Comments on: Wall Street Continues Nosedive

Market Down Almost 450 Points After Fed Rescues AIG With $85B Takeover

[csp66]

PHIL GRAMM ---------
JOHN MCCAIN''S ECONOMICS ADVISOR ------------
RESPONSIBLE FOR THE GRAMM-LEACH-BLILEY ACT THAT DIRECTLY CONTRIBUTED TO THE MORTGAGE CRISIS AND SUSEQUENT BANK MELTDOWNS --------------
MCCAIN OPPOSED CREATION OF A GOVT AGENCY TO OVERSEE FREDDIE MAC AND FANNIE MAE---------------------
ENRON LOOPHOLE -----------
WIFE WENDY GRAMM ON BOARD OF DIRECTORS AT ENRON -----------
S&L BANK MELTDOWN IN THE 80''S ALONG WITH JOHN MCCAIN AND THE KEATING 5 ----------------

WANT TO CRASH THE ECONOMY???? JOHN MCCAIN AND PHIL GRAMM ARE JUST WHAT YOU NEED!!!!!-----------
ENRON, S&L, KEATING 5, DEREGULATION, MORTGAGE MELTDOWN, BANK MELTDOWNS .......... ALL CONNECTED DIRECTLY TO GRAMM AND MCCAIN -----------

GONNA TRUST THIS GUY WITH OUR ECONOMY????? HELL NO!!!!!!!!! --------------

SARAH PALIN''S SOLUTION???? "THE ECONOMY NEEDS SOME SHAKIN'' UP AND SOME FIXIN" .......... SPOKEN LIKE A TRUE IGNORAMUS!!!

http://www.politico.com/news/stories/0308/9246.html

http://www.apfn.org/enron/gramm.htm

http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

[stirringitup]

In the spring of 1987, the Federal Reserve Board votes 3-2 in favor of easing regulations under Glass-Steagall Act, overriding the opposition of Chairman Paul Volcker. The vote comes after the Fed Board hears proposals from Citicorp, J.P. Morgan and Bankers Trust advocating the loosening of Glass-Steagall restrictions to allow banks to handle several underwriting businesses, including commercial paper, municipal revenue bonds, and mortgage-backed securities. Thomas Theobald, then vice chairman of Citicorp, argues that three "outside checks" on corporate misbehavior had emerged since 1933: "a very effective" SEC; knowledgeable investors, and "very sophisticated" rating agencies. Volcker is unconvinced, and expresses his fear that lenders will recklessly lower loan standards in pursuit of lucrative securities offerings and market bad loans to the public. For many critics, it boiled down to the issue of two different cultures - a culture of risk which was the securities business, and a culture of protection of deposits which was the culture of banking.

[gwjackie]

It is time to remove all the republicans put the dems in for four years and if they dont get this shi! wright then kick there a$$ out.

[stirringitup]

Beginning in the 1960s, banks lobby Congress to allow them to enter the municipal bond market, and a lobbying subculture springs up around Glass-Steagall. Some lobbyists even brag about how the bill put their kids through college.
In the 1970s, some brokerage firms begin encroaching on banking territory by offering money-market accounts that pay interest, allow check-writing, and offer credit or debit cards
In December 1986, the Federal Reserve Board, which has regulatory jurisdiction over banking, reinterprets Section 20 of the Glass-Steagall Act, which bars commercial banks from being "engaged principally" in securities business, deciding that banks can have up to 5 percent of gross revenues from investment banking business. The Fed Board then permits Bankers Trust, a commercial bank, to engage in certain commercial paper (unsecured, short-term credit) transactions. In the Bankers Trust decision, the Board concludes that the phrase "engaged principally" in Section 20 allows banks to do a small amount of underwriting, so long as it does not become a large portion of revenue. This is the first time the Fed reinterprets Section 20 to allow some previously prohibited activities.

[kmar20009]

Don''t forget that McCain has his eyes on one more big pot full of money that he can transfer to the wealthy after they are finished emptying the treasury. He wants to privatize social security so that Wall Street Bankers can use those funds to make yet more risky investments that will pay off no one , except the wealthy on Wall Street and their corporate clients. At what point is this country willing to say that enough is enough? Bring intgelligence , character and leadership back to the White House. Vote Obama/Biden.

[stirringitup]

Following the Great Crash of 1929, one of every five banks in America fails. Many people, especially politicians, see market speculation engaged in by banks during the 1920s as a cause of the crash.

In 1933, Senator Carter Glass (D-Va.) and Congressman Henry Steagall (D-Ala.) introduce the historic legislation that bears their name, seeking to limit the conflicts of interest created when commercial banks are permitted to underwrite stocks or bonds. In the early part of the century, individual investors were seriously hurt by banks whose overriding interest was promoting stocks of interest and benefit to the banks, rather than to individual investors. The new law bans commercial banks from underwriting securities, forcing banks to choose between being a simple lender or an underwriter (brokerage). The act also establishes the Federal Deposit Insurance Corporation (FDIC), insuring bank deposits, and strengthens the Federal Reserve''s control over credit.

The Glass-Steagall Act passes after Ferdinand Pecora, a politically ambitious former New York City prosecutor, drums up popular support for stronger regulation by hauling bank officials in front of the Senate Banking and Currency Committee to answer for their role in the stock-market crash.

In 1956, the Bank Holding Company Act is passed, extending the restrictions on banks, including that bank holding companies owning two or more banks cannot engage in non-banking activity and cannot buy banks in another state

[csp66]

PHIL GRAMM ---------
JOHN MCCAIN''S ECONOMICS ADVISOR ------------
RESPONSIBLE FOR THE GRAMM-LEACH-BLILEY ACT THAT DIRECTLY CONTRIBUTED TO THE MORTGAGE CRISIS AND SUSEQUENT BANK MELTDOWNS --------------
MCCAIN OPPOSED CREATION OF A GOVT AGENCY TO OVERSEE FREDDIE MAC AND FANNIE MAE---------------------
ENRON LOOPHOLE -----------
WIFE WENDY GRAMM ON BOARD OF DIRECTORS AT ENRON -----------
S&L BANK MELTDOWN IN THE 80''S ALONG WITH JOHN MCCAIN AND THE KEATING 5 ----------------

WANT TO CRASH THE ECONOMY???? JOHN MCCAIN AND PHIL GRAMM ARE JUST WHAT YOU NEED!!!!!-----------
ENRON, S&L, KEATING 5, DEREGULATION, MORTGAGE MELTDOWN, BANK MELTDOWNS .......... ALL CONNECTED DIRECTLY TO GRAMM AND MCCAIN -----------

GONNA TRUST THIS GUY WITH OUR ECONOMY????? HELL NO!!!!!!!!! --------------

SARAH PALIN''S SOLUTION???? "THE ECONOMY NEEDS SOME SHAKIN'' UP AND SOME FIXIN" .......... SPOKEN LIKE A TRUE IGNORAMUS!!!

http://www.politico.com/news/stories/0308/9246.html

http://www.apfn.org/enron/gramm.htm

http://en.wikipedia.org/wiki/Savings_and_Loan_crisis

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act

[stirringitup]

Good reading if you want to know the full story

http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html

[jerr11]

I think McCain is the man.

He knows how to fix the economy.

He''ll get his beauty queen to head the study commission and they''ll come up with the report in 2012.

Hey, that''s the republican way.

That''s how we''re defeating the terrorists.

That 911 commission report is striking fear into the hearts of all these dumb jihadists!

Vote McSame/Fakin 08!!

[screan_name]

This is all a direct result of Republican anything goes de-regulation in which John McSame and his lobbyist advisors played a key role.

Now the American taxpayer has to bail all of these firms out to the tune of trillions of dollars.

Bush and the Republicans may just succeed in tippling the national debt.

And if John McSame stays the course as he''s promised to on all of Bush''s failed policies, he may just bankrupt the country.