Comments on: Did Deregulation of Banks in ‘99 cause our Mortgage Crisis?

By: Ed Can

Ed Can — Sun, 22 Nov 2009 23:45:27 +0000

I have heard the message and I would tend to believe the one who can provide extra and sometimes essential reference material to view and decide for myself. To allow either political party, who should have known better, yet thought they might be doing good by their constituents, to escape from responsibility is the wrong thing to do.

We the People are the only ones to blame for the wreck we have allowed career politicians and their political hacks to run over us to the extent that they have done. When the people of the US wake up and take back their Institutions and their constitutional responsibilities, only then will we manage to escape from this nightmare.

Keep reelecting these nimrods and we have no one else to blame except ourselves. Leave your party today and become and Independent and mean it when you tell the person who is looking for your vote to “Show me.”

My last bit is, quit shooting at the messengers unless you know for a fact that they are lying to you and the rest of us. Go after the ones who put us in this position and send them home, all of them…ED

By: Patrick

Patrick — Sat, 20 Jun 2009 16:02:12 +0000

I am a Republican and have worked on Wall Street 25 years.All the things that have been mentioned are a products of banks being given preferance over the tax payers.They have been able to invest in everything from junk bonds to all these complicated Wall Street morgage junk.You want true deregulation then get rid of the Fed so interest rates on treasuries will pay investors a real rate of return.Get rid of the FDIC because it’s really there to benefit banks not investors.Citizens can invest in treasuries and without the Fed get better returns.Let the banks raise their own money on their own credit worthiness.They own both parties.Have one agency to regulate their ethical practices .The new regs have done nothing to address the conflicts of interest with the rating agencies.It is stupid to allow issuers to have anything to do with them let alone pay them.They should work for investors and be held to federal fiduciary laws.This Fannie and Freddie bs is getting old.It is also only 25% of the problem because that is the portion of origination they wrote.They were also a public company but they owned both parties.I am tired of people blaming the lower classes for taking out morgages they could not afford.Who are the financially educated?They need better education but socalled prfessional in the realestate industry can trick the public.Look at all the sophisicated investors that were fooled by Wall Street.Thre is more I could say but I will wait for you,Mr. Moyes.

By: Anny

Anny — Mon, 23 Mar 2009 22:04:15 +0000

Ken,

Thank you for your eye-opening statement. I think many democrats ignore what history actually is, and attempt to rewrite it.

Thank you,

Anny

By: Virginia

Virginia — Mon, 23 Mar 2009 15:52:21 +0000

I intend on reading more of what you wrote. You’ve just had a lot to say so I may need some time. Thanks for responding.

By: Kenneth Moyes

Kenneth Moyes — Sun, 22 Mar 2009 19:08:41 +0000

Virginia, my comment “…This bill was signed into law in 2000 by President Bill Clinton. Read more on this at The Commodity Futures Modernization Act of 2000…” does not point to President Clinton as having done all the dirty work. I happen to think that on the economy he was a fine President and I would swap him in for President Obama in a heart beat. I mention that Clinton signed the bill into law to further defend against the Democrat onslaught that this entire financial meltdown was all Republican, as is coming forth from Dodd, Frank, and others in Congress.

Further, Virginia, the Democrats in Congress were given the opportunity to actually read the bill before being asked to vote on it. Note that in the House 157 Democrats and 133 Republicans voted for the appropriations bill, with 51 Republicans and 9 Democrats opposed. The Senate version passed by “Unanimous Consent.”

If you read more of my work, you will see proposals to clean up Congress and take the money out of the political process. You will also see a desire to repeal the seventeenth amendment and restore states rights. I do not particularly believe that President Bush – either one, were good presidents and I do believe that the Congress is badly broken and needs to be changed.

By: Virginia

Virginia — Sun, 22 Mar 2009 18:44:45 +0000

It’s interesting how you blame President Clinton for The Commodity Futures Modernization Act of 2000. You forget to mention that it was embedded in an omnibus spending bill and that it was a Republican Bill which included some of the same authors of the Gramm-Leach-Bliley Bill. Instead you make it seem like Clinton did all the dirty work. That’s really dirty Ken! I think I would tend to agree with your position more if you weren’t trying to blame people in your argument. Both political groups are just as guilty. And YES I read your comments.

By: Virginia

Virginia — Fri, 20 Mar 2009 19:56:53 +0000

Well I guess we can follow what you’re saying instead and round up all the Democrats and poor people and stone them in the middle of the town square. That would solve the problem as you have laid it out. Then the republicans can live in peace and harmony with no irritations.

By: Virginia

Virginia — Fri, 20 Mar 2009 19:54:04 +0000

Actually it did start with them. People are responsible for their own actions.

By: Virginia

Virginia — Fri, 20 Mar 2009 19:52:46 +0000

Get it straight..Bank Deregulation Happened on Clinton’s Watch!

Yes, the above is true to an extent. But we need to remember that greed and excess happened on Bush’s watch. You can blame the rules if you want but it’s how we follow or exploit those rules that are the true measure. Why didn’t Bush or his people see what was going on? Maybe he was too busy with his own agenda and had terrible people working for him that led to the banking fiasco and the free spending and big government go on. Looking requires you to actually see what’s there. You can’t hold so tight to an idea that you don’t see what’s really there. Listen for the spin…

By: Kenneth Moyes

Kenneth Moyes — Fri, 20 Mar 2009 19:52:40 +0000

Virginia, apparently my laying out the causes of the problem for you was insufficient. Stop listening to the folks on Capitol Hill – they are the problem and want to deflect blame – they are good at that. Yes, bankers due have culpability, but it did not start with them.