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Tylerite who doesn't believe were in a recession
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M. H. Bookout



Joined: 18 Jul 2008 10:55 am
Posts: 82
Posted: 18 Jul 2008 11:22 am
Post Subject: Tylerite who doesn't believe were in a recession Read Article
Gee Timothy you must still have a job, try finding out how many of your neighbors and fellow countrymen & women have lost their jobs due to cut backs by companies. I do believe Ex Federal Reserve Chairman Alen Greenspan holds a quite different opinion than you and I beleive I'll trust his opinion sooner than I would yours.

FYI the oh so great Ex Senator Phil Gramm whom you seem to be so fond od is greatly responsible for the fincial crisis our banks are now in as well as the chief culprit in the now higher priced oil.

In 1999 Gramm set out to completely gut the Glass_Stegall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act, allowing commercial banks , investment banks, and insurance companies to merge, all of which were violations of antitrust laws under Glass-Stegall. Senator Gramm was the driving force behind the Gramm-Leach-Bliley Act , as he had received over $4.6 million from the industries affected by his legislation. With the passage of Gramm-Leach-bliley began an immediate influsa of megmergers among banks insurance and securities companies. Now nine years into this experiment in deregulations we are served up its results. Gee thank you Phil Gramm, but he did get his a cushy vice chair with UBS the Swiss Bank now under-investigation for allowing rich people whjo Gramm siddles up to, to hide money from the Tax man.

Also shortly after G W Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates were on about its passage Senator Phil Gramm quietly slipped an amendment into the bill, which had previously been rejected, titled the Commodity Futures Modernization Act. The legislation contained a provision, lobbied for by Enron, a major campaign contributor to Gramm, that exempted the energy trading firm from regulatory oversight, you know the results of that. Interestinly enough, Gramm's wife Wendy, had been part of the Enron Board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm houshold, prior to the passage of her husbands legislation.

You should take some time to investigate the hero's you worship Timothy their stars won't shine so bright when you do.

 
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