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Open Thread - May 13, 2008
Posted by: CCCitizen on 05/13 at 05:00 AM
- 1 · "I predict future happiness for Americans if they can prevent the government from wasting the labor of the people under the pretense of taking care of them."
Thomas Jefferson
- 2 · Comment:
recall that President Clinton had signed the Gramm-Leach-Bliley Financial Services
Modernization Act in 1999, repealing the Glass-Steagall Act which had separated depositgathering
(and FDIC insured) institutions from investment banks since the Depression. In
the name of “leveling the playing field,” commercial banks like Citigroup thus were freed
to wheel and deal, and wheel and deal they did, “dancing until the music stopped.” In turn,
that encouraged their more creative and highly-motivated investment bank competitors to
deal in ever-more exotic instruments and apply ever-more leverage to stay ahead
A man must learn to understand the motives of human beings, their illusions, and their sufferings. einstein
- 3 · is Hillbilly like- WILD Bill?
Bad move, wasn't it?
A man must learn to understand the motives of human beings, their illusions, and their sufferings. einstein
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