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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: Ann Corrigan who wrote (134466)6/5/2012 1:50:48 PM
From: MJ  Read Replies (1) of 224707
 
Ann

I would have to do some research exactly when the law passed. There was a banking law that was passed under Clinton or maybe GW Bush Sr. that affected how banks and stock brokerage firms did business.

The new legislation suddenly allowed banks to become more than banks--------they were allowed to enter financial markets that had been separate.

That 's when local banks began to change and disappear and the big banks began to act like supermarkets. Likewise, smaller brokerage firms that specialized in the buying and selling of stocks and bonds were taken over by larger firms.

I remember sitting and reading the Wall St. Journal which was hand delivered and reading about the new regulations. I felt strongly at that time the new laws, regulations, changes were wrong and would create future problems.

Was I ever right! Financing a home went from fixed rate loans for a given period of time to loans that were no longer fixed rate----this became the new sales gimmick.

Gradually, as we have witnessed we had an industry to grow around buying and selling property with tenacles that most home owners and potential homeowners could not understand or fathom.

In other words the KISS principle was no longer applicable----"Keep It Simple Stupid".

This has resulted in a massive distribution and re-distribution of assets---------this is right in line with what the left of the Democrat Party and Obama wanted when he was in Chicago.

I would love to see an ad for the election with Obama the king of Freddie, Sallie and Fannie sitting on top of the disaster he and his Dem cronies of years created.

mj

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