Net worth of U.S. family drops 40% in 3 years

[The Rabbi]

Every one of those cases was pre WW2. The economy post war is very different from pre war.
Your argument is a fail.

Every one of those cases were pre world war II, because that period is more similar to the post 2000 deregulation than any period in the later 20th century.

You people repealed every economic protection that has prevented disaster since WWII, and then you're surprised when the economy collapses and the average American loses 40% of their net worth?

And now you're trying to blame the administration that follows your disastrous crap for not being able to fix it fast enough.

Fucking priceless.

In which recession of the 70's, 80's or 90's did the average American lose 40% of their net worth?

Drama queen.
Last I checked, we still had an FDIC. We still had social security. We still had an SEC. We actually had MORE regulation, not less than under FDR. Truth IN Lending, anyone?
What economic protection was repealed? There has not been a repeal of any regulation since Clinton signed Gramm-Bliley-Leach.

How do people become so stupid?

 

[OohPooPahDoo]

Every one of those cases was pre WW2. The economy post war is very different from pre war.
Your argument is a fail.

Every one of those cases were pre world war II, because that period is more similar to the post 2000 deregulation than any period in the later 20th century.

You people repealed every economic protection that has prevented disaster since WWII, and then you're surprised when the economy collapses and the average American loses 40% of their net worth?

And now you're trying to blame the administration that follows your disastrous crap for not being able to fix it fast enough.

Fucking priceless.

In which recession of the 70's, 80's or 90's did the average American lose 40% of their net worth?

Drama queen.
Last I checked, we still had an FDIC. We still had social security. We still had an SEC. We actually had MORE regulation, not less than under FDR. Truth IN Lending, anyone?
What economic protection was repealed? There has not been a repeal of any regulation since Clinton signed Gramm-Bliley-Leach.

How do people become so stupid?

The Commodity Futures Modernization Act

He said since WW II, not since Clinton, BTW

 

[The Rabbi]

Every one of those cases were pre world war II, because that period is more similar to the post 2000 deregulation than any period in the later 20th century.

You people repealed every economic protection that has prevented disaster since WWII, and then you're surprised when the economy collapses and the average American loses 40% of their net worth?

And now you're trying to blame the administration that follows your disastrous crap for not being able to fix it fast enough.

Fucking priceless.

In which recession of the 70's, 80's or 90's did the average American lose 40% of their net worth?

Drama queen.
Last I checked, we still had an FDIC. We still had social security. We still had an SEC. We actually had MORE regulation, not less than under FDR. Truth IN Lending, anyone?
What economic protection was repealed? There has not been a repeal of any regulation since Clinton signed Gramm-Bliley-Leach.

How do people become so stupid?

The Commodity Futures Modernization Act

He said since WW II, not since Clinton, BTW

That didnt repeal every economic protection since Roosevelt. Which is what he claimed.
It didnt repeal a single economic protection. In fact it was an economic protection, protecting sophisticated investors from the clutches of gov't regulators.
Fail.

 

[Vast LWC]

Actually because FDR's stupid policies made government central in the economy.

FDR's "stupid policies" is what prevented economic disaster for all those years, until a Republican congress repealed them, and then, lo and behold, a mere 10 years later, the economy collapsed.

What a shock.

wow, what got the country out was WW2...and I bet you say wars never solve anything, dont ya?
As for the depresion, funny how it lasted 10 years with a democrat, actually it's funny how downturns last longer with democrats. Other than Barack, when was the last time we've had 4 worse years in a row?

First of all, I never mentioned what "got the country out" of the depression. So your right-wing "what if" revisionist history doesn't even apply.

In fact my post had to do with the protection policies that were put in place by the FDR administration to make sure that another depression didn't happen again. Policies like the Glass-Steagal Act. Policies that worked for 60 years, but were overturned by Republican congresses at the end of the 20th century.

The last time we had "4 worse years in a row", 4 years which began in 2007, under the Bush administration mind you, was in the 30's, after the economy completely collapsed under a Republican administration.

A Republican administration, mind you, that had eerily similar policies to that of Bush, like an extremely low Capital Gains rate that encouraged over-leveraging and massive bubble creation.

But I'm not even going to blame Bush for that. He's not the one that repealed the FDR era protections. He just rode out the bubble, and happened to be there when it burst.

No, that honor belongs to the congresses of the 90's and, most especially, the Republican Congress of 2000.

 

[Katzndogz]

Isn't reducing the net worth of the average American the whole point of redistribution? While the net worth of Americans has been reduced, the number of people getting public benefits has risen. The communist plan is right on track to success.

 

[Vast LWC]

Drama queen.
Last I checked, we still had an FDIC. We still had social security. We still had an SEC. We actually had MORE regulation, not less than under FDR. Truth IN Lending, anyone?
What economic protection was repealed? There has not been a repeal of any regulation since Clinton signed Gramm-Bliley-Leach.

How do people become so stupid?

Bullshit.

Glass-Steagal was repealed by a Republican congress in 2000. Clinton did in fact sign the Gramm-Leach piece of crap legislation they presented him, I'll give you that.

Of course, by that time the Republican Congress had made him pretty much completely powerless with all their bullshit over blowjobs, so even if he had vetoed it, the veto would have been overturned anyway.

And the overturn of the Glass-Steagal act was the single largest factor in the severity of the economic collapse.

Which is why, and I notice you didn't answer my question, Americans lost 40% of their net worth overnight, which hasn't happened since 1929-1930. Which of course was my point.

 

[OohPooPahDoo]

Drama queen.
Last I checked, we still had an FDIC. We still had social security. We still had an SEC. We actually had MORE regulation, not less than under FDR. Truth IN Lending, anyone?
What economic protection was repealed? There has not been a repeal of any regulation since Clinton signed Gramm-Bliley-Leach.

How do people become so stupid?

The Commodity Futures Modernization Act

He said since WW II, not since Clinton, BTW

That didnt repeal every economic protection since Roosevelt. Which is what he claimed.
It didnt repeal a single economic protection. In fact it was an economic protection, protecting sophisticated investors from the clutches of gov't regulators.
Fail.

The only thing the law "protected" was the ability of wall street insiders to front run their clients and rape them up the ass. You don't even have a clue, do you?

 

[OohPooPahDoo]

Isn't reducing the net worth of the average American the whole point of redistribution?

No, that's the point of union bashing.

The wealthy don't want there to be any "average" americans.

 

[The Rabbi]

Drama queen.
Last I checked, we still had an FDIC. We still had social security. We still had an SEC. We actually had MORE regulation, not less than under FDR. Truth IN Lending, anyone?
What economic protection was repealed? There has not been a repeal of any regulation since Clinton signed Gramm-Bliley-Leach.

How do people become so stupid?

Bullshit.

Glass-Steagal was repealed by a Republican congress in 2000. Clinton did in fact sign the Gramm-Leach piece of crap legislation they presented him, I'll give you that.

Of course, by that time the Republican Congress had made him pretty much completely powerless with all their bullshit over blowjobs, so even if he had vetoed it, the veto would have been overturned anyway.

And the overturn of the Glass-Steagal act was the single largest factor in the severity of the economic collapse.

Which is why, and I notice you didn't answer my question, Americans lost 40% of their net worth overnight, which hasn't happened since 1929-1930. Which of course was my point.

So one piece of legislation passed in 2000 was responsible for a global meltdown 8 years later? Is that really your theory here?
Americans lost that much net worth because Obama's policies depressed the housing market and the labor market. When he took office no one was pointing to lost net worth, which at that point didnt approach 40%. this is what 3 years of total Dem control and 5 years of Dem Congressional control give you.
Fortunately that's all over Jan 2013.

 

[The Rabbi]

The Commodity Futures Modernization Act

He said since WW II, not since Clinton, BTW

That didnt repeal every economic protection since Roosevelt. Which is what he claimed.
It didnt repeal a single economic protection. In fact it was an economic protection, protecting sophisticated investors from the clutches of gov't regulators.
Fail.

The only thing the law "protected" was the ability of wall street insiders to front run their clients and rape them up the ass. You don't even have a clue, do you?

Actually you dont have a clue.
The "clients" are banks, mortgage companies, insurance companies, and other institutions. If they were getting raped up the ass, as you stupidly claim, don't you think they would have stopped doing it? Or do you think everyone is as stupid as you are.
Troll.

 

[KissMy]

Glass Steagall was circumvented on April 7, 1998 when the Clinton Administration allowed the banking giant Citicorp and financial conglomerate Travelers Group to merge forming Citigroup. The GLBA legislation in 1999 & CFMA in 2000 was just the law catching up with CITI. Bill Clinton also signed both the GLBA & CFMA into law. Bill Clinton allowed all of this without having a consumer protection agency in place to regulate this monster that he created.

 

[OohPooPahDoo]

Glass Steagall was circumvented on April 7, 1998 when the Clinton Administration allowed the banking giant Citicorp and financial conglomerate Travelers Group to merge forming Citigroup. The GLBA legislation in 1999 & CFMA in 2000 was just the law catching up with CITI.

Doesn't Congress get to pass the laws?

 

[KissMy]

Glass Steagall was circumvented on April 7, 1998 when the Clinton Administration allowed the banking giant Citicorp and financial conglomerate Travelers Group to merge forming Citigroup. The GLBA legislation in 1999 & CFMA in 2000 was just the law catching up with CITI.

Doesn't Congress get to pass the laws?

Not unless they have a super majority. This was Bill Clinton's Baby. He could have vetoed that bill. He allowed the Fed to grant Citigroup a waiver a year before the law was passed. Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. Because this merger was a violation of the Glass–Steagall Act and the Bank Holding Company Act of 1956, the Federal Reserve gave Citigroup a temporary waiver in September 1998. They never had a Consumer Finance Protection Bureau set up at that time or even when he left office 2-1/2 years later. They were totally unregulated in 1998.

 

[OohPooPahDoo]

Glass Steagall was circumvented on April 7, 1998 when the Clinton Administration allowed the banking giant Citicorp and financial conglomerate Travelers Group to merge forming Citigroup. The GLBA legislation in 1999 & CFMA in 2000 was just the law catching up with CITI.

Doesn't Congress get to pass the laws?

Not unless they have a super majority.

Really? No law has ever been passed without a 2/3 majority?

interesting

This was Bill Clintons Baby. He could have vetoed that bill

.

Veto has been historically, and was intended to be, a power used with much restraint. The rough analogy of it in the British system is royal assent. Would you prefer Obama use it to stop any law he didn't like?

 

[KissMy]

Doesn't Congress get to pass the laws?

Not unless they have a super majority.

Really? No law has ever been passed without a 2/3 majority?

interesting

This was Bill Clintons Baby. He could have vetoed that bill

.

Veto has been historically, and was intended to be, a power used with much restraint. The rough analogy of it in the British system is royal assent. Would you prefer Obama use it to stop any law he didn't like?

The GLBA & the CFMA did not pass by 2/3 majority Bill Clinton allowed Wallstreet to be totally unregulated in 1998 a full year before he signed it into law.

AGAIN - This was Bill Clinton's Baby. He could have vetoed that bill. He allowed the Fed to grant Citigroup a waiver a year before the law was passed. Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. Because this merger was a violation of the Glass–Steagall Act and the Bank Holding Company Act of 1956, the Federal Reserve gave Citigroup a temporary waiver in September 1998. They never had a Consumer Finance Protection Bureau set up at that time or even when he left office 2-1/2 years later. They were totally unregulated in 1998.

 

[Vast LWC]

Glass Steagall was circumvented on April 7, 1998 when the Clinton Administration allowed the banking giant Citicorp and financial conglomerate Travelers Group to merge forming Citigroup. The GLBA legislation in 1999 & CFMA in 2000 was just the law catching up with CITI. Bill Clinton also signed both the GLBA & CFMA into law. Bill Clinton allowed all of this without having a consumer protection agency in place to regulate this monster that he created.

Incorrect.

The Citigroup merger didn't violate Glass-Steagall, as Glass-Steagall allowed 2-5 years for a company to divest itself of forbidden assets after a merger.

Therefore, the Clinton Administration didn't "allow" anything, they were simply notified of the deal.

As per the wiki:

The remaining provisions of the Glass–Steagall Act – enacted following the Great Depression – forbade banks to merge with insurance underwriters, and meant Citigroup had between two and five years to divest any prohibited assets. However, Weill stated at the time of the merger that they believed "that over that time the legislation will change...we have had enough discussions to believe this will not be a problem". Indeed, the passing of the Gramm-Leach-Bliley Act in November 1999 vindicated Reed and Weill's views, opening the door to financial services conglomerates offering a mix of commercial banking, investment banking, insurance underwriting and brokerage.

It was all Congress' fault. The only thing Clinton did was sign the legislation.

 

[Vast LWC]

Isn't reducing the net worth of the average American the whole point of redistribution? While the net worth of Americans has been reduced, the number of people getting public benefits has risen. The communist plan is right on track to success.

If you had read the rest of the thread, or the articles associated with the thread, you probably would have seen that the top 10% of the US population didn't lose anything, and instead experienced an increase in net worth.

Certainly not "Communism", in any sense of the word. More like Corporatism/Fascism, if anything.

 

[OohPooPahDoo]

Not unless they have a super majority.

Really? No law has ever been passed without a 2/3 majority?

interesting

This was Bill Clintons Baby. He could have vetoed that bill

.

Veto has been historically, and was intended to be, a power used with much restraint. The rough analogy of it in the British system is royal assent. Would you prefer Obama use it to stop any law he didn't like?

The GLBA & the CFMA did not pass by 2/3 majority

WRONG
The GLBA passed 362-57 in the House and 90-8 in the Senate.
The CFMA passed 292-60 in the House and by unanimous consent in the Senate.

SO SUCK ON IT DUMBASS

A total of SIX Republicans in Congress opposed the GLBA, all the other no votes were Dems and indies.


http://en.wikipedia.org/wiki/File:Gramm-Leach-Bliley_Vote_1999.png
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

 

[Vast LWC]

So one piece of legislation passed in 2000 was responsible for a global meltdown 8 years later? Is that really your theory here?
Americans lost that much net worth because Obama's policies depressed the housing market and the labor market. When he took office no one was pointing to lost net worth, which at that point didnt approach 40%. this is what 3 years of total Dem control and 5 years of Dem Congressional control give you.
Fortunately that's all over Jan 2013.

That is perhaps the most ridiculous rationalization and spin I have ever heard concerning the housing crisis.

Nice job.

What specific "Obama Policy" do you believe "depressed the housing market", and how did it cause the DJIA to drop 7000+ points before he ever took office?

 

[OohPooPahDoo]

So one piece of legislation passed in 2000 was responsible for a global meltdown 8 years later? Is that really your theory here?
Americans lost that much net worth because Obama's policies depressed the housing market and the labor market. When he took office no one was pointing to lost net worth, which at that point didnt approach 40%. this is what 3 years of total Dem control and 5 years of Dem Congressional control give you.
Fortunately that's all over Jan 2013.

That is perhaps the most ridiculous rationalization and spin I have ever heard concerning the housing crisis.

Nice job.

What specific "Obama Policy" do you believe "depressed the housing market", and how did it cause the DJIA to drop 7000+ points before he ever took office?

Obama made some banks give loans to black people with good credit back when he was a lawyer. That's what killed the market.