Monday, February 16, 2009

Of course you are to blame...

Deregulation IS to blame for this crisis.

We've been slowly turning the country over to a bunch of white, Ivy league educated (and I use the term loosely, studying "banking" at college is akin to studying basket-weaving) morons...

Since the 80's banks and republicans/conservatives have been clamoring for the repeal of depression era laws that compartmentalize commercial banking, investment banking and insurance. The last of those laws fell in 1999 with the "Commodity Futures Modernization Act" -- which literally made it legal for banks to create ANY new type of investment vehicle they wanted -- and assured that they would be outside government regulation. Clinton got to sign that cap-stone into law.

How else could we have ended up with a CDS market which traded more than $42 TRILLION dollars worth of these new, unregulated securities. ... Along with the demand for "bundled" mortgages that underlie all the chaos.

Capitalism must be saved from its own excesses... It functions on greed -- and greed run amok ALWAYS leads to disaster.

Clinton Says Don't Blame Him for the Economic Crisis
The magazine's story, which apportioned blame widely between such figures as Countrywide co-founder Angelo Mozilo, former Federal Reserve Chairman Alan Greenspan, Lehman Brothers CEO Dick Fuld and President George W. Bush, zeroed in on two specific economic policy decisions made during the Clinton administration. Clinton ushered out the Glass-Steagall Act, which for decades had separated commercial and investment banking, and signed the Commodity Futures Modernization Act - which exempted all derivatives, including the now-notorious credit-default swaps, from federal regulation. His administration also loosened housing rules, which added pressure on banks to lend in low-income neighborhoods.

"None of it was an endorsement of permissive lending and risk-taking," the magazine concluded. "But if you believe deregulation is to blame for our troubles, then Clinton earned a share too."


corporatebully said...

RBC Bank President Gordon Nixon - Salary $11.73 Million


I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Capt. Fogg said...

I've been thinking about this for a few days. It's appalling, of course and it's happening in the US as well.

I had someone tell me the other day that "bailing out" lobster fishermen in Main was "Pork." But of course what it's about is trying to help people keep their boats and keep an industry alive that indirectly employs whole towns - and feeds the nation.

Bastards, all of them.