ECONOMIC CRISIS I WONDER WHY ALL OVER AGAIN !

The “Enron Loophole”

Main article: Enron Loophole

The Commodity Futures Modernization Act of 2000 has received criticism for the so-called “Enron Loophole,” 7 U.S.C. §2(h)(3) and (g), which exempts most over-the-counter energy trades and trading on electronic energy commodity markets. The “loophole” was drafted by Enron Lobbyists working with senator Phil Gramm^[3] seeking a deregulated atmosphere for their new experiment, “Enron On-line“^{[citation needed]}.

Several Democratic Legislators introduced legislation to close the loophole from 2000-2006^[4][5], but were unsuccessful.

In September 2007, Senator Carl Levin (D-MI) introduced Senate Bill S.2058 to specifically close the “Enron Loophole” ^[6] This bill was later attached to H.R. 6124, the Food, Conservation, and Energy Act of 2008, aka “The 2008 Farm Bill”. President Bush vetoed the bill, but was overridden by both the House and Senate, and on June 18th, 2008 the bill was enacted into law.^[7]. One specific reason behind it’s introduction was to address the record high oil prices of the 2000s energy crisis. Since it was enacted, average gas prices of regular unleaded gasoline in the U.S. have dropped $0.357, from their record high of $4.114 on 7/17/2008 to an average of $3.757 as of 9/21/2008^[8]

The prohibition on single-stock futures and narrow-based indices that had been in effect until the passage of this act was known as the Shad-Johnson Accord because it was first announced in 1982, as part of a jurisdictional pact between John S.R. Shad, then chairman of the U.S. Securities and Exchange Commission and Phil Johnson, then chairman of the Commodity Futures Trading Commission.^{[citation needed]}

No Regulation/Oversight NO BAIL OUT !!

The deal proposed by Paulson is nothing short of outrageous. It includes no oversight of his own closed-door operations. It merely gives congressional blessing and funding to what he has already been doing, ad hoc. He plans to retain Wall Street firms as advisors to decide just how to cut deals to value and mop up Wall Street’s dubious paper. There are to be no limits on executive compensation for the firms that get relief, and no equity share for the government in exchange for this massive infusion of capital. Both Obama and McCain have opposed the provision denying any judicial review of decisions made by Paulson — a provision that evokes the Bush administration’s suspension of normal constitutional safeguards in its conduct of foreign policy and national security. [...]
The differences between this proposed bailout and the three closest historical equivalents are immense. When the Reconstruction Finance Corporation of the 1930s pumped a total of $35 billion into U.S. corporations and financial institutions, there was close government supervision and quid pro quos at every step of the way. Much of the time, the RFC became a preferred shareholder, and often appointed board members. The Home Owners Loan Corporation, which eventually refinanced one in five mortgage loans, did not operate to bail out banks but to save homeowners. And the Resolution Trust Corporation of the 1980s, created to mop up the damage of the first speculative mortgage meltdown, the S&L collapse, did not pump in money to rescue bad investments; it sorted out good assets from bad after the fact, and made sure to purge bad executives as well as bad loans. And all three of these historic cases of public recapitalization were done without suspending judicial review.

http://www.huffingtonpost.com/2008/09/22/dirty-secret-of-the-bailo_n_128294.html#postComment

Chris Dodd On Hank Paulson: The Rescue Plan Would “Turn $700 Billion Over Virtually To One Individual”

700 billion to one man, HECK NO,
BAILOUT WITHOUT RE INSTATING REGULATIONS AND MODIFICATION OF CURRENT REGULATION IMMEDIATELY TO MONITOR THE ACTIVITIES AND LEVERAGING THAT GOT US INTO THIS MESS.
NO NO NO NO….
AND IF WALL STREET CAN DO RISKY BUSINESS UN ETHICAL BUSINESS AND THEN ASK FOR A BAILOUT BECAUSE THEY ARE ON THE BRINK OF FAILURE……..
WHERE IS THE 10,000 CHECK TO EVERY AMERICAN TAXPAYING CITIZEN SO THEY CAN TRY TO FIX THEIR LIVES, AFTER BEING UNDERREPRESENTED ON THE REGULAROTY SIDE BY OUR GOVERNMENT…
THE RNC/MCCAIN/GRAMM/BUSH OWNERSHIP SOCIETY HAS BROUGHT OUR ECONOMY TO ITS HANDS AND KNEES. NOW THEY WANT TO PASS THE LOSSES TO TAX PAYERS, OUR CHILDERN AND NEXT TWO GENERATIONS OF OUR GRANDCHILDREN.
Without Oversight..OR RISK RESTRICTIONS…..ARE WE CRAZY……………….
THE ANSWER IS: THIS CANNOT BE A ONE-SIDED ASSIST FOR CORPORATE AMERICA.
THE REPUBLICANS BROUGHT THIS ON WITH 20 YEARS OF FIGHTING AGAINST REGULATING OUR INDUSTRIES. THE ASKED TO LET THE FREE MARKETS REIGN, AND NOW THEY WANT US TO PAY FOR THEIR MISTAKES. OVER 600,000 CITIZENS LOST THEIR JOBS THIS YEAR ALONE. THEIR BOOM ECONOMY ONLY CREATED 5.5 MILLION LOWER PAYING JOBS IN 8 YEARS..

CORPORATE TAX RATES WERE CUT, INVESTMENT TAX RATES CUT.

AND THEY TOOK THE MONEY AND RAN, NONE, NOONE, NADA… RE- INVESTED THESE GAINS IN OUR ROADS, SCHOOLS, WORKERS, VETERANS, BUSH AND THE RNC HAVE STEADILY BEEN PROPOSING CUTS TO OUR GOVERNMENT. INCLUDING THE DEPT OF EDUCATION

MCCAIN EVEN NOW PROPOSES TO CUT DEFENSE SPENDING-JUST 48 HOURS AGO, HE SAID THIS EVEN AFTER WANTING TO STAY IN IRAQ ANOTHER 100 YEARS.

WAKE UPPPPPPPPPPPPPPP

HOW MUCH OF OUR ECONOMIC BOOM WAS FALSE AND FAKE
INFLATED RPOFITS, HIGH CEO BONUSES, THEN RE STATE EARNINGS YEARS LATER
WITH NO RECOURSE FOR HOODWINKED SHAREHOLDERS.
ENOUGH
More on Wall St Crisis
Read the Article at HuffingtonPost

MCCAIN & HIS FREE MARKET HEALTHCARE

http://krugman.blogs.nytimes.com/2008/09/19/mccain-on-banking-and-health/

September 19, 2008, 7:24 pm
McCain on banking and health
OK, a correspondent directs me to John McCain’s article, Better Health Care at Lower Cost for Every American, in the Sept./Oct. issue of Contingencies, the magazine of the American Academy of Actuaries. You might want to be seated before reading this.
Here’s what McCain has to say about the wonders of market-based health reform:
Opening up the health insurance market to more vigorous nationwide competition, as we have done over the last decade in banking, would provide more choices of innovative products less burdened by the worst excesses of state-based regulation.
So McCain, who now poses as the scourge of Wall Street, was praising financial deregulation like 10 seconds ago — and promising that if we marketize health care, it will perform as well as the financial industry!

WHO REALLY VOTED FOR MCCAIN

Votes	Delegates		Candidate
9,501,979	1,563		John McCain
4,375,380	272		Mitt Romney
4,147,799	282		Mike Huckabee
1,164,598	29		Ron Paul
573,763			Rudy Giuliani
285,898			Fred Thompson
67,018			Uncommitted
56,917			Alan Keyes

 

HOW MANY REPUBLICANS ACTUALLY VOTED FOR MCCAIN,

THE PRIMARIES STARTED IN JAN 08 AND HE CINCHED THE NOMINATION MARCH 4TH DUE TO THE OTHERS BACKING OUT.

ONLY 10% OF THE RNC/GOP EVEN HAD A CHANCE TO VOTE, WHAT’S THAT

2 STATES..YOU GUYS DIDN’T EVEN PICK YOUR OWN CANDIDATE AND THEN MCCAIN DIDN’T PICK HIS VP..

YOU GUYS WERE STILL VOTING FOR HUCKABEE AND ROMNEY AND PAUL LATE INTO THE ELECTION CYCLE….

SO THE TOP 10% OF THE RNC IGNORES YOU THE BOTTOM 90% AND YOU WANT ME TO FOLLOW YOU DOWN THE YELLOW BRICK ROAD AND YOU PRESENT NO POLICY AT ALL EXCEPT SMALLER DE REGULATED GOVT, LOWER TAXES FOR THE 4 MILL PER YEAR MIDDLE CLASS YOU LOVE, AND SOCIALIZATION OF CORPORATE RISK DUE TO YOUR FREE MARKET MADNESS POLICIES….THAT IS SHORT FOR DE REGULATION

REPEAL ANTI TRUST LAWS AND THE DEPRESSION ERA LEGISLATION THAT MADE OUR MARKETS SAFER AND MORE SECURE AND THE ENVY OF THE WORLD.

AND NOW THAT THE RISKY BUSINESS DEALS HAVE FAILED, IT IS OK TO USE AMERICAN TAX MONEY TO BAIL OUT BIG BUSINESS, BUT A STIMULUS PACKAGE FOR THE TAX PAYERS, AND WORKERS OF AMERICA IS NONEXISTANT!

SURE …….do you have the Brooklyn Bridge for sale as Well.

Campaign Momentum Shifts Back To Obama

OUR GOVT IS UNDER FUNDED AND HAS BEEN FOR 8 YRS DEFINITELY.
TAXES ARE NECESSARY TO ENSURE OUR GOVT IS RUNNING RESPONSIBLY.
DE REGULATION AND UNDER FUNDING ARE ROOT CAUSES TO OUR CURRENT ECONOMIC DILEMMA
WHAT IS IT………that make this so hard to admit, to see, to realize,
if we do not pay taxes; the police do not come, the roads fall apart, we cannot respond to emergencies, such as hurricanes and floods. Look at Texas please open your eyes.
The Clinton Tax code produced economic surpluses and prosperity,…..Bush’s tax cust were temporary when they were put in place…they are set to expire unless extended……….ANYWAY….
if everyone sits on their hands all taxes raise back to the pre Bush days by law, automatically…A resolution must be passed to extend this temporary measure by Bush and the RNC.
so please do not talk to me about Obama raising taxes, on you, guess what Bush set up a temporary tax situation designed to revert back to the Clinton tax code, After he left office …….get it, you were hoodwinked, he knew it could not pass or last as permanent tax cuts………..
so do not be a fool….review the facts………….
More on Barack Obama
Read the Article at HuffingtonPost

THR REGULATION TERMINATORS

De regulation and the repeal of the Depression Era legislation designed to protect and stabilize our markets led to this massive decline.

Thank Phil Gram & the Republican Party the Regulation Terminators

Take a moment and review:

 The Repeal of Glass Steagall by the Gramm-Leach-Bliley – Financial Services Modernization Act

&

Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000.

Behind this Bill were, Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill”s co-sponsors.  Still, as it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill

And what did we get for all this Small government Free Market Madness

Great Depression #2 on the Horizon.

Know the facts People; make a smart decision with your vote,’

We the People do not need Phil Gramm in the next administration or anywhere near out Laws,

The White House Nor our Public Policy!
More on John McCain
Read the Article at HuffingtonPost

Obama Takes On Economy, Partisanship In Direct Ad (VIDEO)

Let’s keep it factual, the de regualation a free market madness of the RNC/McCain and his cronie Phil Gramm are the root cause. To not monitor our markets is like not haveing police monitor speeding on our roads and crimes. It is absolutely crazy. To have stripped away the Depression Era Regulations that made our economy safer and stronger was insanity. The Shame is McCain prides himself as a De regulator time and time again and now, even our biggest companies are being crushed by staggering debt obligations from their own risky actions.
Can’t get a stimulus package for working Americans, but sure can come up with funds for AIG, Bear Stearns and the like ….that is not where I want my tax money spent. Not to mention a billion for the country of Georgia…..which is right beneath Russia…….
i mean where is the common sense.
More on Barack Obama
Read the Article at HuffingtonPost

Economy Killer-Gramm & McCain

http://banking.senate.gov/prel99/1112gbl.htm

http://en.wikipedia.org/wiki/Glass-Steagall_Act

 The Gramm-Leach-Bliley Act,

. This Act repealed the Glass-Steagall Act of 1933. One of the effects of the repeal was to allow commercial and investment banks to consolidate. Some economists have criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.[8][9]

 The repeal enabled commercial lenders such as Citigroup, the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. Citigroup played a major part in the repeal. Then called Citicorp, the company merged with Travelers Insurance company the year before using loopholes in Glass-Steagall that allowed for temporary exemptions. With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.[10]

Phil Gramm is now McCain’s chief advisor, McCain wants him to take the place of Paulson, Do we really want this Free Market Mad Man in control of our Economy.

Hasn’t he done enough damage

Obama Ad Goes After McCain For ‘Fundamentals Are Strong’

Though we had a robust economy under the Clinton Administration.
The RNC never gave the Clinton’s a rest, they were on a campaign to destroy them the moment they took the White House,
imagine if Clinton had not won twice in a row. What would America Look like with 12 yrs of Republican rule and Free Market De-Regulated Economy. And only one Term of Clinton
oh my God. that brought a tear to my eyes………..
Clinton’s economy created 22.5 million jobs and increased families incomes by 7,500.00.
Bush on the other hand lost millions of jobs never to be counted, his economy created less paying jobs for families -2,000 in income. and Bush economic policies created a grand total of 5.5 million jobs over his 8 years. Since jan 1 American Families have lost 605,000 jobs.
God Please Bless and Save America
With the change we need
Read the Article at HuffingtonPost