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Part of it? allowing Wall Street banks to maintain loose or nonexistent capital ratios was the catalyst that caused it all. the Net capital rule was implemented by Bush's SEC in 2004. You let banks lend without forcing any kind of true measure of their asset base, and..... shock!!... they lend too much.
fannie and freddie have existed in their corrupted "public-private" form since the 1960's, with no problems. the CRA, and all the liberals' stupid little programs, weren't big enough to amount to a hill of beans. The $1.5 trillion a year that started flowing into mortgage markets in 2004 was from Wall Street.
what does the 14th amendment have to do with wall street?
Sorry to get off topic. I was responding to another person's statement from page 1.
Sorry to get off topic. I was responding to another person's statement from page 1.
no problem. i made an edit to my post, too:
how do you figure that wall street represents the free market, and the constitution? that's the part that baffles me.
Wall Street can effectively mint new dollars, through lending credit against an arbitrary , government-regulated amount of capital reserves. It does this through the blessing of the Fed, and the blessing of the President, and the blessing of Congress. This is all a huge government-run system, whether you factor in "Too big to fail" bailouts, or not. The banking system status quo would not exist without government. How does any of that represent the free market or the constitution?
It's suppose to be a grassroots movement, so why won't it show up? Is it because the Tea Party is backed by Wall Street?
The specks of grass that makes for the collective as the tea party, is one that belongs in golf courses... to be walked all over, and neatly maintained all year round.
The Tea Party, unlike the idiots attending the "Wall Street Protest" want to see the economy of our nation improve through controlling the size, power, and spending ability of the federal government through free market reforms and a return to Constitutional law. These nutjobs attending this protest HATE the free market, DETEST everything the Constitution and the free market stand for, and generally support the DESTRUCTION of Constitutional law and principals. Does all of this make it clear for those of you wondering why the Tea Party isn't involved in this?
Yes indeed.
Control the federal government and let the banks do what they want.
The Tea Party members are patriots, the mob that showed up and got pepper sprayed were subversives, Marxists that are opposed to the free enterprise system in general, not just Wall Street. Their goal is to replace capitalism with communism. Observe the organization that came forth to offer legal aid to those arrested, the National Lawyers Guild. More than half a century ago, while it existed and was in session, the congrssional HUAC designated the NLG as a front organization for the Communist Party, the CPUSA, a position it still maintains today.
I suspect it's because most Tea Party members aren't spoiled children or overage hippies or hippie wantabes.
True, most of us in the Tea Party are too busy trying to fix our country, not destroy it.
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