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

[JRK]

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?

 

[Truthmatters]

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.

 

[Truthmatters]

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.

 

[JRK]

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.

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

 

[Truthmatters]

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.

 

[JRK]

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.

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

 

[JRK]

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.

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

 

[Sallow]

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.

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

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.

 

[Truthmatters]

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.

 

[Toro]

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?

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.

 

[Truthmatters]

I just have to wonder how long it will take you to forget this information and you traffic in the republican lies once more.

 

[Truthmatters]

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?

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.

Toro look at the memo it shows the Bush admin held up the broker definitions for years.

 

[JRK]

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.

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

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.

Glass
It had bi partisan support
Sarbanes-Oxley?
that was done with a Dem led senate and was a good bill

What did Enron in ability (by choice) in forecasting cost vs cash-flow have to do with the value of an asset such as real estate plummeting?
Enron was in the construction business
This crises was caused by paper that was had a value becoming paper that had a lower value or a much lower value
People stop paying there bills because they were loaned money they should not have been loaned
credit locked up
Whats that got to do with Enron?

 

[Sallow]

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?

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.

Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.

He chose not to.

 

[JRK]

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?

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.

Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.

He chose not to.

So GWB not regulating the de regulation that Bill Clinton put in place is GWB fault?
FYI I do not blame Clinton for people being greedy and stupid
but it damn sure is not GWB fault

beside
Sarbanes
that was no little de regulation
you cannot legislate morality

 

[Sallow]

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

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.

Glass
It had bi partisan support
Sarbanes-Oxley?
that was done with a Dem led senate and was a good bill

What did Enron in ability (by choice) in forecasting cost vs cash-flow have to do with the value of an asset such as real estate plummeting?
Enron was in the construction business
This crises was caused by paper that was had a value becoming paper that had a lower value or a much lower value
People stop paying there bills because they were loaned money they should not have been loaned
credit locked up
Whats that got to do with Enron?

There's much more to it then that. And Enron wasn't the only company to go south. It primarily failed because auditors were no longer blocked from profiting from the people they audited. That's a bad and very dangerous situation. That should have been a resounding alarm to bring back Glass-Stegall or some form of it that would of stopped this nonsense. Additionally it should have sent armies of government auditors to open the books of every major financial company. That would have sussed out several of the schemes in the works to bundle up subprime loans as securities, insuring them with AIG and selling them as a product no one really understood.

 

[Truthmatters]

Why are you fiegning stupid?

They used legal manuvering to not impliment the parts of the bill that protected the people from the BANKs having a free run of everything.

I have explained it to you several times on here and you just keep pretending the facts are not on the table.

Tell me on what date the broker rules in GLBact were implimented and what day the the bulk of the bill was implimented?


That is all you have to know

 

[Sallow]

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.

Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.

He chose not to.

So GWB not regulating the de regulation that Bill Clinton put in place is GWB fault?
FYI I do not blame Clinton for people being greedy and stupid
but it damn sure is not GWB fault

beside
Sarbanes
that was no little de regulation
you cannot legislate morality

Very much so. GWB issued several executive orders that reversed many Clinton initiatives.

 

[Toro]

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?

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.

Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.

He chose not to.

Clinton was as much at fault as Bush. Maybe more so.

 

[American Legacy]

It wasn't Bill Clinton's bill..it was authored by 2 Republicans, passed Congress and signed by Bill Clinton.

By that logic, I hope you don't credit Clinton for the Welfare Reform Act or Balanced Budget Act.