Tectonic Turmoil | 46 comments (46 topical, 0 editorial, 0 hidden)

On the contrary - the "fire" is lack of liquidity and they've been pumping liquidity like mad for a year.

They removed the firewalls with the repeal of Glass-Steagall and this is the result.

Note that Phil Gramm was one of the sponsors of the repeal bill and he's rumoured to be slated as McCain's Treasury Secretary. Note also that Clinton failed to veto the repeal.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Mon Sep 15th, 2008 at 06:58:15 AM EST
[ Parent ]

Re: Tectonic Turmoil (none / 0)

Note also that Clinton failed to veto the repeal.
The senate voted with more than 90% for that. A veto would have been overturned. You state it, as if the Bill Clinton failed to do the will of the majority or even a significant minority of democrats. He didn't. Large bipartisan support of the bill. Nobody the democrats can blame.

Der Amerikaner ist die Orchidee unter den Menschen
Volker Pispers

by Martin (weiser.mensch(at)googlemail.com) on Mon Sep 15th, 2008 at 01:26:03 PM EST
[ Parent ]

Re: Tectonic Turmoil (none / 0)

Nobody the democrats can blame.

I was personalising it in Clinton, but you're right, the rot goes deeper.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Mon Sep 15th, 2008 at 01:43:51 PM EST
[ Parent ]

Tectonic Turmoil | 46 comments (46 topical, 0 editorial, 0 hidden)

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