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RNC DE-REGULATION Commodity Futures Modernization Act of 200
- September 17, 2008 16:46:45
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RNC DE-REGULATION-the Commodity Futures Modernization Act of 2000
LOOK IT UP YOURSELF
am concerned about all these bailouts for corporations with my tax dollars and no bail outs for the individuals laid of from these companies, the minimal help the housing bill gave 400,000 of over 5 million in foreclosure.
In light of this AIG bailout, I am really concerned as to why the RNC is so against helping hard working tax paying citizens but are ready willing and able to bail to corporate citizens. To bail out an Insurance company is absolutely insane to me. This is so crazy to me. I am licensed in Investments, Insurance and Real Estate. All the test I took informed me of the very regulations that the RNC has stripped away from our markets. Phil Gramm is at the center of this market crash. he is McCains top advisor, he is the one McCain wants to make our Treasury Secretary, to take Paulson's place if McCain somehow wins. His push for the Commodity Futures Modernization Act of 2000, and the subsequent adding of this legislation as a last minute admendment to an 11,000 page bill, are the root cause of the failure of our financial system.
It basically gutted the Regulations put in place during the depression era of the 1930's.
Why is no one talking about this as the root cause of our issues. All the regulations I had to learn about to be a licensed professional in this country have been stripped away.
some one please shed some light onto this situation.
Here is an outline of how this Bill was thrust upon our Citizens
Look up the bill people I do not care if it is by Google or ask or what do your research
Phil Gramm, McCain's financial adviser, is the architect of the current financial crisis. Check out this passage from an article by Ed Lake of the Star-Telegram in Fort Worth, Texas:
The head of the CFTC was Wendy Gramm, wife of Texas Senator Phil Gramm; five weeks after she left, she became a board member of Enron in Houston.
Fast-forward to late 2000 and H.R. 5660, the Commodity Futures Modernization Act of 2000, sponsored by Republican Congressman Thomas Ewing of Illinois. That bill went nowhere, even though Tom Delay"s wife Christine was then working for a Washington lobbying firm, Alexander Strategies " which Enron had paid $200,000 to push through legislation for permanent energy deregulation in these "dark" markets.
Six months later came Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000. This time around the sponsor was Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill"s co-sponsors. Like it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill " which was signed into law by President Clinton.
Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments " including the collateralized debt obligations that are at the center of today"s mortgage crisis, which may well cost us more than $1 trillion before it"s over."
LOOK IT UP YOURSELF
am concerned about all these bailouts for corporations with my tax dollars and no bail outs for the individuals laid of from these companies, the minimal help the housing bill gave 400,000 of over 5 million in foreclosure.
In light of this AIG bailout, I am really concerned as to why the RNC is so against helping hard working tax paying citizens but are ready willing and able to bail to corporate citizens. To bail out an Insurance company is absolutely insane to me. This is so crazy to me. I am licensed in Investments, Insurance and Real Estate. All the test I took informed me of the very regulations that the RNC has stripped away from our markets. Phil Gramm is at the center of this market crash. he is McCains top advisor, he is the one McCain wants to make our Treasury Secretary, to take Paulson's place if McCain somehow wins. His push for the Commodity Futures Modernization Act of 2000, and the subsequent adding of this legislation as a last minute admendment to an 11,000 page bill, are the root cause of the failure of our financial system.
It basically gutted the Regulations put in place during the depression era of the 1930's.
Why is no one talking about this as the root cause of our issues. All the regulations I had to learn about to be a licensed professional in this country have been stripped away.
some one please shed some light onto this situation.
Here is an outline of how this Bill was thrust upon our Citizens
Look up the bill people I do not care if it is by Google or ask or what do your research
Phil Gramm, McCain's financial adviser, is the architect of the current financial crisis. Check out this passage from an article by Ed Lake of the Star-Telegram in Fort Worth, Texas:
The head of the CFTC was Wendy Gramm, wife of Texas Senator Phil Gramm; five weeks after she left, she became a board member of Enron in Houston.
Fast-forward to late 2000 and H.R. 5660, the Commodity Futures Modernization Act of 2000, sponsored by Republican Congressman Thomas Ewing of Illinois. That bill went nowhere, even though Tom Delay"s wife Christine was then working for a Washington lobbying firm, Alexander Strategies " which Enron had paid $200,000 to push through legislation for permanent energy deregulation in these "dark" markets.
Six months later came Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000. This time around the sponsor was Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill"s co-sponsors. Like it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill " which was signed into law by President Clinton.
Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments " including the collateralized debt obligations that are at the center of today"s mortgage crisis, which may well cost us more than $1 trillion before it"s over."
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What is really significant is understanding why the Glass-Steagall Act was put in place in 1933 after the banking meltdown. The Glass-Steagall Act was put in place to stop exactly what is happening now.
Also you're missing one VERY important piece of legislation that set this up, the repeal of the 'Glass-Steagall Act' in 1999. The bill was sponsored by none other than Phil Gramm. It was called the 'Gramm-Leach-Baily Act'. This little gem allowed the merger of Banks, Investment and Insurance companies.
With all of this in place, the great 'shell game' of mortgage lending could take place. All bad debt could be rolled into a package the eventually would end up on the doorstep of Fanny and Freddie and it did.
If people reading this still don't get it... here is one more side note....
Joe Binden voted AGAINST both of these bills.
John McCain voted FOR both of these bills.