Dick Morris Gets Something Right
Comments
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Fascinating video. It's ironic for me as i'm currently reading ...
... and FDR is just taking office. I'm becoming a huge fan of taking a portion of one's investment portfolio as bullion to hedge against hyper-inflation. As the saying goes, all fiat currency eventually is becomes worth only the paper it was printed on.
Also, Glass-Steagall: en.wikipedia.org/wiki/Glass-Steagall_Legislation -
What's your plan when the gov't confiscates gold as FDR did?
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"I'm sorry sir, my boat capsized and all my gold fell in the drink. It capsized right over there. (points at elliot bay)"sarktastic said:What's your plan when the gov't confiscates gold as FDR did?
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Good link. He points to Nixon removing us from the gold standard, and Clinton deregulation as causes for financial instability. I'm not a fan of government regulation, but sometimes it is necessary, it just needs to be properly limited and sensible, and Clinton did make a huge mistake in signing two acts into law that significantly relaxed sensible depression era regulation. The Financial Services Modernization Act repealed key parts of Glass-Steagall, allowing banks to play commercial banker, investment banker and insurer under one roof and the Commodity Futures Modernization Act overturned key parts of the Commodity Exchange Act which became rocket fuel for derivatives and credit default swaps.HeretoBeatmyChest said:
I'd add that Fannie Mae and Freddie Mac coupled with the Community Reinvestment Act introduced by Carter and doubled down on by Clinton and Bush played a huge role in this last crash by ultimately requiring relaxed lending standards and increasing subprime lending activity in an effort to increase home ownership rates. Carter, Clinton (again) and Bush deserve "credit" for their roles in that mess. Couple the FM^2 with CRA, FSMA and CFMA and you've got bad loans bundled as mortgage backed securities as well as credit derivative contracts, and the mess those things led to.
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None of it happens if the interest rates weren't lowered to create the demand. Or if the banks used actual standards for lending, rather than allowing stated income loans for a quarter percent higher interest rate.Southerndawg said:
Good link. He points to Nixon removing us from the gold standard, and Clinton deregulation as causes for financial instability. I'm not a fan of government regulation, but sometimes it is necessary, it just needs to be properly limited and sensible, and Clinton did make a huge mistake in signing two acts into law that significantly relaxed sensible depression era regulation. The Financial Services Modernization Act repealed key parts of Glass-Steagall, allowing banks to play commercial banker, investment banker and insurer under one roof and the Commodity Futures Modernization Act overturned key parts of the Commodity Exchange Act which became rocket fuel for derivatives and credit default swaps.HeretoBeatmyChest said:
I'd add that Fannie Mae and Freddie Mac coupled with the Community Reinvestment Act introduced by Carter and doubled down on by Clinton and Bush played a huge role in this last crash by ultimately requiring relaxed lending standards and increasing subprime lending activity in an effort to increase home ownership rates. Carter, Clinton (again) and Bush deserve "credit" for their roles in that mess. Couple the FM^2 with CRA, FSMA and CFMA and you've got bad loans bundled as mortgage backed securities as well as credit derivative contracts, and the mess those things led .
And don't forget Republicans in congress who pushed the financial services modernization act (that was a republican bill that Clinton signed). Both parties had a hand in this, along with wall street/banks and the fed.
And remaining on the gold standard is FS. Currency is like oil or anything else. It's worth what someone else is willing to pay for it. Backing currency with gold is nonsensical, because one day gold might be worth the same as paper. -
Yes Clinton signed the bill. But I always have to chuckle when people try to pin the recession on Clinton for signing the bill when they forget how it was created and who pushed it.
http://en.m.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
"Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.
During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government.[7]
The House passed its version of the Financial Services Act of 1999 on July 1, 1999, by a bipartisan vote of 343–86 (Republicans 205–16; Democrats 138–69; Independent 0–1),[8][9][note 1] two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).[11][12][13][note 2]"
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One thing is for sure, you're no @ReggieisGod.2001400ex said:
None of it happens if the interest rates weren't lowered to create the demand. Or if the banks used actual standards for lending, rather than allowing stated income loans for a quarter percent higher interest rate.Southerndawg said:
Good link. He points to Nixon removing us from the gold standard, and Clinton deregulation as causes for financial instability. I'm not a fan of government regulation, but sometimes it is necessary, it just needs to be properly limited and sensible, and Clinton did make a huge mistake in signing two acts into law that significantly relaxed sensible depression era regulation. The Financial Services Modernization Act repealed key parts of Glass-Steagall, allowing banks to play commercial banker, investment banker and insurer under one roof and the Commodity Futures Modernization Act overturned key parts of the Commodity Exchange Act which became rocket fuel for derivatives and credit default swaps.HeretoBeatmyChest said:
I'd add that Fannie Mae and Freddie Mac coupled with the Community Reinvestment Act introduced by Carter and doubled down on by Clinton and Bush played a huge role in this last crash by ultimately requiring relaxed lending standards and increasing subprime lending activity in an effort to increase home ownership rates. Carter, Clinton (again) and Bush deserve "credit" for their roles in that mess. Couple the FM^2 with CRA, FSMA and CFMA and you've got bad loans bundled as mortgage backed securities as well as credit derivative contracts, and the mess those things led .
And don't forget Republicans in congress who pushed the financial services modernization act (that was a republican bill that Clinton signed). Both parties had a hand in this, along with wall street/banks and the fed.
And remaining on the gold standard is FS. Currency is like oil or anything else. It's worth what someone else is willing to pay for it. Backing currency with gold is nonsensical, because one day gold might be worth the same as paper. -
I like to pretend that presidents have no influence on the bills they sign, that's what I like to do. For crissakes Hondo, Clinton was an eager participant in the development of this bill, which is why HE signed it into law. By the way, how many vaccines did you receive as an infant?2001400ex said:Yes Clinton signed the bill. But I always have to chuckle when people try to pin the recession on Clinton for signing the bill when they forget how it was created and who pushed it.
http://en.m.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
"Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.
During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government.[7]
The House passed its version of the Financial Services Act of 1999 on July 1, 1999, by a bipartisan vote of 343–86 (Republicans 205–16; Democrats 138–69; Independent 0–1),[8][9][note 1] two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).[11][12][13][note 2]" -
Not enough 'awesomes' available for this poast. That last line is gold. Will use often.Southerndawg said:
I like to pretend that presidents have no influence on the bills they sign, that's what I like to do. For crissakes Hondo, Clinton was an eager participant in the development of this bill, which is why HE signed it into law. By the way, how many vaccines did you receive as an infant?2001400ex said:Yes Clinton signed the bill. But I always have to chuckle when people try to pin the recession on Clinton for signing the bill when they forget how it was created and who pushed it.
http://en.m.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
"Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.
During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government.[7]
The House passed its version of the Financial Services Act of 1999 on July 1, 1999, by a bipartisan vote of 343–86 (Republicans 205–16; Democrats 138–69; Independent 0–1),[8][9][note 1] two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).[11][12][13][note 2]" -
I like to pretend Republicans had nothing to do with it. And I like to only read part of comments, cause that's what I like to do.Southerndawg said:
I like to pretend that presidents have no influence on the bills they sign, that's what I like to do. For crissakes Hondo, Clinton was an eager participant in the development of this bill, which is why HE signed it into law. By the way, how many vaccines did you receive as an infant?2001400ex said:Yes Clinton signed the bill. But I always have to chuckle when people try to pin the recession on Clinton for signing the bill when they forget how it was created and who pushed it.
http://en.m.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
"Respective versions of the legislation were introduced in the U.S. Senate by Phil Gramm (Republican of Texas) and in the U.S. House of Representatives by Jim Leach (R-Iowa). The third lawmaker associated with the bill was Rep. Thomas J. Bliley, Jr. (R-Virginia), Chairman of the House Commerce Committee from 1995 to 2001.
During debate in the House of Representatives, Rep. John Dingell (Democrat of Michigan) argued that the bill would result in banks becoming "too big to fail." Dingell further argued that this would necessarily result in a bailout by the Federal Government.[7]
The House passed its version of the Financial Services Act of 1999 on July 1, 1999, by a bipartisan vote of 343–86 (Republicans 205–16; Democrats 138–69; Independent 0–1),[8][9][note 1] two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).[11][12][13][note 2]"
(BTW, it's very clear if you read my comments, that Democrats, Republicans, the fed, wall street/banks, and hell even the consumers, were involved. But keep thinking it's all democrats. Cause that's what you like to do.)
