flipper wrote:
On Thu, 2 Apr 2009 11:23:34 -0500, "marcodbeast"
wrote:

Jim Thompson wrote:
http://www.chuckroger.com/conversation.htm

...Jim Thompson
James E.Thompson, P.E. | mens |
Analog Innovations, Inc. | et |
Analog/Mixed-Signal ASIC's and Discrete Systems | manus |
Phoenix, Arizona 85048 Skype: Contacts Only | |
Voice480)460-2350 Fax: Available upon request | Brass Rat |
E-mail Icon at http://www.analog-innovations.com | 1962 |

"The way I see it, anyone thinking our prospects are better
because of Obama has the body part farthest from the ground lodged
in the bodily orifice closest to the ground... The tide is begin-
ning to turn. The Marxist Messiah may crash to earth in 2012, the
Bolshevik donkeys perhaps as early as 2010." - Chuck Rogér

Kookspew.

Well, you're correct in calling your post kookspew.


Remember McCain's campaign co-chair, Phil Gramm, who had to be
fired once he called Americans 'whiners'? Author of the
Gramm-Leach-Bliley act? Welcome to the architect of the credit crash.

http://losangeles.injuryboard.com/mi...oogleid=242468

or

http://tinyurl.com/5lh83s

And those articles *are* kookspew which, despite all the 'words' and
unsubstantiated 'opinion' lines like "proper oversight " (oh really?
What *is* "proper oversight?"), say not one thing about their 'theory'
as to how the supposed act 'caused' the crisis.

Lie.

And there's a good
reason for that: it didn't.

Lie.


Glass Steagall prevented depository institutions/commercial banks from
offering brokerage/trading services and other product lines that were
the domain of investment banks/securities institutions.
Gramm-Leach-Bliley in 1999 simply repealed Glass-Steagall, allowing
investment banks to merge with commercial banks. That did not
'deregulate' any of the existing operational requirements for
'investment' or 'loan' banking. It simply allowed institutions to do
both.

You are saying the requirement not to do both was not an operational
requirement? lol


If you look at which investment banks have undergone liquidation
proceedings/been acquired -- Bear Stearns, Merrill Lynch, Lehman
Brothers -- you'll note that they are the pure investment banks that
did *not* take advantage of Gramm-Leach-Bliley and merge with their
commercial brother institutions: Citigroup, JP Morgan Chase, et al. In
other words, Gramm-Leach-Bliley gave investment banks (which by nature
deploy capital based on short term loans) access to depositor bases
which have insulated them from recent market turmoil. G-L-B is the
reason MORE banks haven't gone under.

That doesn't affect the previous article.


Hey, don't take my word (or, apparently, anything resembling facts)
for it, listen to your previous Democrat 'god'.

More k00kspew.