Does the statement below explain how the congress and the investment bankers destroyed our economy?
The Gramm-Leach-Bliley Act of 1999.The act was written by Republicans Phil Gramm and James Leach and hidden in a larger appropriations bill that was signed by Clinton. Phil Gramm went on to work as a lobbyist for one of the biggest banks that benefited from the deregulation the bill created. Now, he is John McCain’s economic advisor.
Cornhole.. is crazy.
The deregulation of banks isn’t good. Too many eggs in one basket.
This act created an environment where banks are "too big to fail". If we did not do anything about Bear Stearns, Freddie, and Fannie, we would have seen a massive decline. 40% of our GDP is F and F. We are now covering 5 trillion dollars of debt. That’s a massive load for one entity and it’s scary that a corp. or bank would have that much going on.
Derivatives, on the other hand, were also the doing of Phil Gramm. The Banking Securities act deregulated hedge funds.
Now what we have are banks that make more money off of quality, not quantity. They make money off of making loans and getting the fees.. then chopping up the loans and reselling.
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The cyclical nature proves that what economics is based on, RATIONAL human behavior, does not exist. If we were all rational, no cycles would ever occur. We would spend and save modestly to even out these huge troughs and crests.
John McCain’s economic policies are disliked by many an economist.. even conservative ones.
Greenspan has stated that the economy cannot handle McCain’s tax plan. Both candidates will leave us in debt, but McCain’s will be financed more so through foreign borrowing.
http://news.yahoo.com/story//ap/20080913/ap_on_el_pr/mccain
Just for an added kick, here is Greenspan at an OPEC conference trying to persuage OPEC nations to drop the dollar.
http://english.aljazeera.net/business/2008/02/200852514494345842.html
Also, even conservative Economists have said that trickle down economics and the Leffer curve (reducing taxes to maximize profit) have failed.
http://logicizer.blogtownhall.com/default.aspx?mode=post&g=f48d2bf3-1c51-4592-aa46-191f089d752f
I know the above is a blog.. but if you click on it you will see many quotes from former Bush Economists plus an infamous Econ textbook writer Mankiw and also from Greenspan and Tobin.. even Bernanke. There are links that connect these quotes to various sources… Economist.. personal economist blogs, etc.
That’s only one reason. There are many.
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The deregulation that has been going on since Reagan has been wreaking havoc on the very fundamentals of our economy.
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Yet another lazy question. You don’t even demonstrate a knowledge of the law you patronize.
Consolidation did not initiate this mess. It was housing activists and Democrats crying discrimination when mortgage companies wouldn’t approve someone not qualified for a loan. The companies caved in, and the chickens are coming home to roost.
And Dems are now forcing a bailout of Big Finance down our throats. Disgusting.
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You got it. It also happen under Reagan. Remember the stock market had to be close for three days because there was no over-site under Reagan.
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In economics we have economic cycles. There are economic booms and economic busts. It always happens.
Actually, economic busts are healthy for the economy in the long run as it gets rid of the excess.
This is capitalism. You cannot control greed or fear. Part of our nature.
John McCain’s economic policies are on the right track. Obama’s are socialist policeis. Socialism does not work, I have lived through it in Europe.
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Cornhole.. is crazy.
The deregulation of banks isn’t good. Too many eggs in one basket.
This act created an environment where banks are "too big to fail". If we did not do anything about Bear Stearns, Freddie, and Fannie, we would have seen a massive decline. 40% of our GDP is F and F. We are now covering 5 trillion dollars of debt. That’s a massive load for one entity and it’s scary that a corp. or bank would have that much going on.
Derivatives, on the other hand, were also the doing of Phil Gramm. The Banking Securities act deregulated hedge funds.
Now what we have are banks that make more money off of quality, not quantity. They make money off of making loans and getting the fees.. then chopping up the loans and reselling.
__
The cyclical nature proves that what economics is based on, RATIONAL human behavior, does not exist. If we were all rational, no cycles would ever occur. We would spend and save modestly to even out these huge troughs and crests.
John McCain’s economic policies are disliked by many an economist.. even conservative ones.
Greenspan has stated that the economy cannot handle McCain’s tax plan. Both candidates will leave us in debt, but McCain’s will be financed more so through foreign borrowing.
http://news.yahoo.com/story//ap/20080913/ap_on_el_pr/mccain
Just for an added kick, here is Greenspan at an OPEC conference trying to persuage OPEC nations to drop the dollar.
http://english.aljazeera.net/business/2008/02/200852514494345842.html
Also, even conservative Economists have said that trickle down economics and the Leffer curve (reducing taxes to maximize profit) have failed.
http://logicizer.blogtownhall.com/default.aspx?mode=post&g=f48d2bf3-1c51-4592-aa46-191f089d752f
I know the above is a blog.. but if you click on it you will see many quotes from former Bush Economists plus an infamous Econ textbook writer Mankiw and also from Greenspan and Tobin.. even Bernanke. There are links that connect these quotes to various sources… Economist.. personal economist blogs, etc.
References :
The Democrats love to blame Bush for everything. Both the House and the Senate is owned by the Democrats. They make the Laws and Bush either excepts or rejects. The Democrats came in two years ago as the change party, (Obama is running under the pretext of change). They have screwed everything up, blame it of Bush. Lookslike we are in for 4 more years of Reid, Pelosi, Boxer,Fienstien and Chuckie Shumer.
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