COMMENTS: 56
$5 Billion in Lobbying for 12 Corrupt Deals Caused the Multi-Trillion Dollar Financial Meltdown
Sign up to stay up to date on the latest Economy headlines via email.
What can $5 billion buy in Washington?
Quite a lot.
Over the 1998-2008 period, the financial sector spent more than $5 billion on U.S. federal campaign contributions and lobbying expenditures.
This extraordinary investment paid off fabulously. Congress and executive agencies rolled back long-standing regulatory restraints, refused to impose new regulations on rapidly evolving and mushrooming areas of finance, and shunned calls to enforce rules still in place.
"Sold Out: How Wall Street and Washington Betrayed America," a report released by Essential Information and the Consumer Education Foundation (and which I co-authored), details a dozen crucial deregulatory moves over the last decade -- each a direct response to heavy lobbying from Wall Street and the broader financial sector, as the report details. (The report is available at: www.wallstreetwatch.org/
Here are 12 deregulatory steps to financial meltdown:
1. The repeal of Glass-Steagall
The Financial Services Modernization Act of 1999 formally repealed the Glass-Steagall Act of 1933 and related rules, which prohibited banks from offering investment, commercial banking, and insurance services. In 1998, Citibank and Travelers Group merged on the expectation that Glass-Steagall would be repealed. Then they set out, successfully, to make it so. The subsequent result was the infusion of the investment bank speculative culture into the world of commercial banking. The 1999 repeal of Glass-Steagall helped create the conditions in which banks invested monies from checking and savings accounts into creative financial instruments such as mortgage-backed securities and credit default swaps, investment gambles that led many of the banks to ruin and rocked the financial markets in 2008.
2. Off-the-books accounting for banks
Holding assets off the balance sheet generally allows companies to avoid disclosing “toxic” or money-losing assets to investors in order to make the company appear more valuable than it is. Accounting rules -- lobbied for by big banks -- permitted the accounting fictions that continue to obscure banks' actual condition.
3. CFTC blocked from regulating derivatives
Financial derivatives are unregulated. By all accounts this has been a disaster, as Warren Buffett's warning that they represent "weapons of mass financial destruction" has proven prescient -- they have amplified the financial crisis far beyond the unavoidable troubles connected to the popping of the housing bubble. During the Clinton administration, the Commodity Futures Trading Commission (CFTC) sought to exert regulatory control over financial derivatives, but the agency was quashed by opposition from Robert Rubin and Fed Chair Alan Greenspan.
4. Formal financial derivative deregulation: the Commodities Futures Modernization Act
The deregulation -- or non-regulation -- of financial derivatives was sealed in 2000, with the Commodities Futures Modernization Act. Its passage orchestrated by the industry-friendly Senator Phil Gramm, the Act prohibits the CFTC from regulating financial derivatives.
5. SEC removes capital limits on investment banks and the voluntary regulation regime
In 1975, the Securities and Exchange Commission (SEC) promulgated a rule requiring investment banks to maintain a debt to-net capital ratio of less than 15 to 1. In simpler terms, this limited the amount of borrowed money the investment banks could use. In 2004, however, the SEC succumbed to a push from the big investment banks -- led by Goldman Sachs, and its then-chair, Henry Paulson -- and authorized investment banks to develop net capital requirements based on their own risk assessment models. With this new freedom, investment banks pushed ratios to as high as 40 to 1. This super-leverage not only made the investment banks more vulnerable when the housing bubble popped, it enabled the banks to create a more tangled mess of derivative investments -- so that their individual failures, or the potential of failure, became systemic crises.
6. Basel II weakening of capital reserve requirements for banks
Rules adopted by global bank regulators -- known as Basel II, and heavily influenced by the banks themselves -- would let commercial banks rely on their own internal risk-assessment models (exactly the same approach as the SEC took for investment banks). Luckily, technical challenges and intra-industry disputes about Basel II have delayed implementation -- hopefully permanently -- of the regulatory scheme.
7. No predatory lending enforcement
Even in a deregulated environment, the banking regulators retained authority to crack down on predatory lending abuses. Such enforcement activity would have protected homeowners, and lessened though not prevented the current financial crisis. But the regulators sat on their hands. The Federal Reserve took three formal actions against subprime lenders from 2002 to 2007. The Office of Comptroller of the Currency, which has authority over almost 1,800 banks, took three consumer-protection enforcement actions from 2004 to 2006.
8. Federal preemption of state enforcement against predatory lending
When the states sought to fill the vacuum created by federal non-enforcement of consumer protection laws against predatory lenders, the Feds -- responding to commercial bank petitions -- jumped to attention to stop them. The Office of the Comptroller of the Currency and the Office of Thrift Supervision each prohibited states from enforcing consumer protection rules against nationally chartered banks.
9. Blocking the courthouse doors: Assignee Liability Escape
Under the doctrine of “assignee liability,” anyone profiting from predatory lending practices should be held financially accountable, including Wall Street investors who bought bundles of mortgages (even if the investors had no role in abuses committed by mortgage originators). With some limited exceptions, however, assignee liability does not apply to mortgage loans, however. Representative Bob Ney -- a great friend of financial interests, and who subsequently went to prison in connection with the Abramoff scandal -- worked hard, and successfully, to ensure this effective immunity was maintained.
10. Fannie and Freddie enter subprime
At the peak of the housing boom, Fannie Mae and Freddie Mac were dominant purchasers in the subprime secondary market. The Government-Sponsored Enterprises were followers, not leaders, but they did end up taking on substantial subprime assets -- at least $57 billion. The purchase of subprime assets was a break from prior practice, justified by theories of expanded access to homeownership for low-income families and rationalized by mathematical models allegedly able to identify and assess risk to newer levels of precision. In fact, the motivation was the for-profit nature of the institutions and their particular executive incentive schemes. Massive lobbying -- including especially but not only of Democratic friends of the institutions -- enabled them to divert from their traditional exclusive focus on prime loans.
Fannie and Freddie are not responsible for the financial crisis. They are responsible for their own demise, and the resultant massive taxpayer liability.
11. Merger mania
The effective abandonment of antitrust and related regulatory principles over the last two decades has enabled a remarkable concentration in the banking sector, even in advance of recent moves to combine firms as a means to preserve the functioning of the financial system. The megabanks achieved too-big-to-fail status. While this should have meant they be treated as public utilities requiring heightened regulation and risk control, other deregulatory maneuvers (including repeal of Glass-Steagall) enabled them to combine size, explicit and implicit federal guarantees, and reckless high-risk investments.
12. Credit rating agency failure
With Wall Street packaging mortgage loans into pools of securitized assets and then slicing them into tranches, the resultant financial instruments were attractive to many buyers because they promised high returns. But pension funds and other investors could only enter the game if the securities were highly rated.
The credit rating agencies enabled these investors to enter the game, by attaching high ratings to securities that actually were high risk -- as subsequent events have revealed. The credit rating agencies have a bias to offering favorable ratings to new instruments because of their complex relationships with issuers, and their desire to maintain and obtain other business dealings with issuers.
This institutional failure and conflict of interest might and should have been forestalled by the SEC, but the Credit Rating Agencies Reform Act of 2006 gave the SEC insufficient oversight authority. In fact, the SEC must give an approval rating to credit ratings agencies if they are adhering to their own standards -- even if the SEC knows those standards to be flawed.
From a financial regulatory standpoint, what should be done going forward? The first step is certainly to undo what Wall Street has wrought. More in future columns on an affirmative agenda to restrain the financial sector.
None of this will be easy, however. Wall Street may be disgraced, but it is not prostrate. Financial sector lobbyists continue to roam the halls of Congress, former Wall Street executives have high positions in the Obama administration, and financial sector propagandists continue to warn of the dangers of interfering with "financial innovation."
Stay up to date with the latest Economy headlines via email
Comments are closed-
Posted by: 2thepoint on Mar 9, 2009 3:52 AM
Current rating: 4 [1 = poor; 5 = excellent]
Lobbying results shouldn't surprise anyone though. Wall street for example were by far the largest contributors to Obama's camaign and I'm sure the same could be said for Bush's presidency.
Politics doesn't matter - they know money talks
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Where to stash the cash
Posted by: ReallyBearish
» RE: Where to stash the cash
Posted by: 2thepoint
» RE: Where to stash the cash//Oh the Federal Reserve, Bank of England, Switzerland and the Cayman's
Posted by: RR#1
Comments are closed-
Posted by: notabilia on Mar 9, 2009 4:16 AM
Current rating: 4 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: kafka, f on Mar 9, 2009 4:26 AM
Current rating: 4 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: kafka, spacing is provided free on this site--it's unhelpful to take too much
Posted by: Ghales
» RE: Thoreau
Posted by: 2thepoint
Comments are closed-
Posted by: adp3d on Mar 9, 2009 4:28 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: predatory lending...
Posted by: Sister_Lauren
Comments are closed-
Posted by: luther6 on Mar 9, 2009 5:02 AM
Current rating: 4 [1 = poor; 5 = excellent]
Be warned.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: If Savings and Loan was the rehearsal, ENRON was the first act
Posted by: Sister_Lauren
Comments are closed-
Posted by: ellie on Mar 9, 2009 5:49 AM
Current rating: 5 [1 = poor; 5 = excellent]
more fluffy ads from the big bank morons to USE credit more carefully as if they aren't the problem in the first place...
almost every media product from soap operas to national news is talking about shifting downward on the mobility scale as a good thing... as was said a long time ago; under capitalism, everything can be commodified...
hospitals here are charging for meals for patients to the tune of $7.00 each meal if you want it or not... cutesy signs and patrolling nurses taking away brought in food if they don't think it's 'proper' nutritionally...
contraction of product lines in the grocery store... advertising and promotions going nuts on 'healthy' but filling cheap carb food products... you know why hamburger helper was invented and when don't you???
financials are bringing their expectations directly to us instead of going to lobbying in the capitol building, they are doing an end run around the house and senate to get us to do their bidding now... american people work cheap when gullible...
just a few observations over the past few days... are we being programmed to accept less so we are more 'appreciative' of the scraps our meager $$ bring???
waiting for the next shoe to drop...
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: look around and what do you see...
Posted by: TheLimit
Comments are closed-
Posted by: weathered on Mar 9, 2009 6:10 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» Exactly!
Posted by: badkitty68
» RE:And they bemoan the death of newspapers
Posted by: marid
» RE: didn't just turn away from these truths they choreographed the lies behind it.
Posted by: Sister_Lauren
Comments are closed-
Posted by: Purple Girl on Mar 9, 2009 7:28 AM
Current rating: 4 [1 = poor; 5 = excellent]
McCain's "Generational Theft" is already a done Deal. It's been happening since the Repugs Introduced their modernized version of a Feudalistic caste system in the '80's- 'Trickle Down'- the beloved economic Strategy of Kings and dictators.But to assure they cleaned out the entire Vault- they began tearing down all the Relguatory barriers in their way. King Georges 'Mission Accomplished' was more appropriate regarding the economic demise of the US.If they couldn't slip money out the back door through Deregulations- they'd come up with a cover story to shovel out the front (Afghanistan & Iraq).Obviously as indicated those 'safe' Retirement funds (pensions, annuities and 401K) are most likely not worth the paper their written on.And they further began to pick your pockets by blowing smoke up your ass about DIY investing. E-Trade et al were just another way to assure they got every last cent out of you. "Ya come On in, You can swim with the Sharks!". Now while their telling these small timers to be patient and wait it out- their Jumping out.Cliaming all the while it's the New Admin Policies driving down the market- Bullshit!The Con they played (and continue to play) is that the Stock market has any bearing on the REAL economy.theres one of two reasons to avoid Brokers- they are either Too fucking stupid to understand anything about investing or, more likely, They are intentionally trying to destroy the American Economy.Remember Corps Love 3rd world Labor costs.So if they drive down the economy, increase unemployement, Americans will stop demanding fair wages and bennies.Hell if we get desparate enough for a job, we won't care any longer about safety issues. Music to their Ears!And if they Succeed in toppling the American Workers, the rest of the World will fianlly quite down...Profits Profits profits!
Multinational Corps have not only conquered the US, but the entire World (Humanity) without ever firing a shot."Welcome to the Machine". We have become nothing more than a Cheap commodity required to fuel Wealth for the upper echelon. When the market Sharks want to drive down the cost of a resource- they flood the market.Hasn't it been obvious with Repugs mantra about 'labor costs' Killing Business. Even though the Wages of Labor are exactly what makes the market go around. Humanity had Commerce and trade long before Specualtors and Middle men. These are now the ones who control the natural exchange between producers and consumers- siphoning off the profits from the exchange.They produce nothing, they buy & sell only paper & Promises.
Its time to relegate the Gamblers to products that have no bearing on Humans ability to survive & Thrive. Leave them to bet on Revolon mascara and IPhone sales.Remove all essential resources (Food, energy) and all means of assuring security (Finances, Military & healthcare)from the Casino!This is not socialism- it's the Responsiblities of a Governing Body to it's citizens- "We the People".Fuck Walmart Street,take away the toys they use to control humans and their welfare.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Maxemum on Mar 9, 2009 7:32 AM
Current rating: 5 [1 = poor; 5 = excellent]
Wake up America! Turn off ABCNNBCBS and Fix News.
infowars.com
whatreallyhappened.com
http://snardfarker.ning.com/page/radio-3
http://www.americansworking.com/index.html
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: undead on Mar 9, 2009 7:53 AM
Current rating: 3 [1 = poor; 5 = excellent]
Plus, Nancy Pelosi and Senate Banking Chairman Dodd have both received millions, too.
So there will be no change coming until you, the idiot voter, get rid of these shills.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» I'll go along with the comment on Dodd
Posted by: ReallyBearish
Comments are closed-
Posted by: GuitarBill on Mar 9, 2009 8:06 AM
Current rating: Not yet rated [1 = poor; 5 = excellent]
If you click on his "Privacy Center" hyperlink, the server the link points to will install a keylogger on your computer, which is used to steal your credit card number, SSN, etc.
Please, report the comment to Alternet's staff.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Don't click on that link (IDENTITY THEFT!)
Posted by: buzzsaw
» RE: Don't click on that link (IDENTITY THEFT!)
Posted by: GuitarBill
Comments are closed-
Posted by: GuitarBill on Mar 9, 2009 9:12 AM
Current rating: Not yet rated [1 = poor; 5 = excellent]
Notice that Mr. "Privacy Center" made this post on 9 March 2009 at 7:54 AM. The next post he makes is to this thread on 9 March 2009 at 7:52 AM.
That's TWO [2] minutes between posts.
Now, unless Mr. "Privacy Center" is a speed reader, which I doubt, there's no way he read the content of the two articles in under two minutes.
Mr. "Privacy Center"'s goal is to post his malicious hyperlink where it will receive maximum exposure. (Notice he NEVER replies to anyone's comment, because that would not provide maximum exposure for his malicious hyperlink to his deceptively named "Privacy Center").
He's a cyber criminal, it's that simple.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Would you like proof that Mr. "Privacy Center" doesn't read Alternet's content?
Posted by: Sister_Lauren
» An angry Republican with his panties in a twist, perhaps?
Posted by: GuitarBill
» RE: Would you like proof that Mr. "Privacy Center" doesn't read Alternet's content?
Posted by: Crazy H
Comments are closed-
Posted by: monkeywrench on Mar 9, 2009 8:21 AM
Current rating: 5 [1 = poor; 5 = excellent]
When this much money is turned over to senators and representatives (now, there's a word that's an oxymoron), it should be obvious to everyone that something is expected in return, and financial institutions got it. So let's stop this stupid fiction that this money was for "campaign contributions." There is a much more descriptive word for what this is, a word that has only five letters and starts with a "b." I don't think it will be a challenge for anyone to guess what it is – and here's another hint: people go to jail for accepting it – or damned well should. About half of congress.
Stories like this make me wish at times that we still use the Guillotine.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: bribery
Posted by: Sister_Lauren
Comments are closed-
Posted by: jimswanson on Mar 9, 2009 8:32 AM
Current rating: 5 [1 = poor; 5 = excellent]
"The Bush League of Nations"
www.bushleagueofnations.com [for FREE download of entire $25.95 book]
Mr. Weissman, keep battling from the trenches. Thanks for your analysis of the Dirty Dozen Deals.
From Reagan’s presidency through that of Bush II, the GOP and the Republican wing of the Democratic Party used government power to create the Second Gilded Age in America, at the expense of common men and women.
Give trillions of dollars to the Super Rich and Big Business. Run up multiple enormous unsustainable deficits and debts.
Bankrupt America both morally and financially. Launch the GOP Great Depression II.
Deregulate, deregulate, deregulate.
Gut enforcement.
Screw generations of the unborn by making them pay for everything. Take the money and run.
James A. Swanson, Los Altos, CA
[Activist, author, entrepreneur, senior executive, Peace Corps volunteer, MIT graduate, Stanford JD/MBA.]
“The Bush League of Nations” [for FREE download of entire $25.95 book]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Welcome to the GOP Great Depression II
Posted by: weathered
Comments are closed-
Posted by: Spiritgirl on Mar 9, 2009 9:20 AM
Current rating: 5 [1 = poor; 5 = excellent]
Maybe if we have term limits for Congress - it just might ensure that: (1)no one Congressperson begins to feel above the law, (2)they will actually "work" for the people that they represent, (3)make sure that they cannot jump from Congress to Lobbying ever! It is high time for accountability to come back! Also, for the blogger that didn't understand, there are 2 sets of books the banks/financial industry keeps - one "real" one, and one for the IRS (so that they can "pay less" in taxes)!
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: ules and regulations.............
Posted by: GregH
Comments are closed-
Posted by: Gregory Kruse on Mar 9, 2009 9:54 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: The bankers went up the mountain and got their money out.
Posted by: Sister_Lauren
Comments are closed-
Posted by: Archie1954 on Mar 9, 2009 12:25 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: archivist on Mar 9, 2009 12:27 PM
Current rating: 4 [1 = poor; 5 = excellent]
They have too many corp sponsors and rely on money from the government as well.
I have no way of receiving the "new" digital broadcast and really don't care. I'm happy reading at night and besides the internet has replaced my TV anyway. Not in the passive sense, now I participate and I'm actually learning new things.
By the way, everyone's favorite president, Bill Clinton, signed the repeal of Glass-Steagall as the author danced around this fact. Not that I look to any party but if you study banking and finacial lobbying you will find way more democrats than republicans.
A few Books:
Other People's Money
by Nomi Prins
Who Will Tell The People
by William Grieder
Betrayal
by Bill Gertz
(Slanted to the right but good info)
Seeds of Fire
by Gordon Thomas
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: WYGunston on Mar 9, 2009 2:37 PM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: pursah on Mar 9, 2009 2:48 PM
Current rating: 5 [1 = poor; 5 = excellent]
This is what you have when you have deregulation. In all the sectors that have been deregulated since 1980, a few at the very top got incedibly rich, and everybody else got screwed. Now the whole country is screwed.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: pursah on Mar 9, 2009 2:48 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
This is what you have when you have deregulation. In all the sectors that have been deregulated since 1980, a few at the very top got incedibly rich, and everybody else got screwed. Now the whole country is screwed.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: TheLimit on Mar 9, 2009 3:03 PM
Current rating: 5 [1 = poor; 5 = excellent]
It might have seemed like a good idea back in the beginng, and maybe it was then. But it's devolved into a kind of politician auction, where only big money matters.
A lousy way to run a country.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Old Uncle Dave on Mar 9, 2009 3:07 PM
Current rating: 5 [1 = poor; 5 = excellent]
I'd also toss in ending corporate personhood to make the executives and board members personally liable for the damage they do.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: tchii on Mar 9, 2009 3:39 PM
Current rating: 5 [1 = poor; 5 = excellent]
The only lobbies that can exist are lobbies created by the people and they must all be non-profit. We need to ensure that it is the people running the country and not those with big bucks.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Time to 'kill' the corpoarte 'body'
Posted by: TheLimit
Comments are closed-
Posted by: zrants on Mar 9, 2009 3:42 PM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: mikebppa on Mar 9, 2009 4:40 PM
Current rating: 2 [1 = poor; 5 = excellent]
Having traveled to Russia three times, the parallels between the USA and Russia becomes more startling to me with each passing year.
It is imperative that the Glass Steagall Act be brought back immediately.
Basic guideline requirements for minimum loan provisions should be established requiring the purchaser to have a certain mandatory minimum dollar amount to finance anything and that the debt to income ratio not exceed a certain established level. No exceptions.
Many banks are sound across America because they adhered to these principles.
Term limits on Congress will help curb the abundant corruption of Congress which is rampant. Also it is time to end lobbying as we know it. End corporate contributions to politicians.
Obama will change nothing regarding the financial/institutional problems Americans face. It will require the American people forcing the issue. The ONLY politician speaking to make these changes is Ron Paul.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Revolutionary (Direct) Democracy on Mar 9, 2009 4:52 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
REVOLUTIONARY (DIRECT) DEMOCRACY
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: gar1948 on Mar 9, 2009 6:33 PM
Current rating: 5 [1 = poor; 5 = excellent]
Question: What do you call it when all the national politicians are at the bottom of the sea?
Answer: A good start.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: bessie on Mar 10, 2009 12:10 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Livemike on Mar 10, 2009 12:13 AM
Current rating: 1 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: What Are You Talking About?
Posted by: bessie
Comments are closed-
Posted by: gellero1 on Mar 10, 2009 6:23 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
Banks and money are run by bankers and the Fed....PERIOD.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: digoo on Mar 19, 2009 8:34 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
____________________
DVD Converter for MAC
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: 2thepoint on Mar 9, 2009 3:52 AM
Current rating: 4 [1 = poor; 5 = excellent]
Lobbying results shouldn't surprise anyone though. Wall street for example were by far the largest contributors to Obama's camaign and I'm sure the same could be said for Bush's presidency.
Politics doesn't matter - they know money talks
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Where to stash the cash
Posted by: ReallyBearish
» RE: Where to stash the cash
Posted by: 2thepoint
» RE: Where to stash the cash//Oh the Federal Reserve, Bank of England, Switzerland and the Cayman's
Posted by: RR#1
Comments are closed-
Posted by: notabilia on Mar 9, 2009 4:16 AM
Current rating: 4 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: kafka, f on Mar 9, 2009 4:26 AM
Current rating: 4 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: kafka, spacing is provided free on this site--it's unhelpful to take too much
Posted by: Ghales
» RE: Thoreau
Posted by: 2thepoint
Comments are closed-
Posted by: adp3d on Mar 9, 2009 4:28 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: predatory lending...
Posted by: Sister_Lauren
Comments are closed-
Posted by: luther6 on Mar 9, 2009 5:02 AM
Current rating: 4 [1 = poor; 5 = excellent]
Be warned.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: If Savings and Loan was the rehearsal, ENRON was the first act
Posted by: Sister_Lauren
Comments are closed-
Posted by: ellie on Mar 9, 2009 5:49 AM
Current rating: 5 [1 = poor; 5 = excellent]
more fluffy ads from the big bank morons to USE credit more carefully as if they aren't the problem in the first place...
almost every media product from soap operas to national news is talking about shifting downward on the mobility scale as a good thing... as was said a long time ago; under capitalism, everything can be commodified...
hospitals here are charging for meals for patients to the tune of $7.00 each meal if you want it or not... cutesy signs and patrolling nurses taking away brought in food if they don't think it's 'proper' nutritionally...
contraction of product lines in the grocery store... advertising and promotions going nuts on 'healthy' but filling cheap carb food products... you know why hamburger helper was invented and when don't you???
financials are bringing their expectations directly to us instead of going to lobbying in the capitol building, they are doing an end run around the house and senate to get us to do their bidding now... american people work cheap when gullible...
just a few observations over the past few days... are we being programmed to accept less so we are more 'appreciative' of the scraps our meager $$ bring???
waiting for the next shoe to drop...
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: look around and what do you see...
Posted by: TheLimit
Comments are closed-
Posted by: weathered on Mar 9, 2009 6:10 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» Exactly!
Posted by: badkitty68
» RE:And they bemoan the death of newspapers
Posted by: marid
» RE: didn't just turn away from these truths they choreographed the lies behind it.
Posted by: Sister_Lauren
Comments are closed-
Posted by: Purple Girl on Mar 9, 2009 7:28 AM
Current rating: 4 [1 = poor; 5 = excellent]
McCain's "Generational Theft" is already a done Deal. It's been happening since the Repugs Introduced their modernized version of a Feudalistic caste system in the '80's- 'Trickle Down'- the beloved economic Strategy of Kings and dictators.But to assure they cleaned out the entire Vault- they began tearing down all the Relguatory barriers in their way. King Georges 'Mission Accomplished' was more appropriate regarding the economic demise of the US.If they couldn't slip money out the back door through Deregulations- they'd come up with a cover story to shovel out the front (Afghanistan & Iraq).Obviously as indicated those 'safe' Retirement funds (pensions, annuities and 401K) are most likely not worth the paper their written on.And they further began to pick your pockets by blowing smoke up your ass about DIY investing. E-Trade et al were just another way to assure they got every last cent out of you. "Ya come On in, You can swim with the Sharks!". Now while their telling these small timers to be patient and wait it out- their Jumping out.Cliaming all the while it's the New Admin Policies driving down the market- Bullshit!The Con they played (and continue to play) is that the Stock market has any bearing on the REAL economy.theres one of two reasons to avoid Brokers- they are either Too fucking stupid to understand anything about investing or, more likely, They are intentionally trying to destroy the American Economy.Remember Corps Love 3rd world Labor costs.So if they drive down the economy, increase unemployement, Americans will stop demanding fair wages and bennies.Hell if we get desparate enough for a job, we won't care any longer about safety issues. Music to their Ears!And if they Succeed in toppling the American Workers, the rest of the World will fianlly quite down...Profits Profits profits!
Multinational Corps have not only conquered the US, but the entire World (Humanity) without ever firing a shot."Welcome to the Machine". We have become nothing more than a Cheap commodity required to fuel Wealth for the upper echelon. When the market Sharks want to drive down the cost of a resource- they flood the market.Hasn't it been obvious with Repugs mantra about 'labor costs' Killing Business. Even though the Wages of Labor are exactly what makes the market go around. Humanity had Commerce and trade long before Specualtors and Middle men. These are now the ones who control the natural exchange between producers and consumers- siphoning off the profits from the exchange.They produce nothing, they buy & sell only paper & Promises.
Its time to relegate the Gamblers to products that have no bearing on Humans ability to survive & Thrive. Leave them to bet on Revolon mascara and IPhone sales.Remove all essential resources (Food, energy) and all means of assuring security (Finances, Military & healthcare)from the Casino!This is not socialism- it's the Responsiblities of a Governing Body to it's citizens- "We the People".Fuck Walmart Street,take away the toys they use to control humans and their welfare.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Maxemum on Mar 9, 2009 7:32 AM
Current rating: 5 [1 = poor; 5 = excellent]
Wake up America! Turn off ABCNNBCBS and Fix News.
infowars.com
whatreallyhappened.com
http://snardfarker.ning.com/page/radio-3
http://www.americansworking.com/index.html
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: undead on Mar 9, 2009 7:53 AM
Current rating: 3 [1 = poor; 5 = excellent]
Plus, Nancy Pelosi and Senate Banking Chairman Dodd have both received millions, too.
So there will be no change coming until you, the idiot voter, get rid of these shills.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» I'll go along with the comment on Dodd
Posted by: ReallyBearish
Comments are closed-
Posted by: GuitarBill on Mar 9, 2009 8:06 AM
Current rating: Not yet rated [1 = poor; 5 = excellent]
If you click on his "Privacy Center" hyperlink, the server the link points to will install a keylogger on your computer, which is used to steal your credit card number, SSN, etc.
Please, report the comment to Alternet's staff.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Don't click on that link (IDENTITY THEFT!)
Posted by: buzzsaw
» RE: Don't click on that link (IDENTITY THEFT!)
Posted by: GuitarBill
Comments are closed-
Posted by: GuitarBill on Mar 9, 2009 9:12 AM
Current rating: Not yet rated [1 = poor; 5 = excellent]
Notice that Mr. "Privacy Center" made this post on 9 March 2009 at 7:54 AM. The next post he makes is to this thread on 9 March 2009 at 7:52 AM.
That's TWO [2] minutes between posts.
Now, unless Mr. "Privacy Center" is a speed reader, which I doubt, there's no way he read the content of the two articles in under two minutes.
Mr. "Privacy Center"'s goal is to post his malicious hyperlink where it will receive maximum exposure. (Notice he NEVER replies to anyone's comment, because that would not provide maximum exposure for his malicious hyperlink to his deceptively named "Privacy Center").
He's a cyber criminal, it's that simple.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Would you like proof that Mr. "Privacy Center" doesn't read Alternet's content?
Posted by: Sister_Lauren
» An angry Republican with his panties in a twist, perhaps?
Posted by: GuitarBill
» RE: Would you like proof that Mr. "Privacy Center" doesn't read Alternet's content?
Posted by: Crazy H
Comments are closed-
Posted by: monkeywrench on Mar 9, 2009 8:21 AM
Current rating: 5 [1 = poor; 5 = excellent]
When this much money is turned over to senators and representatives (now, there's a word that's an oxymoron), it should be obvious to everyone that something is expected in return, and financial institutions got it. So let's stop this stupid fiction that this money was for "campaign contributions." There is a much more descriptive word for what this is, a word that has only five letters and starts with a "b." I don't think it will be a challenge for anyone to guess what it is – and here's another hint: people go to jail for accepting it – or damned well should. About half of congress.
Stories like this make me wish at times that we still use the Guillotine.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: bribery
Posted by: Sister_Lauren
Comments are closed-
Posted by: jimswanson on Mar 9, 2009 8:32 AM
Current rating: 5 [1 = poor; 5 = excellent]
"The Bush League of Nations"
www.bushleagueofnations.com [for FREE download of entire $25.95 book]
Mr. Weissman, keep battling from the trenches. Thanks for your analysis of the Dirty Dozen Deals.
From Reagan’s presidency through that of Bush II, the GOP and the Republican wing of the Democratic Party used government power to create the Second Gilded Age in America, at the expense of common men and women.
Give trillions of dollars to the Super Rich and Big Business. Run up multiple enormous unsustainable deficits and debts.
Bankrupt America both morally and financially. Launch the GOP Great Depression II.
Deregulate, deregulate, deregulate.
Gut enforcement.
Screw generations of the unborn by making them pay for everything. Take the money and run.
James A. Swanson, Los Altos, CA
[Activist, author, entrepreneur, senior executive, Peace Corps volunteer, MIT graduate, Stanford JD/MBA.]
“The Bush League of Nations” [for FREE download of entire $25.95 book]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Welcome to the GOP Great Depression II
Posted by: weathered
Comments are closed-
Posted by: Spiritgirl on Mar 9, 2009 9:20 AM
Current rating: 5 [1 = poor; 5 = excellent]
Maybe if we have term limits for Congress - it just might ensure that: (1)no one Congressperson begins to feel above the law, (2)they will actually "work" for the people that they represent, (3)make sure that they cannot jump from Congress to Lobbying ever! It is high time for accountability to come back! Also, for the blogger that didn't understand, there are 2 sets of books the banks/financial industry keeps - one "real" one, and one for the IRS (so that they can "pay less" in taxes)!
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: ules and regulations.............
Posted by: GregH
Comments are closed-
Posted by: Gregory Kruse on Mar 9, 2009 9:54 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: The bankers went up the mountain and got their money out.
Posted by: Sister_Lauren
Comments are closed-
Posted by: Archie1954 on Mar 9, 2009 12:25 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: archivist on Mar 9, 2009 12:27 PM
Current rating: 4 [1 = poor; 5 = excellent]
They have too many corp sponsors and rely on money from the government as well.
I have no way of receiving the "new" digital broadcast and really don't care. I'm happy reading at night and besides the internet has replaced my TV anyway. Not in the passive sense, now I participate and I'm actually learning new things.
By the way, everyone's favorite president, Bill Clinton, signed the repeal of Glass-Steagall as the author danced around this fact. Not that I look to any party but if you study banking and finacial lobbying you will find way more democrats than republicans.
A few Books:
Other People's Money
by Nomi Prins
Who Will Tell The People
by William Grieder
Betrayal
by Bill Gertz
(Slanted to the right but good info)
Seeds of Fire
by Gordon Thomas
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: WYGunston on Mar 9, 2009 2:37 PM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: pursah on Mar 9, 2009 2:48 PM
Current rating: 5 [1 = poor; 5 = excellent]
This is what you have when you have deregulation. In all the sectors that have been deregulated since 1980, a few at the very top got incedibly rich, and everybody else got screwed. Now the whole country is screwed.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: pursah on Mar 9, 2009 2:48 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
This is what you have when you have deregulation. In all the sectors that have been deregulated since 1980, a few at the very top got incedibly rich, and everybody else got screwed. Now the whole country is screwed.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: TheLimit on Mar 9, 2009 3:03 PM
Current rating: 5 [1 = poor; 5 = excellent]
It might have seemed like a good idea back in the beginng, and maybe it was then. But it's devolved into a kind of politician auction, where only big money matters.
A lousy way to run a country.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Old Uncle Dave on Mar 9, 2009 3:07 PM
Current rating: 5 [1 = poor; 5 = excellent]
I'd also toss in ending corporate personhood to make the executives and board members personally liable for the damage they do.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: tchii on Mar 9, 2009 3:39 PM
Current rating: 5 [1 = poor; 5 = excellent]
The only lobbies that can exist are lobbies created by the people and they must all be non-profit. We need to ensure that it is the people running the country and not those with big bucks.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: Time to 'kill' the corpoarte 'body'
Posted by: TheLimit
Comments are closed-
Posted by: zrants on Mar 9, 2009 3:42 PM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: mikebppa on Mar 9, 2009 4:40 PM
Current rating: 2 [1 = poor; 5 = excellent]
Having traveled to Russia three times, the parallels between the USA and Russia becomes more startling to me with each passing year.
It is imperative that the Glass Steagall Act be brought back immediately.
Basic guideline requirements for minimum loan provisions should be established requiring the purchaser to have a certain mandatory minimum dollar amount to finance anything and that the debt to income ratio not exceed a certain established level. No exceptions.
Many banks are sound across America because they adhered to these principles.
Term limits on Congress will help curb the abundant corruption of Congress which is rampant. Also it is time to end lobbying as we know it. End corporate contributions to politicians.
Obama will change nothing regarding the financial/institutional problems Americans face. It will require the American people forcing the issue. The ONLY politician speaking to make these changes is Ron Paul.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Revolutionary (Direct) Democracy on Mar 9, 2009 4:52 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
REVOLUTIONARY (DIRECT) DEMOCRACY
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: gar1948 on Mar 9, 2009 6:33 PM
Current rating: 5 [1 = poor; 5 = excellent]
Question: What do you call it when all the national politicians are at the bottom of the sea?
Answer: A good start.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: bessie on Mar 10, 2009 12:10 AM
Current rating: 5 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: Livemike on Mar 10, 2009 12:13 AM
Current rating: 1 [1 = poor; 5 = excellent]
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
» RE: What Are You Talking About?
Posted by: bessie
Comments are closed-
Posted by: gellero1 on Mar 10, 2009 6:23 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
Banks and money are run by bankers and the Fed....PERIOD.
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Comments are closed-
Posted by: digoo on Mar 19, 2009 8:34 PM
Current rating: Not yet rated [1 = poor; 5 = excellent]
____________________
DVD Converter for MAC
[« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]
Tax the Corporations and the Rich or Take Draconian Cuts -- the Decision Is Ours
Home Underwater? Walk Away from Geithner's Perverse 'Homeowner Relief' Plan
Fury at Wall St. Banks Fuels Public Action for Move Your Money Campaign




