

Maybe it will come out better maybe not but that is change you could really count on. Wouldn't make any difference who was elected president.

---------------------------------------------
Every day is a bonus - every night is an adventure.

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On November 12, 1999, Bill Clinton signed the Gramm-Leach-Bliley Act which repealed provisions that prohibit a bank holding company from owning other financial companies.

God damn DUDE.
That is exactly what the heart of the whole crisis is all about

WAKE UP !!
The man who smiles when things go wrong has thought of someone to blame it on.

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On November 12, 1999, Bill Clinton signed the Gramm-Leach-Bliley Act which repealed provisions that prohibit a bank holding company from owning other financial companies.

God damn DUDE.
That is exactly what the heart of the whole crisis is all about

WAKE UP !!



It was VETO PROOF. There was nothing he could do except sign it.

Or . . . is it possible you don't know what that means?
quade -
The World's Most Boring Skydiver

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>>>>>>>>>>>>.They are socializing the whole banking mess.


You're going to see the US move toward socialization as the Repuiblican-generated debt climbs. Communism is as viable as Capitalism.

>>>>>>>>>>>>>>The DOT COM bubble POPS in April , 2000 and we are sent straight into a recession. Millions loose their life savings.


The market falls and rebounds, what other indicators were there? Unemp was still around 4%. The only people that lost their savings were the fools who kept them in tech stocks, I had a few tho in there and lost 1/2. Bonds actually climbed. Gamblers usually lose.


>>>>>>>>>>>>>>>>>2001 - Alan Greenspan lowers interest rates to historical lows. Banks stop being banks and Wall Street no longer regulated by Glass Steagall creates incredible investment vehicles. Mortgage backed securities , Structured Investment Vehicles (SIVs') , Collateralized Mortgage Obligations , so a few are named.


This was at the root to all this mess, other than the Republican debt. The interest rate dropped, home sellers turned their houses into ATM's, it was like a pyramid scheme where first in win, the rest lose.


>>>>>>>>>>>>>>>2008- Government begins bailout putting a burden on tax paying workers close to a TRILLION DOLLARS in one of the largest social programs of all time. Wall Street is now officially allowed to Capitalize their gains and Socialize their losses.


Exactly, more corporate welfare, as with the airlines after 911; cash gifts, no requirement to pay back or employ people. This is right wing corporate love as usual.

>>>>>>>>>>>>>>>>>>Yet 40 million people are still without health care and wonder how they will pay for that MRI at the hospital.


And yet you deny teh viability of uni care and still assert this? WHat's your plan, a Ron Paulesque Revolution? That won't get me an MRI, that will further the class seperation frenzy. I think it's more like 50+ million too.


>>>>>>>>>>>>>>>>>>>But , don’t forget Clinton. He could have changed history with one single veto. We don't need a "CHANGE" in Washington. We NEED a "REVOLUTION" !


Clinton turned a huge deficit into a surplus, almost leveled off the debt climb, so what'
s your point?


Bla, bla, bla..... Ron Paul the whacko Republican offshoot?

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If you want a a constitutional revolution useat the incumbents. The resulting gridlock i Washington due to the breakdown of the oligarchy will permit the economy to correct itself - and it will be a painful but short correction. The recovery will take a decade or more but the fat will be out of the system.

Maybe it will come out better maybe not but that is change you could really count on. Wouldn't make any difference who was elected president.




Clinton turned the corner in 4-5 years, it DOES matter who is elected, just look at the 3 neo-cons and then Clinton; very different policies, very different outcomes.

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I love my Country. I have watched this mess unfold since 2005. Obama , McCain. Nah. I want an Indipendent. Ron Paul. That's a good start. !




That was a shocker, knew that b4 I read it. BTW, there will be fewer with medical care if that nut were to be elected. We would have even more class seperation than we do under Republican rule. I would vote Republican before I would vote Libertarian.

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I overlooked the fact it was VETO PROOF. My fault. Still , it was pushed through. DEM or REP. Who cares. They all suck. We need to go DC with a BIG sweeper.

I am afraid McCain is just so deeply rooted in the good old boy network. It just seems like who ever comes up the pike is another fraudster looking to fuck me over. Bank of America will be extremely powerful after they bail out many more. Shit , they will probably buy WAMU soon.

I wish I had a link on tiny url , but I don't. This is a little long winded , Came from the Huffington Post. Enjoy. And let's toss 'em ALL out.


Don't let them tell you this economic meltdown is a complicated mess. It's not. Our national financial crisis is readily understood by anyone who has seen greed and hypocrisy. But we are now witnessing them on a profound, monumental scale.

Conservative Republicans always want the government to stay out of business and avoid regulation as long as they are making lots of money. When their greed, however, gets them into a fix, they are the first to cry out for rules and laws and taxpayer money to bail out their businesses. Obviously, Republicans are socialists. The Bush administration has decided to socialize the debt of the big Wall Street Firms. Taxpayers didn't get to enjoy any of the big money profits on the phony financial instruments like derivatives or bundled sub-prime paper, but we get the privilege of paying for their debt and failures.

Let's just consider the money. The public bailout of insurance giant (becoming a dwarf) AIG is estimated at $85 billion. According to one report, that's more than the Bush administration spent on Aid to Families with Dependent Children during his entire time in office. That amount of money would also pay for health care for every man, woman, and child in America for at least six months.

How did we get here?

That's pretty easy to answer, too. His name is Phil Gramm. A few days after the Supreme Court made George W. Bush president in 2000, Gramm stuck something called the Commodity Futures Modernization Act into the budget bill. Nobody knew that the Texas senator was slipping America a 262 page poison pill. The Gramm Guts America Act was designed to keep regulators from controlling new financial tools described as credit "swaps." These are instruments like sub-prime mortgages bundled up and sold as securities. Under the Gramm law, neither the SEC nor the Commodities Futures Trading Commission (CFTC) were able to examine financial institutions like hedge funds or investment banks to guarantee they had the assets necessary to cover losses they were guaranteeing.

This isn't small beer we are talking about here. The market for these fancy financial instruments they don't expect us little people to understand is estimated at $60 trillion annually, which amounts to almost four times the entire US stock market.

And Senator Phil Gramm wanted it completely unregulated. So did Alan Greenspan, who supported the legislation and is now running around to the talk shows jabbering about the horror of it all. Before the highly paid lobbyists were done slinging their gold card guts about the halls of congress, every one from hedge funds to banks were playing with fire for fun and profit.

Gramm didn't just make a fairy tale world for Wall Street, though. He included in his bill a provision that prevented the regulation of energy trading markets, which led us to the Enron collapse. There was no collapse of the house of Gramm, however, because his wife Wendy, who once headed up the Commodities Futures Trading Commission, took a job on the Enron board that provided almost $2 million to their household kitty. And why not? Wendy got a CFTC rule passed that kept the federal government from regulating energy futures contracts at Enron.

If John McCain gets elected and chooses Phil Gramm as his Treasury Secretary, which many politico types see as likely, they will be able to talk about the good old days when Gramm was in congress and McCain was in the senate and they were in the midst of the Savings and Loan crisis.

The S and L scandal, which may look precious when compared to our present cascade of problems, isn't hard to understand, either. But it is impossible to take John McCain seriously on our current financial Armageddon since he was dabbling in the historic collapse of 747 S&Ls that occurred during Ronald Reagan's era. In the early 80s under the Republican president, congress deregulated the savings and loan industry in much the same way that Gramm made sure there were no laws hindering our current financial malefactors on Wall Street. S&Ls simply lobbied until they had less regulation and then began making rampant, unsound investments.

The guy who was going the wildest with financial freedom was Charles Keating, who headed up Lincoln Savings and Loan of California. Because the S&L industry had managed to get congress to increase FDIC insurance from $40,000 to $100,000 on deposits, the irresponsible investing of people like Keating began to put taxpayer insurance funds at great risk of loss. Keating placed money in junk bonds and questionable real estate projects and because so many other S&Ls started acting the same way the Federal Home Loan Bank Board (FHLBB) began to push for a regulation that limited these dangerous speculative "direct" investments to 10% of an S&L's assets.

And Keating didn't like it; he called on a private economist named Alan Greenspan, who promptly produced a study saying that there was no danger in "direct" investments.
But that didn't convince the FHLBB and as further scrutiny showed Lincoln Savings and Loan was making even more historically bad investment decisions, a federal investigation was launched.

So Keating called his home state senator John McCain.

McCain and four other US senators (known to history as the Keating Five) met with Edwin Gray, then chairman of the FHLBB. McCain had been hesitant to attend but had reportedly been called a "wimp" behind his back by Keating. The message to the FHLBB and Gray from the Keating Five was to lay off Lincoln and cool the investigation. Gray and the FHLBB did not relent but Lincoln stayed in business until 1989 when it collapsed with the rest of the S&L industry. The life savings of more than 20,000 elderly investors disappeared with the failure of Lincoln. Keating went to prison for five years.

Charles Keating was John McCain's pal. They met in 1981 and Keating dumped $112,000 in the McCain campaign bank accounts between '82 and '87. A year before McCain met with the FHLBB regulators, his wife Cindy and her father, according to newspaper reports at the time, invested about $360,000 in one of Keating's shopping centers. The Arizona Republic reported McCain and his wife and their babysitter took nine trips on Keating's private jet to the Bahamas to stay at the S&L liar's decadent Cat Cay resort. The senator didn't pay Keating back for the plane rides until years later when he was under investigation.

McCain wasn't found guilty of anything but bad judgment, which is an historic understatement. Republicans, who led deregulation of the S&L industry, delayed the bailout until after the 1988 election to make sure George H. W. won the White House. The cost to taxpayers for helping these 747 bad actors in the S&L industry was finally estimated at $1.4 trillion. If the bailout had begun in 1986 instead of after the presidential election, the cost would have been contained at $20 billion.

And now the Republicans who engineered our present crisis and got us into the S&L debacle of the 80s are before us saying the markets need regulation. No, actually, they don't need regulation. Why don't you Republican capitalists who believe in the free markets get out of the damned way and let them work and allow these various financial nuthouses be crushed by the weight of their own stupidity? When it is all over, we'll have sane and sober people create laws to make sure it doesn't happen again, assuming we survive this chaos.

Also, while you are handing out our tax money to idiots on Wall Street, save a little of the long green for the unemployed auto and construction workers and all of the other people who have lost their jobs because you were too stupid to notice what Phil Gramm was doing and you were convinced everything was going to be just fine because the markets work.

These, then, are the people -- the Republicans -- who want to run our government for four more years. John McCain isn't just one of them. He rides their jets. He takes their campaign donations. He makes them his campaign advisors. And he tells us to trust him.

He must think we are a nation of village idiots.
The man who smiles when things go wrong has thought of someone to blame it on.

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Yes. It was veto proof. But GLB had MASSIVE bipartisan support, due in large part to the active role the Clinton Admin played in it. Clinton had threatened a veto if certain provisions weren't included, and other promises that had much to do with lending standards and provisions for protections of minority borrowers.

Had these not been included it wouldn't have been "veto proof." I've studied this law quite a bit since it passed it 1999 (I was actually taking a banking law class at the time).

I myself look at GLB as the most significant event leading to the present economic circumstances. In fact, I thought at the time the law was great. I still think the law is the right idea.

But like anything new, there were gonna be some pains with it. We are seeing that. The first attempts at x-ray technology resulted in gruesome deaths, but it has proven useful once the parameters of proper use have been determined through trial and error.

I think that Clinton and Congress did a good thing with the passing of the GLB. It is a cause of this pain, sure, but I think they are growing pains.

The road to socialism, however, is not what I had in mind, and I do not think it a good thing.


My wife is hotter than your wife.

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