I know you're still around here somewhere. No need to blow your cover. I've burned bridges with BBS's before for the very same reason. You will be missed, as far as I'm concerned.
I just wanted to apologize for my absence the last couple of weeks. I've been spending a lot of time trying to wrap my mental tentacles around G+. Circles are a complex beast to understand and manage, especially when it's not at all clear what's going on.
Lot's of attention being paid to the Occupy Wall Street movement. At first I was skeptical, but I knew there was a reason to be bitchin', so I kept an open mind.
Want to share a couple of posts buried in the rubble of circles upon circles. Hope this doesn't get me in trouble somewhere with someone.
Google+ - Link to Wil Wheaton post.
Herbert Vickers - Let's keep in mind that, despite all the lobbying and pork barrel spending, yada, yada, yada, this is a single event in History, with specific causes and repercussions.
Fact: In 1999 our beloved Democratic president Bill Clinton, did sign a bill put on his desk by Republicans that undermined and repealed the Glass-Steagall act of 1933. Glass-Steagall was put into place as a safeguard against the abuses that led to the market crash of 1929 and the Great Depression.
Fact: Subprime loans began to be issued in 2000.
Fact: A completely corrupt corporation, Enron, went belly up in 2002 after roaring across California, manipulating utility prices by purposely causing blackouts, after being handed deregulation by the state's legislature.
Fact: After taking in a flood of subprime mortgages, the major banks invented Collateralized Debt Obligations (CDO) as a means of offloading the risk to unsuspecting widows and orphans funds.
Fact: AIG, an insurance company, begins dealing in Credit Default Swaps, which were previously illegal under Glass-Steagall. They then bet more than the entire equity value of the corporation that the people who's subprime mortgages were held within the CDOs would continue to make their payments on time.
Fact: In 2008, Bernie Madoff, having been exposed to the SEC at least 4 times since the year 2000 without any action taken, is finally arrested for operating a pyramid scheme.
Good people, we've been scammed! Over and over and over again, and by the same political parties again and again. We need to throw both parties out.
rich aldous - The bill that ultimately repealed the Act was brought up in the Senate by Phil Gramm (R-Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[15] and by a bi-partisan 343–86 vote in the House of Representatives.[16] After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90–8 (one not voting) and in the House: 362–57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999.[17] Proponents argue that repealing the provisions had little impact on the financial system and even helped restore stability during the financial crisis.[18][19]
R. Scott Kimsey - Interests from Wall Street and other powerful lobbyists are firmly entrenched on both sides of the political aisle. It isn't likely to change until people realize both major parties are more alike than different on these issues and personal ties and cronyism relating to Wall Street goes straight to their leadership. Meanwhile, the parties keep the public bickering in a "my team" versus "your team" mindset between the Democrats and Republicans, and business continues as usually. It's a clever game of hide the ball.
Herbert Vickers - + R. Scott Kimsey You're absolutely correct! It is a clever scheme of hide the ball. It is actually an oligarch, pseudo democracy where the ball of power bounces back and forth creating the illusion of democratic choice. In reality, it's a closed power system where the seats of power are bartered in real currency, nuanced by the influence of public opinion. It's our heritage, and for the most part it works well. However, it depends heavily on the intelligence, far sightedness and good intentions of the progenitors of law.
All of that must have been missing in 1999. |
