g5000
Diamond Member
- Nov 26, 2011
- 127,116
- 70,846
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So the Fed helped caused the mess and then saved the whole world from it ? How much does the world owe them now ?
The "mess" was a team effort, with the Fed playing a very minor part.
As for how much the world owes them, the loan were short term. 30 day, 90 day loans.
Our currency remains the world's reserve.
I love talking about the causes of the crisis, and the solutions that are necessary. However, ending the Fed will solve nothing.
Repealing the CFMA and FSMA will. Putting fraudsters like Fabrice Tourre, John Paulson, Angelo Mozilo, Daniel Sparks, Roland Arnall, and James Cayne in federal pound-me-in-the-ass prison for life will. Regulating CDS will. Banning naked CDS will. Putting OTC derivatives on an open exchange will.
"This Act shall supersede and preempt the application of any State or local law that prohibits or regulates gaming or the operation of bucket shops".
Why do banks need to be exempted from gaming laws? Why do banks need to be exempted from law banning bucket shops?
Why did not one Republican scream about states rights with respect to this exemption?
Probaby because they wrote it, with the banks' hand on their elbow.