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Watch this hour-long program about the causes of the 2008 financial catastrophe and how lack of regulation played a huge part. Then get back with me and tell me what you think.

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PBS Frontline: Brooksley Born,Larry Summers,Alan Greenspan and Robert Rubin

 

http://www.pbs.org/wgbh/pages/frontline/warning/

 

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 "We didn't truly know the dangers of the market, because it was a dark market," says Brooksley Born, the head of an obscure federal regulatory agency -- the Commodity Futures Trading Commission [CFTC] -- who not only warned of the potential for economic meltdown in the late 1990s, but also tried to convince the country's key economic powerbrokers to take actions that could have helped avert the crisis. "They were totally opposed to it," Born says. "That puzzled me. What was it that was in this market that had to be hidden?"

 

In The Warning, veteran FRONTLINE producer Michael Kirk unearths the hidden history of the nation's worst financial crisis since the Great Depression. At the center of it all he finds Brooksley Born, who speaks for the first time on television about her failed campaign to regulate the secretive, multitrillion-dollar derivatives market whose crash helped trigger the financial collapse in the fall of 2008.

 

"I didn't know Brooksley Born," says former SEC Chairman Arthur Levitt, a member ofPresidentClinton's powerful Working Group on Financial Markets. "I was told that she was irascible, difficult, stubborn, unreasonable." Levitt explains how the other principals of the Working Group -- former Fed Chairman Alan Greenspan and formerTreasury SecretaryRobertRubin -- convinced him that Born's attempt to regulate the risky derivatives market could lead to financial turmoil, a conclusion he now believes was "clearly a mistake."

 

Born's battle behind closed doors was epic, Kirk finds. The members of the President's Working Group vehemently opposed regulation -- especially when proposed by aWashingtonoutsider like Born.

 

"I walk into Brooksley's office one day; the blood has drained from her face," saysMichael Greenberger, a former top official at the CFTC who worked closely with Born. "She's hanging up the telephone; she says to me: 'That was [former Assistant Treasury Secretary] Larry Summers. He says, "You're going to cause the worst financial crisis since the end of World War II."... [He says he has] 13 bankers in his office who informed him of this. Stop, right away. No more.'"

 

Greenspan, Rubin and Summers ultimately prevailed on Congress to stop Born and limit future regulation of derivatives. "Born faced a formidable struggle pushing for regulation at a time when the stock market was booming," Kirk says. "Alan Greenspan was the maestro, and both parties inWashington were united in a belief that the markets would take care of themselves."

 

Now, with many of the same men who shut down Born in key positions in the Obama administration, The Warning reveals the complicated politics that led to this crisis and what it may say about current attempts to prevent the next one.

 

"It'll happen again if we don't take the appropriate steps," Born warns. "There will be significant financial downturns and disasters attributed to this regulatory gap over and over until we learn from experience."

 

 

Original Post

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The new government regulations are the equivalent of a self licking ice cream cone.  Government caused the problem.  At least six times Bush tried to get congress to stop the practices.  Auditors warned of the problem.  There is a video of Frank stating everything was OK while the auditor stood there with the report.

 

They even named the bill after the two biggest crooks -- Dodd and Frank. 

 

Poor seeweed is several tokes over the line blaming fake news reporting.

Let me guess, first you didn't take time to watch the video.

Second, the new regulations are not anywhere near strong enough.

We already had laws and regulations that worked for decades. Those should have been reinstituted.

The New Deal has made this country what it became in the 20'th Century. Doing away with the New Deal which started with Reagan has caused a depression , with clear parallels to the Great Depression. All the regulations of the New Deal should be re instituted and any further attempts to dismantle the New Deal should cease. It won't happen until the working class of this country has been turned into surfs and finally get enough sense to vote out the bunch that constantly wants to enrich the uber rich, and take that hide out of the middle class.

When what used to be the middle class has had enough, it will be changed, until then, we'll have to contend with the Republicans screwing us.

Originally Posted by seeweed:

Let me guess, first you didn't take time to watch the video.

Second, the new regulations are not anywhere near strong enough.

We already had laws and regulations that worked for decades. Those should have been reinstituted.

The New Deal has made this country what it became in the 20'th Century. Doing away with the New Deal which started with Reagan has caused a depression , with clear parallels to the Great Depression. All the regulations of the New Deal should be re instituted and any further attempts to dismantle the New Deal should cease. It won't happen until the working class of this country has been turned into surfs and finally get enough sense to vote out the bunch that constantly wants to enrich the uber rich, and take that hide out of the middle class.

When what used to be the middle class has had enough, it will be changed, until then, we'll have to contend with the Republicans screwing us.

Wrong, I did watch the video.  The underlying weakness was loans to people who couldn't afford them.  If that condition didn't exist, the derivatives wouldn't have failed.  Government caused that condition.  Now, piles on more regulations to correct the problems it caused.  Like I said self licking ice cream cone.

 

FDR's stimulus caused a major recession to become a major depression. Sound familiar!  His own Secretary of Finance Henry Morgenthau agreed. 

 

"We have tried spending money. We are spending more money than we have ever spent before and it does not work. And I have just none interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job, I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this administration we have just as much unemployment as when we started . . . . And an enormous debt to boot!"

WWII ended the depression, not the new Deal. 

 

Most of the uber rich are Democrats. 

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

You can't make a more uninformed post than this one. If most workers are Republican, then they must be stupid because the Republican Party has no interest in them. You must be insane.

What is really insane is Hoober works for TVA, so he , and his union people that are R's are voting for a party that has tried to get rid of TVA since Eisenhower was elected president. Talk about voting against your own self interest --- that is a prime example.

 

Hoober, let me guess about you also- you didn't watch that video did you ?

 

Let me offer a youtube video addressing just which blurry-eyed Liberal actually pushed the minority ownership of homes .

You wil of course blame this video on the "liberal media" , but for those who actually check it out, they may find you were wrong on your statement.

http://www.youtube.com/watch?v=MqR15H0gNBU

Last edited by seeweed
Originally Posted by interventor1212:
 FDR's stimulus caused a major recession to become a major depression. Sound familiar!  His own Secretary of Finance Henry Morgenthau agreed. 
 
"We have tried spending money. We are spending more money than we have ever spent before and it does not work. And I have just none interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job, I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this administration we have just as much unemployment as when we started . . . . And an enormous debt to boot!"
 
WWII ended the depression, not the new Deal. 

 

 

The date: May 9, 1939. The setting: Morgenthau’s appearance in Washington before less influential Democrats on the House Ways and Means Committee.

http://blog.heritage.org/2009/...-and-it-doesnt-work/

 

That quote was 2 and 1/2 years before U.S. entry into WWII. Republicans had been digging in its heels all along the way to stop FDR's New Deal. The Supreme Court, often referred to as the Nine Old Men, were Republicans almost down to a man and as a result the struck down a number of FDR's New Deal programs. And then the bombs dropped on Pearl Harbor.

 

What do you think happened during WWII that cured the depression? Massive government spending and huge deficits!

 

If massive spending and huge deficits can get us out of a depression, wouldn't you think merely large government spending and merely large defecits would get us out of merely a recession?

Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

 

So everybody is voting Republican on social issues even as the Republicans are stabbing the middle class and working people in the back on economic issues? Voting Republican is not going to do away with government assistance, the uber liberal rich, homosexual community, hollywood or the Democratic Party.

 

But the Republicans and their uber rich backers have been waging an economic war since Reagan. Warren Buffett, the second-richest person in America according to Forbes, says that his class has been waging class warfare, and they are winning, because his secretary pays a larger percentage of her income in taxes than he does.

 
Sources:

http://www.forbes.com/wealth/forbes-400

http://www.goodreads.com/quotes/show/123058

http://www.timesonline.co.uk/t...x/article1996735.ece

Originally Posted by The Propagandist:
Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

 

So everybody is voting Republican on social issues even as the Republicans are stabbing the middle class and working people in the back on economic issues? Voting Republican is not going to do away with government assistance, the uber liberal rich, homosexual community, hollywood or the Democratic Party.

 

But the Republicans and their uber rich backers have been waging an economic war since Reagan. Warren Buffett, the second-richest person in America according to Forbes, says that his class has been waging class warfare, and they are winning, because his secretary pays a larger percentage of her income in taxes than he does. He even thinks the rich, including him, should pay more.

 
Sources:

http://www.forbes.com/wealth/forbes-400

http://www.goodreads.com/quotes/show/123058

http://www.timesonline.co.uk/t...x/article1996735.ece

http://www.bloomberg.com/news/...y-more-in-taxes.html

 

Originally Posted by The Propagandist:
Originally Posted by interventor1212:
 FDR's stimulus caused a major recession to become a major depression. Sound familiar!  His own Secretary of Finance Henry Morgenthau agreed. 
 
"We have tried spending money. We are spending more money than we have ever spent before and it does not work. And I have just none interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job, I want to see people get enough to eat. We have never made good on our promises. . . . I say after eight years of this administration we have just as much unemployment as when we started . . . . And an enormous debt to boot!"
 
WWII ended the depression, not the new Deal. 

 

 

The date: May 9, 1939. The setting: Morgenthau’s appearance in Washington before less influential Democrats on the House Ways and Means Committee.

http://blog.heritage.org/2009/...-and-it-doesnt-work/

 

That quote was 2 and 1/2 years before U.S. entry into WWII. Republicans had been digging in its heels all along the way to stop FDR's New Deal. The Supreme Court, often referred to as the Nine Old Men, were Republicans almost down to a man and as a result the struck down a number of FDR's New Deal programs. And then the bombs dropped on Pearl Harbor.

 

What do you think happened during WWII that cured the depression? Massive government spending and huge deficits!

 

If massive spending and huge deficits can get us out of a depression, wouldn't you think merely large government spending and merely large defecits would get us out of merely a recession?

 

You read Morgenthau's quote, even where it was spoken, but either you didn't understand it.  Or, you didn't wish others to.  No matter, its an old propaganda trick.

 

At the end of WWII, the US was the last man standing. Europe was wrecked. Her work force was dead or maimed.  Same for Japan, even more so.  The US was the only major power with her factories intact. And, a potential workforce mostly intact.  And, agriculture to feed not only her people, but much of the world.  How could she could not succeed! 

 

As Morgenthau stated, before the war a great fortune spent, much debt and no results.

 

The US had a national debt near GDP, but no great entitlement programs to suck up all the revenue.  She paid the debt down.

 

Now, we've spent to put FDR and Morgenthau to shame. There's been no great recovery. We have a debt near GDP, a faltering economy, and entitlement programs that will ensure the debt can't be paid.

 

Japan spent to 240 percent of her GDP without a recovery.  Look at Europe, and see the same.  Most economies are in austerity mode. 

 

The left never lets inconvenient things like facts and experience stand in their way! 

 

Originally Posted by The Propagandist:
Originally Posted by The Propagandist:
Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

 

So everybody is voting Republican on social issues even as the Republicans are stabbing the middle class and working people in the back on economic issues? Voting Republican is not going to do away with government assistance, the uber liberal rich, homosexual community, hollywood or the Democratic Party.

 

But the Republicans and their uber rich backers have been waging an economic war since Reagan. Warren Buffett, the second-richest person in America according to Forbes, says that his class has been waging class warfare, and they are winning, because his secretary pays a larger percentage of her income in taxes than he does. He even thinks the rich, including him, should pay more.

 
Sources:

http://www.forbes.com/wealth/forbes-400

http://www.goodreads.com/quotes/show/123058

http://www.timesonline.co.uk/t...x/article1996735.ece

http://www.bloomberg.com/news/...y-more-in-taxes.html

 

Warren Buffet, Steven Jobs, and Bill Gates -- all Democrats.

Current federal spending is about 23% of GDP, same as the the glory years of the 1980's, except there were not 2 wars going on.  Problem is federal receipts are at historical lows, about 14.5% compared to 17% in the 1980's.  Reagan tripled the national debt, and he is the greatest POUTUS evar, so I will be disappointed if OBama does not leave office with at least $30Trillion of debt. 

Originally Posted by JimiHendrix:
Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

You can't make a more uninformed post than this one. If most workers are Republican, then they must be stupid because the Republican Party has no interest in them. You must be insane.



You can't understand it lil j

 

Originally Posted by Mr. Hooberbloob:
Originally Posted by JimiHendrix:
Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

You can't make a more uninformed post than this one. If most workers are Republican, then they must be stupid because the Republican Party has no interest in them. You must be insane.



You can't understand it lil j

 

I understand it perfectly, and you can't stand that.

Originally Posted by Mr. Hooberbloob:
Originally Posted by JimiHendrix:
Originally Posted by Mr. Hooberbloob:

Realestate holdings are what broke the back of the mega banks that were "too big to fail".  Inventor is 100% correct stating liberal loaning policies caused this mess. 

 

I'd hate to break it to seaweed, but most working folk are republican.  I'm in a union and 100% of my shop is republican.  Most people living on government assistance, the uber liberal rich, homosexual community, and hollywood comprise the democrat party.

 

 

You can't make a more uninformed post than this one. If most workers are Republican, then they must be stupid because the Republican Party has no interest in them. You must be insane.



You can't understand it lil j

 

it did not post my full comment:

 

You are a parsite Jimi, that's why you can't understand why the working man would think otherwise.

Originally Posted by seeweed:

What is really insane is Hoober works for TVA, so he , and his union people that are R's are voting for a party that has tried to get rid of TVA since Eisenhower was elected president. Talk about voting against your own self interest --- that is a prime example.

 

Hoober, let me guess about you also- you didn't watch that video did you ?

 

Let me offer a youtube video addressing just which blurry-eyed Liberal actually pushed the minority ownership of homes .

You wil of course blame this video on the "liberal media" , but for those who actually check it out, they may find you were wrong on your statement.

http://www.youtube.com/watch?v=MqR15H0gNBU


 

You can shake your little liberal fists in the air all you want, it was still liberal lending policies that got us into this mess.

 

TVA is not my savior.  If losing TVA means the end of liberalism, then so be it.  Instead of sitting on my fourth point of contact waiting for the gubment to bail me out, I've prepared myself through education and skill enhancement to secure my future.  TVA had nothing to do with it.

I've shown that even FDR's Secretary of Finance admitted stimulus didn't work. That the reason the US emerged from WWII prosperous was not the war, but our position after the war.  I've shown that Japan tried stimulus equal to 240 percent without success. That Europe is now going into austerity mode after stimulus failed.  But, the left insists Damm the facts, full speed ahead!  Remember the torpedoes succeeded.

Based on some of the responses at this forum, I, too, have decided that anybody who disagrees with me is a parasite, a moocher, a welfare cheat waiting on that government check, somebody who’s never done a lick of productive work in his life, a socialist, a communist, and some kind of sub-normal idiot who can’t understand the way things ought to be.

 

Thank you. My time on here has been so enlightening.

Originally Posted by The Propagandist:

Based on some of the responses at this forum, I, too, have decided that anybody who disagrees with me is a parasite, a moocher, a welfare cheat waiting on that government check, somebody who’s never done a lick of productive work in his life, a socialist, a communist, and some kind of sub-normal idiot who can’t understand the way things ought to be.

 

Thank you. My time on here has been so enlightening.

We should thank you, dittohead, jimihendrix, opie, rocky, and the rest of the whole hee-haw gang for enlightening us with your superior knowledge.

Originally Posted by The Propagandist:

Based on some of the responses at this forum, I, too, have decided that anybody who disagrees with me is a parasite, a moocher, a welfare cheat waiting on that government check, somebody who’s never done a lick of productive work in his life, a socialist, a communist, and some kind of sub-normal idiot who can’t understand the way things ought to be.

 

Thank you. My time on here has been so enlightening.

Fine!  Take your marbles, the few you possses, and go home.  The world will continue without you! 

 

Reportedly, Propie left in a snit.  It was a 1955, lime green Snit!
 

Originally Posted by The Propagandist:

Based on some of the responses at this forum, I, too, have decided that anybody who disagrees with me is a parasite, a moocher, a welfare cheat waiting on that government check, somebody who’s never done a lick of productive work in his life, a socialist, a communist, and some kind of sub-normal idiot who can’t understand the way things ought to be.

 

Thank you. My time on here has been so enlightening.


Anyone who supports our nation's liberal spending habits has to be a freeloader.  It's simple self preservation.  No working man who pays taxes would subscribe to this nonsense. 

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