Comments on: Partying Like It’s 1929 http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/ Keeping a jaundiced eye on the corporate media. Thu, 04 Dec 2008 05:15:32 +0000 http://wordpress.org/?v=2.6 By: Susie http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139099 Susie Fri, 21 Mar 2008 16:51:28 +0000 http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139099 Yep. Whatever the politics behind it (Clinton was still fighting for his political life because of the Lewinsky scandal, and Treasury Sec. Robert Rubin left just a few days after it was passed to go to work for Citigroup, who was pushing the repeal), it was a very bad move. Which is why Obama using the DLC's senior economist as his main economic adviser - the man who thinks the only problem with subprime lending was the massive fraud - is also something to worry about. Yep. Whatever the politics behind it (Clinton was still fighting for his political life because of the Lewinsky scandal, and Treasury Sec. Robert Rubin left just a few days after it was passed to go to work for Citigroup, who was pushing the repeal), it was a very bad move.

Which is why Obama using the DLC’s senior economist as his main economic adviser - the man who thinks the only problem with subprime lending was the massive fraud - is also something to worry about.

]]> By: steveeboy http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139096 steveeboy Fri, 21 Mar 2008 16:04:43 +0000 http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139096 it's totally a deregulation problem. one of the major hits to the new deal occurred when bill clinton, in full-on DLC mode, acquiesced in the repeal of the glass steagall act in 1999. that law built a firewall between banks and investment houses and had successfully stopped the sort of bank run virus caused by rampant speculation and margin/leverage usage that we are dealing with now. again, many people in finance are aghast at the foolishness and stupidity of these big speculators. I was in a meeting yesterday where one participant--COO of a major research firm/trading firm, noted that strong efforts to reduce shenanigans regarding trading houses might fade away "until we have another strong AG" this did little but promote smirks all around the table thanks to Spitzer's now well-known sexual proclivities. it’s totally a deregulation problem.

one of the major hits to the new deal occurred when bill clinton, in full-on DLC mode, acquiesced in the repeal of the glass steagall act in 1999.

that law built a firewall between banks and investment houses and had successfully stopped the sort of bank run virus caused by rampant speculation and margin/leverage usage that we are dealing with now.

again, many people in finance are aghast at the foolishness and stupidity of these big speculators.

I was in a meeting yesterday where one participant–COO of a major research firm/trading firm, noted that strong efforts to reduce shenanigans regarding trading houses might fade away “until we have another strong AG”

this did little but promote smirks all around the table thanks to Spitzer’s now well-known sexual proclivities.

]]> By: Ron http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139086 Ron Fri, 21 Mar 2008 14:32:43 +0000 http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139086 I just may buy gold and bury it ni the back yard! Anyone notice the wingnut talking heads circling the wagons in defense of deregulation? I caught a snippet that'd run on fox spews, some roundtable of deplorable talking pukes, all screaming that, "It's not the fault of deregulation, deregulation's not to blame!" Fuck them. I just may buy gold and bury it ni the back yard! Anyone notice the wingnut talking heads circling the wagons in defense of deregulation? I caught a snippet that’d run on fox spews, some roundtable of deplorable talking pukes, all screaming that, “It’s not the fault of deregulation, deregulation’s not to blame!” Fuck them.

]]> By: merciless http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139081 merciless Fri, 21 Mar 2008 14:03:17 +0000 http://susiemadrak.com/2008/03/21/08/30/partying-like-its-1929/#comment-139081 My 88-year-old dad asked me last weekend if he should pull his money out of the bank. I told him that I thought his little credit union was safe for the time being. But who knows? My 88-year-old dad asked me last weekend if he should pull his money out of the bank. I told him that I thought his little credit union was safe for the time being. But who knows?

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