Re: Bringing Down Bear Stearns

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Subject Author Date Re: Bringing Down Bear Stearns Doobie Keebler 08-04-2008  Re: Bringing Down Bear Stearns Lawyerkill 08-04-2008  Re: Bringing Down Bear Stearns Blash 08-04-2008  Re: Bringing Down Bear Stearns lubow 08-04-2008  Re: Bringing Down Bear Stearns Lawyerkill 08-05-2008  Re: Bringing Down Bear Stearns lubow 08-05-2008
Posted by Doobie Keebler on August 4, 2008, 6:09 pm > . . . Indymac of Pasadena was brought down by public negative > comments from the senior Senator from New York Shulman. . . Schumer is not to blame, he's just the messenger. Banks are failing because the Republican government of the last seven years gave the green light to banks, mortgage lenders and security traders that they were in effect completely deregulated. Anything goes to make a fast buck writing bad mortgages, while the Feds looked the other way. How else can a No Doc loan exist except with the collusion of the government to not enforce regulations? The bank failures fit an overall pattern of the Republican Revolution in general and this Bush Administration in particular: privatize profit, socialize risk. It's all about putting the risk on the taxpayer while the corporations pocket the profits. .-=d0b . Posted by Lawyerkill on August 4, 2008, 6:31 pm > > > . . . Indymac of Pasadena was brought down by public negative > > comments from the senior Senator from New York Shulman. . . > > Schumer is not to blame, he's just the messenger. > > Banks are failing because the Republican government of the last seven > years gave the green light to banks, mortgage lenders and security > traders that they were in effect completely deregulated. Anything goes > to make a fast buck writing bad mortgages, while the Feds looked the > other way. How else can a No Doc loan exist except with the collusion > of the government to not enforce regulations? > > The bank failures fit an overall pattern of the Republican Revolution > in general and this Bush Administration in particular: privatize > profit, socialize risk. It's all about putting the risk on the > taxpayer while the corporations pocket the profits. > > .-=3Dd0b > . Clinton is a Republican? http://www.commondreams.org/archive/2008/03/29/7960/ The Glass-Steagall Act was, in fact, a primary target of the Clinton- era deregulation effort. An early piece of New Deal-era legislation, the act was passed in response to speculation and manipulation of the markets by huge banking firms, which most liberal economists believed had brought on the crash of 1929. Glass-Steagall imposed firewalls between commercial banking and investment banking, and between the banking, brokerage, and insurance industries. According to the Center for Responsive Politics, which tracks lobbying and campaign contributions, =93Eager to create financial supermarkets that peddle everything from checking accounts to auto insurance, the three industries for years have lobbied Congress to streamline regulatory hurdles that bar such operations.=94 Despite Bill Clinton=92s announcement that =93the era of big government is over,=94 it took the better part of his administration for him to push these initiatives through Congress. In 1999, Treasury Secretary Robert Rubin, always a good friend to Wall Street, finally brokered a deal between the administration and Congress that allowed banking deregulation to move forward. Shortly after the compromise was reached, Rubin took a top position at Citigroup, which went on to embark upon mergers that would have been rendered illegal under Glass- Steagall. As the New York Times put it, Rubin would be leading =93what has become the first true American financial conglomerate since the Depression=94-a conglomerate that could exist only because of legislation he had just shepherded through Congress. Posted by Blash on August 4, 2008, 8:01 pm Lawyerkill wrote on 8/4/08 6:31 PM: >> >>> . . . Indymac of Pasadena was brought down by public negative >>> comments from the senior Senator from New York Shulman. . . >> >> Schumer is not to blame, he's just the messenger. >> >> Banks are failing because the Republican government of the last seven >> years gave the green light to banks, mortgage lenders and security >> traders that they were in effect completely deregulated. Anything goes >> to make a fast buck writing bad mortgages, while the Feds looked the >> other way. How else can a No Doc loan exist except with the collusion >> of the government to not enforce regulations? >> >> The bank failures fit an overall pattern of the Republican Revolution >> in general and this Bush Administration in particular: privatize >> profit, socialize risk. It's all about putting the risk on the >> taxpayer while the corporations pocket the profits. >> >> .-=d0b >> . > > Clinton is a Republican? Damn!!! Stop injecting facts into this N/G!!!! Posted by lubow on August 4, 2008, 9:59 pm > > The bank failures fit an overall pattern of the Republican Revolution > in general and this Bush Administration in particular: privatize > profit, socialize risk. It's all about putting the risk on the > taxpayer while the corporations pocket the profits. > There's enough blame on this one to spread to both parties because they were both on the take. Repeal of Glass-Steagle was the worst piece of domestic policy legislation passed and signed into law since the Volstead Act. No excuses. Here was a case where Clinton and the GOP Congress got it wrong. They got it wrong to the extent that all Americans will be paying for the G-S repeal for several years to come. Posted by Lawyerkill on August 5, 2008, 4:26 am > > The bank failures fit an overall pattern of the Republican Revolution > > in general and this Bush Administration in particular: privatize > > profit, socialize risk. It's all about putting the risk on the > > taxpayer while the corporations pocket the profits. > > There's enough blame on this one to spread to =EF=BF=BDboth parties becau= se they were > both on the take. =EF=BF=BDRepeal of Glass-Steagle was the worst piece of= domestic > policy legislation passed and signed into law since the Volstead Act. > > No excuses. Here was a case where Clinton and the GOP Congress got it wro= ng. > They got it wrong to the extent that all Americans will be paying for the= G-S > repeal for several years to come. So when something bad happens it's both parties get the blame, but when something good happens only Clinton gets the credit? Similar Threads Posted Re: Bringing Down Bear Stearns August 4, 2008, 11:02 am Re: Bringing Down Bear Stearns August 4, 2008, 1:17 pm Cramer on Bear Stearns last tuesday - "Bear Stearns is not in trouble. If anything, they're more likely to be taken over. Don't move your money from Bear." March 16, 2008, 10:25 pm Fed Cuts Bear Stearns so called Asset Estimate to $28.9 Billion, which in March included debt backed by mortgages and other items JPMorgan Chase & Co. deemed too risky when taking over Bear Stearns, i bet more to come slowly July 3, 2008, 7:48 pm Bear Stearns bankruptcy August 6, 2007, 9:18 am Bear Stearns takeover at $2 a share is CONFIRMED March 16, 2008, 7:15 pm Is the Bear Stearns buyout good for the economy?? March 16, 2008, 10:07 pm Evidence that the Bear-Stearns crisis was a massive con job. April 17, 2008, 10:15 pm Runs on the bank are back - that's what happened to Bear Stearns March 16, 2008, 11:03 pm Re: "Investors shrug off Bear Stearns / FedEx woes" - Friggin' JOKE December 20, 2007, 8:48 am