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The roots of this problem date back to Reagan. That's when this latest deregulation frenzy (some of which was a good thing) started.

This is a repeat of the roaring 20's (the last era of frenzied deregulation). And we all know what followed.

Did you catch Charlie Rose's interview with the founder of AIG (Hank Greenberg) yesterday?

Greenberg (to Henry Paulson, U.S. Treasury Sec.): "Do you have $80 billion?"

Paulson: "I have $800 billion."

Uh, no Mr. Paulson, you don't have $800 billion. Your kids, grandkids and not-yet-born great grandkids have it. And you're stealing it from them. Unless of course you're planning to print up $800 billion and not tell anyone.

My brother always claimed that in this country, it's socialism for the rich and capitalism for the poor. I never understood what he meant by that until the last few weeks. If anything good is coming out of this, it's that the immoral catastrophe known as supply-side economics has finally collapsed.
 
"Because Congress is being run by the Democrat majority..."

Emphasis on the "rat" in Democrat, Peter? Another Fux News-one trick pony.

BTW, have you heard of this odd little rule called a Filibuster? Look it up. You'll understand why nothing has been accomplished. Used as a tool to stop a bill, it's been quite effective for the partisan soldiers in the GOP for the last two years. Congressional approval ratings were in the toilet BEFORE the 2006 elections and the DEMOCRATIC PARTY won a razor thin majority in the house and the senate. Another typical GOP trick - blame it on the DEMOCRATIC PARTY. It works because people have essentially an I.Q. of 40 when it comes to the workings of their government. It doesn't seem to be working here so you can drop the blame-game and the ridiculous Marxist bullshit, you know better than that. Nobody in this discussion is a communist and it's very offensive for you to brand others as such.

Personal responsibility was mentioned in a previous post as it relates to financial transactions and obligations of a personal nature, family, etc. Take a good hard look at the phony "hockey mom" running for V.P. and tell me with a straight face that she will be a good leader, an example of personal responsibility for this country. Can McCain live up to those expectations? I know they're all politicians and some of that is, sadly, expected but do we have to settle for that? There have been eight years of lies, deceptions and shirking responsibility to show us that the term 'personal responsibility' is another talking point the right wing throws out to shift the focus from their own failures and mistakes.
 
Phil Grahm

It was Sen. Phil Gramm who wrote the legislation deregulating the mortgage industry.

"If most of the public has forgotten Gramm, Wall Street hasn't. As chair of the Senate Banking Committee in 2000, Gramm attached a complex, 262-page amendment to an omnibus appropriations bill moving toward passage as Congress was moving toward Christmas recess. Written by Wall Street investment-bank lawyers, the Commodity Futures Modernization Act had no hearing before any committee and was unread by almost every member of Congress. It mandated sweeping deregulation of investment banks, declaring off-limits to regulators most over the counter derivatives, credit derivatives, credit defaults, and swaps."

"In 2000 those terms were known only to a small circle of investment bankers and brokers who created and traded the complex financial instruments they describe. They are familiar today because the unregulated trading of them had a great deal to do with the near-death experience of the Bear Stearns investment bank, which was only avoided when the Federal Reserve provided JPMorgan Chase with $30 billion in backing to acquire Bear Stearns and avoid the international financial disaster that would have followed the bankruptcy of a large investment bank."

"The current economic crisis is not the first one made possible by Phil Gramm's commodity futures act."

I sure some of you are aware what Phil Gramm is up to these days, if you don't --want to guess??? He's McCain's economic adviser!

http://www.washingtonspectator.com/articles/20080415fyi.cfm
 

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