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 JackyeChan rated 3 months ago -
Now mind you that this is the man who helped push through The Financial Modernization Act of 1999, also known as the "Gramm-Leach-Bliley Act," which effectively repealed the Glass-Steagall Act which was passed during the Depression Era as a measure intended to avoid a repeat of th...
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1 Reviews
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- JackyeChan rated 3 months ago
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Now mind you that this is the man who helped push through The Financial Modernization Act of 1999, also known as the "Gramm-Leach-Bliley Act," which effectively repealed the Glass-Steagall Act which was passed during the Depression Era as a measure intended to avoid a repeat of the 1929 Stock Market Crash. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking and insurance services, or from consolidating with other companies providing such services. The ill-advised, spurious and egregious repeal of the Glass-Steagall Act is the single most important factor driving the subprime and credit-crunch debacles because it allowed rampant fraud and outrageous conflicts of interest to develop between different financial sectors, resulting in a complete breakdown of confidence and trust in our system of finance which has been destroyed right before your eyes. "Gramm's Blunder" and "Greenspan's Folly" together have powered the fraud and deceit that made the subprime debacle possible. The passage of the Gramm-Leach-Bliley Act, more than any other causal factor, destroyed the due diligence and integrity of the entire financial sector, and paved the way for rampant and outrageous fraud by dismantling the usual system of checks and balances.
And then there was the Commodity Futures Modernization Act which reprobate Gramm snuck through on an unsuspecting and uncomprehending Congress in the year 2000. This piece of work allowed the so-called Enron loophole which is currently being exploited by insolvent banks and other large financial institutions to speculate in oil futures. This speculation is now driving oil prices into the ozone so that these insolvent Illuminist banksters can save their balance sheets while what is left of our hapless economy is destroyed in the process, a process that will ultimately destroy the world economy as well. Mr. Gramm and his wife, Wendy, a former CFTC Chairwoman who later served on Enron's board of directors, were involved in the infamous Enron scandal up to their eyebrows. They are the ones who should have been on trial by the US government.
Even more toxic and mega-destructive than the Enron loophole is this act's deregulation of credit default swaps, which are essentially insurance policies against bond losses. Normally insurance products are regulated by the states, and this act keeps both the states and federal regulatory agencies such as the SEC and CFTC out of this arena. These swaps are what powered the subprime debacle by providing insurance to cover what might otherwise have proven to be risky investments and such insurance was used to justify the bogus AAA ratings, which lured in the unsuspecting sucker-dupes. The notional value of these swaps is in the tens of trillions of dollars and they are currently imploding as failing subprime borrowers, banks and business corporations default on their debts, adding to our current financial woes in spectacular fashion. Mr. Gramm now works for Illuminist bank UBS, which has become the biggest victim of this toxic legislation. No matter, performance is not an issue if you are an Illuminist piece of scum.
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