Luckovich Toon: We Bought The House

[n2doc]

[bvar22]

1. Next we're buying the Senate?

LOL

[font color=white]............................[/font][font size=3]Paulson with Co-Conspirators

[font color=white]...........................[/font][font size=3]Now THIS is Bipartisanship!

[L0oniX]

2. +1

[Octafish]

3. Buy Partisan.

Look at Phil Gramm and Bill Clinton, who collaborated on the removal of the New Deal protections keeping banks from playing casino with their taxpayer backed deposits.

Bill Clinton, upon signing the legislation, was concerned:

There are provisions of the Act that concern me. The Act's redomestication provisions could allow mutual insurance companies to avoid State law protecting policyholders, enriching insiders at the expense of consumers. We intend to monitor any redomestications and State law changes closely, returning to the Congress if necessary. The Act's Federal Home Loan Bank (FHLB) provisions fail to focus the FHLB System more on lending to community banks and less on arbitrage activities and short-term lending that do not advance its public purpose.

SOURCE:

http://www.presidency.ucsb.edu/ws/?pid=56922

Yet, nothing was done. Once the smoke cleared, $29 trillion dollars vanished and the tax payers were on the hook to make the thieves whole. And no one responsible spent a day in jail.

[HughBeaumont]

4. Graft Leech Blightly Act.

What will they do for an encore?

http://thinkprogress.org/economy/2008/09/20/172364/economists-blame-gramm/#

In 1999, Congress passed the Gramm-Leach-Bliley Act, which abolished “all of the significant rules put in place at the time of the Great Depression designed to prevent a repeat.” Specifically, this act “destroyed the Depression-era barrier to the merger of stockbrokers, banks and insurance companies.”

Yesterday, a group of economists, including Nobel Prize winner Joseph Stiglitz, slammed Gramm for having a “mentality that doesn’t understand the nature of systemic risks in financial systems,” and said that his bill helped create the current financial turmoil:

Economic experts say that Gramm and others are to blame for the current crisis that is shaking Wall Street.

Gramm’s successful effort to pass banking reform laws in 1999, which reduced decades-old regulations separating banking, insurance and brokerage activities, helped to create the current economic crisis.

“As a result, the culture of investment banks was conveyed to commercial banks and everyone got involved in the high-risk gambling mentality. That mentality was core to the problem that we’re facing now,” Stiglitz says.

[Octafish]

5. It's a frightening thought.

After retirement, Phil Gramm went to UBS Switzerland and, personally, moved the money. A process he learned from the pros: The best way to rob a bank is to own one and applied it to the U.S. Treasury. In 2008, DU noticed...

Know your BFEE: Phil Gramm, the Meyer Lansky of the War Party, Set-Up the Biggest Bank Heist Ever.

Boards will be boards. And it's diss-guss-ting what some don't DU: UBS Revitalizing America. And I remember how Stiglitz got the ziggy after Grant Park.

[Enthusiast]

9. +1 an entire shit load!

I wish we could make the nation read your post.

"Yet, nothing was done. Once the smoke cleared, $29 trillion dollars vanished and the tax payers were on the hook to make the thieves whole. And no one responsible spent a day in jail."

[frwrfpos]

6. recommend

[ErikJ]

7. Incredible Koch Network owns everything

[HughBeaumont]

10. Shared.

These groups have the ear (and pocketbooks) of the Republican-controlled Congress.

[Gothmog]

8. Great cartoon

[rhett o rick]

11. Is it still called a cartoon if it aint funny? nm