Quote:
Originally Posted by skoro
From the article:
These guys aren't number-crunching whizzes making smart investments; what they do is find suckers in some municipal-finance department, corner them in complex lose-lose deals and flay them alive. In a complete subversion of free-market principles, they take no risk, score deals based on political influence rather than competition, keep consumers in the dark — and walk away with big money. "It's not high finance," says Taylor, the former bond regulator. "It's low finance." And even if the regulators manage to catch up with them billions of dollars later, the banks just pay a small fine and move on to the next scam. This isn't capitalism. It's nomadic thievery.
Exactly who deregulated Wall St?
Gramm–Leach–Bliley Act - Wikipedia, the free encyclopedia
That's right...
Former Senator Phil Gramm, from right here in Texas. Former chairman of the Senate Banking And Finance Committee. The same guy who in July 2008 said that "This talk of recession is all just in the people's heads. We've become a nation of whiners." 
And so many Fox afficianados blame Barney Frank for the financial crisis.  |
Some of us can read and actually see the facts for what they are/were. Some of us just spin, spin, spin.
On November 4th, the final bill resolving the differences was passed by the
Senate 90-8,and by the
House 362-57.This legislation was signed into law by
Democratic President Bill Clinton on November 12, 1999.
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