Bailing Out Wall Street…Again
by Todd ThurmanLiberals in congress are trying to sell the Dodd bill as a bill that would stop the bailouts by regulating Wall Street, but, it actually creates permanent bailouts that will fund corrupt Wall Street executives who make poor decisions. Did I mention that these bailouts will come at the taxpayer’s expense? The Heritage Foundation put together a great video explaining why this bill is a Wall Street Bailout Bill.
Liberals sold us a bill of goods that no one wanted to buy with Health Care, and now they are trying to do it again under the guise of “Financial Reform”. Please.
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Via email to: Rep. Hall, Appointed Sen. for NY, Sen. Schumer, Pres. Obama
Washington DC
January 20, 2009
Dear Mr. and Mrs. Yertle:
I am concerned that the manner in which the federal government is operating is eerily like how the Krupps munitions factory was still billing the Nazi’s – after Hitler committed suicide. Benjamin Franklin once remarked that the definition of insanity is doing the same thing, and expecting different results. The congress has passed bailouts, and rescues, and soon a, stimulus package, all in an empty effort to save the Republic from the financial malfeasance of governments small and large. If they failed to work in the past what reason do you believe that they will work in the future? It appears to me that the solution is obvious. Forgetting financial reality for a moment. In a given year the US economy generates 10 to 15 trillion dollars. I say why wait for the year to pass. Next time all of you are at your respective posts pass a bill to print $12.5 Trillion and disperse it. At least that way we will all know who is getting the money.
Obviously, however enticing, this idea is absurd. Is it any more so than one insolvent institution, the US Government ($2 Trillion running deficit, $12 Trillion in debt), giving another insolvent institution, US Banks(Bloomberg news service reports $4-$5 Trillion required to re-capitalize them, at the current rate of loss), money it does not have anything to back it other than more debt, and a beaten up taxpayer? With ink so fresh on the bonds that the Communist Chinese government has yet to collect the interest on it? I fail to see the wisdom in how creating a smaller hole in one spot, and a bigger hole in another will ever do any of us any good. This philosophy has not worked in the past and it will not work in the future. The evil economic stew we are cooking has been brewed before, and it will taste just as bitter this time.
When Ronald Reagan took the reigns of this nation in 1981 we were in far worse shape than we are in today, a large portion of our military qualified for poverty assistance, a business owner could not breathe without the governments permission, inflation was sky high, unemployment at double digits. Unless we do the right thing now we will be there again, rapidly. Our economic problems today are manufactured by our own fiscal malfeasance – there is no shortage of food, energy, labor, or capital. What we have too much of is the heavy hand of government deciding who gets what, how much, and when via a complex set of regulations and tax policy. President Reagan, to the largest extent possible, ended that madness, and while the 80’s were no picnic, that decade created 20,000,000 new jobs, strengthened this nation so we could carry on in the future, and we brought most of the world with us as a lucky strike extra. The economic lesson of the 80’s is that freedom and economic liberty are viral, and the only antidote for it is big government – this is something we have forgotten or chosen to ignore. Up to now President Obamas rhetoric has been the antithesis of this pro growth philosophy. Mr. Obama thinks that a combination of targeted tax cuts, welfare, and government make work projects are the cure for our ills. To do this Mr. Obama will need more bureaucrats, and add more legal and fiscal complexity to meet his goals. I reject this economic cure and its implementation. Remember, what the government gives to one it must take from another. How does the government know that the capital or wealth it is redistributing will not be used for a much wiser purpose then the one it has ordained? It doesn’t. Like an alcoholic in a bar, the government drinks without accountability, and spends the monthly mortgage payment on whiskey without forethought, and hurts everyone it claims to care about. Remember these thoughts as you create the next seemingly free government give away; someone has to pay for it, that someone will be our children, their payment will either be in gold or blood.
This insanity of printing, borrowing, and misallocation of capital must stop. No country on earth has ever borrowed, spent or taxed it’s way to recovery, let alone prosperity. War and Depression? Absolutely. If this economic cancer is allowed to metastasize we will once again be pushed as a nation into a choice of not whether we should or should not do something, but whether or not we can. The “stimulus package” legislation (and now this financial regulation charlie foxtrot) all of you are considering is nothing more than economic suicide.
Respectfully,
Humorous cartoon on "Change" and the current state of our economy athttp://drawfortruth.wordpress.com/category/econom...
This administration needs every bill blocked at whet ever opportunity they can be blocked. Whatever they are passing in these tomes is compatible with their centralized government goals. I would love to see politicians act like they had something on the line here other than their own immediate interests, and do the right thing by our Constitution.
How is this going to reduce the deficit?
How is this going to improve the economy when we have nothing left after taxes? (Oh, I just had a revelation… Banks will no longer exist after we have no money left! Therefore, no bailouts.)
This is, once again, all about power and control. The marxists are lining up their allies and willing dupes on Wall Street so as to better control the serfs on Main Street. Once the serfs are under control, the marxists will take over Wall Street too, and America is gone forever or at least until we can rise up in revolution.
the ugly Chicoms. Right now the gubment is borrowingtrillions. They want you to carry some of this used TP in your 401 and retirement plan. Since Social Security is drained, they want to siezze your 41 and employer pensions so they cajn milk them and cover the insufficient funds at the SS administration.
Poor decisions are evil, unless they're at taxpayer expense! The Democrats are just trying to make the world a better place, if only everyone would sit still and do as they say. As Tom Degan here and clowns everywhere will continue to insist, Congress knows better how to run a business than any private investor.
Call your senators and representatives, and you too can possess the secret to markets that never correct and balloons that never deflate! Next on the agenda: Bubbles that never pop!
Hey Tom, you know what your right, so right in fact I think you should run for office! Move to Chicago and run against Mayor Daley – after the experience, if you live through it, please report in.
It's time to stop with the Nazi and the Hitler accusations. We should at least all agree that nothing in the United States political process is anything like the horror of Adolph Hitler and the Nazis, and when we inject them into contemporary policy discussions we cheapen the debate.
Oh, Tom, don't talk like that or you will get a minus sign next to your post! Don't spread that stuff called "facts" and "information" around here. They don't like it. They'll put all sorts of labels on you.
Are you people still trying to call this a bailout? Message to partisan hacks: the people aren't buying it.
All the cute words and slogans will only get you so far. Calling a $50 billion fund paid for by banks to DISMANTLE failing institutions a "bailout" may be the most pathetic attempt yet.
Mike,
No dice.
Joe
Careful, freddie. Your blowing trillions remark can only serve to get Barney Frank all excited. Oh, and Bill Clintstone!
Hmmmm. Maybe we should reclassify the debate as "too failed to be big".
Must thank our Congress. I didn't know that it was Goldman Sachs derivatives that ruined the housing market and caused the economic collapse.
By the way, good morning to all my friends in Greeceafornia!
Those up or downs – we really don't care – we want you liberals to talk – because the more you express yourselves the more citizens we win to our view. Liberals seek to divide and demand, conservatives seek to unify and set citizens free to prosper.
Tom, you're a babbling fool. If you want to lay blame on a party for our economic woes, the root of the problem has always come from the democrats. From the start you need to understand that the problem is not "regulation" or "deregulation." The problem is BAD regulation. You can travel back to jimmy carter's community reinvestment act, expanded by billy clinton, which perverted the free market in lending, forcing banks to invest in unsecured loans in order to comply with government regulations. Next travel in time until you see billy clinton bringing an end to Glass-Steagal, which allowed investment banks to merge their activities with the commercial banking industry. That led to hyper expansion of the derivatives market, as Wall Street firms, investment banks and insurance companies were compelled to bundle massive amounts of sub-prime mortgages and loans covering artificially inflated properties into investment packages that had the appearance of being solid assets. This is what led to the real estate bubble, that when it burst, drove the entire economy to the brink of collapse.
So if you're looking for a bogey man in the financial collapse, you look directly at liberal government policy like CRA that distorted the free market and the repeal of Glass-Steagal by clinton which allowed the investment industry to gamble with real property in the ponzi scheme known as derivatives. What all that boils down to is just one thing; BAD REGULATION on the part of the federal government, led in large part by the democrats.
The GOP may be guilty of not putting a stop to this insanity, but we are working diligently to bring the needed correction to the Republican Party. What are you doing to fix the problems with the democrats?
You mean "fallacy" and "misinformation" no doubt. No need to thank me for the correction. I'm sure that's what you meant.
No dickweed, "we people" are not calling the $50 billion dollar slush fund a "bailout." We're calling THIS a permanent bailout:
Section 204 of the bill authorizes the Federal Deposit Insurance Corporation (FDIC) to "make available funds for the orderly liquidation of [a] covered financial institution." Although no funds could be provided to compensate a firm's shareholders, the firm's other creditors would be eligible for a cash bailout. The situation is much like the bailout AIG in 2008, in which the largest beneficiaries were not stockholders but rather other creditors, such as Deutsche Bank and Goldman Sachs.
AND
Under Section 210(n)(9), the FDIC is effectively granted a line of credit to the Treasury Department that is secured by the value of failing firms in its control, providing another taxpayer financial support.
And then of course, there's that measly little $50 Billion bailout……….um………slush fund
Funding for bailouts is to come from a $50 billion "Orderly Resolution Fund" created within the U.S. Treasury in Section 210(n)(1), funded by taxes on financial firms. However, according to the Congressional Budget Office, the ultimate cost of bank taxes will fall on the customers, employees and investors of each firm.
Sorry to trouble you with all these "facts" and "information." I know you don't want to hear any of that.
Just open the door and invite the bloodsuckers in. The Marxist progressive liberals are almost there. Dodd has no business discussing anything about new laws when he hasn’t even answered for the laws he may have broken. This is a statists dream. Unlimited bailout authority, nothing regulating the two largest mortgage banks in the country, Treasury authority to seize personal property. Ohhhhhh yeah, they would be giddy with power should this pass. Boy oh boy do we have our work cut out for us. One flush of the toilet will not rid the bowl of all the progressives in Congress. It may take several and a plunger. Were is Joe the Plumber when you need him?
More wasted money going to AMTRAK – Someone watch this today !!!
wwww.c-spanvideo.org//program/293244-1″ target=”_blank”>http://
It's ironic that Heritage would make this video, having supported G.W. Bush's initial TARP bailout. And Heritage has yet to repent of that madness.
Blaming it on "liberals" or Democrats is just as faulty as blaming it on the other party. You failed to mention that the Gramm-Leach-Bliley Act (which ended the Glass-Steagil Act) was made by a Republican Congress before it was signed by Clinton. It was a bipartisan travesty.
Thanks for demonstrating my point by labeling me a "liberal" and then proceeding from that fallacy. So-called "conservatives" (I'm guessing you mean the big government establishment Republicans) unify and set free? I guess you mean with the Patriot Act, or telling people who they can marry, or continuing to criminalize people for ingesting a substance, or :"liberating" Iraq by killing hundreds of thousand of its people?
"What we have here is an organized criminal organization."
This applies to our current government; the whole lot are suspect. How can you leave out Dodd who is a bona fide shyster and that other criminal from NY, Rangle? Boy, you take the cake with your obvious partisan input.
Keep drinking that Obama Kool-aide piss until it runs out your ears.
You only quoted one line from the bill and the rest is quoted from the Heritage Foundation. Nice try at obfuscation there. Heritage is a neocon spin machine and will alter facts accordingly to suit its agenda.
The bill says "liquidation", not bailout. Whatever Heritage and you koolaid drinkers are trying to sell, people aren't buying it.
"Still peddling that lie? The bill bans bailouts. Liar."
With loopholes you could drive a truck through. Sort of like the claim that there's no rationing in the healthcare bill.
Democrats have to Bail Out Wallstreet. If they do not then Wallstreet will spill the beans in regards to what Democrats have been doing though regulations, mandates, Fannie and Freddie. A world economy does not crash 35 days before an election unless it was suppose to.
Should all of this Government thieving be exposed. Burney Madoff will look like a rank amateur.
As demonstrated by Spain's recent financial downgrade from AA+ to AA, the concept of "too big to fail" is rapidly morphing into "Too big to save". At what point on the scale will everyone finally realize that we can't finance the collective bad behavior of the entire world?
Hmmm. Speaking of drinking….how is that Obama piss tainted kool-aide been tasting lately?
Goldman Sachs is nothing more then an arm of the DNC just like GE. Goldman has been in on every economic crash we have had dating back to 1929. This economy is on purpose. Just wait until our Nanny Status in Gov. kill off what is left of the Middle Class by mandating these American Blue Collar workers compete for wages vs. third world labor inside of our own Country. Why do Democrats choose to profit from poverty instead of creating more opportunity? Why do Democrats hate the Middle Class so much? Was it not enough to send the Middle Class Jobs over sea's? Who has done the most damage to our Country and our way of life. The Poverty Pimping Democrats or the Arm of the DNC being the Lame Stream Media? Go Figure.
I know you are but what am I? Come back with something real, kid, and I might deign to engage you.
Nancy Pelosi and Steny Hoyer, et al, have already engaged in such accusations, in cases where the comparison was unfounded.
How many times was Bush compared to Hitler during his two terms, and where were you THEN……?
The assertion has already been proven, and reported by the same media outlets that helped elect this wannabe dictator president. Try to keep up, please…….
He pointed you to THREE sections of the bill,, to make THREE points.
As rebuttal, all YOU offered is derision and name calling, without pointing to anything specific in the bill that supports your assertions.
Fail.
It was wrong then and it is wrong now. I mean look at George W. Bush. From our historical perspective we know he came no where near doing anything that Nazis engaged in. So the extremists who made those claims were not only morally wrong, but factually wrong. And we will see the same thing from this president.
You might enjoy this letter,
Any politician who proclaims proudly that he is “ . . . remaking America . .” is by definition a Yertle. Yertle as you point out was a totalitarian despot, but not at first. At first he was King of the pond, but he was not satisfied and wanted more power, and to get it he coerced other turtles to act in his interest, and against their self interest. President Obama is doing the exact same thing, he’s just doing it with a smile. Thus, any official who seeks to induce me to operate against my rational self interest, and the liberty of others, are “Yertles.” I do not need to remind my fellow letter writers how citizens used far worse with regard to President Bush; they compared him to Hitler, I am just returning the favor. Where was Mr. Sorrels respect for the office then?
Even a casual observer of history ought to be able to see that in the not to distant future we will face massive military challenges. As I write these words Kim Jung Whackjob is in the process of transferring his power over to the military with a new nuclear toy to overrun South Korea, Communist China is attempting to build a blue water nuclear powered Navy, Pakistan is on the cusp being overrun by Islamo Facists AKA “The Taliban,” Saudi Arabia faces a daily threat from a growing Wahhabist faction and Iran calls for the destruction of Israel like you or I would order a beer and chicken wings at the Blazer. Against this backdrop Mr. Obama goes around the world apologizing for America, and failing to unapologetically illustrate the gift we’ve given the world at the enormous price of blood and treasure; in an old envelope I have pieces of my grandfathers bones, and the screws and plates that held him together while in the hospital, and the memory of a man who never woke from the horror that is war, and a diary with neat and careful lines crossing out all the friends he lost along the way. I witness Secretary Gates intone how we have no military option to deny Iran nuclear weapons in open session on C-Span. Mr. Sorrel if you were running Iran how would you react to that? If you were running Israel how would you react to that? One nuclear blast and Israel will not recover and she will have only fifteen minutes warning. The closer America gets to either being unwilling or unable to fight the closer actual war is. Peace through strength is the only hope we have ever had.
As far as your assertion that I should treat President Obama as if I were in uniform and not a civilian; Americans owe no duty to the President. Quite the opposite in fact. I’ve very little respect for Mr. Obama or the way he practices politics. Any President who without a second thought takes private property and treats it as his own for political purposes is not to be respected he is to be feared and rejected. For Mr. Obama has revealed himself to have no self governing limits on his authority, let alone respect for Constitutional ones. We are in for a long trip and those who share my philosophy are not in power Mr. Sorell; those who share yours are, let us see how that philosophy works in the next 550 or so days. We will then go to the ballot box and decide if we want more of it; Will the world be a more peaceful place? Will prosperity return to our shores and be balanced on the rock of fiscal responsibility or my children's mastercard? Will Mr. Obama’s route to comity among nations through apology work? Will private companies be allowed to run as they see fit or will capital by allocated for political purposes? Will States be able to decide if they do or do not want abortions, same sex marriage or a whole panoply of issues on their own; or must they to be cowed by the President and activist federal judges? Will rising taxes be the answer to our budgetary woes or will tax receipts shrink as taxes rise? Will Vice President Biden ever stop shooting off his mouth like Mr. Cheney on a quail hunt? I have a strong sense as to what is on the way and answers to these questions – but I may be wrong. I am an open minded fellow and think that people ought to live as they see fit so long as it’s not in my living room or on my front lawn or pounded into my child's head at school.
Mr. Sorell if I do one day run for office and am unlucky enough to win I will remind you of your words if I pass by. I will not be looking for a salute, only a handshake because when all is said and done we’re Americans! As Lincoln said in 1858 “A house divided against itself cannot stand.”
"Heritage is a neocon spin machine and will alter facts accordingly to suit its agenda"
Prove it. Don't just spout talking points, show us some evidence.
"people aren't buying it"
Have you looked at any of the polling data? The only thing the "people aren't buying" is the idea that this "progressive congress" or this administration has the slightest clue about how to "fix" the problems in the financial markets (or any other substantive issue for that matter).
The "progressives and the leftists in this country have caused a massive earthquake amongst the American population and the subsequent tsunami is heading right for you. I suggest you seek higher ground.
I'm Independent and I do not vote based on party lines. I'm trying to fix the two-party dictatorship by exposing the insignificance of petty issues that both parties keep us distracted with.
Geez, do I have to spell everything out? Heritage pointed to three lines in the bill and only quoted a snippet of one line.
The only assertion I made (by quoting the bill) is that it is not a bailout but a "liquidation" (quoting the bill). How can you call a liquidation a bailiout? Only a partisan spin machine can.
As I stated in a previous post some days ago, the Euro and the dollar are near even. This is a clear indicator of what is about to become of the European Union. Greece is the final straw for the back of the EU. Stand by, global currency will rear its poisonous head again soon. We will be next if they get the "Clean Energy Jobs and American Power Act" through. Oh, that is the newest moniker for Cap and Trade. Sponsored by Senators John Kerry and Barbara Boxer. Two of the Senates most utopian statests. Hold on cause immigration will be the smoke for this bill.
\”immigration will be the smoke for this bill. \”
Man. That is one potent smoke grenade! They sure know how to pick 'em, don't they?
\”immigration will be the smoke for this bill. \”
Man. That is one potent smoke grenade! They sure know how to pick 'em, don't they?
I'm all for independence and independent thinking. This is exactly how we come up with the "wisdom of the people" which should dictate how government is implemented.
But what we're talking about here is not a "petty" or "insignificant" issue. This is about regulatory policy that crosses party lines and affects every American citizen.
I have NEVER suggested voting along "party lines." I suggest voting on the ideas that make sense; those ideas that are proven to bring about positive results for the nation.
What I believe is that both parties need a purging and correction. The current facts point to a current correction in the GOP. I'm calling for a similar purging of the democrat party. I just don't see any effort in that regard.
You betcha! Just in case that isn't enough, they will keep the head fake going with the Goldman Sachs escapades. They are very good illusionists and they have the sycophant useful idiots to hold the mirrors.
Not just bailouts for the biggest democrat friendly banks, but invasion into individuals transactions and prevention of private money pooling for investments in private ventures. Bad, bad bill.
Sadly without bailouts there would be no economy. Just look what happened when the government allowed Leihman to go under? It took alot of the economy a long with it. What would have happened without the bailout of AIG and the rest? Complete and total disaster. In short there would be no economy. How does that translate into a progressive issue? Because of the repeal of Glass Steigel? Clinton wasnt a progressive and if you didnt know it was a republican lead congress that wrote the law to repeal Glass Steigel which in turn put banks into a "too big too fail" category. If you think this is all because of fannie and freddie you have really swallowed WAY TOO MUCH kool-aid.
WRONG!
It is not the government's job to pick winners and losers, it is a constitutional violation of their "enumerated duties"…
If AIG, Fannie, Feddie, Lehman, Goldman Sachs and B of A all failed the after effects would have been difficult to endure but very temporary.
When the economy goes down again (within six months) it will be for the last time because there is no more leverage value left in the dollar.
This time will make the "great depression" look like a thousand cakewalks but enjoy the coming disaster anyway, it's all yours now and the American people will never allow this mistake to be repeated ever again.
"If AIG, Fannie, Feddie, Lehman, Goldman Sachs and B of A all failed the after effects would have been difficult to endure but very temporary".
Temporary? The effects of Leihman alone have had us reeling for almost two years. The others including all the banks would have sunk the economy thats why Paulson and Bernanke acted. What do you not understand about the term "total systemic collapse"? No it isnt the governments job to pick winners and losers but if they want a country left to actually govern they dont have much of a choice now do they? Thats reality. See what people think of the fairness of bailouts when they have no savings and there invesrtments are all gone and there job dissapeared? They wont care about the constitution or wjhats right and wrong. Thats reality.
It's wonderful that conservatives and libertarians want a 'free market" and want to uphold "constitutional values" but jeez, welcome to the real world. Thats why this government going after Goldman is just theatre. Make it look good for the public, that we're cracking down on evil wall street types, take out some trader with a french name and blame it all on him, etc. Life will go on and so will our crooked economy, until it doesnt.
The sad part now is that they are all bound to the government and when they go down again it WILL take down the whole country, they want this to happen…
That is why we would have been better off letting the system reboot but now a crash is inevitable…
See "The Cloward and Piven Strategy" it is real, the hard left wants it and it IS happening right now.
..and again…and again..and again…
It is institutionalized failure, that is what "progressivism" is based on entirely.
Watch for the bait and switch from regulating Wall Street to regulating consumer choice.
The Republicans are no longer a political party. What we have here is an organized criminal organization. Until yesterday, they (along with one thoroughly corrupt Democrat – Ben Nelson) were in the process of preventing a debate on the senate floor regarding pending legislation that would regulate (or re-regulate) the financial industry. It was only when they were publically shamed that they allowed the debate to proceed. When Wall Street was deregulated during the reigns of Reagan, Clinton and the two Georges, cooler heads stood up and tried to warn us that it would only lead to the economic mess that we find ourselves in today. While a small handful of people made a hell of a lot of money in the interim, many Americans suffered terribly. There are tales too numerous to tell of people who were forced to go back to work after retirement because there pensions had been gambled away by these clowns. The GOP is perfectly content to let this unspeakable situation continue. They don't represent us; they represent the people who have spent the last thirty years looting our economic infrastructure. If that ain't criminal, I don't know what is.
If it walks like a freaking duck….
http://www.tomdegan.blogspot.com
Tom Degan
"it actually creates permanent bailouts that will fund corrupt Wall Street executives"
Still peddling that lie? The bill bans bailouts. Liar.
"It was a bipartisan travesty"
At least we can agree on that.
But then again, I also made this remark:
The GOP may be guilty of not putting a stop to this insanity, but we are working diligently to bring the needed correction to the Republican Party. What are you doing to fix the problems with the democrats?
So tell me JPA, what are you doing to fix the stuck on stupid democrat party?
[...] » Bailing Out Wall Street…Again – Bіɡ Government [...]
Uh, no, I don't think anyone wants this to happen. And the idea that a band of leftists that radical want to destroy the world economy is, Im sorry to say, just silly. It sounds more like the movie Fight Club than reality. Or something you might hear on the Alex Jones show. I think you've demonized Obama all out of proportion. I know you have sharp disagreement with his polices but sorry I think he wants a country to run and not one that will be back on an agrarian economy that he will ward over like Pol Pot.
What the government did, if you have any real knowledge of the particulars of the financial meltfdown was step in, and this was W's administration which kind of puts a kink in your theory, and stop the meltodown with cash. We live in a global economy and subsequently a global world. What we do here effects Europe, China, Russia, etc. So when bear sterns went down a long with Leihman they were taking hundreds of billiuons of dollars in debts along with them linked to other wall street banks as well as banks around the world.
This problem started with the repeal of Glass Steigel in the 90's started by Clinton and Summers and then pushed through Congess by the Republican party who was in power. So, not a partisan issue. A money and power issue. How could you not have fraud and conflict of interest when the same banks that were giving out toxic mortgages were also bundling them as securities and then selling them as investments? Will this happen again. Yeah, And then more bailouts, even if no one knows about them. Better to wake up in the same world you left the night before than a post apocalyptic one.
[...] Tip to BigGovernment. [...]
Keep sticking to that narrative. Maybe read the Monster from Jeklyl Island again? LOL. The Government tried sticking to free market principles and didnt bailout Leihman and it took AIG out along with it and most of the economy. We're still reeling from it. The bailout and unfortunately future bailouts will be necessary unless you want to live in a desert until the day you die.
Try to keep in mind it was Republican congess that wrote and passed the repeal of Glass Steigel leading to all this in the first place.
You would over simplify with a rudimentary cast at the Repuplicans. I guess you have a limited knowledge of banking and the history of it. In the more current history, one should look at the Community Reinvestment Act of 1977. Not a Republican law. It was pushed into action in by President Clinton. This law encouraged the banking industry to take on greater risks by creating new types of loans. Knowing they were bad and attempting to hedge huge losses, things like dirivative securities were created. I am not justifying bad behavior by the banking industry. I am saying that in order to gain votes by more of the trifling, the Democrats resorted to a manipulation of the industry. Let us not forget that the two ranking Democrats in the House Finance Committee and the Senate Banking Committee railed about how everything was fine and how dare the Bush administration ask questions or imply there may be a problem. Go study Libs. Glass-Steagall of 1933 has been washed several times.
[...] Government thinks so. Good video on this link. [...]
Sssssh.. Obama don’t want you to know this..
I CAN CREATE 15 MILLION JOBS If USA Pulls out of NAFTA and WTO right now..
Here are my Job creation Computations:
Total USA Imports in 2006:
———————–
$ 2,211.7 billion — Total Imports.
$ – 309.4 billion —(Money spent on Imported Crude Oil)
———————–
$ 1,902.3 billion / 30 billion=63.41 million jobs lost from Imports.
Total USA Exports in 2006:
———————–
$ 1,451.7 Billion / 30 billion=48.39 million jobs America Created from Exports.
If USA Pulls out of NAFTA and WTO right now:
So, 63.41 minus 48.39 = 15.02 million NET JOBS GAIN.
But, a lot of Exports must be purchased in the USA. That would mean an even more jobs created in America than I have estimated.
My calculation means an ABSOLUTE 15.02 million Jobs gained if the rest of the world did not buy even one penny of USA EXPORTS.
SO MOTE IT BE. . . . .
BY: Harry Dingey
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