Here's some good info on the 'Ponzi Scheme' we're experiencing:
http://www.bergenjerseyforeclosures.com/blog/info/entry/repeal_of_glass_steagall_act
http://en.wikipedia.org/wiki/Ponzi_scheme
Palin actually framed this issue perfectly yesterday in the Hannity interview without naming names (politically smart since both parties are guilty here).
Based on her words, I believe she completely understands the corruption side of the issue and the regulation side of the issue.
She seems to be the only trustworthy one out of the bunch.
v/r,
FMC (Free Mkt Capitalist)
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2 comments:
"(politically smart since both parties are guilty here)."
Or politically smart because Phil Gramm who sponored Glass-Steagall and was fighting for deregulation, is part of the McCain campaign and there are still rumors that he may be Treasury Secretary if McCain wins.
Scary
When I wrote my initial post, I had no knowledge of the actions of senators Franke and Dodd, as well as the whole OFEO regulatory thing. Now I see the light.
I originally thought that the blame was about 60% Dems vs. 40% Rep. After I learned the facts, I quickly realized that the situation we're facing now is about 99% the fault of the Democrats. Guys like Dodd, Schumer, and Franke got us here with their strong-arm tactics.
I'm glad I finally see the light now.
As far as the Repeal of Glass Steagall goes...Clinton was president...the buck stopped at his office, so he's responsible.
You seem to take a biased approach in favor of the Dems. I still stand by my point that both parties are guilty to some extent...now I see that about 99% of the blame rests squarely on the folks who pushed the afirmative action housing program down the throats of U.S. companies. If you look closely, these are Democrats.
The repeal of Glass Steagall may have made it easier for some to write more bad legislation, but it did NOT cause the current crisis. A small number of Democrats who rewrote the CRA caused this.
The backlash on Franke and others will be huge...just wait & see.
v/r,
FMC
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