5 Comments Add your own

• 1. Echo4Charlie  |  October 15th, 2008 at 12:41 pm

  Consider the source. Al Jazeera?

  Goofy group, though.

• 2. DingDong  |  October 15th, 2008 at 12:47 pm

  Al Jazeera, from the people of love and compassion. I bet they are clinging to their guns….

• 3. Orlando Clay  |  October 15th, 2008 at 2:38 pm

  Pretty surprising that this nutty assortment of Dittoheads and citizens of the Savage Nation agreed to appear on camera without their hoods. Completely ignorant, but gutsy.

• 4. Mac  |  October 16th, 2008 at 11:02 am

  So Al Jazeera made these people say these things ?

  Wow, Next thing ya know they’ll tell us
  that the economic melt down is Clintons
  fault

• 5. echo4charlie  |  October 16th, 2008 at 11:57 am

  No, these people are out of touch, and did make themselves look foolish. Especially using the “N” word. C’mon. I won’t argue that there is a strong case that their community gives the impression of extensive inbreeding.

  You can trace our current economic woes back to President Clinton’s second term, though, with bills that he pushed through congress with respect to the 1999 bill he signed that allowed commercial banking firms to offer investment services.

  He also acknowledged that there was possible danger in his administration’s policy of pressing Fannie Mae, the mortgage company, to lower its credit standards for lower- and middle-income families seeking homes.

  I know, I know, Bill Clinton has framed the current financial crisis as the result of a faulty energy policy.

  Democrats have a lot of the responsibility for this as well. President Clinton killed the Glass-Steagall act, did he not?

  For those who are unfamiliar, the Glass-Steagall Act was legislation passed in 1933 that separated the functions of banks, brokerage firms, and insurance companies. It was designed to prevent another crash, like what occurred in 1929. Although Congress had been whittling away at these restrictions since 1980, it finally removed the last vestiges with Gramm-Leach-Bliley in 1999.

  Gramm-Leach-Bliley were the authors of 1999’s Financial Services Modernization Act — better known under the names of its authors — Gramm-Leach-Bliley. What is the significance of that act? It Repealed the restrictions on banks affiliating with securities firms contained in sections 20 and 32 of the Glass-Steagall Act, and created a new “financial holding company” under section 4 of the Bank Holding Company Act.

  Such a holding company can engage in a statutorily provided list of financial activities, including insurance and securities underwriting and agency activities, merchant banking and insurance company portfolio investment activities. Activities that are “complementary” to financial activities also are authorized.

  The non-financial activities of firms predominantly engaged in financial activities (at least 85% financial) are grandfathered for at least 10 years, with a possibility for a five year extension.

  Check it our for yourselves. This bill passed by a vote of 362-57 in the House, and 90-8 in the Senate. As you can see, it passed with overwhelming bipartisan support.

  It was signed into law on November 12, 1999.

  Despite all the blame many Liberals, Democrats, and the media have been assigning to President Bush during this financial crisis, he actually had absolutely nothing to do with the legislation that allowed financial institutions to engage in the activities that have led to and caused the current banking and lending meltdown.

  Barney Frank and his committee, well, they kept propping up Fannie Mae and Freddie Mac saying “Everything’s fine”. Wasn’t it his, and their job to know everything wasn’t “fine”?

  If I can understand the current financial crisis, and I’m no economist, shouldn’t the majority of Obama-loving sycophants in the press?

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