Lehman Documents Show Wall Street Arrogance Led To Financial Collapse

[ThinkCritically]

You see NO one would have purchased the sub prime if they has not hid it into mortgage securities.

Before GLB act a broker had to have certain training and be certified and if they misbehaved ( you know cheated people) they would lose their certification.


WHILE the long years passed under Bush without broker rules that was not the case.

Its how all the bad mortgages got into the triple A rated investments

the whole subprime mortgage boom started with the equal housing credit access bill that was signed in by Clinton....I'm just saying....but of course it is not one man's fault...

 

[editec]

Oh yeah.

The combined lack of vision found on WALL STREET, and exascerbated by the fact that WASHINGTON followed Wall Streets advice for our economy IS the root cause of our current economic woes.

 

[Mr. Jones]

Bill Clinton and many prominent democrats pushed for the killing of "Glass Steagall". Bill Clinton personally signed all the laws that deregulated Wallstreet & turned it into a gambling casino that raises prices on citizens & steals their savings.

Feb 27, 1995 TIME: CLINTON PROPOSES BANKING REFORMS - The Clinton Administration proposed sweeping changes in the nation's banking system that would permit commercial banks to sell insurance and underwrite securities. Treasury Secretary Robert Rubin outlined the new proposal, which would allow banks to "affiliate" with Wall Street firms, insurance companies and other financial service providers. It would repeal several federal restrictions, including the Depression-era Glass Steagall Act, which forbids banks from underwriting securities or selling insurance.

[ame="http://www.youtube.com/watch?v=x0k2PmF-o5Q"]Who repealed the Glass-Steagall Act?[/ame]

Time: 25 People to Blame for the Financial Crisis - President Clinton's tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.

[ame="http://www.youtube.com/watch?v=cs3Z2Z2WMJk"]Bill Clinton Admits "I Was Wrong"[/ame]

listen to Bill talk about the SEC , you will see he agrees with me

In the video Clinton says that the Glass Steagal act was being compromised to some degree, in which case it should have been enforced and whatever activities that were being done, by whatever entity, curtailed and stopped, instead he signed a law that allowed the flood gates to swing open and helped to create the casino environment that caused the disaster, and allowed the Wall street banking houses to gamble with "our commercial money that we put in the bank, and let them gamble with it"
And then of course the Bush people didn't give a shit and figured the market would regulate itself, again like letting junkies control the pharmacies..
We know human greed and potential for corruption is always present, especially when it comes to Wall Street, that is why it need to be regulated.
Now in hindsight, they admit to making this huge mistake, and basically say "woops, my bad", after everything is all fucked up, not only that, but if they are going to say that the repealing of the GS act
still contained protections that were violated, then where the hell is the accountability, and why aren't those responsible in fucking jail?

As I have been saying, both POS party's are to blame, they continue to do nothing, and they continue to lie their asses off to you, so when the fuck are you going to drop these assholes and support honest people to run your country?

 

[Mr. Jones]

You see NO one would have purchased the sub prime if they has not hid it into mortgage securities.

Before GLB act a broker had to have certain training and be certified and if they misbehaved ( you know cheated people) they would lose their certification.


WHILE the long years passed under Bush without broker rules that was not the case.

Its how all the bad mortgages got into the triple A rated investments

the whole subprime mortgage boom started with the equal housing credit access bill that was signed in by Clinton....I'm just saying....but of course it is not one man's fault...

However well intentioned these bills might have been, I'm not so sure of, but the predatory lending tactics that were condoned by the highest levels of the lending institutions, have not been criminally prosecuted as they should have been, so far..correct me if I'm wrong on this...instead some resigned with fat bonuses from the goddamned bailouts.

 

[EdwardBaiamonte]

predatory lending tactics that were condoned by the highest levels of the lending institutions, have not been criminally prosecuted [/quote]

too stupid and perfectly liberal. There is no predatory lending unless there is predatory borrowing. You're talking about a victimless crime at best.

fat bonuses from the goddamned bailouts.

too stupid and perfecty liberal!!! governemnt bails out individuals day in and day out with $trillions in welfare and entitlements. The financial bailout was all paid back; when are the welfare bailed out going to pay back their loans!!

 

[Mr. Jones]

too stupid and perfectly liberal. There is no predatory lending unless there is predatory borrowing. You're talking about a victimless crime at best.

fat bonuses from the goddamned bailouts.

EdwardBaiamonte-too stupid and perfecty liberal!!! governemnt bails out individuals day in and day out with $trillions in welfare and entitlements. The financial bailout was all paid back; when are the welfare bailed out going to pay back their loans!!

Victimless crime your ass dipshit And so when was the last time somebody on welfare got paid a million dollar bonus for fucking shit up?
More then too stupid and willfully ignorant on your part there sheep.

PS-Learn how to use the quote function genius=fixed

 

[EdwardBaiamonte]

Victimless crime your ass dipshit

so then why be so afraid to show us the victim. What does your fear tell us??

And so when was the last time somebody on welfare got paid a million dollar bonus for fucking shit up?

if I said that happened I'll pay you 10,000!! Bet or run away with your liberal tail between your legs!!

More then too stupid and willfully ignorant on your part there sheep.

what is more than stupid??? You forgot to say???? What does that tell you??

 

[starcraftzzz]

Victimless crime your ass dipshit

so then why be so afraid to show us the victim. What does your fear tell us??

And so when was the last time somebody on welfare got paid a million dollar bonus for fucking shit up?

if I said that happened I'll pay you 10,000!! Bet or run away with your liberal tail between your legs!!

More then too stupid and willfully ignorant on your part there sheep.

what is more than stupid??? You forgot to say???? What does that tell you??

YOu do realize that everyone laughs at your stupidly dont you?

 

[EdwardBaiamonte]

Victimless crime your ass dipshit

so then why be so afraid to show us the victim. What does your fear tell us??

its easier to play pretend isn't it??


if I said that happened I'll pay you 10,000!! Bet or run away with your liberal tail between your legs!!

More then too stupid and willfully ignorant on your part there sheep.

what is more than stupid??? You forgot to say???? What does that tell you??

YOu do realize that everyone laughs at your stupidly dont you?

if there is Republican/ libertarian stupidity why be so afraid to give your best example for the whole world to see?? What does your fear tell us??

 

[Mr. Jones]

so then why be so afraid to show us the victim. What does your fear tell us??

its easier to play pretend isn't it??


if I said that happened I'll pay you 10,000!! Bet or run away with your liberal tail between your legs!!




what is more than stupid??? You forgot to say???? What does that tell you??

YOu do realize that everyone laughs at your stupidly dont you?

if there is Republican/ libertarian stupidity why be so afraid to give your best example for the whole world to see?? What does your fear tell us??

Have you been living on an island or your head been in the sand? Good Gawd man, look around and wise up some and deprogram yourself..

 

[EdwardBaiamonte]

YOu do realize that everyone laughs at your stupidly dont you?

if there is Republican/ libertarian stupidity why be so afraid to give your best example for the whole world to see?? What does your fear tell us??

Have you been living on an island or your head been in the sand? Good Gawd man, look around and wise up some and deprogram yourself..

if there is Republican/ libertarian stupidity why be so afraid to give your best example for the whole world to see?? What does your fear tell us??