$5 BILLION IN POLITICAL CONTRIBUTIONS BOUGHT WALL STREET FREEDOM FROM REGULATION, RESTRAINT, REPORT FINDS
1). In 1999, Congress repealed the Glass-Steagall Act, which had prohibited the merger of commercial banking and investment banking.
2). Regulatory rules permitted off-balance sheet accounting -- tricks that enabled banks to hide their liabilities.
3). The Clinton administration blocked the Commodity Futures Trading Commission from regulating financial derivatives -- which became the basis for massive speculation.
4).Congress in 2000 prohibited regulation of financial derivatives when it passed the Commodity Futures Modernization Act.
5).The Securities and Exchange Commission in 2004 adopted a voluntary regulation scheme for investment banks that enabled them to incur much higher levels of debt.
6). Rules adopted by global regulators at the behest of the financial industry would enable commercial banks to determine their own capital reserve requirements, based on their internal "risk-assessment models."
7). Federal regulators refused to block widespread predatory lending practices earlier in this decade, failing to either issue appropriate regulations or even enforce existing ones.
8). Federal bank regulators claimed the power to supersede state consumer protection laws that could have diminished predatory lending and other abusive practices.
9) Federal rules prevent victims of abusive loans from suing firms that bought their loans from the banks that issued the original loan.
10) Fannie Mae and Freddie Mac expanded beyond their traditional scope of business and entered the subprime market, ultimately costing taxpayers hundreds of billions of dollars.
11). The abandonment of antitrust and related regulatory principles enabled the creation of too-big-to-fail megabanks, which engaged in much riskier practices than smaller banks.
12). Beset by conflicts of interest, private credit rating companies incorrectly assessed the quality of mortgage-backed securities; a 2006 law handcuffed the SEC from properly regulating the firms.
http://www.wallstreetwatch.org/Gramm-Leach-Bliley I love it when they leave parts out of a story, like this
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Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999, is an Act of the United States Congress which repealed part of the Glass-Steagall Act of 1933, opening up competition among banks, securities companies and insurance companies.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.
http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_ActThey are implicating Republicans and Democrats are at equal fault because they took about the same amount of money from lobbyists. Wrong, all you Wolfs in Sheep Clothing, it happened when the people in power R) President, R) House and Senate, between 2000-2006-7
They preached less government, that meant turn your head the other way as we are about to rape America and many other parts of the world. You can buy and sell in the stock market with a whole lot less chance of loosing money if the game is fixed.
So you know what, when, and how it will be done, at the same time move your ill gotten gains into overseas accounts.
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