10-10-2008, 11:14 AM
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Moderator
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Join Date: Oct 2007
Location: small town in the Northwest- population 400 (+2)
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Finding the culprit
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In 1931, the Pecora Commission was established by the U.S. Senate to study the causes of the crash. The U.S. Congress passed the Glass-Steagall Act in 1933, which mandated a separation between commercial banks, which take deposits and extend loans, and investment banks, which underwrite, issue, and distribute stocks, bonds, and other securities.
After the experience of the 1929 crash, stock markets around the world instituted measures to temporarily suspend trading in the event of rapid declines, claiming that they would prevent such panic sales. The one-day crash of Black Monday, October 19, 1987, however, was even more severe than the crash of 1929, when the Dow Jones Industrial Average fell a full 22.6%.[20] (The markets quickly recovered, posting the largest one-day increase since 1932 only two days later.)
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Here's what was done after the great depression to protect us:
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The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC) in the United States and included banking reforms, some of which were designed to control speculation.[1] Some provisions such as Regulation Q, which allowed the Federal Reserve to regulate interest rates in savings accounts, were repealed by the Depository Institutions Deregulation and Monetary Control Act of 1980. Provisions that prohibit a bank holding company from owning other financial companies were repealed on November 12, 1999, by the Gramm-Leach-Bliley Act, which passed in Congress with a 343-86 vote in the House of Representatives, before being sent to conference committee; the final bipartisan bill (Senate: 90-8-1, House: 362-57-15) was signed by President Bill Clinton.[2][3]
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And here's what was done to bring us to where we are today:
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The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102
, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.
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. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process [1]
. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.
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Might I remind you that Phil Gramm is still one of McCain's economic advisers.
I won't say he did this thing single handedly. But while propaganda was pushed on us daily to look at abortion and flag burning and turn our attention to war, we were getting screwed by this.
Getting screwed without your consent while being doped is a crime of the highest magnitude and lowest morality.
Lady's and Gentlemen, I would give you George Bushes 1 and 2, Ronald Reagan, Bill Clinton, and the congress especially Phill Gramm's heads in a bucket to throw to the hogs if I could. 
__________________
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You, my brothers, were called to be free. But do not use your freedom to indulge the sinful nature; rather, serve one another in love.
— The Bible, Galatians 5:13
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Re: Finding the culprit
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