Inflation, buy gold?

C

Canceled2

Banned
The price of protection
By The Mogambo Guru

Total Fed Credit, otherwise known as Federal Reserve Credit, ballooned by a huge US$76.9 billion last week, taking the Fed's total "help" to the scumbag banks to a nice, cool $1.9 trillion, of which a whopping $56 billion gob of the money created last week by the Fed was used by the Fed itself to buy Treasury securities for itself! Hahaha! What a scam!
 
I wonder what could have kept those "scumbag banks" from doing this to us?

Regulations like Glass Steagal which the corporations lobbied to remove and your team marched in lock step to remove.
 
Actually inflation would be much more a threat had they started new banks that would lend to us. This was all about keeping new england billionaires from becoming mearly millionairs.
 
evince said:
I wonder what could have kept those "scumbag banks" from doing this to us?

Regulations like Glass Steagal which the corporations lobbied to remove and your team marched in lock step to remove.
Click to expand...

Glass Steagal, which was repealed under Clinton, was replaced with the Gramm-Leach-Bliley Act. At the time, much of the GS regulatory strings prevented investment growth neccesary to keep up with other government regulations, such as lending to riskier borrowers in less than desirable areas. The problem was not the repeal of GS, or the institution of GLB, simply put it was not enough oversight by the government.

But leave it to you and your vitriolic broad brush intelligence to make it a partisan issue.
 
Ice Dancer said:
Glass Steagal, which was repealed under Clinton, was replaced with the Gramm-Leach-Bliley Act. At the time, much of the GS regulatory strings prevented investment growth neccesary to keep up with other government regulations, such as lending to riskier borrowers in less than desirable areas. The problem was not the repeal of GS, or the institution of GLB, simply put it was not enough oversight by the government.

But leave it to you and your vitriolic broad brush intelligence to make it a partisan issue.
Click to expand...

GLB act 1999 repealed the last vestages of the Glass Stegal act.

It torn down the barriers that kept the industry from consolidating for just the reasons that we see now before us.

Yes Clinton signed it but the fact still remains that Deregulation and tax cuts have been the republicans core issues for decades now and the Corproate class has been in bed with the republicans to get it passed for years before Phil Gramm and the republican congress first championed the ideas.

To say it replaced the law is just bullshit.
 
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act


The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process [1]. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry
 
evince said:
GLB act 1999 repealed the last vestages of the Glass Stegal act.

It torn down the barriers that kept the industry from consolidating for just the reasons that we see now before us.

Yes Clinton signed it but the fact still remains that Deregulation and tax cuts have been the republicans core issues for decades now and the Corproate class has been in bed with the republicans to get it passed for years before Phil Gramm and the republican congress first championed the ideas.

To say it replaced the law is just bullshit.
Click to expand...

You still haven't explained once how tax cuts caused any of these problems.
 
Ice Dancer said:
Regulation is an absolute neccesity. What makes regulatory legislation bad is knee-jerk politicians who make "bad" regulations.
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Sarbenes-Oxley as one example. Yet now even realizing they went to far those in Congress still won't go back and make the needed changes.
 
evince said:
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act


The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process [1]. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry
Click to expand...

Yes, this allowed banks to merge services. This did not cause the financial melt down in and of itself. What caused the melt down was a combination of over regulated requirements i.e. providing loans that historically banks would not touch, and a failure of governemnt entities responsoble for oversight to do their job. Several republicans at the behest of Bush, attempted to bring this problem to light. These attempts were shot down in committee by those in charge; Dodd, Franks, and Waters.
 
LOL

Okay, so the recession is because of OVER regulation. Banks just had their arms twisted into offering subprime loans.

Brilliant!
 
cawacko said:
Sarbenes-Oxley as one example. Yet now even realizing they went to far those in Congress still won't go back and make the needed changes.
Click to expand...

If you note, even GS was not completely repealed i.e. only those regulatory constrictions that made doing business slow and difficult. We had been operating as interstate and global trade dinasaurs while services of international banks were streamlining their services.

Making bad law seems all the rage these days.
 
what a tool, banks where selling piles of shit wrapped in a bow.
Ignoring that fraud is ignorant at best.
 
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