a great source of information on What happened to our economy

[Truthmatters]

https://www.aba.com/ABASA/ABASA_GLB.htm

This lists the progress in the implemetation of the Gramm Leach Biliey act.


There were purposeful holdups of the safety regulations which helped the banks game our finfiacial sytem.

 

[Truthmatters]

Yeah information is a scary thing huh?

Its all in here folks and who caused it and why.

A little bit of thinking and alot of reading and you see how the Bush admin and the industry gamed us and postponed safe gaurd put into GLB so the banks could fuck us.

 

[sparky]

a little more relevant history>

Glass

 

[editec]

I found these books fairly informative:

[ame="http://www.amazon.com/s/ref=nb_sb_noss?url=search-alias%3Daps&field-keywords=krugman+unravling&rh=i%3Aaps%2Ck%3Akrugman+unravling&ajr=0"]Amazon.com: krugman unravling[/ame]

[ame="http://www.amazon.com/Freefall-America-Markets-Sinking-Economy/dp/0393075966/ref=sr_1_1?ie=UTF8&s=books&qid=1305892653&sr=8-1"]Amazon.com: Freefall: America, Free Markets, and the Sinking of the World Economy (9780393075960): Joseph E. Stiglitz: Books[/ame]

While we're about eh business of recommending readings

Can anyone suggest a introductary book on Von Mises?

 

[expat_panama]

...Its all in here folks and who caused it and why...

Perfect for those that need to be shown what happened and need to be told what to think and who to hate. Not so good for people doing their own search for hard numbers on what happened and deciding for themselves what to do now.

 

[Trajan]

I am done, your link in the op, is just a hodge podge that explains nothing, the links,lead to the kind of mind numbing legalese/verbiage that makes one eyes glassy, an educational post would have contained what the bill did did not do etc. in some simpler language, BUT that wasn't your point, was it?

here ya go, nov. 4 1999-

and who signed it ?


I made a promise to myself recently, like 2 days ago, I would stop wasting time reading and responding to folks here who have a history of inanity and dishonesty, so, I am going to euthanize you the only way I know how, welcome to ignore .....when you put a person with a trace of sentience behind the KB instead of a dumb mutt, send me a PM.

 

[hjmick]

BUuUSH!!

 

[Truthmatters]

Its the real trail folks, the broker exceptions were held up by the Cox SEC and that allowed the banks to call anyone they wanted a "broker".

These people were picked and trained by the banks themselves to sell shit sandwhiches a caviar.


Its all there.

The numberous times the SEC under the Bush admin repetedly held up the laws in GLBA which protected the buyer of securities.

Year after year they would hold some bullshit review to say that they rules had to be yet again held up so the banks could have time to comply with the new regulations.


How many years did they need?

 

[Truthmatters]

Ex-SEC Official Blames Agency for Blow-Up of Broker-Dealers - September 18, 2008 - The New York Sun



The SEC allowed five firms — the three that have collapsed plus Goldman Sachs and Morgan Stanley — to more than double the leverage they were allowed to keep on their balance sheets and remove discounts that had been applied to the assets they had been required to keep to protect them from defaults.

Making matters worse, according to Mr. Pickard, who helped write the original rule in 1975 as director of the SEC's trading and markets division, is a move by the SEC this month to further erode the restraints on surviving broker-dealers by withdrawing requirements that they maintain a certain level of rating from the ratings agencies.




You people love to ignore REAL information.

Its because you know the real information will force you to look into your souls and reguire you abandon your historically failed ideas.


This mess was orchstrated by the leadership of the republican party.

 

[CrusaderFrank]

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," -- Representative Barney Frank

Fannie and Freddie were the epicenter of the disaster. Neither firm should exist past 2013

 

[Truthmatters]

So there is this silly man hear to repete the silly republican meme which has never and never will explain this mess in any substansive manner.


Only fools or liars spout that line.


But here he is spouting it and thinking that people who actually run the SEC and most the worlds economists and COLD HARD documented facts can be brushed away because Glen Beck told him so.



In this thread are links to the implimentation of the GLBA in cold hard documented facts out the peoples OWN mouths.

In these links it shows how repetedly the SEC under Bush drug their feet and did everything they could to keep the protections in the law uninforced.

The result was this huge selloff of shit sandwitches packed with mountains of sub prime loans to people who had no idea that the protections were not in place.

The lenders made money off writing these loans and then made money off hiding them in previously safe securities and selling them to buyers who had trusted them in the past BECAUSE the laws forced them to be honest.

This was done on purpose by the Bush admin.


To deny these facts is to beat your own head with a hammer instead of the nail that would fix the problem.

 

[Truthmatters]

The Bush SEC under Cox gamed the protections in the laws so that the lenders could opperate fast and loose.


The law Bill Clinton signed into law would have prevented the mess if the republicans would not have cheated and only implimented the parts of the law that benifited the lenders.


They cheated us and the laws.

 

[CrusaderFrank]

The GSA continued to loosen the standards of the paper they would buy until we arrived at NINA No Income No Asset loans. If there wasn't a buyer for this crap, no lender in his right mind would have made these loans.

 

[Truthmatters]

Link us up to your information.

Come on back what you say with facts like I have here.

 

[Truthmatters]

http://www.dechert.com/library/FS17_12-06.pdf

yeap I thought so.

the only links you can find to that shit sandwitch story is from right wing hack sites huh?


Right here in this link you see that congress had to order the SEC to close these gaps.

Guess which congress had to do that?

Clue: it wasnt a republican congress.