Monday, March 17, 2008

nine years to bank failure

The Glass-Steagel Act of 1933 seperated investment bankers from banking. It was passed to prevent just the idiocy and greed that bankers exhibited in 1932. Once again congress in its position of prostitute to special interests like Archer Daniels, Environmental groups, bankers etc. repealed the Act.... look at the result.....Bear Stearns , defaults on crappy mortgages that were packadged and sold as investments, failure of bond insurers, all due to the greed of investment bankers, abetted by stupid ,or negligent, or corrupt congress.


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