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Doobie Keebler[_2_]
March 14th 09, 01:32 AM
From the Wall Street Watch Project:
http://wallstree****ch.org/soldoutreport.htm

For Release:
Weds., March 4, 2009

12 Key Policy Decisions Led to Cataclysm

1. Repeal of the Glass-Steagall Act and the Rise of the Culture of
Recklessness

2. Hiding Liabilities: Off-Balance Sheet Accounting

3. The Executive Branch Rejects Financial Derivative Regulation

4. Congress Blocks Financial Derivative Regulation

5. The SECís Voluntary Regulation Regime for Investment Banks

6. Bank Self-Regulation Goes Global: Preparing to Repeat the
Meltdown?

7. Failure to Prevent Predatory Lending

8. Federal Preemption of State Consumer Protection Laws

9. Escaping Accountability: Assignee Liability

10. Fannie and Freddie Enter the Subprime Market

11. Merger Mania

12. Rampant Conflicts of Interest: Credit Ratings Firmsí Failure

.. . . "The financial sector invested more than $5 billion in political
influence purchasing in Washington over the past decade, with as many
as 3,000 lobbyists winning deregulation and other policy decisions
that led directly to the current financial collapse, according to a
231-page report issued today by Essential Information and the Consumer
Education Foundation."

Read their report for more details.

http://wallstree****ch.org/reports/executive_summary.pdf


ping to John Galt:

.. . ."The betrayal was bipartisan: about 55 percent of the political
donations went to Republicans and 45 percent to Democrats, primarily
reflecting the balance of power over the decade. Democrats took just
more than half of the financial sector's 2008 election cycle
contributions."

You were right, John, and I was wrong.

There were plenty of crooks on both sides of the aisle.

Now, lets hang all of 'em!


..-=d00b
..

John Galt[_2_]
March 14th 09, 02:11 AM
Doobie Keebler wrote:
> From the Wall Street Watch Project:
> http://wallstree****ch.org/soldoutreport.htm
>
> For Release:
> Weds., March 4, 2009
>
> 12 Key Policy Decisions Led to Cataclysm
>
> 1. Repeal of the Glass-Steagall Act and the Rise of the Culture of
> Recklessness
>
> 2. Hiding Liabilities: Off-Balance Sheet Accounting
>
> 3. The Executive Branch Rejects Financial Derivative Regulation
>
> 4. Congress Blocks Financial Derivative Regulation
>
> 5. The SECís Voluntary Regulation Regime for Investment Banks
>
> 6. Bank Self-Regulation Goes Global: Preparing to Repeat the
> Meltdown?
>
> 7. Failure to Prevent Predatory Lending
>
> 8. Federal Preemption of State Consumer Protection Laws
>
> 9. Escaping Accountability: Assignee Liability
>
> 10. Fannie and Freddie Enter the Subprime Market
>
> 11. Merger Mania
>
> 12. Rampant Conflicts of Interest: Credit Ratings Firmsí Failure
>
> . . . "The financial sector invested more than $5 billion in political
> influence purchasing in Washington over the past decade, with as many
> as 3,000 lobbyists winning deregulation and other policy decisions
> that led directly to the current financial collapse, according to a
> 231-page report issued today by Essential Information and the Consumer
> Education Foundation."
>
> Read their report for more details.
>
> http://wallstree****ch.org/reports/executive_summary.pdf
>
>
> ping to John Galt:
>
> . . ."The betrayal was bipartisan: about 55 percent of the political
> donations went to Republicans and 45 percent to Democrats, primarily
> reflecting the balance of power over the decade. Democrats took just
> more than half of the financial sector's 2008 election cycle
> contributions."
>
> You were right, John, and I was wrong.
>
> There were plenty of crooks on both sides of the aisle.
>
> Now, lets hang all of 'em!

Let's do. This friggin thing has probably cost me 3 years more work
before retirement.

JG

Doobie Keebler[_2_]
March 14th 09, 03:22 PM
On Mar 13, 9:11*pm, John Galt > wrote:

> Let's do.

Problem.

It seems that 5 billion dollar investment in political influence
continues to pay dividends.

Considering the power and influence they wield, how would you ever get
the noose around those necks?

(Which is merely a rhetorical question, in case any spooks are
monitoring)

ahem.
..

John Galt[_2_]
March 14th 09, 04:26 PM
Doobie Keebler wrote:
> On Mar 13, 9:11 pm, John Galt > wrote:
>
>> Let's do.
>
> Problem.
>
> It seems that 5 billion dollar investment in political influence
> continues to pay dividends.

It's more complex than just that, actually.
>
> Considering the power and influence they wield, how would you ever get
> the noose around those necks?

My take? Can't. You can only move yourself and your assets elsewhere,
and wait for the entire mess to reach the point where the consensus of
the citizens is that an entirely new and radical path is required. A
seminal event will occur (anyone's guess as to which hits first -- could
have been this one, but the two administrations figured out how to kick
the can down the road, with the help of the Chinese), but you can select
from a China that stops lending, hyperinflation, a debasing of the
currency, or the fiscal effects of the entitlement imbalances. No telling.

The politicians know, mathematically, that the path they are on is
unsustainable. They have to. They're just hoping that the seminal event
happens on somebody else's watch.

JG

>
> (Which is merely a rhetorical question, in case any spooks are
> monitoring)
>
> ahem.