Comments for The five most wanted men from Wall Street and Washington »
Posted By Radiofreeeuropa 1 year, 1 month ago in Political NewsWhat the hell's happening here? Why is my bank in the tank? And my house and job? And my retirement money? Even my state's teetering on the brink of broke! Who did this to us?
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Radiofreeeuropa1 year, 1 month ago
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On Phil Gramm
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"In 1999, as chair of the Senate Banking Committee, he had the power to implement some of his cockamamie dogmas. First, he pushed through a bill to dissolve the 1933 Glass-Steagall Act, a New Deal reform that prohibited banks, investment houses, and insurance companies from combining into one corporation. By keeping these components of our financial system separate, Glass-Steagall made sure that the crash of one of them would not bring down the other two. But a number of Wall Street banks, led by what would become Citigroup, saw a profit windfall for themselves if only they could scuttle the old law and merge banking, investment, and insurance into huge financial conglomerates. The senator was their ideological soul mate, and he was delighted to rig the system for them."
Anyone see the news about Citigroup today??
50,000 jobs axed.-
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italymeetsdixie1 year, 1 month ago
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I heard this morning on one of the big MSM's, I watched four, so am unsure which one I heard it from, that Citigroup execs are still keeping their bonuses this year, even with the massive layoff, stock price fall, and receipt of government funds. Shameful. Absolutely shameful.
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Charlson1 year, 1 month ago
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"We are here today to repeal Glass-Steagall because we have learned that government is not the answer. We have learned that freedom and competition are the answers. We have learned that we promote economic growth and we promote stability by having competition and freedom. I am proud to be here because this is an important bill; it is a deregulatory bill. I believe that's the wave of the future, and I am awfully proud to have been a part of making it a reality." - Phil Gramm
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The hit list of those most responsible for the mess we are in:
Phil Gramm
Alan Greenspan
Chris Cox
William Donaldson
Henry Paulson -
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