tag:blogger.com,1999:blog-32733123.post3193572285062004680..comments2023-11-02T12:36:23.182+01:00Comments on the brain police: Mr. Gramm Builds A Housemicrodothttp://www.blogger.com/profile/01564820031343630871noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-32733123.post-37044083737076282952008-07-26T21:27:00.000+02:002008-07-26T21:27:00.000+02:00Thanks to Uncle Phil, we have the Commodity Future...Thanks to Uncle Phil, we have the Commodity Futures Moderization Act of 2000. This, togther w/ the repeal of the Glass-Steagall Act of 1933 in 1999, are responsible for the subprime mortgage meltdown.<BR/><BR/>The repeal of the the latter allowed commercial banks to enter the securities industry and act like investment banks. This ban was in situ since the Great Depression and w/ good reason.<BR/><BR/>The latter allowed for the deregulation and lack of supervision of energy traders (see ENRON and the California energy trading fiasco) plus the trading of all of those mysterious securities consisting, inter alia, of collateralized debt obligations, regulated by no one, whose existence, trading of, and collapse has led to the subprime mortgage meltdown.<BR/><BR/>mud_rake is correct regarding Phil Gramm being toxic.<BR/><BR/>TLGKAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-32733123.post-665320692499217462008-07-26T14:44:00.000+02:002008-07-26T14:44:00.000+02:00I put Phill Gramm in the same toxic box as Dick Ch...I put Phill Gramm in the same toxic box as Dick Cheney: they are two of the worst traitors that this nation has ever witnessed. Absolutely toxic for this democracy: anathema to the very meaning of the Constitution.<BR/><BR/>Both should be hanged on public gallows on the mall in DC.mud_rakehttps://www.blogger.com/profile/04786611698569598023noreply@blogger.com