Tuesday, December 9, 2008
Peter Shiff Interview, 2 years ago...
Everything Peter Shiff said was right. And here we are. Bailing out banks to the tune of more money than was spent on the Marshall Plan, Korean War, the Viet Nam War, Iraq War- if that can be believed- and a half dozen more programs since the beginning of the nation. HERE'S a little link to THAT particular pie chart. Bon Apetite!
Fox News and it's brainwashing should be condemned. They should be made to say they are sorry. They really, REALLY should be made to say they are sorry. Then they all have to wash dishes at McDonald's for a living until they are 85 years old.
Thank you to R for these links. Way to go Baby!
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He was sure right about the economy, but I don't see that McCain would have been better than Obama.
ReplyDeleteWell, I believe that all or most of this took place back in 2006 and probably that's why Shiff would pick McCain.
ReplyDeleteThere were other choices, still, and McCain didn't show himself to be the jerk that he became until after then. He, McCain, was something like 180 degrees from where he ended up, fiscally speaking.
Yes, I think perhaps Ron Paul would be more to Shiff's liking.
ReplyDeleteHi Zippy,
ReplyDeleteHow are you. Sorry I haven't been blogging, but have had family concerns this year. I wondered what to do with the ufo blog -close it, or restart it?
Seasons Greetings
Joanm
Yes, Pogo, Ron Paul is a strict constructionist sort of guy. A lot of the Reps are, and look at the mess they have made. Adam Smith and even Keynes believed that capital had to be watched and not allowed to run rough over economies of nations. Perhaps they will have learned their lessons, but I doubt it. The first in make a lot of dough, and then the non players pay with their very existence. i.e., hanging on a thread trying to feed themselves and their families, and being blamed for having children to support on such slim means. "Couldn't they see it all coming?" That sort of rot.
ReplyDeleteJoanM. Hi hi!! I was reading your last post on the UFOAnonymous, and wondered how you were doing. That was a lot of stuff to deal with. I hope you are recovering your Peace, and have found a gentle place to rest up in, mentally and emotionally.
I still love that group, and read the other blogger's posts on their blog sometimes.
I vote to keep it going if enough of the others feel the same. It helped me out of a hole with a couple of items. I'm just not doing much knitting. Trying to organize and to sew a bit. I'll wait to see what you all decide.
Take care of yourself, and recuperate. Hugs!
You migth want to look up the repeal of Glass-Stiege nd see that it was Presdient Clinton that made it illegal to ask about income when loaning money. It also forced banks to finance homes in previously unloanable neighborhoods. 0% down with no verifiable income is what liberals have given America's economy. I don't expect people who think like you to understand what happened but just know that you have made the possibly worst choice for American come Jan 20th. Retirees will have both their 401K's seized by Congress and appoved by Pres. O, Social security will have to be cut and thy are also talking about a national land tax that will bacially force the retired out of their homes. Yep reward the Dems who took office in 2006 and within 2 years wrecked the economy.
ReplyDeleteI'm publishing your comment but you neither spell it right, nor are you right about it being Bill Clinton who did it because of this:
ReplyDeleteStiegel History: Repeal of the Glass-Steagall Act
According to PBS Frontline, it took decades to repeal the Glass Stiegel Act. The Glass Steagall Act was finally repealed in 1999 after what Frontline calls "12 attempts in 25 years," with "Congress finally repeal[ing] Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic" (source)." from here
http://nothingcontroversial.com/forum/showthread.php?t=7117
It's a good read and I recommend that you take advantage of it.
I find that I don't care anymore to take broadsides from an unnamed person so unless you put a name to it, and stop dissing Obama and Liberals, neither of which had anything to do with this relentless barrage, outside of Clinton signing what was probably a Stealth legislation, I don't know, I am just returning this in kind, I won't be honoring your comments with acceptance.
I believe you to be a very intelligent and concerned person, and we can just differ on what is the cause of this. I see it as a criminality that dates back to Nixon and Reagan, and the GREED the both engendered in financial markets and in private lives.
I am a Quaker who REALLY believes that you shouldn't kill, lie, steal, or harm in any way, the life of common folk who are doing their best to just be good citizens, and to run their affairs close to the letter and the spirit of the Law.
Thank you, but please sign next time.
Be sure to read BOTH page one and two.. This is especially enlightening and you can check out all that happened as to veracity.
ReplyDelete"In December 1996, with the support of Chairman Alan Greenspan, the Federal Reserve Board issues a precedent-shattering decision permitting bank holding companies to own investment bank affiliates with up to 25 percent of their business in securities underwriting (up from 10 percent).
This expansion of the loophole created by the Fed's 1987 reinterpretation of Section 20 of Glass-Steagall effectively renders Glass-Steagall obsolete. Virtually any bank holding company wanting to engage in securities business would be able to stay under the 25 percent limit on revenue. However, the law remains on the books, and along with the Bank Holding Company Act, does impose other restrictions on banks, such as prohibiting them from owning insurance-underwriting companies.
In August 1997, the Fed eliminates many restrictions imposed on "Section 20 subsidiaries" by the 1987 and 1989 orders. The Board states that the risks of underwriting had proven to be "manageable," and says banks would have the right to acquire securities firms outright.
In 1997, Bankers Trust (now owned by Deutsche Bank) buys the investment bank Alex. Brown & Co., becoming the first U.S. bank to acquire a securities firm."
This is from the same site mentioned above.