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View Diary: AP Fact Check Is Wrong...In McCain's Favor (270 comments)

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  •  send the AP this......... (5+ / 0-)

    http://www.dailykos.com/...

    How the Commodity Futures Moderinization Act Was Moved Through Congress
    by kavips

    McCain's MILLIONAIRE MENTALITY cannot help average hard working Americans!!

    by KnotIookin on Sat Sep 27, 2008 at 08:30:05 AM PDT

    [ Parent ]

    •  Recommended diary when saw it (2+ / 0-)
      Recommended by:
      KnotIookin, jl4851

      This diary also shows how the Fed had glowing praise of the CFMA before the Republican Controlled Senate Banking Committe in Sept 2005, Chaired by Senator Shelby

      "The big issue: CFMA = no oversight of derivatives = endless bailouts"
      http://www.dailykos.com/...

      Also, just saw on European Tribune a wonderful and very simple analogy for Derivatives, as betting on a guy betting on a horse at the track.

      The Crisis Explained - Really
      http://www.eurotrib.com/...

      "The issue with the home market is that the only "investor" was the person who bought the home. All those engaged in the meaningless derivatives spun off from this are gambling. You can see how quickly the face value of all these side bets can exceed the underlying investment. Who is holding these side bets - not the homeowner? It is the people at the failing investment banks, hedge funds and similar enterprises. Notice that the bailout is being directed at them not the homeowners.

      So when you hear everybody saying this is a crisis caused by the housing collapse, be skeptical. We are in the midst of a classic pyramid or Ponzi scheme and there is no way out except for people to lose a lot of money. All that is different this time is that it is the taxpayers who are being asked for the cash."

      •  Here's a 1995 NYT article on merging banks (1+ / 0-)
        Recommended by:
        frannyandzoe

        Committee approves bill allowing Bank-Broker Merger which became the lead-up to the 1999 bill.

        This was implemented by the House Banking Committee.

        In recent years, the Fed and other regulators have already been reinterpreting the law, the Glass-Steagall Act of 1933, to allow banks to conduct some securities activities on a limited scale in separate subsidiaries. But today's bill would go much further, allowing mergers of big banking companies like Citicorp and big securities firms like Salomon Brothers or Goldman, Sachs to form new financial conglomerates rivaling German and Japanese giants.

        "But their gift is an empty snake, Carrying hypocrisy in its mouth like venom" - Sami Al Hajj

        by walkshills on Sat Sep 27, 2008 at 09:34:22 AM PDT

        [ Parent ]

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