Deregulation killed our economy (America, legislation, disease)

[Mathematician]

Market fundamentalists are grasping at straws with the CRA. Most of the provisions were not forced. It was more of a show than actual legislation.


http://www.house.gov/apps/list/heari...barr021308.pdf
http://www.bis.org/publ/work259.pdf?noframes=1
Its Still Not CRA | New America Blogs


The Depository Institutions Deregulation and Monetary Control Act (1980) and the Gramm-Leach-Bliley Act (1999) are more at fault for deregulating the industry. The Garn-St. Germain Depository Institutions Act of 1982 specifically allowed adjustable rate mortgages.

Deregulation killed our economy. It's time to kill Reagonimics once and for all.

[Jeremy Mason]

Originally Posted by GeneCosta

Market fundamentalists are grasping at straws with the CRA. Most of the provisions were not forced. It was more of a show than actual legislation.

The Depository Institutions Deregulation and Monetary Control Act (1980) and the Gramm-Leach-Bliley Act (1999) are more at fault for deregulating the industry. The Garn-St. Germain Depository Institutions Act of 1982 specifically allowed adjustable rate mortgages.

Deregulation killed our economy. It's time to kill Reagonimics once and for all.

True, the American people need to learn how a few selfish men are controlling Congress.

[UnityNow101]

Where are all of the free market, no regulatory oversight supporters now? They have lost their ability to speak for such as they have given in to legislation which goes against the very grain of their principles which they hold so dear. The rot goes deeper then just old Ronald Reagan, as we know that Bill Clinton signed the Gramm/Leach/Bliley Act and the congressional oversight by both democrats and republicans was lax to say the least...

[Seyorni]

This keeps happening over and over again. A business convinces the legislature to cut it some slack and next thing you know it's grown into a predatory monster and/or monopoly.

Government's job is to regulate; to provide an even playing field; to promote the public welfare.
As long as legislator's jobs are dependent on corporate "contributions" our government will be in the pocket of corporate interests.

[3.14]

goverment: this is the sqaure boxs you can stay in
corporation: can we atleast have a door?
goverment: uhm.. wel ok then
corporation: opens door and expandes past the box

[Alceste]

Originally Posted by UnityNow101

Where are all of the free market, no regulatory oversight supporters now?

They ones in government have just signed a $700B bill to divert public funds into the still unregulated financial markets. The free market profiteers in the private sector are only silent because they busy are lining up for handouts at the newly established corporate welfare feeding trough.

[Dunemeister]

Originally Posted by Alceste

They ones in government have just signed a $700B bill to divert public funds into the still unregulated financial markets. The free market profiteers in the private sector are only silent because they busy are lining up for handouts at the newly established corporate welfare feeding trough.

The American people should have held out for better. Specifically, they should have told Congress to fashion a bailout designed to help those mortgage-holders who could no longer foot the bill due to accident, disease, or loss of work. Now THAT would be a bailout worth voting for. As for the companies -- screw 'em.

[Troublemane]

SUH-POSEDLY....by bailing out wall street, by buying these bad loans, the govt is going to ...MAYBE... make back some of its money as the market improves. The hope is that this keeps our economy from sliding further into [recession], but I gotta say, the same exact business models has been used by the large corporations over the past decade in order to cook their books, and make it seem they are doing better than they really are. By laying off people and moving money around so it looks as if they are making money--(thus justifying the CEO's insane paychecks). So, basically we are applying the exact same model to the banks, in the hope that we can shore them up long enough for the markets to stabilize on their own.

Its amazing to hear myself say this,...but this is the perfect time for a massive tax increase on capital gains. The only way we are going to recoup this money is if we stick it to wall street the way they stuck it to us.

[angellous_evangellous]

Have no fear - there is little more for McCain to destroy if he's elected.

[Jeremy Mason]

Originally Posted by angellous_evangellous

Have no fear - there is little more for McCain to destroy if he's elected.

Want to bet. This is all a plan to merge the world economy into one world government.