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the repeal of the Glass-Steagall Act has been a key issue in both understanding the causes of the financial crisis and thinking about how to move forward. Glass-Steagall Act was introduced during the Great Depression, and was repealed in 1999, paving the way for banks to invest in nasty things like mortgage-backed securities and collateralized debt obligation

Via Newsbusters:

Most of America’s media think President Obama’s 2009 bailout of General Motors and Chrysler was a huge success.

Former Massachusetts Democratic Congressman Barney Frank threw cold water on this meme on NBC’s Meet the Press Sunday correctly informing viewers that the auto bailout lost money for the federal government. By contrast, we made money from George W. Bush’s 2008 bank bailout (video follows with transcript and commentary):

BARNEY FRANK, FORMER CONGRESSMAN (D-MASSACHUSETTS): First of all, many of the banks didn’t want this money. It’s not that we did it for them. But secondly, the federal government made money on the advances to the banks. What cost us money was the automobile industry bailout. But we made money on the banks.

HENRY PAULSON, FORMER BUSH TREASURY SECRETARY: We got all the money back plus $32 billion.

Baldy wrote:Another D1B Thread Fail.

D1B wrote:Conk greed - **** us over, again.

D1B wrote:

Baldy wrote:Another D1B Thread Fail.

Conk scheme, Badly. If conks were not so greedy, lazy and immoral, we wouldn't have a problem.

Goldman Sachs conks Lehman Bros conks Bank of America conka AIG conks Enron conk Tych conks Chase Bank conks Citibank conks......

Ibanez wrote:

D1B wrote:
Conk scheme, Badly. If conks were not so greedy, lazy and immoral, we wouldn't have a problem.

Goldman Sachs conks Lehman Bros conks Bank of America conka AIG conks Enron conk Tych conks Chase Bank conks Citibank conks......

The repeal of Glass-Steagall as approved by Bill Clinton allowed this behavior.

D1B wrote:

Ibanez wrote: The repeal of Glass-Steagall as approved by Bill Clinton allowed this behavior.

Fucking simpleton. Wall Street conks hoodwinked everyone, including the conks in charge of our governement at the time. DC conks could have stopped the Wall Street conks but chose not to.

Bottom Line, the core issue is not laws, they will get around any law, but unbridled conkgreed.

Ibanez wrote:

D1B wrote:

Fucking simpleton. Wall Street conks hoodwinked everyone, including the conks in charge of our governement at the time. DC conks could have stopped the Wall Street conks but chose not to.

Bottom Line, the core issue is not laws, they will get around any law, but unbridled conkgreed.

Glass Steagall's repeal was instrumental in allowing the criminal behavior.

Grizalltheway wrote:

Ibanez wrote:
Glass Steagall's repeal was instrumental in allowing the criminal behavior.

Wanna take a wild stab at who pushed to have it repealed?

Ibanez wrote:

D1B wrote:

Fucking simpleton. Wall Street conks hoodwinked everyone, including the conks in charge of our governement at the time. DC conks could have stopped the Wall Street conks but chose not to.

Bottom Line, the core issue is not laws, they will get around any law, but unbridled conkgreed.

Glass Steagall's repeal was instrumental in allowing the criminal behavior.

The driving force behind the crisis was the private sector

Looking at these events it is absurd to suggest, as Bloomberg did, that “Congress forced everybody to go and give mortgages to people who were on the cusp.”

Many actors obviously played a role in this story. Some of the actors were in the public sector and some of them were in the private sector. But the public sector agencies were acting at behest of the private sector. It’s not as though Congress woke up one morning and thought to itself, “Let’s abolish the Glass-Steagall Act!” Or the SEC spontaneously happened to have the bright idea of relaxing capital requirements on the investment banks. Or the Office of the Comptroller of the Currency of its own accord abruptly had the idea of preempting state laws protecting borrowers. These agencies of government were being strenuously lobbied to do the very things that would benefit the financial sector and their managers and traders. And behind it all, was the drive for short-term profits.

D1B wrote:

Ibanez wrote:
Glass Steagall's repeal was instrumental in allowing the criminal behavior.

Simpleton. Glass Seagal was a minor issue. No decent/objective analysis of the meltdown has GS as a major trigger. It's a convenient scapegoat for people who don't understand the issue or just want to politicize it.

From Forbes

The driving force behind the crisis was the private sector

Looking at these events it is absurd to suggest, as Bloomberg did, that “Congress forced everybody to go and give mortgages to people who were on the cusp.”

Many actors obviously played a role in this story. Some of the actors were in the public sector and some of them were in the private sector. But the public sector agencies were acting at behest of the private sector. It’s not as though Congress woke up one morning and thought to itself, “Let’s abolish the Glass-Steagall Act!” Or the SEC spontaneously happened to have the bright idea of relaxing capital requirements on the investment banks. Or the Office of the Comptroller of the Currency of its own accord abruptly had the idea of preempting state laws protecting borrowers. These agencies of government were being strenuously lobbied to do the very things that would benefit the financial sector and their managers and traders. And behind it all, was the drive for short-term profits.

Conk greed and laziness = short term profits

D1B wrote:

Ibanez wrote:
Glass Steagall's repeal was instrumental in allowing the criminal behavior.

Simpleton. Glass Seagal was a minor issue. No decent/objective analysis of the meltdown has GS as a major trigger. It's a convenient scapegoat for people who don't understand the issue or just want to politicize it.

From Forbes

The driving force behind the crisis was the private sector

Looking at these events it is absurd to suggest, as Bloomberg did, that “Congress forced everybody to go and give mortgages to people who were on the cusp.”

Many actors obviously played a role in this story. Some of the actors were in the public sector and some of them were in the private sector. But the public sector agencies were acting at behest of the private sector. It’s not as though Congress woke up one morning and thought to itself, “Let’s abolish the Glass-Steagall Act!” Or the SEC spontaneously happened to have the bright idea of relaxing capital requirements on the investment banks. Or the Office of the Comptroller of the Currency of its own accord abruptly had the idea of preempting state laws protecting borrowers. These agencies of government were being strenuously lobbied to do the very things that would benefit the financial sector and their managers and traders. And behind it all, was the drive for short-term profits.

Conk greed and laziness = short term profits

D1B wrote:

Ibanez wrote:
Glass Steagall's repeal was instrumental in allowing the criminal behavior.

Simpleton. Glass Seagal was a minor issue. No decent/objective analysis of the meltdown has GS as a major trigger. It's a convenient scapegoat for people who don't understand the issue or just want to politicize it.

From Forbes

The driving force behind the crisis was the private sector

Looking at these events it is absurd to suggest, as Bloomberg did, that “Congress forced everybody to go and give mortgages to people who were on the cusp.”

Many actors obviously played a role in this story. Some of the actors were in the public sector and some of them were in the private sector. But the public sector agencies were acting at behest of the private sector. It’s not as though Congress woke up one morning and thought to itself, “Let’s abolish the Glass-Steagall Act!” Or the SEC spontaneously happened to have the bright idea of relaxing capital requirements on the investment banks. Or the Office of the Comptroller of the Currency of its own accord abruptly had the idea of preempting state laws protecting borrowers. These agencies of government were being strenuously lobbied to do the very things that would benefit the financial sector and their managers and traders. And behind it all, was the drive for short-term profits.

Conk greed and laziness = short term profits

Why didn’t anyone say anything?

As one surveys the events in this sorry tale, it is tempting to consider it like a Shakespearean tragedy, and wonder: what if things had happened differently? What would have occurred if someone in the central bank or the supervisory agencies had blown the whistle on the emerging disaster?

Baldy wrote:

D1B wrote:

Simpleton. Glass Seagal was a minor issue. No decent/objective analysis of the meltdown has GS as a major trigger. It's a convenient scapegoat for people who don't understand the issue or just want to politicize it.

From Forbes



Conk greed and laziness = short term profits

Nice selective cutting and pasting.

A little more from the opinion piece D1B posted (without a link).

Why didn’t anyone say anything?

As one surveys the events in this sorry tale, it is tempting to consider it like a Shakespearean tragedy, and wonder: what if things had happened differently? What would have occurred if someone in the central bank or the supervisory agencies had blown the whistle on the emerging disaster?

Oh, but someone did say something:

[youtube]http://www.youtube.com/watch?v=Yga7TlsA-1A[/youtube]

Finally, who invented Mortgage Backed Securities, you know the tool used to bundle those toxic subprime mortgages together and sell them as safe securities to investors?
Fannie Mae and Freddie Mac.

Nice job D1b...



[/thread]

D1B wrote: Conk greed, the lust for short term easy money caused this and every other economic meltdown.

Baldy wrote:

D1B wrote: Conk greed, the lust for short term easy money caused this and every other economic meltdown.

Exhibit C:



Is this guy guilty of "Conk Greed"?