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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (107670)	9/21/2014 10:14:46 AM
From: Elroy Jetson	3 Recommendations Recommended By Gemlaoshi KyrosL marcher Read Replies (2) \| Respond to of 219718

You're absolutely correct the Fed is responsible for enforcing "Prudent Lending Standards", and this "inattention" came from Alan Greenspan a very partisan Republican who was sold on "the free market", doing its thing unregulated. Of course when the banking system collapsed, Greenspan professed his great shock that bank CEOs would make oversee the creation of risk and the making of loans which would destroy their own shareholders. In fact, Greenspan and Bush refused to implement Basel II banking capital requirements, which had been developed primarily by the FED. During that time GWB had appointed Chris Cox as head of the SEC, a man who believed the SEC should not regulate anything, especially mortgage-backed bonds. When GWB's Treasury Secretary, a very decent man former CEO of Alcoa Paul O'Neill refused to go along with GWB's insane "ownership society" real estate bubble, he was fired and replaced with John Snow - a weasel who then left government to run a hedge fund Cerberus (named after the three-headed dog from Hell) which took advantage of the melt-down of the U.S. economy. Of course Snow was replaced by Goldman Sachs CEO Hank Paulson who Bush used to pick winners and losers in the banking sector. A President can systematically sabotage all government regulators, by appointing saboteurs as the head of each agency. Personally I think Cheney panicked and thought doing all of this crap would "keep America strong" while under attack from terrorists. In spite of their intentions, all Cheney and Bush did was destroy the U.S. economy to a degree that Osama bin Ladin could only have dreamed about, leaving us in a second Great Depression. Let's not forget the enabling legislation for much of this catastrophe, the repeal of the Glass-Steagal Act by Sen. Phil Gramm and that toad Larry Summers who was Treasury Secretary for a year after Bob Rubin quit. After Clinton signed this legislation in his last year in office, Ala Greenspan opined that Bill Clinton was the best Republican President he had seen up to that date. On a related note, watching Henry Kissinger on Charlie Rose, saying he never would have supported the war in Iraq if he had know of the long-standing rivalry between Shias and Sunni Muslims???!!! For a man who has passed himself off as an expert in foreign affairs, I was shocked he's admit to being so totally ignorant. Is he senile? Why embarrass himself by claiming to be that wholly ignorant? When he supported arming Saddam Hussein against Iran during their long war he certainly knew of the fight between Shia's and Sunni's then - then When GWB was President Kissinger lost all of his knowledge of the region. A lot of people made really stupid choices after 9/11, and we and others around the world are the ones paying for it. We now have a President whose election was bankrolled by Wall Street investment banks and the banking industry, so that clearly makes him a socialist to the naive and uninformed. What we need is an actual Democrat as President - someone like Sen. Elizabeth Warren who actually support regulating the banking system. Instead we'll probably get someone like Hillary Clinton whose political beliefs are slightly to the right of Richard Nixon.