Posted on 11/07/2009 6:27:16 AM PST by Daisyjane69
Given the source, I was skeptical. I expected 55 straight minutes of Republican-bashing.
I was wrong. Much to my surprise this video placed the blame exactly where it belongs...on the merry band running the Clinton financial team. And for good measure, they hit Obama with a few whacks as well (since he has some of the culprits in his cabinet NOW!)
But along with Elizabeth Warren (who is a watchdog now), Brooklsey Born tried to be the canary in the mine. I don't have much use for these gov't types, but it's possible that these two gals are two honest to goodness public servants. And they are each getting the same amount of cooperation from the powers that be, it appears.
Make a pot of tea or coffee, grab a pastry or donut and prepare to not want to miss a second of this.
bttt
This goes to EVERY SINGLE PERSON on my email list who said to me:
“It’s Bush’s fault.”
Every last one.
Did you see the Dylan Ratigan video he also lays blame on clinton for the repeal of glass steagall
http://bluelori.blogspot.com/2009/11/wall-street-bankers-largest-theft-in.html
Brooksley Born is a brilliant woman and what they did to her to keep her quiet was unconscionable.
Her warnings about what was to come if the CDS mess wasn't regulated was spot on...over 10 years ago!
Any person involved with silencing her...including Greenspan...should be hung up by the Buster Browns.
No, but I’m not surprised, either.
http://thestrangedeathofliberalamerica.com/foreclosed-blame-bill-clinton-redux.html
and the guy that wrote and sourced this is a big-time Obama voter...not some right winger!
Bump.
Wouldn't that have been the Gramm (R, TX) Leach (R, IO) Bliley (R, VA) Act?
Saved for later...
Also deserved for his time as a community organizer extorting guaranteed-never-to-be-repaid loans from Citibank.
There’s plenty of blame to go around.
But beyond CFMA, the biggest problem is the erosion of personal responsibility in this country. Canada's biggest banks did not face collapse - because personal responsibility was maintained across the board in their financial system (including consumers). And we have seen our political leadership - Dems and Pubbies alike - spend money like there is no limit whatsoever - the Dems just are much worse, but both are truly bad in that regard. Until we hold our political and corporate class accountable - and demand the same from citizens and consumers as well - all the regulations and legislation in the world won't avert the next disaster.
do me a favor and after you all watch it, post back. I’d like to hear the opinions of everyone else.
Looks and sounds like nothing more than anti-free market propaganda, with well meaning lefties being led down the garden path by conservative economists. It turns out to be an apology for Clinton, not a fixing of blame on him.
The reality is that the CRA, a massive “micro-managment” of the economy by government is far more important in creating the current crisis (although many other government interventions contribute as well).
Even the heroine of the piece is a show-piece for government intervention.
This thing isn’t analysis, it is propaganda for more government meddling and destruction.
If you want to understand what happened, you are far better off reading Thomas Sowell’s “The Housing Boom and Bust”.
'ZACTLY!!
To look at this as solely a Republican or Democrat debacle is to look at it through blinders.
Am watching the program now, and have not completed it yet.
This program seems to be more of an overall indictment of capitalism and deregulation, how government should run more of our financial system.
The government requirements are the largest CAUSE of our problems, like the Community Reinvestment act of Congress and Jimmy Carter.
I disagree completely.
I see nothing that apologizes for Clinton’s administration; rather I see a complete indictment of it (and Alan Greenspan, btw), compounded by Obama’s utilization of many of the same bad actors.
With all due respect, I own and have read Dr. Sowell’s book.
If you review this video again, you’ll note that it’s point is that the OTC derivatives were completely mysterious, deliberately so (regardless of their genesis via real estate or other causes, which there were certainly) and Ms. Born’s attempt to bring sunlight were thwarted.
You’ll note the last 5 minutes of this documentary:
Neither Summers nor Rubin are willing to be interviewed for this piece.
Greenspan admits he made a philosophical mistake.
And all the rest confess that, they should have listened to Miss Born. Because she was right.
And the worst is probably yet to come, given the state of so many zombie banks, holding not only bad loans on their books. But the investment banks are holding hundreds of TRILLIONS of dollars of derivatives (probably worthless) on their books.
Especially since Sheila Bair (a Republican, btw) is ALLOWING banks to break existing law by continuing to carry bad loans on their books.(roll on over to KD, market-ticker. This is his life’s work, sounds like)
This is fraud. That is not the same as capitalism.
That’s the way I saw it, too! Clinton gets let off the hook because he’s led down the path by the evil free market mavens.
I think it is well done as propaganda. The bad-guy vs. good guy, or “prophet in the dark”, drama essentially carries the thing and helps both disguise and inculcate the pro-government assumptions behind it.
Thomas Sowell would be laughing his a$$ off!
“And the worst is probably yet to come, given the state of so many zombie banks, holding not only bad loans on their books. But the investment banks are holding hundreds of TRILLIONS of dollars of derivatives (probably worthless) on their books.”
Agree with this. Although banks are unloading as many bad loans back onto the government which forced them to make them in the first place under the CRA.
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