On Mar 17, 3:44*pm, Larry Jaques
wrote:
On Mon, 17 Mar 2008 12:48:52 -0600, with neither quill nor qualm, F.
George McDuffee quickly quoth:





On Mon, 17 Mar 2008 09:38:39 -0700 (PDT), Too_Many_Tools
wrote:
snip
I also consider that the Party that allowed this to happen...the
Republicans...will pay dearly this November.
snip
===========
You give the Republicans too much credit. *

==The current situation is not a sudden or unexpected event, but
the simply the latest in a increasingly catastrophic series of
events, apparently premised on the adage "more of the same only
better." ==

Glass-Steagall was repealed in 1999, largely setting up this
bubble, on Bill Clinton's watch.
http://en.wikipedia.org/wiki/Glass-Steagall_Act

This didn't dissolve the FDIC, though, did it? Our funds are still
insured, aren't they? *Scary thought.

Both parties are equally responsible, and both parties are
equally incapable of dealing with the situation because of their
over involvement with the financial establishment, although a few
rare individuals appear to be "clean." *

Individuals such as Spitzer? (Well, udder dan boppin' dem hos.)

For example, , Chairman and Chief Executive Officer of Bear
Stearns, is a Bush Pioneer having raised at least $100,000 for
Bush in the 2004 presidential election. Bear Stearns gave
$127,500 to federal candidates in the 2006 election through its
political action committee - 25% to Democrats and 75% to
Republicans. *
Also see
http://www.opensecrets.org/softmoney...ame=Bear+Stear....
{note that contributions went to both parties}

"Here's a little something to remind you to keep your mouth shut up.
We'll be giving your party the lion's share juuust as soon as you're
back in power."

(there are other events in this chain, but you get the idea)
Continental Illinois
S&L
LTCM
Junk bond speculation
Dot com speculation
Real estate bubble
CDO/CMO bubble
Derivative speculation and unwinding

Note that this sequence could have been aborted at any stage by
vigorous investigation and prosecution for numerous violations of
the financial regulations (and common sense).

Sucks, doesn't it?

--
Death is more universal than life; everyone dies but not everyone lives.
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * *-- A. Sachs- Hide quoted text -

- Show quoted text -

"This didn't dissolve the FDIC, though, did it? Our funds are still
insured, aren't they? Scary thought. "

The last time I looked the FDIC had about 3% funding to cover all
accounts it is responsible for.

That means only 3% of the depositors would get their money...the other
97% would get nothing.

That is a scary thought.

And that is the truth.

And just one more reason why the Government is trying to bury the Bear
Stearns scandal.

So why is the taxpayer having to bail out the Wall Street crooks?

Try asking President Bush this question.....

TMT