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Check out what Barney Frank had to say about a housing bubble in 2005. No collapse you say Barney.
What position did Frank hold on the House Financial Services Committee in 2005?
Do you recall this quote from July of 2008?
"This recession people are talking about is all in their heads. We've become a nation of whiners."
Phil Gramm, R-TX, chief economic advisor to John McCain and former chair of the senate banking and finance committee. Author of the Gramm Leach Bliley Act, deregulating financial markets and giving rise to exotic derivatives, credit default swaps and other pure gambles that sank the markets two months later.
And this "genius" was telling us that there was nothing to worry about. Everything's under control.
The bankers who gave them the money are even BIGGER creeps and deadbeats. They're enablers. Without the bankers' approval, the deadbeats wouldn't have been deadbeats. They'd have been renters. And the bankers didn't enable a handful of deadbeats. They enabled millions. And they knew when they approved them that a high percentage would be bad loans. But they did it anyway and they did it knowing that it would eventually fall on the taxpayers' backs. And now it has.
and wall street leveraged packaged CDO's and resold them to greedy folks as much as 10 to 12 times for return on cash flow, then the dominoes began to fall
And what resulted from all this..6 powerful banks that together can bring down any country they want.
More powerful today then when we crashed. How's that for irony ?
" The top 6 American banks have assets that are equal to 63% of U.S. GDP; let that figure sink in. Imagine that 6 banks have assets that are equal to 63% of the world’s largest economy. Effectively they can manipulate any system. If one were to treat these banks as a nation they would be in the top 5 nations of the world. Power corrupts and absolute power corrupts absolutely. These banks will seek to gain even more control and will stop and nothing, unless their legs are chopped off.
The Top 6 banks are engaged in over 80% of all over the counter derivative trades."
What position did Frank hold on the House Financial Services Committee in 2005?
Do you recall this quote from July of 2008?
"This recession people are talking about is all in their heads. We've become a nation of whiners."
Phil Gramm, R-TX, chief economic advisor to John McCain and former chair of the senate banking and finance committee. Author of the Gramm Leach Bliley Act, deregulating financial markets and giving rise to exotic derivatives, credit default swaps and other pure gambles that sank the markets two months later.
And this "genius" was telling us that there was nothing to worry about. Everything's under control.
and wall street leveraged packaged CDO's and resold them to greedy folks as much as 10 to 12 times for return on cash flow, then the dominoes began to fall
Those are some of the guys I'd like to see sweating under klieg lights.
Phill Gramm was a puppet. It's WHO was behind Gramm that is the real culprit, the real scum bag here.
The banks brought the system down in '29 and they're doing it gain 80 years later.
The privately owned and unelected central banks who control the quantitly of money is indeed the culprit and not this rediculous Democrat and Republican nonsense. We need to come up with solutions if we are going to avoid what history shows will happen if we continue on our current path going forward.
Phill Gramm was a puppet. It's WHO was behind Gramm that is the real culprit, the real scum bag here.
The banks brought the system down in '29 and they're doing it gain 80 years later.
True enough. But they couldn't have done it without the deregulation that Gramm passed. It was his baby, the Gramm-Leach-Bliley Act that took the brakes off the investment bankers. Barney Frank was just a bit player, orders of magnitude below Gramm.
The privately owned and unelected central banks who control the quantitly of money is indeed the culprit and not this rediculous Democrat and Republican nonsense. We need to come up with solutions if we are going to avoid what history shows will happen if we continue on our current path going forward.
Those ridiculous Republicans and Democrats are the ones who regulate the banks, is the problem. And what we're struggling through now is the result of not enough regulation.
As a matter of fact, the GOP is currently bristling at any talk of reinstating regulations over these same banks that have dragged us into recession.
This is why I'm no longer a Republican.
Obama is talking good sense in saying stiffer regulations need to be put back in place. I support him 100% on this.
True enough. But they couldn't have done it without the deregulation that Gramm passed. It was his baby, the Gramm-Leach-Bliley Act that took the brakes off the investment bankers. Barney Frank was just a bit player, orders of magnitude below Gramm.
Ask yourself..why did Gramm sponsor that ? Who was behind Gramm ?
"They" were the ones that got it passed.."they" wanted it all along and had been pushing it for years. It wasn't until "they" got Gramm to do their dirty work.
BTW..Gramm went to UBS right after he left government.
He got bought out by the banks and did their dirty work. In return he got a cushy job with them.
Gramm is also responsible for making sure derivatives weren't regulated.
That would be a double whopper for him..wouldn't it ?
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