What did GWB do to cause the great recession? DJIA crash? Financial meltdown?

Discussion in 'Politics' started by JRK, Jun 3, 2011.

  1. JRK
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    JRK Senior Member

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    I am so sick of hearing the libs blaming all of this on W
    OK Libs lets hear it
    what did GWB do to cause any of it?
     
  2. Truthmatters
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    The DOJ run by Cox under Bush put off implimenting the protections in the Gramm leach Bliely act until righ before they left office.

    The bill Bill Clinton signed had broker definitions that would have made it so the banks had to hire TRAINED brokers

    Without the protections in the law being implimented the brokers could be any smuck the banks hired and then trained their own way.

    They gamed the system so that the banks could roll shitbag loans into securities and then sell them off to unsupecting buyers while their "brokers" would have no idea what was going on.
     
  3. Truthmatters
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    Press Release: Agencies Adopt Final Rules to Implement the Bank 'Broker' Provisions of the Gramm-Leach-Bliley Act; 2007-198; Sept. 24, 2007


    Joint Release
    Securities and Exchange Commission
    Board of Governors of the Federal Reserve System
    2007-198

    FOR IMMEDIATE RELEASE
    Agencies Adopt Final Rules to Implement the Bank 'Broker' Provisions of the Gramm-Leach-Bliley Act
    Washington, D.C., Sept. 24, 2007 - The Securities and Exchange Commission (SEC) and Board of Governors of the Federal Reserve System (Board) on Monday announced the adoption of final joint rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934. These exceptions were adopted as part of the Gramm-Leach-Bliley Act of 1999 (GLB Act). The SEC and the Board approved the final rules at separate open meetings held on September 19, 2007, and September 24, 2007, respectively.

    The Board and SEC issued proposed rules for comment in December 2006. The final rules are similar to the proposed rules in overall scope and approach. In response to comments, the agencies also have modified the rules in several important respects to make the rules more workable and less burdensome. These changes are discussed in detail in the attached notice, which will be published in the Federal Register shortly.
     
    Last edited: Jun 3, 2011
  4. JRK
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    JRK Senior Member

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    So Bill Clinton's bill was GWB fault/
    Rolling up those securities, now explain to me again what GWB did to cause that?
    FYI
    I do not blame Clinton either
     
  5. Truthmatters
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    Why was the bill called the GRAMM LEACH BILIEY act?

    Because it was written By Phil Gramm.

    The reason bill Clinton signed it was because it had those protections in it to keep this type of shit from happening.

    The Bush admin held up those VERY protections to make it a FREE FOR ALL for the lenders.

    The economy we now have is a result of their dishonest chopping up of the bill.


    You asked and you have recieved a SEC document to PROVE how shitty your Bush was.
     
  6. JRK
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    JRK Senior Member

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    So banks breaking the law is GWB fault?
    And it is unclear to me also where these securities that had been rated by Moody's, etc.. to be OK, where even an issue at this time, legally of course
     
  7. JRK
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    JRK Senior Member

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    Let me get this straight
    A bill that had bi partisan support
    Glass
    signed by a president prior to GWB
    That was being abused by individuals in the free market, both lendee, lender and stock broker
    was GWB fault?
    how?
    I ask a very legitimate question
    The only Government action to create this monster took place in 1999. your blaming that event on a person that had nothing to do with it in 2007 as though it was his fault?
    How does the FBI prevent crime?
    it does not most of the time
    It enforces the crime
     
    Last edited: Jun 3, 2011
  8. Sallow
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    Sallow The Big Bad Wolf. Supporting Member

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    It wasn't Bill Clinton's bill..it was authored by 2 Republicans, passed Congress and signed by Bill Clinton. True..it was a huge mistake..but it could have been rectified by the Bush administration. And they had good reason to do so..after the Arthur Anderson debacle.

    President George W. Bush had enough of a warning with the meltdowns of Enron, Worldcom and a host of others to know that regulation was way to lax. He chose to ignore it and worked tiressly to get rid of "Mark to Market" and water down Sarbanes-Oxley.
     
  9. Truthmatters
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    READ THIS VERY SLOWLY so you will understand.

    The bill was written and in that bill were the parts that defined WHAT a broker was.

    IIN that bill a broker had to be a trained professional with proper training from an accreidted entity.

    That part of the bill was held up by the Bush admins lackeys and the rest of the bill was implimented.

    FOR YEARS they allowed the banks to make ANY dickweed a broker.

    They trained any smuck they wanted any way they wanted.

    That means there was no one to make sure that the securities they were selling were on the up and up.

    They picked lackeys and only trained them enough to sell shit and NOT enough to know they were selling SHIT!


    The bill Clinton signed would have provented this crap.

    The Bush admin made sure they CHOPPED that bill up and implimented only the part that gave the banks ANYTHING they wanted.
     
  10. Toro
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    Toro Diamond Member

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    Deregulation.

    But that was a continuum of the past two decades. In truth, politics played a minor roll in this. Bush was not much at fault.
     

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