The Great Deception -> Glass - Steagall Act Was Repealed By Clinton

Glass - Steagall Act Was Repealed By Clinton, Result: Wall Street thugs ran wild!

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jofortruth	Posted: Apr 11 2008, 06:47 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	http://en.wikipedia.org/wiki/Glass-Steagal http://www.democraticunderground.com/discu...mesg_id=3228849 http://www.democraticunderground.com/discu...mesg_id=3014574 Why every time an old statute gets turned over (Glass - Steagall) the consumer gets 'screwed'? http://smallbusiness.yahoo.com/r-answers-a...al+restrictions Congress and Clinton were warned what would happen if this repeal went forward, but they didn't listen. YOU CAN NOW ADD CLINTON AND CONGRESS TO YOUR LIST TO BLAME FOR WHAT IS OCCURRING IN OUR ECONOMY TODAY. FOOLISH DECISIONS BY THESE MEN ARE TO BLAME (YOU CAN ADD ALAN GREENSPAN TO THAT LIST ALSO): This law was implemented after the Great Depression to prevent some of the acts that caused the Great Depression. Over many years the Bankers lobbied hard to get this repealed. FINALLY, in 1991 they found a willing President (BILL CLINTON) who repealed it in 1999! NOW, WE ARE WHERE WE ARE TODAY!

jofortruth

Posted: Apr 11 2008, 06:51 PM

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The Long Demise of Glass-Steagall:
http://www.pbs.org/wgbh/pages/frontline/sh...ill/demise.html

Banking, Insurance and the Repeal of the 1933 Glass-Steagall Act
http://www.captive.com/newsstand/articles/article_1.html
http://www.occ.treas.gov/ftp/workpaper/wp2000-5.pdf

Repeal of the Act
http://en.wikipedia.org/wiki/Glass-Steagal

QUOTE

On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal is it allowed commercial & investment banks to consolidate.[citation needed] Several economists and analysts have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.

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Graham-Leach-Bliley Act - The Legislation that Clinton put in its place was:
http://www.keytlaw.com/Links/glbact.htm
http://www.ftc.gov/privacy/privacyinitiatives/glbact.html
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

QUOTE

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1997 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990's. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

The Act:
http://www.ftc.gov/privacy/glbact/glboutline.pdf
http://epic.org/privacy/glba/

S. 900 & The Vote: (Sec. 101 Repealed Glass Steagall)
http://frwebgate.access.gpo.gov/cgi-bin/ge...publ102.106.pdf
http://clerk.house.gov/evs/1999/roll570.xml

SO MUCH FOR MODERNIZATION! SEEMS CONGRESS HAS ZERO FINANCIAL SENSE.

jofortruth	Posted: Apr 11 2008, 07:14 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Reinstate Glass-Steagall: http://numpty.wordpress.com/2008/04/09/rei...-glass-steagal/

jofortruth

Posted: Apr 11 2008, 07:37 PM

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Paulson draws regulatory reform 'blueprint'
http://us.ft.com/ftgateway/superpage.ft?ne...120081519216401

QUOTE

Hank Paulson, US Treasury secretary, conceded on Monday that it could take "many years" to overhaul the US system of financial regulation as he outlined details of an ambitious plan to rework a framework that has been in place since the Great Depression.

The Bush administration issued its proposal amid growing criticism that the fragmented regulatory system contributed to the meltdown in the US subprime mortgage business and the resulting global market turmoil.

But the plan - which envisions giving the Federal Reserve broad powers to tackle systemic risk and reducing the role of some other regulators - would "require a great deal of discussion and many years to complete", Mr Paulson said. He compared the plan to the "Green Book" of 1991, which ultimately resulted in the Gramm-Leach-Bliley Act eight years later. That law repealed the 1933 Glass-Steagall Act, which had separated commercial and investment banking.

OH, THAT'S JUST TERRIFIC HANK! IT APPEARS YOU DON'T LEARN FROM PAST MISTAKES, JUST LIKE CONGRESS DOESN'T? THIS CAN ONLY MAKE ME THINK THAT YOUR COLLECTIVE FOOLISHNESS IS INTENTIONAL.

jofortruth	Posted: Apr 11 2008, 07:40 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Housing Choices - AMERICA, YOU NEED TO SPEAK NOW! 28.10 min video This is YOUR nation America. Either speak up NOW or we are looking at a potential bond market crash and a rerun of the 1930s. Yes, I mean it, and here's the presentation you MUST WATCH if you care about this country. Then you must act - NOW - by calling your Rep and Senators. THIS CONGRESS MUST STOP THEIR FOOLISH BAILOUTS OF THESE CORPORATIONS - NO MORE EXCUSES! IF THEY DON'T, THEY MUST BE PUNISHED AT THE BALLOT BOX. MAKE THEM LOSE THEIR JOBS STARTING NOVEMBER, 2008. THIS FOOLISHNESS HAS GONE ON FOR FAR TOO LONG. ----------------------- START WITH THESE SENATORS WHOSE TERMS EXPIRE IN JAN 2009: http://z4.invisionfree.com/The_Great_Decep...p?showtopic=659

jofortruth	Posted: Apr 11 2008, 11:21 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Senator Phil Gramm Sponsored this Bill: http://z4.invisionfree.com/The_Great_Decep...topic=4465&st=0 Lawrence Summer, who is now an Obama advisor, lobbyied for the repeal: http://z4.invisionfree.com/The_Great_Decep...?showtopic=5708 Alan Greenspan was Fed Chairman at the time: http://z4.invisionfree.com/The_Great_Decep...?showtopic=3810 THESE GUYS BARE MUCH OF THE BLAME, along with Clinton for repealing this safeguard Act, and allowing the thugs to run wild! THESE PEOPLE OWE THE AMERICAN PEOPLE AN EXPLANATION. ARE THEY FOR THIS COUNTRY, OR DO THEY WORK FOR SOMEONE ELSE? WE HAVE AN IDEA OF WHO THEY WORK FOR, AND THIS IS CALLED TREASON!

jofortruth	Posted: Oct 12 2008, 05:10 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	http://www.financialsense.com/fsn/main.html Listen to: 2nd Hour Guest Experts Select an Audio Format RealPlayer \| WinAmp \| Windows Media \| Mp3 Bud Burrell SanityCheck.com Shows even more how Clinton is enmeshed in what's happening! (But then what else would you expect from a Mr. NWOer.

jofortruth	Posted: Oct 12 2008, 05:15 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Bank Holiday in 1933 (Mentions Glass-Steagal) http://www.bos.frb.org/about/pubs/closed.pdf

jofortruth

Posted: Mar 8 2009, 03:17 PM

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Sen. Sanders roasts Fed Chairman Bernanke 3/3/09
http://www.youtube.com/watch?v=8WBcCMJSeSI

QUOTE

When he's asked if the repeal of Glass-Steagal was a mistake, he says "I don't think so."

Helicopter Ben prefers a lie, to the truth! FIRE HIM! THEN ARREST HIM!

More here:
http://z4.invisionfree.com/The_Great_Decep...opic=6304&st=0&

jofortruth	Posted: Mar 9 2009, 11:49 AM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Sold Out - How Wall Street & Washington Betrayed http://wallstreetwatch.org/reports/sold_out.pdf Pg 22 on Glass Steagall Repeal which lead to the thug mentality. GEE THX, LAWRENCE SUMMERS FOR LOBBYING AGAINST YOUR COUNTRY, BY LOBBYING FOR THE REPEAL OF THIS ACT. WHAT A FOOLISH MAN YOU WERE! THEN OBAMA PUTS THIS GUY IN HIS ADMINISTRATION TO HELP FINISH THE ATTACK ON AMERICA????? ARE YOU STUPID OBAMA, OR IS IT THAT YOU ARE CONTROLLED TOTALLY BY THE LIKES OF THESE IDIOTS, AND YOUR RIGHT HAND MAN, RAHM EMANUEL????

jofortruth	Posted: Mar 25 2009, 09:41 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Shadow Economy - A STUDENT EXPLAINS THE BANKERS GAME: http://www.youtube.com/watch?v=VJ9r0CKoVls

jofortruth

Posted: Aug 24 2009, 09:32 AM

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Common Sense 2009 by Larry Flynt:
http://www.prisonplanet.com/common-sense-2009.html

QUOTE

Larry Flynt
Huffington Post
Sunday, August 22, 2009

The American government � which we once called our government � has been taken over by Wall Street, the mega-corporations and the super-rich. They are the ones who decide our fate. It is this group of powerful elites, the people President Franklin D. Roosevelt called �economic royalists,� who choose our elected officials � indeed, our very form of government. Both Democrats and Republicans dance to the tune of their corporate masters. In America, corporations do not control the government. In America, corporations are the government.

This was never more obvious than with the Wall Street bailout, whereby the very corporations that caused the collapse of our economy were rewarded with taxpayer dollars. So arrogant, so smug were they that, without a moment�s hesitation, they took our money � yours and mine � to pay their executives multimillion-dollar bonuses, something they continue doing to this very day. They have no shame. They don�t care what you and I think about them. Henry Kissinger refers to us as �useless eaters.�

But, you say, we have elected a candidate of change. To which I respond: Do these words of President Obama sound like change?

�A culture of irresponsibility took root, from Wall Street to Washington to Main Street.�

There it is. Right there. We are Main Street. We must, according to our president, share the blame. He went on to say: �And a regulatory regime basically crafted in the wake of a 20th-century economic crisis � the Great Depression � was overwhelmed by the speed, scope and sophistication of a 21st-century global economy.�

This is nonsense.

The reason Wall Street was able to game the system the way it did � knowing that they would become rich at the expense of the American people (oh, yes, they most certainly knew that) � was because the financial elite had bribed our legislators to roll back the protections enacted after the Stock Market Crash of 1929.

Congress gutted the Glass-Steagall Act, which separated commercial lending banks from investment banks, and passed the Commodity Futures Modernization Act, which allowed for self-regulation with no oversight. The Securities and Exchange Commission subsequently revised its rules to allow for even less oversight � and we�ve all seen how well that worked out. To date, no serious legislation has been offered by the Obama administration to correct these problems.

Instead, Obama wants to increase the oversight power of the Federal Reserve. Never mind that it already had significant oversight power before our most recent economic meltdown, yet failed to take action. Never mind that the Fed is not a government agency but a cartel of private bankers that cannot be held accountable by Washington. Whatever the Fed does with these supposed new oversight powers will be behind closed doors.

Obama�s failure to act sends one message loud and clear: He cannot stand up to the powerful Wall Street interests that supplied the bulk of his campaign money for the 2008 election. Nor, for that matter, can Congress, for much the same reason.

Consider what multibillionaire banker David Rockefeller wrote in his 2002 memoirs:

�Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as �internationalists� and of conspiring with others around the world to build a more integrated global political and economic structure � one world, if you will. If that�s the charge, I stand guilty, and I am proud of it.�

Read Rockefeller�s words again. He actually admits to working against the �best interests of the United States.�

Need more? Here�s what Rockefeller said in 1994 at a U.N. dinner: �We are on the verge of a global transformation. All we need is the right major crisis, and the nations will accept the New World Order.� They�re gaming us. Our country has been stolen from us.

Journalist Matt Taibbi, writing in Rolling Stone, notes that esteemed economist John Kenneth Galbraith laid the 1929 crash at the feet of banking giant Goldman Sachs. Taibbi goes on to say that Goldman Sachs has been behind every other economic downturn as well, including the most recent one. As if that wasn�t enough, Goldman Sachs even had a hand in pushing gas prices up to $4 a gallon.

The problem with bankers is longstanding. Here�s what one of our Founding Fathers, Thomas Jefferson, had to say about them:

�If the American people ever allow private banks to control the issuance of their currency, first by inflation, and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their father�s conquered.�

We all know that the first American Revolution officially began in 1776, with the Declaration of Independence. Less well known is that the single strongest motivating factor for revolution was the colonists� attempt to free themselves from the Bank of England. But how many of you know about the second revolution, referred to by historians as Shays� Rebellion? It took place in 1786-87, and once again the banks were the cause. This time they were putting the screws to America�s farmers.

Daniel Shays was a farmer in western Massachusetts. Like many other farmers of the day, he was being driven into bankruptcy by the banks� predatory lending practices. (Sound familiar?) Rallying other farmers to his side, Shays led his rebels in an attack on the courts and the local armory. The rebellion itself failed, but a message had been sent: The bankers (and the politicians who supported them) ultimately backed off. As Thomas Jefferson famously quipped in regard to the insurrection: �A little rebellion now and then is a good thing. The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.�

Perhaps it�s time to consider that option once again.

I�m calling for a national strike, one designed to close the country down for a day. The intent? Real campaign-finance reform and strong restrictions on lobbying. Because nothing will change until we take corporate money out of politics. Nothing will improve until our politicians are once again answerable to their constituents, not the rich and powerful.

Let�s set a date. No one goes to work. No one buys anything. And if that isn�t effective � if the politicians ignore us � we do it again. And again. And again.

The real war is not between the left and the right. It is between the average American and the ruling class. If we come together on this single issue, everything else will resolve itself. It�s time we took back our government from those who would make us their slaves.

jofortruth	Posted: Dec 28 2009, 04:58 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	War on Wall Street as Congress Sees Returning to Glass-Steagall http://www.bloomberg.com/apps/news?pid=206...Tmo2vHpo&pos=10 http://forum.prisonplanet.com/index.php?to...cseen#msg910519 One Page Proposal in Congress: http://thomas.loc.gov/cgi-bin/query/z?c111:S.2886: http://frwebgate.access.gpo.gov/cgi-bin/ge...s2886is.txt.pdf

jofortruth	Posted: Mar 6 2010, 11:16 AM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	"Sold Out" - A MUST READ! http://z4.invisionfree.com/The_Great_Decep...topic=8080&st=0

jofortruth

Posted: May 29 2010, 10:46 PM

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Bring Back Glass-Steagall?
http://hnn.us/articles/55548.html

QUOTE

10-21-08
By Robert Buzzanco

Mr. Buzzanco is Professor and Chairman, Department of History, University of Houston. He is the author of Masters of War: Military Dissent and Politics in the Vietnam Era and Vietnam and the Transformation of American Life, and numerous other publications on foreign policy and political economy.

Yes, as through this world I've rambled
I've seen lots of funny men;
Some will rob you with a six-gun,
And some with a fountain pen.

In 1933, amid the depths of the Great Depression, Senator Carter Glass of Virginia and Representative Henry Bascom Steagall of Alabama crafted a law to separate commercial and investment banking, the Glass-Steagall Act. In most ways, Glass and Steagall were typical Democrats: ardent segregationists with a populist bent for poor whites, but also connected to monied interests and deeply motivated to save the financial system that had fallen apart a few years earlier.
In 1999, led by Senator Phil Gramm of Texas, another southerner but without the populist politics, and one of the best friends American bankers ever had, congress overwhelmingly repealed the Glass-Steagall Act and created the financial free-for-all that has led banks to offer, along with savings and checking accounts, securities, stock sales, and insurance. The repeal of Glass-Steagall, it is not an overstatement to suggest, has been a principal reason for the financial crises that have fallen upon the United States today, and shows the deep dangers of deregulation.

One of the principal causes of the Wall Street Crash and Depression of the 1920s and 1930s was irresponsible banking activity. Due to a massive expansion of the economy in the years after World War I, the corporate and financial class found itself with vast sums of surplus capital--money that was not being invested for productive purposes. Looking for ways to get more return on that capital, these men turned to financial speculation. At that time, there was no separation between commercial banking like offering bank accounts or home loans to local communities, or investment banking like selling securities or stocks.

With a new flood of money coming their way in the early- and mid-1920s, commercial banks themselves became more speculative, investing heavily in the stock market, often without adequate reserves, and buying new issues of capital for resale to the public. Banks would also issue excess loans, often unsound, to the companies in which they had invested, and then advise their clients to invest in those same stocks. The result of this financial shell game, not surprisingly, was the 1929 crash of the entire U.S. and much of the global economy. Glass-Steagall's purpose was to create a regulatory barrier between the commercial and investment banking sectors, to assure consumers that their money was safe (the Federal Deposit Insurance Corporation was also part of the law), and to prevent bankers from using commercial paper to speculate wildly on stocks-�in short, to abet Franklin Roosevelt�s efforts to save capitalism.

Twenty-three years later, in 1956, congress took the additional step, in the Bank Holding Company Act, of separating the banking and insurance industries by preventing banks from underwriting insurance.

Both of these regulatory acts, it is important to note, had significant support among certain key sectors of the banking community, especially bigger Wall Street banks and those with transnational interests (as promoted in the Webb-Pomerene and Edge Acts of 1918-1919), that realized that government regulation was necessary to protect larger and more responsible banks from those which speculated wildly in the securities, stock, and insurance industries. (Glass, in fact, had helped create the Federal Reserve System in 1913).

Regulation, as was often the case, far from being an anti-banking measure, and cloaked in the rhetoric of helping consumers, in fact brought stability to the banking industry, and in particular the largest Wall Street firms which used such measures to gain greater shares in the industry and drive out smaller and more speculative competitors.

By the late 1990s, with the stock market surging to unimaginable heights, large banks merging with and swallowing up smaller banks, and a huge increase in banks having transnational branches, Wall Street and its many friends in congress wanted to eliminate the regulations that had been intended to protect investors and stabilize the financial system. Hence the Gramm-Leach-Bliley Act of 1999 repealed key parts of Glass-Steagall and the Bank Holding Act and allowed commercial and investment banks to merge, to offer home mortgage loans, sell securities and stocks, and offer insurance.

A financial bazaar had been opened, and financial giants like Goldman Sachs, whose previous head, Robert Rubin, was the Treasury Secretary at the time and whose CEO was current Treasury Secretary Henry Paulson, and Citigroup began to gobble up brokerage firms like Smith Barney, Paine Webber, Salomon Brothers, Merrill Lynch, and others. Globally, such deregulation and privatization of markets also led to economic calamities in Chile�s Social Security system and the Asian currency crisis of the late 1990s. Here in Houston, I began to notice on seemingly every block a new bank being built, particularly Washington Mutual and Comerica. Something was clearly afoot.

This new banking system has marked the final phase in the "financialization" of the U.S. and world economy, an evolution in which commodity production and trade has been replaced as the dominant economy activity by the actions of financial markets, which has brought with it huge debt--both public and consumer--and massive deficits in relation to the central banks of Europe and Asia�-and China in particular, which now holds nearly 1.5 trillion U.S. dollars. Indeed, there seems to be evidence that foreign creditors such as Saudi Arabia and the Asian central banks have lobbied vigorously for the current bailout plan.

The repeal of Glass-Steagall specifically, and the orgy of financial deregulation more generally, has created the subprime mortgage, banking, and stock market crises of 2008 today, and may very well create an upheaval in the insurance industry shortly. Deregulation, under the guise of celebrating the "free" market, not only damaged consumers, but caused disarray in the industries that it was intended to help--banking, securities, stocks, insurance--by allowing for renewed speculation, unsound mergers, and irresponsible lending.

The problem today is probably too large for a new version of Glass-Steagall to fix it. The global financial system�with derivatives, hedge funds, collateralized debt, and other such economic alchemy�has moved far beyond the days of commercial and investment banking. But it should be absolutely clear that the government has to have a much-increased role in regulating banks and securities firms, and in the economy as a whole.

Many, such as Senator John McCain and ex-Senator Gramm, his chief financial advisor, have boasted of being "deregulators" and have complained that government rules on the financial sector have actually damaged the market by limiting economic activity. The Clinton Administration believed, and acted, likewise. In truth, those regulations, today as much as in the 1930s, were meant to stabilize the system and protect the banking and corporate class, often against themselves [one of Herbert Hoover's favorite quotes was "the problem with capitalism is the capitalists-they're too damned greedy," and he generally, and unsuccessfully, supported banking regulation as Commerce Secretary].
Banking regulations must be reinstituted as a first measure to address the current crisis. Bailouts without reform are merely multi-billion dollar welfare checks to those who need them the least. In fact, American International Group has already used $61 billion of its $85 billion taxpayer bailout, mostly to stop the bleeding in its structured finance unit and securities lending business, and the company�s debt has already been downgraded by Moody�s. Due to changes in oversight rules by the Securities and Exchange Commission, the leverage ratio of the biggest banks, the measure of a firm�s debt compared to total assets, has risen to 30:1 or more in many cases, where it used to be in the 15-20:1 range. In the past week A.I.G. asked for another $38 billion.

In the 1930s, Glass and Steagall believed that the government had to step in to rescue the banking system in its darkest hours, but the New Deal did incorporate such �top down reform� with some benefits for the working classes and the poor. Unfortunately, the attack on public institutions has become overwhelming and the private enterprise system (there�s nothing �free� about it) so entrenched that the problems we face today are more acute and the need for control of the banking system more urgent than ever. Glass and Steagall had it right in the 1930s and some updated version of that needs to reappear today. No other institution exists with the clout or the ability to coerce financial institutions but the state, and its ability to do so has been so diminished in the past quarter-century (and its will even more so) that any actions taken by government, such as the recent bailout, are not likely to restructure the economy in any meaningful way.

Still, working people�s pensions, not to mention jobs and wages and savings and checking accounts, are at stake, and something has to be done. Bring back Glass-Steagall, updated for modern times, and from there reawaken the spirit of Upton Sinclair and Huey Long. Our times are becoming so desperate, it just might work.

And as through your life you travel,
Yes, as through your life you roam,
You won't never see an outlaw
Drive a family from their home.

jofortruth

Posted: May 29 2010, 10:56 PM

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Who repealed the Glass-Steagall Act?
http://www.youtube.com/watch?v=x0k2PmF-o5Q

QUOTE

It was democrats and republicans cooperating on the FSMA (and Bill Clinton eagerly signing it) that repealed the Glass Steagall Act. Rep Lloyd Doggett, Rep Pelosi and Senator Chuck Schumer voted to kill the Glass Steagall Act. The republicans endorsed the repeal; and Phil Gramm gets his share of the blame. The repeal of Glass Steagall was a disaster for America.

America, why are Pelosi, Schumer, et al still in office? They screwed us then, and now they've done the same thing again!

When will the people in their districts get rid of them once and for all and elect someone with some integrity. Are all of you so stupid and/or corrupt that you keep them in office? WAKE UP NY & CA! THESE PEOPLE DON'T REPRESENT YOU, THEY REPRESENT THEIR MASTERS THE GLOBALISTS!

jofortruth	Posted: Oct 16 2010, 11:33 AM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Wall Street Bill Sweeps away stray remnant of 1933 Glass-Steagall Act: http://thehill.com/business-a-lobbying/112...ss-steagall-act

jofortruth	Posted: Oct 16 2010, 01:26 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Bill Clinton Admits "I Was Wrong" http://www.youtube.com/watch?v=cs3Z2Z2WMJk You were wrong about a lot of things, Bill! Your first mistake was allowing yourself to be groomed by the Globalist elites. They tend to go after the once bright and promising types without fathers and groom them for their ends. They did the same with Obama. True leaders and real men don't allow themselves to be coopted by the elite, no matter their backgrounds. They stand up to them! I hope the prestige, the money, and the power was worth it to you to go along with the sell out of your nation. You were used like a puppet just like Bush boyz, Obama, and many others who called themselves leaders. SHAMEFUL!

jofortruth	Posted: Oct 16 2010, 01:51 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Gramm Leach Bliley Act Of 1999 http://z4.invisionfree.com/The_Great_Decep...topic=8600&st=0

jofortruth	Posted: Oct 16 2010, 01:59 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	The Great American Bubble Machine: http://z4.invisionfree.com/The_Great_Decep...topic=899&st=50 On pg 4 of this article Robert Rubin, ANOTHER GOLDMAN SACHS BOY, is implicated as being part of the reason for the current economic crisis by actions he took during the 1990s. Yet another FAILED SO CALLED LEADER. CAN WASHINGTON FIND SOMEONE WITH AN OUNCE OF INTEGRITY WHO WON'T KEEP SCREWING THE PEOPLE OF AMERICA? AND FOR GODSSAKE QUIT ALLOWING GOLDMAN SACHS BOYZ TO RUN EVERYTHING. THEY HAVE PROVEN THEY ARE NOT TRUSTWORTHY!

jofortruth

Posted: Oct 16 2010, 07:22 PM

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History of Glass - Steagall Act; by Phil Rubinstein
http://www.youtube.com/watch?v=wHpvhG6IFlw

QUOTE

In 1999, the real breakpoint, was when Travelers Ins Co and Citigroup merged. In order for that to happen, Glass Steagall had to be completely overturned. So it was overturned. (aka they sent their lobbyist to the Hill and smoozed some idiot Congressmen and they made it happen).

AND ALL HELL BROKE LOSE IN THESE BANKS, AND THEY WENT WILD WITH THEIR DERIVATIVES, SPECULATION, AND IT BRINGS US TO THE ECONOMIC CRISIS TODAY!

DO YOU SEE HOW THESE SMUCKS GET THE LAWS CHANGED TO SUIT THEM, AND THEN SAY BUT IT'S LEGAL? THIS IS HOW THEY JUSTIFY WHAT THEY DO! THX TO BILL CLINTON, ROBERT RUBIN, PHIL GRAMM AND OTHERS, THEY LISTENED TO THE BANKER'S LOBBYISTS, AND THEY REPEALED GLASS STEAGALL.

jofortruth	Posted: Oct 16 2010, 10:27 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Repeal of Glass Steagall, Derivatives & out of control Hedge Funds! http://www.youtube.com/watch?v=6TkBFxQRA0I

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Posted: Oct 22 2011, 05:24 PM

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The Glass-Steagall Act and the Volcker Rule
http://www.newrules.org/banking/rules/glas...nd-volcker-rule

Glass Steagall Act
http://www.newrules.org/sites/newrules.org...-steagall_0.pdf

QUOTE

The Financial Crisis

The repeal of Glass-Steagall's firewall has been the subject of much debate since the meltdown of the financial system in 2008. Some argue that retaining the firewall would have made little difference. A combination of commercial banks, investment banks, and a host of other financial firms would have still made, sold, and securitized risky mortgages, all the while fueling a massive housing bubble and building a highly leveraged, Ponzi-like pyramid of derivatives on top.

But such an analysis fails to recognize the significance of 1999 as the pivotal policy-making moment leading up to the crash. For years, the Federal Reserve and other banking regulators had, with ever greater conviction, embraced the idea that government oversight of the financial system was unnecessary. Rules that constrained the structure, size, and interconnectedness of banks and other financial firms were particularly suspect. Big "supermarket" banks would deliver significant benefits to consumers, the thinking went, and these firms' own internal risk models, their highly engineered financial instruments, and the market itself were far better at measuring and mitigating risk than regulators.

Congress had a clear opportunity in 1999 to reject this view and confront the changing financial system by reaffirming the importance of effective structural safeguards, such as the Glass-Steagall Act's firewall and market share caps to limit the size of banks; bringing shadow banks into the regulatory framework; and developing new rules to control the dangers inherent in derivatives and other engineered financial products.

Instead, in nullifying Glass-Steagall's firewall, Congress gave a ringing endorsement to deregulation and the idea that big banks could more or less monitor themselves. This formed the core of federal banking policy and paved the way for several key deregulatory decisions, including, most crucially, the OCC's decision to exempt national banks from state laws that regulated mortgage lending and the actions of the Federal Reserve and subsequently Congress (via the Commodity Futures Modernization Act of 2000) to shield over-the-counter derivatives, such as credit default swaps, from any sort of oversight or regulation.

Less than a decade after GLBA's passage, shadow banks were at the epicenter of the financial crisis. These lightly regulated firms, which rely on short-term capital market funding rather than the slow accumulation of deposits, had grown explosively during the run-up to the crisis. Their success was often cited as evidence of the benefits of limited regulation. But in 2008, many, including GE Capital, GMAC, Fannie Mae, Freddie Mac, Bear Stearns and Merrill Lynch, imploded, as their assets turned toxic and their short-term funding fled, nearly triggering a full-scale run on money market funds and the commercial paper market, which led the federal government to intervene before the basic financial mechanisms that non-financial companies rely on ceased functioning altogether.

Meanwhile, the big "supermarket" banks created by the repeal of Glass-Steagall, such as Citigroup, also suffered catastrophic losses. These banks were among the top buyers and sellers of mortgage-backed securities and dealt heavily in credit default swaps and other derivatives tied to the housing market. Had Glass-Steagall remained in place, they would have been barred from these activities. That may have reduced demand for derivatives and curbed the overall scope of the crash. It almost certainly would have left commercial banks in a much more stable position even as the rest of the financial system collapsed.

jofortruth	Posted: Apr 20 2012, 01:27 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Banker Admits to Lobbying for the Repeal of Glass Steagall, but now regrets his foolishness: (These Big Bankers are opportunists and THEY are responsible for the 2008 massive crash and foreclosure scam which the REPEAL OF GLASS STEAGALL ENCOURAGED!) http://www.bloomberg.com/news/2012-04-19/p...for-crisis.html

jofortruth	Posted: May 13 2012, 06:23 PM
Administrator Group: Admin Posts: 31,456 Member No.: 1 Joined: 1-May 07	Glass Steagall Alone won't be Enough to Stop Dimon and the Bankers: (Dimon and boyz need to see the inside of a jail cell) http://www.businessinsider.com/glass-steag...c#ixzz1umWwfPa0

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