Congress Moves to Deregulate Wall Street

[Mad Scientist]

Concrete, Rock Solid Proof that the Bankers own Congress:
Wall Street Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report

A bipartisan cadre of House lawmakers will move on legislation to deregulate Wall Street derivatives Wednesday, less than a week after Sen. Carl Levin (D-Mich.) released a devastating report on the multibillion-dollar derivatives debacle at JPMorgan Chase.

Derivatives were at the heart of the 2008 financial collapse. The preferred financial vehicle for a host of risky bets on the U.S. mortgage market, they created artificial demand for subprime mortgages, encouraging banks and mortgage brokers to extend loans to doomed borrowers. Derivatives pushed insurance giant AIG to the brink of bankruptcy and proved a hotbed for abuse on Wall Street. Goldman Sachs famously settled with the Securities and Exchange Commission for betting against the very derivatives it created and sold to its clients.

Maybe now you know why there are so many Anti-Gun Bills being pushed? Your Traitorous Congress knows the End is Near!

 

[Agit8r]

Well fortunately legislation has to pass both houses

 

[editec]

Blame the CLINTON ADMINISTRATION for the derivatives meltdown of 2007-2008.

While you're at it, blame the Bush II administration for the state of the growing national debt

Brookley Born for POTUS!

If you don't know who Brooksley Born is?

You seriously need to start READING.

 

[Mad Scientist]

Well fortunately legislation has to pass both houses

What makes you think it won't?
Then what makes you think Obama won't sign it?

 

[whitehall]

Huffington: "encouraging banks and lending institutions to lend money to doomed borrowers". That statement borders on insanity. Banks were forced by democrats during the Clinton administration to make risky loans or face civil rights litigation. In a scheme worthy of organized crime the federal government authorized the bad loans to be bundled with good loans and sold back to lending institutions as good loans. Barney Frank was the chairman of the House Banking Committee which had oversight responsibility for Fannie Mae and Frank told America that Fannie was doing fine and solvent when it was in a crisis and a meltdown. Nobody in the media ever asked Frank what the hell he was talking about. It's reasonable to assume that Frank intended for Fannie to collapse as the biggest October surprise in history while Bush was president.

 

[TNHarley]

THANK YOU Carter for starting this BS
Thank you Wilson for starting the Federal Reserve
Thank you Clinton for GLBD
Thank you Fannie Mae
Thank you greedy republicans

 

[Emir]

Thank you Wilson for starting the Federal Reserve

Wilson says "you're welcome."

 

[TNHarley]

I hope you are just being facetious

 

[tjvh]

"Bipartisan usually means that a larger-than-usual deception is being carried out." -George Carlin.

 

[whitehall]

Thank you Bubba Bill Clinton for trying to make the American Dream of owning a home possible without having to make mortgage payments. Thank you also for focusing America's appreciation for the Statute of Limitations in a class A felony.