If you thought the Bank Bailout was nothing to laugh at, wait until hear what Bill, Rachel, Keith, and Bernie have to say about it ...
[Bill Maher, Rachel Maddow, Keith Olbermann, Bernie Sanders]
March 20 2009:
Real Time with Bill Maher - Panel Discussion Part 1
http://www.youtube.com/...
Real Time with Bill Maher - Panel Discussion Part 2
http://www.youtube.com/...
Real Time with Bill Maher - Panel Discussion Part 3
http://www.youtube.com/...
Real Time with Bill Maher - Panel Discussion Part 4
http://www.youtube.com/...
Real Time with Bill Maher - Panel Discussion Part 5 - New Rules
http://www.youtube.com/...
Same Clip, better starting Edit
Real Time Bill Maher - 3/20/09 p12 OVERTIME
http://www.youtube.com/...
Rachel Maddow - Cops and Robbers
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Great Framing Rachel!
It's like "Cops and Robbers", with the Regulators on Horseback and the Robber Barrons in Spaceships:
Not much has changed in a hundred years, has it?
Rachel nails it! The Culprits can be traced back to 2 De-regulation Acts, that turned Wall Street, into a modern day version of the Wild Wild West:
Gramm-Leach-Bliley Act
[Gramm-Leach-Bliley Act] repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies.
The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services under brands including Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation.
Glass-Steagall Act of 1933, was in response to the massive Wall Street losses, and Bank Runs, that directly caused the Great Depression. The Law put up "a safety wall" between the Businesses of Banking, Investing, and Insurance:
BUT the Gramm-Leach-Bliley Act of 1999, tore down those "quaint dividers" and their "unbearable burden of Regulation" (good one, Rachel!)
It has resulted in massive 21st Century "Highway Robbery", but on the scale of Billions and Trillions:
Too bad, it's no longer a "Laughing Matter" -- as if it ever was.
Rachel's Other De-regulation culprit:
Commodity Futures Modernization Act of 2000
The "Enron loophole"
The Commodity Futures Modernization Act of 2000 has received criticism for the so-called "Enron loophole," 7 U.S.C. §2(h)(3) and (g), which exempts most over-the-counter energy trades and trading on electronic energy commodity markets. The "loophole" was drafted by lobbyists for Enron working with senator Phil Gramm[3] seeking a deregulated atmosphere for their new experiment, "Enron On-line."[4]
The Commodity Futures Modernization Act of 2000, made it "legal" to ignore the Real Risk of Investments:
And what is the result of Privatizing all the Gains, and Nationalizing Socializing all the Pain?
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No doubt, we still have "robber barrons" in this day and age. They just dress better, and hide behind rage, spin, and evasion.
But the goal is the same, those with the Gold make the Rules.
This is why we STILL need Transparency, and Accountability in Government --
and Public Financing of Campaigns too!
It is the People's Turn, this time around -- or at least it should be!