Glass-Stegall Act repealed and replaced with Gramm-Leach-Bliley Act

I consider myself to be more or less in the political center. I am scared of the possibility of the republicans winning this fall. Only because of the fact that talk of repealing the health care bill is a top priority for the party once they are elected to congress; along with cutting spending, but only in superficial programs, no one talks about cutting defense spending, some $600+ billion plus of the budget. This post really is not about politics but, state of our banking industry. I am mad as hell at Bill Clinton and the 106th congress that supported the, the Financial Services Modernization Act of 1999 aka: Gramm-Leach-Bliley Act, basically the repeal of the Glass-Stegall Act of 1933, which was instituted after the stock market crash of 1929. Which by the way was thought by some the sharpest minds of the time to be necessary deterrent to the natural greed of the financial services industry. after analyzing what had been one of the fundamental causes of the crash, trading on the margin (aka: speculation).

I was shocked at how closely the depression that we are currently in, really does resemble the last one.

Reading Material:

Here is the search results for Glass-Stegall. 

We have for all intense and purposes, just repeated history.

Only with the social safety nets that were put into place during the last depression. In my humble opinion it is pretty much the same.

What Was The Glass-Steagall Act?

Glass-Steagall Act: The Senators And Economists Who Got It Right

Who's Whining Now? Gramm Slammed By Economists

How bad can this foreclosure mess get? – Pretty Bad

I for one consider myself to fairly informed. This foreclosure crisis is just that a crisis. It really is scary that innocent people can and very possibly getting kicked out of their homes for illegitimate reasons. I know that the people in power have to say the things they are at the moment to try and restore confidence, however this is no minor mix-up in the paperwork. This is serious, and people on all sides have a lot to lose.

This article jumped out at me while surfing some news sites,

The enormous mortgage-bond scandal by Felix Salmon.

Here are other various other reads that really express what is happening and how the people, like Mr. Geithner, don’t see from high above what has actually transpired down below at the individual level. I want to share it with you along with other various view points that really point to the fact that the so called masters of the universe, aka: Bankers, are really in fact incompetent ninnies!

Geithner: Foreclosure Freeze Would Be 'Very Damaging' 

Yes, Mr. Geithner they very well could be damaging, but to restore confidence in the system that seems to have been corrupted and left to run amok. Having a temporary freeze on foreclosure proceedings seems like a fairly sensible option. This is the hangover that the fed and the treasury let happen for not “taking away the punch bowl”. This is a the New Years Day hangover. So do what you have to do to restore confidence, including but not limited to, sending people to jail!!!

Foreclosure Crisis ‘A Legal Impossibility’

Here is a piece from the Securities Industry and Financial Markets Association, that’s says that imposing a system wide moratorium would be “catastrophic” for the economy. Please it would give everyone a chance to sort this whole big warm stinking pile of shit that was thrown against the fan a while ago and see what is really going on. I suspect that the financial services industry is scared that if people actually start to look behind the curtain and really see what the fuck they are selling, that the very possibility is there that we as a society may never let them say, “it’s ok, trust me”.

Housing Market Conundrum

Talk about systemic risk! Makes you wonder; if home ownership is the "American Dream", and it's wrought with errors, is it by extenstion too big to fail due to "systemic risk" and thus either the $22,500,000,000,000 (22.5 trillion)<that's a lot of zeros!!!> real estate market is going to have to self correct or we are going to bail it out and risk artificially keeping the bubble inflated. Think about it. Just so you know the US economy by assets is worth $188 trillion.
It is such an unwinnable situation, if you bail out the real estate market the average investor loses and the home owner wins, if you don't bail it out, then the average home owner loses and thus the entire neighborhood, and the investor still loses just not as badly.

Again i repeat my question from my earlier post, why is no one going to jail?

 

This just illustrates my point:

http://www.businessweek.com/news/2010-10-07/man-who-had-no-mortgage-faced-foreclosure-anyway-ann-woolner.html

Pandering To Clients, Firm Distances Itself From Wall Street Whistleblower's Testimony

Wow! This is something that is remarkably absent from the news!! So much for, "All the news that's fit to print". One would actually think that this is a pretty substantial piece of news.

/step onto soap box

Can someone please explain to me why no one is on trial? (click link at bottom) Or better yet jail? This seems like a slam dunk to me. The whole system it's crooked, but the only guy to be sentenced so far is jerome kerviel the french banker that is taking the fall for some powerful people in europe (http://www.huffingtonpost.com/2010/10/05/jerome-kerviel-rouge-fren_n_750464.html). Fall guys will be a while another topic, (I'm thinking UBS whistle blower.) We have some chicken shit people in our country! Two years later and still no one has been charged, tried, our is sitting in jail, I'm sorry how can I forget madoff. I have very little to no confidence in the system after all that has transposed.
Why is no one outraged by this, rather why is the mainstream media completely ignoring this?
Who really cares what sarah palin had to say, she honestly doesn't have any power, she's nothing but a manufactured distraction; same with that ding-bat in Gainsville and his Quarn Bunring nutso idea.
I'd love to see 60 minutes or front line do a piece on this. But, unfortunately people will still bury their heads in the sand. People will have their brains check out and watch dancing with the stars or jersey shore.
maybe this can/should be included in that contract... Um... Pledge to america. So that our wonderful politicians can try and reinstate the glass-stegall act; and not focus on repealing the health care bill. While these yo-yo's on "wall street" continue to do what they have been doing unabated. While our politicians, elected representatives, hope the same wall street that got us to this point will be able to pull the country out of this depression. If history is any kind of a teacher, someones going to have to start a fight that everyone else will get involved in. because it wasn't washington or wall street that pulled the united states out of the depression, but germany, japan, and italy.
Ahem,

/step off of soap box
I'm a little peeved and a little cynical, can you tell?

http://www.huffingtonpost.com/blackberry/p.html?id=750039