President Clinton, Speaker Gingrich, What the Fuck Were You Thinking?!!

Posted by politicalpartypooper on May 5, 2010

Deregulation in 1979 due to rising interest rates and the incessant whining of Savings & Loans lobbyists greatly contributed to the S&L scandal that cost US taxpayers $125 Biilion in losses and rocked the financial world for almost a decade. The S&L scandal was a direct contributor to the 1990-1991 recession.

The Financial Services Modernization Act of 1999 (Graham-Leach-Bliley) did away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933.   Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others’ industries, and investment banking and commercial banking were separated.  This one act of deregulation stands at the center of a host of other things our government did that caused the Great Depression of 2008-2009, and on and on and on.  Let’s ignore this new Great Depression for this post.

Let’s focus instead on two acts of stupidity the likes of which are unexplainable.  Both the Bank Bailout and the S&L bailout were directly related to bank deregulation.  Both times, it took eight to ten years for the shit to hit the fan, leading one to ask, “What else have we deregulated that’s going to brain-fuck us in a year or two?”  I’ll leave you to discuss that here or there or wherever your merry mind wants to take it.

I keep getting sidetracked, and for good reason.  This one article could breed hundreds of other articles; all of them written in head-shaking mode.  It’s astounding to me how irresponsible our government has been when it comes to maintaining order in our financial markets.   Republicans repeatedly say that deregulation is good for business, good for America.  “Get out of our way!  We know how to regulate ourselves better than Big Guvvment does anyway!”

Uh-huh.  And donkeys fly.  Democrats are not without blame.  The deregulation effort in 1979 that freed up the Thrift industry to Mafiatize and then implode  was a Democratic response to the whining of lobbyists.

Good God!  How I wish every Congressperson or President-wannabe would read this article!  How I wish that future elected officials would read it and learn to never, ever let any industry self-regulate.  How I wish they would all be forced to listen to an 120 hour reading of the TARP bill, so they could be reminded, right before they deregulated another industry just waiting to devour America, that sometimes, deregulation is very, very, very bad for America!  God, How I wish!

President Clinton, Speaker Gingrich, The Financial Services Modernization Act of 1999 was as mindlocked a bill as any dumbfuck ever wrote or signed in to law.  What were you thinking?!  Had you forgotten all about the S&L bailout, because it was soooo long ago?  Did you forget that when you deregulate banks or financial industries, they are like Kindergartners in a sandbox, who will even go as far as to eat the brown, lumpy, smelly sand if you don’t stop them?  What in God’s name were you thinking?

You guys were supposed to be our best and our brightest!  Instead you turned out to be two of our biggest idiots! With the total failure of deregulating the Thrift industry right in your faces, you couldn’t see that ignoring Glass-Steagall would lead, one day, to massive bank and insurance industry failures, and monstrous bailouts?  You couldn’t foresee that Wall Street and Banks-too-big-to-fail couldn’t control their own greed any better than a crack addict?  Are you fucking serious?  What were you smoking?

And Newt Gingrich continues to tell us that deregulation is good for America?  If any one of my readers votes for him, I’m sending you a gun and a bullet, with an attached note saying, “Do the right thing!”

All of this was avoidable.  Fannie and Freddie with their Mafia-style strong-arming, blackmailing banks into making more and more dangerous loans; CDO’s, junk bonds, AIG, Bear Stearns, Lehman Brothers, Goldman Sachs, ..all of it was avoidable had President Clinton and Newt Gingrich had the balls to stand up to billion-dollar lobbyists and say, “Take a fucking hike”.    Ω


8 Responses to “President Clinton, Speaker Gingrich, What the Fuck Were You Thinking?!!”

  1. Liberty4ever4all said

    Does ex-treasury secretary Robert Rubin fit in anywhere? He was all for it, in fact I’d wager he was the authoritative pressure behind it. And then he went Citi.

  2. Liberty4ever4all said

    Rubin’s assistance to Citigroup’s lobbying efforts were successful in getting the Glass-Steagall Act repealed in October 1999.[citation needed] The repeal of Glass-Steagall allowed commercial banks to perform functions previously reserved for investment banks, which contributed to the financial crisis that began in 2008 by exposing them to more risk.


    And do you really think lawyer Brooksley Born is a republican?

    Born and the OTC Derivatives Market
    Born was appointed to the CFTC on April 15, 1994 by President Bill Clinton


    Yeah. Let’s minimize Democrats roll by stating “Democrats are not without blame”…

    Yawn, this is getting really old.

  3. Liberty4ever4all said

    Are you golfing with Obama?

  4. Liberty4ever4all said

    I would pay thousands to see you or Bob Cesca debat Dylan Ratigan.
    I would even pay thousands to see you or Bob Cesca debat Dennis Miller.

    • politicalpartypooper said

      Dennis Miller and Dylan Ratigan would get their asses kicked by me. All I’d need to do is cite deregulation history, and watch them puke from anxiety. By the way, I think I gave equal time to Dems and Repubs in the bitchslap that was this post. Maybe I tore into Repubs a bit more, but that’s only because I don’t hear Clinton bragging about deregulating the Financial Services industry like I do Gingrich. He STILL thinks it’s good for America.

      • Liberty4ever4all said

        Fuck government, buddy. This self-servingness is in the spotlight.

        Gringrich is correct. What he see’s is NATURE in process, without the ‘PROXY’

        Think about it.

      • politicalpartypooper said

        Capitalism only works within moderation. Anarchy does not work at all. That’s what our markets are today.

  5. Liberty4ever4all said

    Look at the bulshit Cesca buys: someone entered an ‘b’ instead of an ‘m’.
    or was it a ‘billion’ instead of ‘million’.

    I worke in the industry. Numbers are enter as..get ready,… NUMBERS.

    Amzing the extent people will go to save their saviour.

    If it was bad, it would be a direct spike, with no taper, in or out.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: