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Originally posted by neo96
The cause of the financial crisis was because of Clinton's end of Glass-Stegall. and government manipulation of mortgage derivatives, by fanny and freddy, while congressman where clearly aware of the situation said nothing to see here folks.
Oh my bad, them evil banksters !
Off with their stock options.
"I walk into Brooksley's office one day; the blood has drained from her face," says Michael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me: 'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."... [He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"
Originally posted by neo96
reply to post by jacobe001
It is not the 'US citizens' money it is the US government's money, the FEDERAL RESERVES's money,
Sick and tired of arguing over this nonsense.
Originally posted by gladtobehere
reply to post by FortAnthem
Actually deregulation isnt the problem.
As a matter of fact, BIG business loves rules and regulations. It ensures that the smaller penniless start ups have a much smaller chance of competing since they dont have the $ or the structure to comply with the seemingly never ending laws.
The real problem is crony capitalism. Not the free market.
See, we dont have a free market in the US, nor anywhere else. We have crony capitalism or a an elite form of socialism/welfare.
If a BIG business fails, ESPECIALLY a bank, government will come running to their rescue at the expense of the tax payer or in the case of the "Federal Reserve's" bail outs, at the expense of our dollar's value.
In order to truly end the "problem", we need a real free market system, where these mega corporations, just like every other business, would be allowed to fail.
Once it was known that government would not bail them out, they would IMMEDIATELY stop any unnecessary risks/gambling.
edit on 23-8-2013 by gladtobehere because: (no reason given)