Wall Street & Great Depression

Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. The Great Depression was a severe worldwide economic depression in the decade preceding World War II. 5.0/5

Wall Street Great Depression President Obama United States Federal Reserve Steagall Act George W. Bush New York Alien Nation Great Recession Bernie Sanders Bin Laden Herbert Hoover Goldman Sachs New York Stock Exchange Osama Bin Laden Health Care Reform

Asking Josi what time The Wolf of Wall Street is in and she says "the 20s because of the Great Depression and Wall Street and stuff *** 😂😂
Hitler took over the reins at the time of the Great Depression. There were 6,000,000 unemployed in Germany (about 30 percent of the working population) and 11,000,000 unemployed in the United States. But “within two years [Hitler’s] schemes for the regeneration of the German people astonished everyone. While the Ship of State in America was lumbering rudderless in stormy seas, Hitler was steering his bark into comparatively calm water at home. Never was such a feat excelled, and he drew from Churchill and many others praise never before given to a European politician.” The transformation really seemed miraculous. Industry was booming. Unemployment was wiped out. Savings began to climb. The German peasant, who had been on the verge of utter ruin, was given an honored status as the source of the nation’s food supply, his land was released from the grip of the Jewish usurer and measures taken to ensure that it should “remain permanently in the possession of one family, handed down from father to so ...
Pondering How does Obama get low ratings? 1. He displeases Wall Street corporations that are dominated by banking industries which is traditionally pro-Israel by not A. Supporting Israel during their most recent attacks on Palestine, even though Israel was ethically wrong to do that. This was the same reason for President drop in popularity because he received the Nobel’s Peace Prize for trying to bring peace to Palestine and Israel. B. By not being militant enough against the Islamic militants such committing the ground troops in Iraq to destroy ISIS, in spite of disastrous failures in Vietnam, Iraq, and Afghanistan for that kind of behaviors in the recent past C. By putting more restriction and regulations on the banking industries because there had been failures of major banks with the loose supervision and regulations during the Bush’s terms that led to the Great Depression in US that caused the dominoes effects to the rest of the World especially Europe because they had the close ties with US Ban ...
Today is Wednesday, Oct. 29, the 302nd day of 2014. There are 63 days left in the year. Today's Highlight in History: On Oct. 29, 1964, thieves made off with the Star of India and other gems from the American Museum of Natural History in New York. (The Star and most of the other gems were recovered; three men were convicted of stealing them.) On this date: In 1618, Sir Walter Raleigh, the English courtier, military adventurer and poet, was executed in London. In 1787, the opera "Don Giovanni" by Wolfgang Amadeus Mozart had its world premiere in Prague. In 1901, President William McKinley's assassin, Leon Czolgosz (CHAWL'-gahsh), was electrocuted. In 1929, Wall Street crashed on "Black Tuesday," heralding the start of America's Great Depression. In 1940, Secretary of War Henry L. Stimson drew the first number - 158 - in America's first peacetime military draft. In 1956, during the Suez Canal crisis, Israel invaded Egypt's Sinai Peninsula. "The Huntley-Brinkley Report" premiered as NBC's nightly television ...
Today In History On this day in 1929, Black Tuesday hits Wall Street as investors trade 16,410,030 shares on the New York Stock Exchange in a single day. Billions of dollars were lost, wiping out thousands of investors, and stock tickers ran hours behind because the machinery could not handle the tremendous volume of trading. In the aftermath of Black Tuesday, America and the rest of the industrialized world spiraled downward into the Great Depression. During the 1920s, the U.S. Stock Market underwent rapid expansion, reaching its peak in August 1929, a period of wild speculation. By then, production had already declined and unemployment had risen, leaving stocks in great excess of their real value. Among the other causes of the eventual market collapse were low wages, the proliferation of debt, a weak agriculture, and an excess of large bank loans that could not be liquidated. Stock prices began to decline in September and early October 1929, and on October 18 the fall began. Panic set in, and on October ...
29 October 1929. The "Great Depression" began with the crash of the Wall Street Stock Market in New York.
I BEG TO DIFFER According to research, the current global Financial Crisis is the worst the world has seen since the Great Depression of the 1930s. The United States of America for instance is facing economic disaster on a scale of staggering proportions.The US has had a negative trade balance of over 10 trillion dollars in the last two decades with the lost of 12 million jobs. In a globalized world of closely interdependent economies, crisis in countries such as America, affects almost every part of the world. I trust my cherished readers would be interested in knowing the root cause of this global financial downturn, and I'm going to tell you about it in a moment. The US sold sub-prime mortgages to large numbers of consumers with inadequate incomes. These mortgages were bundled into securitized paper investments and sold by Wall Street to major financial institutions across the globe. When the mortgages became non-performing, the securitized assets became a liability affecting the entire worldwide finan ...
July 8: National Chocolate with Almonds Day, Math 2.0 Day & SCUD Day (Savor the Comic, Unplug the Drama). 1730 – An estimated magnitude 8.7 earthquake causes a tsunami that damages more than 1,000 km (620 mi) of Chile's coastline. 1822 – Chippewas turn over a huge tract of land in Ontario to the United Kingdom. 1853 – U.S. Commodore Matthew Perry arrives in Edo bay with a treaty requesting trade. 1889 – The first issue of The Wall Street Journal is published. 1932 – The Dow Jones Industrial Average reaches its lowest level of the Great Depression, closing at 41.22.1948 – The United States Air Force accepts its first female recruits into a program called Women in the Air Force (WAF).1968 – The Chrysler wildcat strike begins in Detroit, Michigan. 2011 – Space Shuttle Atlantis is launched in the final mission of the U.S. Space Shuttle program.
Well, good morning, everyone. We are gathered in the heart of our nation’s capital, surrounded by memorials to leaders and citizens who served our nation in its earliest days and in its days of greatest trial. Today is such a time for America. Over the past two years, we have faced the worst recession since the Great Depression. Eight million people lost their jobs. Tens of millions saw the value of their homes and retirement savings plummet. Countless businesses have been unable to get the loans they need and many have been forced to shut their doors. And although the economy is growing again, too many people are still feeling the pain of the downturn. Now, while a number of factors led to such a severe recession, the primary cause was a breakdown in our financial system. It was a crisis born of a failure of responsibility from certain corners of Wall Street to the halls of power in Washington. For years, our financial sector was governed by antiquated and poorly enforced rules that allowed some ...
DEPARTMENT OF APOLOGISTS. Timothy Geithner’s new book about the Financial Crisis, “Stress Test,” is basically an argument that the Wall Street bailout succeeded. That’s hardly surprising, given that Geithner was in charge of it when Treasury Secretary (as was his predecessor at Treasury, Hank Paulson), and so has an inherit interest in telling the public it succeeded. Even so, the bailout clearly did succeed, if success means avoiding another Great Depression. But the Wall Street bailout was a colossal failure in several respects Geithner doesn’t mention: (1) The biggest Wall Street banks are now bigger than ever, and no sane person on or off the Street now believes Washington will ever allow them to fail – which means they’ll continue to make big, risky bets because they know they can’t fail, and they’ll get even bigger because big depositors and lenders know they’ll never fail and therefore demand lower interest rates than demanded from smaller banks. (2) No Wall Street executives ha ...
Fact: Inflation-adjusted median household income down $4,309 since high point in 2008. Fact: Today’s median household income, adjusted for inflation, is no higher than in 1988. Fact: If inflation were calculated the way it was until Clinton ordered it changed, it would be running at 5% a year. Fact: If unemployment were calculated as it was during the last great depression, it would be around 23%. (The same as it was in 1932.) Fact: Three groups are doing well, financially right now: 1. people with close connections to the government money fount at the Fed ( eg. Wall Street) 2. people with close connections to government officials ( think big companies such as Pharma and Farma, not just little green energy firms started by major Obama campaign finance donors). 3. Those elected to Congress - many of whom have become millionaires while acting as a public "servant."
John Thain, former CEO of Merrill Lynch, doled out more than $4 billion in bonuses to employees. Despite the worst economic crisis since the Great Depression, Wall Street handed out $18.4 billion in bonuses for 2008, which is the "sixth-largest haul on record."?..? Just paying these important people what they are entitled to. Right or wrong?
"That’s like analyzing the Great Depression without mentioning the Wall Street crash" via & George Packer
FACT: The US Economy is a Ponzi Scheme designed to fail thanks to congress for adopting the Federal Reserve back in 1913 who caused the Great Depression in 1929 so they could rework Wall Street and the US economy to their liking being that the Banker Cartel who started the FEDs were Wall Street Tycoons themselves. But their is no conspiracy.
The Occupy Wall Street movement that started outside of the New York Stock Exchange on Wall Street has mushroomed to cities across the US and it’s beginning to show that the protests are catching on to make an impact. In the midst of the so-called toughest economy since at least the Great Depression, most Americans are just trying to hang on – pay their bills, the mortgage, hold on to their jobs or find new employment. As the real estate research firm that forecasted the foreclosure crisis and saw the Financial Crisis in the offing years before any other firm, we realized that sooner or later a movement like Occupy Wall Street with the 99%’ers would begin the revolution. We just didn’t think it would take this long. Today marks the fourth week since demonstrators appeared on Wall Street in Manhattan. When the Financial Crisis nearly caused the US economy to melt down more than three years ago, the crisis had just reached its tipping point. The Bush administration at the insistence of Treasury Secr ...
Wow!! When big business corporations want you to sell, they will stop at nothing to force you to end up selling. *** Corporations all across the globe in North & South America, Europe, Africa and Asia “ARE THE DEVIL!” They only care about making the wealthy WEALTHIER. The Rich RICHER and the POOR.PORER!!! When will we all realize that all this is another way of controlling us? Did anyone know that the crash of Wall Street and the Great Depression was the work of J.P. Morgan the very man who own and runs Chase bank Corporation (he is dead now yet his family still has control over it). The Federal Reserve Act or Central Bank was something created by a government you cannot see. The Bankers who ran the world J.P. Morgan; John D. Rockefeller, Baron Rothschild and Paul Warburg who so happen to be a part of The Jekyll island club aka THE BILLIONARIE CLUB; who are the very people behind wars, lies spread by the media, religion of corruption and who controls or do what in politics/government. All this Terro . ...
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It's amazing how many right-wingers who use the "I'm older therefore I'm wiser and more informed, and watch the only news channel that isn't liberal-blah-blah-blah conspiracy blah-blah" that don't understand (or believe, in spite of it being something that would take less than 2 minutes to look up on their smart phone) the difference between a SURPLUS, A DEFICIT, AND THE NATIONAL DEBT. The NATIONAL DEBT was increased under every, single, republican president we've had since Eisenhower, who, guess what? Taxed the wealthiest people at rates that would make John *** s head explode. Not a single republican president has left us with a surplus except Eisenhower, and this debt we talk about? It started (heavily) during the Great Depression, caused by unregulated practices in Wall Street, skyrocketed through WW2, and then the Cold War increased it several times over, then Reagan's 2 terms increased that debt by 2x! Clinton put us in a surplus, when I argued that with my friend's dad he said "Clinton didn't get . ...
JAN 31 Catholic Corporatist States The Trumpet By Andrew Miiller After the Stock Market crash of 1929 and the Great Depression, many people around the world became disillusioned with the Wall Street brand of capitalism. Many turned to corporatism as an alternative. By substituting “Fascist Party” for “Roman Catholic Church,” Benito Mussolini more or less co-opted Pope Leo XIII’s economic system. Even though Mussolini’s one-party state fought occasional battles with the Catholic Church over state control, the Vatican accepted his corporatist economy. Mussolini declared the Holy Roman Empire restored and, in return for Catholic endorsement in the Lateran Treaty of 1929, he established Roman Catholicism as the only recognized religion in Fascist Italy. His treaty also subsidized Catholic clergy, subjected textbooks to church veto, and made insulting the Vatican a penal offense. All of this delighted Pope Pius XI, who spoke of Mussolini as “a man sent by Providence.” Other countries soon follo ...
MyThoughts on Jack Ryan: SHADOW RECRUIT (2014) A decent reboot of Tom Clancy's Jack Ryan movie series, with Chris Pine taking the helm as the young Jack Ryan in this pretty standard action spy thriller but fairly entertaining, the only one in the series that is not based from the adaptation of Clancy's novels. Mainly set in Moscow, the movie retells the beginning story of Jack Ryan when he was recruited by the CIA, right after 9/11. Years later, as a covert CIA analyst working a cover job at Wall Street, Jack Ryan travels to Moscow to investigate suspicious international financial transactions, and finds out that the Russian terrorists are planning a big financial attack to the global markets that will create Great Depression chapter 2. As the new Jack Ryan, Chris Pine was fine. He is one of those young actors who has the charming persona to become a good lead. But, I could also easily imagine other young actors playing this role, since there were too many actors who played Jack Ryan in the past (Baldwin, ...
Bill de Blasio is now Mayor of New York, whose residents include the world’s richest -- the captains of American industry, the titans of Wall Street. But also 52,000 homeless, of whom 22,000 are children – the highest level of homelessness since the Great Depression. New York is a microcosm of America. The Right sees nothing alarming about this degree of inequality, but it threatens the social fabric of our society, hobbles the economy, and undermines democracy. "We are called to put an end to economic and social inequalities that threaten to unravel the city we love," de Blasio said in his inaugural. "And so today, we commit to a new progressive direction in New York.” Does de Blasio’s election mark the beginning of a new progressive era similar in scope and achievement to the one that began in 1901, when another New Yorker, Teddy Roosevelt, became President of the United States?
i continue to read articles about "the need" to reduce the level of Fannie Mae and Freddie Mac (GSE) involvement in mortgage lending. That our government is "too involved" in mortgages which continues to place the whole U.S. financial system at risk. That, what is needed is more private capital involvement in mortgage lending. And to get it, what we need Fannie and Freddit to do is increase their fees. What these proponents aren't saying is that Fannie Mae was established during the Great Depression as a simulant for a desparate economy and performed admirably until pressure first came from the the President and Congress, back in the 90's, to develop more liberal credit instrutments to promote homeownership. Remember Barney Frank pimping for Wall Street and their liberalized mortgage instruments and espousing "Every American a homeowner". The mess that ensued, by letting Wall Street and those commercial banks who acquired Wall Street investment banks to virtually control the mortgage industry, almost sank ...
Five years ago this week, a Financial Crisis unlike any in generations rocked Wall Street, turning a recession that was already hammering Main Street into the worst economic crisis since the Great Depression. Now, on the five-year anniversary of the crisis, the Administration has prepared a report t...
Parody on literary criticism:   Recently I wowed friends with one interpretation of “King Kong,” the Great Depression raging down Wall Street, and offer a few other insights on the film classic.    Of course, the movie touches on a well-known folktale, beauty and the beast.  This one has to do with the Electra Complex of Sophocles fame.  Maid harbors forbidden love for the father and the childhood fear of sexuality, requiring transference of feelings from the father to a socially acceptable mate.    One cannot miss the obvious phallic significance of the Empire State Building, nor its climatic significance, as Ann and the monkey courting her reach for new heights.  Despite impressive performance of animal, physical strength, and swayed by courtship of dashing bi-pane pilots, beauty slays the beast and finds shelter under the arm of an affluent mate, again emphasizing the primal need for courtship.    We see in this tale a struggling era’s interpretation of the ancient myth:  The beast off ...
WHY IS THERE NO RECOVERY? SIMPLE. IT IS BECAUSE THERE WAS NO CRASH. ONLY IN A TRUE CRASH IS IT POSSIBLE TO CLEAR THE ROAD FOR FUTURE GROWTH. ALL OBAMA AND BERNANKE DID WAS TO FORESTALL WHAT MUST HAPPEN ...: Before the feds stepped in, Bear Stearns and Lehman Brothers had collapsed. The crisis of 2008-09 was on course to destroy all major Wall Street institutions. When the papers applaud Ben Bernanke for having "avoided another Great Depression" what they really mean is he saved Wall Street speculators from getting what they deserved. Even Goldman Sachs probably would have gone broke and been forced to reorganize. The crisis also left the feds with sharply lower tax revenues... and should have brought much lower spending. Left to live on tax revenues alone, US Federal Government spending would have been cut by one-third in 2010. Lobbyists would have been fired. Contracts would have been lost. Giveaways would have stopped for the simple reason that there was nothing to give away. And real wealth would h ...
How the U.S. Stock Markets are Regulated- Although it hasn’t always been the case, the securities industry in the U.S. today is subject to strict regulations. It’s important for you to know about some of the regulatory bodies and their rules in order to make sure you stay well within the limits of the law. Penalties for not playing by the rules can be stiff and involve both hefty fines and time in prison. Most of the time, it is individuals who work on Wall Street or who are insiders at a company that run afoul of the law. Still, it’s a good idea for even the average investor to know about the legal issues that exist in the securities world. SEC The Securities and Exchange Commission was established in 1934 in order to correct some of the problems in the securities industry that had led to the Crash of 1929 and the resulting Great Depression. Before this time, there was no central regulatory agency responsible for enforcing securities legislation (granted, there was not much legislation to enforce). ...
Five years ago this weekend, the Wall Street giant Lehman Brothers collapsed, triggering the worst Financial Crisis since the Great Depression. Today, the divide between the 1 percent and the 99 perce
At a time when Wall Street is absolutely swimming in wealth, New York City is experiencing an epidemic of homelessness. According to the New York Times, the last time there was this many homeless children in New York City was during the days of the Great Depression. And the number of homeless chil...
Wall Street has never in it's history seen these record numbers and we finally have a budget, no thanks to Tea Party were most people gave no idea what that even means or that flag with the snake comes from hint it's from one of our branches how many people were republican during 90's, I thought Obama saved us from the worst recession since the Great Depression?
Peter -- We stood up to Wall Street. They marshaled a legion of lobbyists, but we never backed down. Yesterday, we won a big victory for the American people and the middle class. All five regulators, including the Federal Reserve, the Securities Exchange Commission, and the FDIC, approved a strong Volcker Rule firewall. Going forward, Wall Street banks will be unable to gamble like high-risk hedge funds -- the same sort of "swing for the fences" bets that crashed the economy and created both the Great Depression and the Great Recession. Of course, that legion of lobbyists won’t go away. They’ll be back, trying to carve loopholes into the law. But I’ll stay vigilant – to ensure that we don’t put the middle class at risk again. And you’d better believe that Wall Street's not going to take that lying down. They surely want a Senator who will let their lobbyists write the rules. We must not forget that when Wall Street was well-regulated, we had decades of economic growth that served American fa . ...
I think the Wall Street crash is an accurate historical representation of how I feel about A levels. There's even a great depression!
Good News: US Finance regulators have vote to reinstate the Volcker Rule. The Volcker Rule is a measure from the Great Depression that until the early 2000's prevented banks from gambling with depositors' money. Once implemented, bankers will no longer be allowed to trade mortgages, retirement plans, and other financial services on Wall Street thereby diminishing the risk of finding out that your pension or home is suddenly worthless because it was part of a bad trade.
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Sure to be a great event with an incredible guest speaker - Woodstock Republican Committee is proud to present An Evening with Amity Schlaes December 30, 2013 6:00pm Ms. Schlaes is the author of The Forgotten Man which was recognized by The National Review as, "the finest history of the Great Depression ever written." This year she published Coolidge a biography of the 30th President who, at the end of his term, left the government smaller than it was when he took office. Paul Ryan noted that, “Amity Shlaes shines fresh light on a leader of humble persistence who unexpectedly found himself in the presidency and whose faith in the American people helped restore prosperity during a period of great turmoil.” Amity is also director of The Four Percent Growth Project, is a columnist for Forbes magazine, and has been an editor for The Wall Street Journal. In keeping with the season, the proposed topic for the evening will be: Scrooge as he is reflected in the current economy and popular culture Space for th ...
Secrets and Lies of the Bailout The Federal Rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come by MATT TAIBBI JANUARY 04, 2013 It has been four long winters since the Federal Government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right? Wrong. It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporaril ...
A message to my Republican FB Friends: Republicans keep asking, “When will you stop Blaming Bush and take responsibility for this economy?” For me … today. At least the economic responsibility part! You see, it will always be The South’s Civil War, Hoover’s Great Depression, Johnson’s Vietnam, Nixon’s Watergate, and, George W. Bush’s near Depression. You can’t change historical facts by ignoring or revising them. With Hoover’s Great Depression it took 15 years and a World War to recover. Bush gave us a near Depression and we began to see the turnaround in less than two years after Obama’s election. Yes, it’s a slow recovery, because it was a BIG Bush recession. With, however, one war over, a second ending, Bin Laden dead, Wall Street at record highs, unemployment decreasing, the housing market recovering; when will the Democrats take responsibility for the economy? For me, today. But no, we’ll never accept responsibility for President Cheney’s Foreign Policy catastrophes or Pr ...
Sam Walton  could be one of the most understated and under-recognized names in the history of the United States. Much to his delight, his influence on the very way that we live went largely unrecognized for most of his life. There can be few people who have made such an impression on the lives of every family in the country than Walton. His iconic Wal-Mart stores are everywhere, the largest chain of retail stores and responsible for a considerable proportion of the entire retail industry. Wal-Mart has become so influential that its financial reports and regular trading projections represent much awaited news on Wall Street. The company that Sam Walton founded ranks number four on the list of Fortune 500 companies, behind only General Motors, Ford and Exxon. Walton personified the true meaning of the American Dream and is responsible for opening up an army of company stockholders and employees to similar dreams. He was a child of the Great Depression and from a very early age showed considerable charisma, ...
Don't you think it's about time we get rid of gambling on Wall Street? At the height of the Great Depression a number of leading U.S. economists advanced a proposal for monetary reform that became known as the Chicago Plan. It envisaged the separation of the monetary and credit functions of the banking system, by requiring 100% reserve backing for deposits. Irving Fisher (1936) claimed the following advantages for this plan: (1) Much better control of a major source of business cycle fluctuations, sudden increases and contractions of bank credit and of the supply of bank-created money. (2) Complete elimination of bank runs. (3) Dramatic reduction of the (net) public debt. (4) Dramatic reduction of private debt, as money creation no longer requires simultaneous debt creation. We study these claims by embedding a comprehensive and carefully calibrated model of the banking system in a DSGE model of the U.S. economy. We find support for all four of Fisher's claims. Furthermore, output gains approach 10 percen ...
THE REAL WARREN BUFFETT Born during the Great Depression in Nebraska, Warren Buffett is one of the wealthiest businessmen and investors alive. With a net worth of $53.5 billion as of March 2013, Forbes is the second wealthiest American and fourth wealthiest person in the world. Completely self-made, Buffett is famous for his frugal lifestyle and down-to-earth personality, yet still ranks 15th on Forbes magazine's "World's Most Powerful People" list. A math prodigy, Buffett began to show his intelligence as a young child. His father was a stockbroker and a U.S. congressman, and Buffett spent many hours at his father's stock brokerage shop. He made his first investment at age 11, buying three shares of Cities Service Preferred. He sold his shares at a small profit, but regretted his choice when the stocks shot up to a much higher price. Buffett used this experience as an early lesson on investment patience. By 13, Buffett was working as a paperboy and also selling his own horseracing tip sheet. He even file ...
Everyone knows the Wall Street crash in 1929 eventually led to the Great Depression and many ruined investors jumped from the windows of their towering buildings. Right? Well sort of. Knowledge of this historical event is so widespread that references to it can be found everywhere, from movies to the Occupy Wall Street movement. But.this legendary string of suicides never actually happened. Will Rogers, a popular comedian at the time, happened to be in New York on "Black Thursday," Oct. 24, 1929 when the market crashed. In his nationally syndicated newspaper column for that day, he wrote: "When Wall Street took that tail spin, you had to stand in line to get a window to jump out of, and speculators were selling space for bodies in the East River". A London tabloid picked the quote up and the myth grew, until the "suddenly bankrupt stockbroker leaping from a window" became a stereotype. In reality, only two suicides by jumping occurred on Wall Street between the crash and the end of 1929, and one of tho .. ...
Hey, let us review some of the good things that President Obama has done since he's been president. after five presidents over a century fail to create universal health care insurance it was accomplished under Obama. Pass the stimulus bill, that stimulate economic growth amind the greatest recession amind the greatest recession since the Great Depression. it created a total of 3.7 million new jobs in the Private Sector. Pass the Wall Street reform bill, Wall Street practice is created this recession. Ended the war in Iraq. Began the drawdown of war in Afghanistan. Eliminated Osama Bin Laden. Turn around the United States auto industry. Got banks back on their feet, essentially no cost to the government. Reverse Bush's torture policies. Toppled Moammar Gaddofi. Improved Americas image of overseas. Expanded pell grant spending. Increase support to our veterans. Tightened sanctions on Iran. Passed Credit Card reform. Improved school nutrition. Improved food safety systems and serve longer than any president ...
The Volcker Rule, which would ban banks from making speculative trades with their own money, was passed as part of the landmark 2010 financial-reform legislation to tighten oversight of Wall Street after the worst crisis since the Great Depression. The details of the Volcker Rule's implementation were supposed to be finalized by July 21, 2012, but the agencies responsible for writing the regulations are still not finished with their work. When the rule will be finalized is anyone's guess. Fed Chairman Ben Bernanke said in December that he expected the rule to be done “early in 2013,” but in congressional testimony last week he said there were ongoing issues of “finding agreement and closure among the different agencies” tasked with writing the rule. The delays on the Volcker Rule's implementation are emblematic of the state of rule-making for the Dodd-Frank financial-reform law. Just over one-third of the roughly 400 required rule-makings under the law have been finalized, according to Law Firm Da ...
Income Inequality Spencer Platt/Getty Images Updated: Oct. 16, 2012 Income inequality has soared to the highest levels since the Great Depression and the recession has done little to reverse the trend, with the top 1 percent of earners taking 93 percent of the income gains in the first full year of the recovery, The New York Times reported in October 2012. The yawning gap between the haves and the have-nots — and the political questions that gap has raised about the plight of the middle class — has given rise to anti-Wall Street sentiment and animated the presidential campaign. Now, a growing body of economic research suggests that it might mean lower levels of economic growth and slower job creation in the years ahead, as well. “Growth becomes more fragile” in countries with high levels of inequality like the United States, said Jonathan D. Ostry of the International Monetary Fund, whose research suggests that the widening disparity since the 1980s might shorten the nation’s economic expansions ...
Bernie Sanders on Jacob Lew Treasury Confirmation I copied the whole speech; it is public information & available on Bernie's website. Senator Bernie Sanders (I-Vt.) Feb. 27, 2013 Senate Floor Statement on the Confirmation of Jacob Lew to the Treasury Secretary Mr. SANDERS. Madam President, I say to my friend that he is right when he said that I oppose the Lew nomination also. I oppose his nomination for different reasons than he does, and I will speak later on that issue. From my perspective, at a time when the middle class is disappearing, when we have 46 million people living in poverty, when we have the most unequal distribution of wealth and income since the Great Depression, we need a Secretary of Treasury who is going to stand up for working families and be prepared to take on Wall Street. He needs to be prepared to change our disastrous trade policies, be prepared to defend Social Security, Medicare, Medicaid, and the safety net that is so important to tens of millions of Americans. That is my obj ...
The free enterprise system and Free Markets is a new theory that Wall Street sold the masses. No U.S. President before Herbert Hoover believed in the Free Enterprise system. Washington was a protectionist, Adams was a protectionist, Jefferson was a protectionist.Lincoln was such an extreme protectionist that he promoted the Civil War over slavery flooding the labor market. They believed in protectionism and economic nationalism. Hoover caused the Great Depression because he refused to protect the economy. Instead of rejecting the failed the free enterprise system and Free Market theory...every single U.S. President has advocated it since Hoover because Wall Street controls the elections.
This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (January 2009) From left, clockwise: Third Tipperary Brigade Flying Column No. 2 under Sean Hogan during the Irish Civil War; Prohibition agents destroying barrels of alcohol in accordance to the 18th amendment, which made alcoholic beverages illegal throughout the entire decade; In 1927, Charles Lindbergh embarks on the first nonstop flight from New York to Paris on the Spirit of St. Louis; A crowd gathering on Wall Street after the 1929 Stock Market crash, which led to the Great Depression; Benito Mussolini and Fascist Blackshirts during the March on Rome in 1922; the People's Liberation Army attacking government defensive positions in Shandong, during the Chinese Civil War; The Women's suffrage campaign leads to numerous countries granting women the right to vote and be elected; Babe Ruth becomes the most iconic baseball pl ...
Lehman Brothers declared bankruptcy and the financial collapse of 2008 began. The economic meltdown wiped out more than $11bn of personal wealth in the US, threw millions out of work, and has already resulted in the foreclosure of more than 10 million homes. Americans believe that financial executives should have gone to jail their crimnal acts that led to the collapse, but there have been no prosecutions. People & Power investigates why Wall Street has not been prosecured and liable to pay back all the stolen money crimes connected to the deepest financial collapse since the Great Depression. But the Department did not prosecute executives from mortgage lenders and banks like Washington Mutual, Countrywide, Deutsche Bank and Goldman Sachs for fraudulent mortgages origination and securitisation criminal practices exercised by such companies. Chris Swecker, a former assistant FBI director in charge of the Criminal Investigative Division, thinks that the Justice Department has been "timid in approaching pro ...
Before Bob Rubin stepped down in 1999 as Clinton's Treasury Secretary, he convinced everybody to repeal the Great Depression era's Glass-Steagall Act to allow Citi to become a superbank. In the following 6 years, a grateful Citibank rewarded him $126 million for the service that he had rendered. Now the Finance guru is back, and nobody in the media is going to say a word about this past, and everyone in Wall Street who knows about this past is welcoming him back. SHAMELESS!. There is nothing wrong with economics, we may never find out the best policy, but we already know enough of what not to do, and what to avoid, but it is figure like Bob Rubin who destroys the lives of millions so that he could earn his well deserved golden parachute. When he was still the Treasury Secretary, he openly lamented the fact that he gave up tens of millions for his service to the country, I guess he more than made it up afterwards.
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People who blame bush for the Great Recession are not understanding the facts. Facts are: One Democratic president, Franklin Roosevelt, put a cage round Wall Street after its excesses in the 20s led to the Wall Street crash and the Great Depression. Another Democrat, Bill Clinton, gave Wall Street the cage keys. After a fierce lobbying campaign, Clinton agreed to repeal the Glass-Steagall Act, which ensured a complete separation between investment and retail banks. The move heralded the coming of superbanks, huge behemoths that took in retail deposits and used them to take highly-leveraged punts in the markets. To make matters worse, Clinton beefed up Jimmy Carter's 1977 Community Reinvestment Act to force lenders to take a more relaxed approach to disadvantaged borrowers. Liberalised banks plus millions of new sub-prime customers equalled one big problem. Housing markets fell! November 13 at 6:34pm · Like · 2..
Neoclassical economics, the idea that deregulation and Free Markets produce the best social outcomes, an idea discredited by the Great Depression but revived by the conservative wing of the Republican Party, brought about financial collapse and suffering to millions of people. Adam Smith may have written The Wealth of Nations and introduced the idea of the Invisible Hand on which neoclassical economics rests, but he also wrote The Theory of Moral Sentiments about the occasionally disastrous consequences, which for the past thirty years conservatives have chosen to ignore. To believe that all past, present, and future information flows through the markets according to the laws of Brownian motion, that individuals are rational utility maximizers, that any regulation disrupts an economy thought to exist in a perfect equilibrium, is not only to commit a category mistake but to allow theory to override common sense. Wall Street firms may resent the Vockler Rule cutting into their profit margins, but what entit ...
George W. Bush inherited a strong economy, a budget surplus, and a nation at peace. Eight years later, he left Obama with a shattered economy, a trillion dollar deficit, and two useless wars. Obama saved the country from another Great Depression, rebuilt GM, reformed healthcare, reformed Wall Street, doubled the Stock Market, created 12 straight quarters of GDP growth, created 30 straight months of Private Sector job growth, got Bin Laden, got Gaddafi, and got us out of Iraq. And now with the automatic spending cuts and the expiration of the Bush tax cuts in 2012, Obama has solved the deficit problem as well. Obama ! I knew he was going to win.
WINNER TAKE ALL "2009 was a very good year for Wall Street Executives and investors. At the 38 largest companies they earned a staggering $140 billion--a record high. Goldman Sachs paid its employees an average of nearly half a million dollars each." The top twenty-five hedge-fund managers earned an average of $892 million each. And while Wall Street's top personnel was raking it in, the average American worker on Main Street was struggling to make ends meet in the worst economic downturn since the Great Depression. How these two disparate scenarios occurred is the focus of Paul Pierson and Jacob Hacking's book WINNER TAKE ALL POLITICS. They explore the mystery of how, from 1979 until the eve of the recent recession, the top one percent of income earners took in 36% of all all gain in the US economy. The current crisis is just the latest period of the long struggle between American Democracy and American Capitalism. Part One of the book explains what happened to bring about this unequal distribution of m ...
39 reasons we should re-elect President Obama In case you know anybody who’s asking why: send them this list. The first bill President Obama signed was the Lilly Ledbetter Fair Pay Act, to help women fight back when they don’t get equal pay for equal work. His Recovery Act supported millions of jobs and helped to stave off a second Great Depression. He pushed for and won middle-class tax cuts that benefitted every American worker, and saved the typical family $3,600 in taxes over the last four years. President Obama rescued the auto industry, and now GM and Chrysler are healthier than they’ve ever been. The American auto industry has added nearly a quarter of a million jobs since June 2009—and they most likely wouldn’t exist right now without President Obama’s leadership. He doubled funding for Pell Grants, helping to make college more affordable for nearly 10 million families. His Student Loan reform ended billions in subsidies to banks serving as middlemen and reinvested those savings direct ...
If you really want to understand politics and how the rich put us in this nasty financial mess, read: Occupy the Economy: Challenging Capitalism, Richard Wolff & David Barsamian. I actually personally found the movement called Occupy Wall Street to be confused, dated, and feeble, so don't think I'm naive. Read this book and find out how the US has been run by rich elites and corporations, who don't pay their fair share and who DID pay their fair share in the past, which DID pull us out of the Great Depression (the one before the Second World War, that is, not this one). For example, the author points out that during the great depression, anyone who earned over $25,000 ($350,000 now) was taxed at 94%. Yes, that's a 94% tax rate. And THAT tax rate is what pulled us out of the last Great Depression. The rich had to pitch in. Do the rich do that now? You tell me? I'd love to hear your comments, but only after you read the book.
What the GOP really wants is a return to Shangri-La. "Bush left office having presided over the worst record of job growth since the Great Depression -- zero net Private Sector jobs created; that's right, zero. Worse, his failure to regulate Wall Street set the stage for the worst financial collapse since the Great Depression, costing eight million Americans their jobs, wiping out 40 percent of many people's pensions, collapsing of the housing market, and causing the worst economic downturn in 60 years. Bush's trickle-down tax policies not only failed to create economic growth -- they left the Federal Government saddled with more debt than all of the previous presidents had racked up since the beginning of the Republic. And remember, that debt load made it even harder for President Obama to clean up the economic mess once he came into office in 2009."
Just a reminder that 83 years ago today the liberal government got its big chance to get its foot in the door.big time.and it has never looked back in it push to expand government beyond what it was Constitutionally mandated: Many say the opening bell on Wall Street was never heard on this day—Oct. 29—in 1929. It was drowned out, the legend goes, by cries of "Sell!," "Sell!," "Sell!" rising from panicked traders. It would become known as "Black Tuesday," symbolizing the onset of the Crash of '29 and the Great Depression. In truth, the darkness had begun days prior. On the previous Thursday, stocks tumbled in the last hour of trading. The next morning, prices fell again and trading was heavy. The next day, President Herbert Hoover said, "The fundamental business of the country...is on a sound and prosperous basis." It wasn't. On Monday, Blue Chips plummeted and the Dow fell 13 percent. On Tuesday, three million shares changed hands in the first 30 minutes of trading. Margins were called. Life savings ...
Today in 1929, Black Tuesday hits Wall Street, beginning the Great Depression and bringing an end to America’s Gilded Age
More from this friend, "Northern Europe is doing better than anyone: Sweden, Denmark, Norway, Germany, Finland... yet they are Social Democracies with high taxes and public programs for schools and health care. Here, where we think the Free Market can fix ANYTHING, de-regulation gave us the Great Depression, the Recession of 1987 (the S&L Crisis), and now this major recession. Wall Street got to gamble with no skin in the game, and they threw us under a bus." Thoughts?
# 10: Staten Island ferry - You get spectacular views of New York Harbor on this ferry ride from Manhattan to Staten Island. # 9: Brooklyn Bridge - Built in 1883, it is one of the oldest suspension bridges in America and continues to inspire the people of New York City. # 8: Greenwich Village - Go for a stroll in this neighborhood. Enjoy charming brownstones and experience Washington Square Park. # 7: Wall Street - The bull here makes everyone happy. See where billions are won or lost in seconds. # 6: Grand Central Terminal - Quite an amazing sight, you might even forget this is a train station. # 5: Rockefeller Center - where you find top of the rock, with amazing views and at Christmas time, the famous tree lighting. # 4: Central Park - One of the world's greatest urban parks. Get involved in an outdoor activity or watch New Yorkers go about their exercise routines. # 3: The Empire State Building - An American icon, which was built remarkably during the Great Depression. Ride to the top for unmatched ci ...
Stop The Cross Burnings And Show Some Love.Since President Obama took over, he... 1. Enacted Financial Reform and saved our country from a Bush initiated Great Depression 2. Enacted Health Care Reform & cut $700 billion of wasteful spending form Medicare without touching a dime in benefits & extended the life of the the program until 2024, and used the savings to lower senior's drug bills and give them preventive care without co-pays. 3. Saved the auto industry 4. Re-enacted Wall Street regulation. 5. Signed on to the Nuclear arms treaty (Start Treaty). 6. Integrated our Armed Forces. 7. Reined in the out-of-control CREDIT-CARD companies. 8. Ordered the successful mission that got Osama Bin Laden 9. Saved the Libyan people from a major humanitarian catastrophe at the hands of the madman Gadaffi. 10. Ended Bush's Iraq-Occupation-quagmire. 11. Begun the draw-down of US troops from Bush's Afghanistan occupation. 12. Ordered the SUCCESSFUL rescue of abducted American Jessica Buchanan. 13. Kept U.S. SAFE from ...
Rachel Maddow makes a very good metaphor for what's going on now with the Wall Street kids in the candy store holding their hands out for more. Robert Reich ...
This was posted by a man I don't know but he is so smart that I want to share : So bailing out the auto Industry. Saving jobs. Stopping the Great Depression. Supporting the military trying to get a job Bill passed. Trying to get several jobs bills pass But to be filibustered by the majority held Congress GOP. Getting the health care act pass. So people with pre-existing disease cancer can stay on their parents and I get kicked off by the insurance companies. Passing laws that would not allow Wall Street to do what they did in the Bush years. Killing Osama Bin Laden. Killing 20 top Al Qaeda leaders. Ending the war in Iraq. The Dow jones was at 6500 when Obama started out now it's Double to 1300 So your 401(k) plan is better off that was four years ago. That is destroying the country. So your parties want more war bigger deficit and everything else. Oh the 16 trillion 6 trillion that everyone's talking about it's only 2.2 trillion that Obama owns. Bush never paid for the two wars which is now on obamas budg ...
In 1929 Herbert Hoover entwined Wall Street and the Republican Party together forever. It was called the Great Depression!
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36. Improved aspects of the Freedom of Information Act, and issued new guidelines to make FOIA more open and transparent when processing FOIA requests. Wall Street Reforms and Consumer Protection 37. Ordered 65 executives who took bailout money to cut their own pay until they paid back all bailout money. 38. Along with Congressional Democrats, pushed through and got passed Dodd-Frank, one of the largest and most comprehensive Wall Street reforms since the Great Depression. 39. Through Dodd-Frank legislation, created the Consumer Financial Protection Bureau 40. Through Dodd-Frank, the Executive Branch fashioned rules that reduce the influence of speculators in the oil market.
The Republican Party since Nixon has been the most criminal party to ever exist in the US. Yet stupid people forget Watergate, Iran-Contra, Enron, 9-11, The Patriot Act, Halliburton, Blackrock, Scooter Libby, Jack Abrahamoff, the water boarding (and worse) war crimes at Abu Graib, the unjust Iraq War, the Great Depression and the correlation with the 2008 Wall Street collapse.
A Citizen talks about Today’s Financial mess and the Damage it can cause to so many innocents. A question I have heard asked many times in the last 4 years is how could the leadership class (my term meaning Washington D.C. and Wall Street) have failed America so badly in so many areas. Millions of people lost their jobs, their houses due to mortgage foreclosure and up to 40% of their net worth. Government entities at every level from local to State to the Federal level seemed to lose their ability to manage the tax money we entrust them with and be unable to hold accountable those who violate our trust. There have been innocent victims in times like this before and there promises to be many more as the current economic doldrums work themselves out (remember, the Great Depression of the 1930s was eventually resolved by World War Two , 12 years after it started). My particular concern is with the Developmentally Disabled, where my wife and I are the parents of two beautiful Autistic Adults who now seem to ...
During the 1920s, Wall Street grew 5 times faster than the economy. The Stock Market was growing so fast that a poem7 printed in the Saturday Evening Post in the summer of 1929 expressed the speculative fever of the time: Oh, hush thee, my baby, granny’s bought some more shares, Daddy’s gone out to play with bulls and the bears, Mother’s buying on tips, and she simply can’t lose, And Baby shall have some expensive new shoes! Black Tuesday—the Stock Market crash—came on October 29, 1929, and within a year nearly 90% of the wealth created by the soaring Stock Market would be history. America plunged into the Great Depression, forever changing the American economy.
In an editorial published this week, the Wall Street Journal said Bernanke's actions could help President Obama by lifting the short-term economic mood, but could also hurt him by reminding people that the economy is such bad shape. "The irony is that, with this historic and open-ended easing, Mr. Bernanke is also tacitly admitting how lousy the Obama-Bernanke economy really is. For all the back-s'apping by the Fed and the White House about how they've saved us from a Great Depression, four years later the Fed is acknowledging that the recovery is rotten, that job creation stinks, and that their policies haven't helped the middle class."
i'm really confused as to why people keep makin it seem like Obama has done nothing for this country. i'm not tryin to start a war on my but please, inform me of why he's such a bad president... but before you do that consider this. when he took office we were facing the biggest debt crisis we've seen since the Great Depression and if it wasn't handled properly would have surely been WORSE than the Great Depression. stabalized Wall Street after the Stock Market CRASHED. kept General Motors from going under. created millions of jobs. has been endorsing ways for students to fight Student Loans and been pushing for more scholarship and grant funding. got our troops out of Iraq (where we were never supposed to even be in the FIRST place). got Bin Laden. managed to avoid a nuclear crisis with North Korea. got the Health Care Reform passed which takes health care out of the hands of corporations trying to turn well being into a business. and this is just the stuff i can think of off the top of my head... so yea ...
Yes, I'm better off than 4 years ago FROMA HARROP Are you better off today than you were four years ago? Ronald Reagan’s 1980 campaign zinger is back in 2012. Let’s see. Four years ago . . . four years ago. That was September 2008. Oh yes, I remember it well. It was a time of white-knuckled panic that a new Great Depression was upon us. The banks were teetering, then insurance companies, then other big corporate names, notably General Motors. Stock prices were plunging along with house values. But even before that craziness started, the federal budget was snowing blizzard-condition deficits — the inevitable pile-up from reckless tax cuts and accelerated spending. These were the last months of the George W. Bush administration. It was when Bush launched both the Wall Street and Detroit bailouts, not because he found them ideologically agreeable, but because it was that or the abyss. Do you remember Sept. 29, 2008, when Republican hotheads in the House, helped by some on the left, rejected the bank ba ...
good things Obama has done • Cut prescription drug cost for medi-care recipients by 50% • Requires large employers to contribute to a national healthcare plan • Spending growth under Obama lower than that of both Bushes, Nixon, Carter & Reagan • Came out against SOPA • Temporally suspended taxes on Unemployment benefits • Nixes Keystone Pipeline • Jail population decline for first time in decades • Wind power growth up 39% • Instituted the toughest Wall Street reform since Great Depression • Passed health reform: Others tried & failed over the last 60 years • Insurance companies can no longer drop you when you get sick • Stimulus Plan which brought us out of the brink of financial collapse • $100 billion to embarrassing, crumbling infrastructure: Most since Eisenhower • $60 billion to create renewable and clean energy • Credit Card reform stopping the most abusive Credit Card practices • Huge investment into science & technology • Quadrupled the number of openly *** judge ...
When Dubya was elected, I was disappointed but I thought "we can get through 8 years". Eight years later, I knew I was wrong. A surplus left him by Clinton turned into a deficit, thanks to 2 unfunded wars and his tax cuts to people who didn't need them or ask for them. The discredited trickle down theory was employed, although I don't remember anyone actually calling it that. It was under the radar so even I didn't see it as what it was. Voodoo Economics had worked its way into our government policy. 8 years later, further deregulation of Wall Street had nearly brought the global economy to its knees. We teetered on the brink of another Great Depression. We were all scared - "where is bottom?" No one knew. Tea Baggers took the information and, of course, came to the wrong conclusion. Spending and government were the problems. I wish they had come to that conclusion when Bush was spending his way to our destruction. What you spend on matters more than what you spend. If we go the austerity rou ...
The first time we let greedy bankers and Wall Street go unchecked, it brought us the Great Depression. Government put regulations in place to ensure that it never happened again. Starting in the 1990's the GOP decided that those regulations weren't needed any longer and that brought us the Great Recession. Maybe the problem isn't President Obama but *** GOTP legislators who think the financial industry can be trusted.
Time for an Economic history lesson. You all know about "the Great Depression. Did you know that massive government programs, stimulus, new regulations on banking and Wall Street etc did NOT end it? World War Two did! Now, do you know about the "Sharp Depression" of 1920? It lasted 2 years with almost NO government intervention! The sharp depression was actually initially worse than the great depression! So, what was another major difference besides the amount of government intervention? hm. FDR was Democrat and lo and behold, Warren G Harding a Republican! Just saying.
Below is from Elizabeth Warren's website. It will come as no surprise to anyone that I am supporting her. I do like what she says here and therefore I share: There are plenty of people in Washington looking out for the billion dollar corporations and lobbying for Wall Street. I've been an outsider, but for years, I've been fighting for middle class families, taking on big banks, putting forward new ideas, and working to turn those ideas into a reality that makes a difference for people. That's what I'll keep doing once I'm in the U.S. Senate. I'll be there fighting for Small Businesses and middle class families. I want you to know what I believe, where I stand, and what I'll fight for as your United States Senator. I want to help rebuild America's middle class. I want people who work hard and play by the rules to have real opportunities to get ahead. I want us to build a better tomorrow for ourselves and our children. During the Great Depression and the years after World War II, our country made two rema ...
Federal Reserve Chairman Ben Bernanke claims that the Federal Reserve averted a second Great Depression by bailing out the big Wall Street banks during the last
Bankster Fraud Has Driven 100 Million Into Poverty, Killing Many "We Are Witnessing a Financial Holocaust Brought on by the Banksters … Which Is Causing Many Deaths Fraud caused the Great Depression and the current Financial Crisis, and the economy will never recover until fraud is prosecuted. Fraud is the business model adopted by the giant banks. See this. The Obama administration has made it official policy not to prosecute fraud. Indeed, the “watchdogs” in D.C. are so corrupt that they are as easily bribed as a policeman in a third world banana republic. The mouthpieces in Wall Street and D.C. pretend that financial fraud (like Libor) is a “victimless crime“. But the World Bank notes that the Financial Crisis – you know, the one caused by financial fraud – has driven between 64 and 100 million people into destitution. Some estimate the figure to be much higher. For example, one 2009 study estimated that 140 million people would be driven into poverty in Asia alone. AP reported in 2009: T ...
"President Obama overcame a furious lobbying game from the big banks and intransigence from Congressional Republicans to pass and sign into law the most sweeping financial reforms since the Great Depression and established a new watchdog to enforce the strongest Consumer Protections in history. These reforms hold Wall Street accountable and ensure that responsibility is rewarded and everyone, from Wall Street to Main Street, plays by the same rules."
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I've gotta comment on a full page article in this week's Sun Sentinel titled "The Great Repression". The author, a Mr. Gardener, demonstrates a profound lack of historical knowledge and understanding about FDR, The New Deal, Keynsiam theory, and the Great Depression. FDR did NOT extend the Depression with The New Deal-- Republican obstruction and weakening of New Deal policies were what extended the Depression, just like Republican obstruction has caused the current economic disaster to persist. Mr. Gardener, simply repeating what you hear on Fox News is fine in your personal life, but the newspaper is a place for truth and facts, not far-right propoganda. Laissez-faire regulation of Wall Street is what caused a Depression in FDR's time and also in ours, not government oversight and regulation. Corporate America MUST be strictly watched at all times, or else we will be reduced to a feudal society of the aristocratic few served hand and foot by the majority peasant population. This is not a joke!
The big banks and Wall Street, which brought us within inches of the second Great Depression, are screaming about the Dodd-Frank regulation. I missed the part where they became such responsible corporate citizens. I believe that Jamie Dimond, of Chase ,was the one up on Capital Hill strutting around after Chase lost $2 billion. They're saying they don't want to invest because of fear of 'regulation'. Well, interest rates are at an all time low and if the Republicans get in and put their austerity measures into place the effect will be the same as the austerity measures that were put into place in Europe. Then the only place these people will be investing is in China (oh, I forgot, they already are). These people don't care about anything but money.
There can be no genuine free enterprise until Wall Street loosens their grip on the entire economy. Most of our current economic proble$s are a direct result of the repeal of banking laws that were put in place so that another Great Depression could never happen again. Bill Clinton helped to have Glass-Steagall repealed during the last days of his presidency. That allowed Goldman Sachs, Citibank and others to grow to be "too big to fail" and reach their tentacles into every Anerican neighborhood and even around the world...
Romney is claiming that his business experience makes him better qualified for improving the economy. Bush Jr. said the same thing. Bush was the first President with an Masters degree in Business Administration (MBA), and Romney would be the second. Bush cut taxes on millionaires, creating a huge deficit. Bush didn't enforce any regulations on business or Wall Street, and ended up causing the Great Recession, the worst disaster since the Great Depression. Only Obama's calm under fire, and intelligent decisions, miraculously averted a worldwide economic collapse.
Where we are: 2008 brought the long overdue crash of the economy that spanked America and the world just before the election. Republicans, who have forever decried government regulation refuse to admit their hands off approach to banks, Wall Street, loans and credit had anything to do with the predicament America found itself in. We taxpayers began bailing out the economy that by the way, crashed under George W. Bush. The bailout continued under new President Obama. Saved was the American Banking System. Saved was the American Auto Industry. Avoided was a second Great Depression. Basic stability was brought to the American economy by President Obama and a Democratic Congress, despite the Republicans. Enter America's new terrorist organization, the Tea Party. An offensive group of self appointed conservatives who took the right wing over the edge and scared republican politicians into leaving moderate positions and not working together with the other side for a better America. The Tea Party politici ...
Mississippi passed a bill making abortions illegal. This is in violation of Federal Law, Roe v Wade, Legalized Abortions. Where are "Individual Freedom Loving Republicans"?! Lawsuits will be forth coming. This is how your Republicans operate when they have power. It was on full display during the Bush Administration and some of you gave him a second term which was only stopped when Democrats became the majority. Now Republicans in our state houses have picked up where Bush/Republicans left off in 2006, egged on by the Con Man Karl Rove and Koch Brothers. The damage was already done with the massive national debt caused by 2 Unfunded Wars, 2 Unfunded Tax Cuts and "Foxes guarding the hen houses" on Wall Street which created the worst economic/Financial Crisis since the Great Depression. Republicans, "I can't afford your brand of individual freedoms, it is contaminated with fraud, bribery, corruption and hypocrisy".
2001: President Clinton leaves office with a $236 billion budget surplus 2003-2007: Republican control of both houses of Congress and the presidency 2001-2003: Republicans sneak through the first wartime tax cuts in history, a grossly irresponsible move that will add $2 TRILLION to the debt while Bush is in office and $4 trillion more the following decade (if extended). 2003: Republicans lead the United States to invade the wrong country, a blunder that will cost 4500 American Soldiers their lives, countless more their health, and the taxpayers well over $1 trillion dollars. 2006: Peak of massive housing bubble driven by Wall Street gambling. Republicans assure us (as always) that Wall Street can "regulate itself". Regulations are "job killers", they tell us. 2007-2009: 8.8 million Americans lose their jobs in the worst economic crash since the Great Depression, mostly due to the giant Wall Street poker game and the related housing bubble enabled by the laissez-faire economic ideas of "conservative" Repub ...
CHARLESTON, W.Va. -- Amid all the negative political vitriol of this election year, most Americans don't understand how many humane achievements President Obama has attained for this country. He halted the unnecessary Iraq War launched by the Bush-Cheney White House -- which cost 4,500 American lives and about $1 trillion in taxpayer money -- and he's steadily ending the Afghan War. He removed fundamentalist restrictions on Stem Cell research, raising hope for major medical cures for agonizing diseases. He imposed tougher policing on Wall Street sharpies who peddled worthless mortgage-based "derivatives" and caused the Great Recession of 2009. His stimulus plan softened bitter results of the recession -- as columnist Frank Rich noted, "averting another Great Depression ... saving 3.3 million jobs with stimulus spending ... salvaging GM and Chrysler from the junkyard." Obama fostered equality for *** by letting them serve openly in the military. He achieved near-universal health insurance, covering 31 mil ...
Van Jones- After the Great Depression, our grandparents and great-grandparents passed "Depression Protection" legislation, called Glass-Steagall, to keep Wall Street on a shorter leash. It worked as promised. But Clinton and the GOP Congress repealed in the 1990s - and we see what happened. Both parties should now restore it.
Pure Truth --I make a terrible mistake about 45 years ago. Both my parents grew up during the Great Depression. So I did not want a retirement program that depended on the whims of Wall Street. Thus I opted for a less rewarding but far more substantial system. I tied my retirement to the US Government. For 37 years I worked diligently to solidify my retirement. I’ve been retired a few years now but I’m not content. I worry myself sick each day. I expect to receive a note from the US Government at any moment saying, “Sorry We gave your retirement funds away, we have nothing left for you. Uncle Sam does NOT want you.”
Dear President Obama, Today’s headlines say it all…. Jamie Dimon is a threat to the Fed and global banking system ... JP Morgan Debacle Reveals Fatal Flaw In Federal Reserve Thinking GET THE FOX OUT OF THE HEN HOUSE. Why is the leader of high risk complex financial products, the man demanding no regulation, in a position to make decisions about banking practices? You have been given a rare presidential opportunity. A second chance to appraise the most critical issue for America’s survival and remedy the situation before unchecked Wall Street greed creates a Great Depression. This one would be on your watch. You didn’t create the 2007–2012 Global Financial Crisis and you had the lion-heartedness to accept a country in economic meltdown and the intelligence to begin working with Bush’s financial advisors even before you were elected to try and manage the tenuous banking collapse. That’s the courageous far-sited informed Obama we voted for. But now the government has stabilized the banking cris ...
Tired of Liberals blaming the Wall St mess and the economy on Rep Pro-Deregulation Schumer Scores Bush for Lack of Regulation By JOSEPH GOLDSTEIN, Staff Reporter of the Sun | September 22, 2008 As Senator Schumer attempts to blame Wall Street's recent economic upheavals on a lack of regulation by the Bush administration, he may have some inconvenient facts to confront. Until the current credit crisis, Mr. Schumer had been a leading voice for deregulation: He has championed the repeal of a Great Depression-era law that prohibited commercial banks from underwriting securities; he has written an opinion piece calling for the Sarbanes-Oxley Act to be "re-examined," and he has opposed a bill that sought to reduce taxpayer risk in the event of a housing market slowdown by requiring Freddie Mac and Fannie Mae to sell their entire investment portfolios of about $1.5 trillion worth of mortgage assets. Mr. Schumer heads the Democratic Senatorial Campaign Committee, and with the presidential campaign closing amid un ...
HOW THE WORLD ECONOMY FAILED Part 1 by Brandon Hord It all started back in the wake of the Great Depression. With their 20/20 hindsight kicking in, Washington realized that allowing standard depository banks ( the ones that you and I typically go to in order to deposit, withdraw, get loans, etc.) to interact with large investment banks like Goldman Sachs was a bad idea. Therefore, they passed the Glass-Steagall Act in 1933 which severely limited association between these two types of banks, among other things such as establishing the FDIC, which is the group that ensures that our deposits are insured in banks. Under the Glass-Steagall system, banking was safe. Incredibly boring, but safe. However, over time, as the economy started doing better, banks started ignoring Glass-Steagall, and in 1999, President Clinton formally overturned it. Now, banks had an incentive to start making risky investments that further increased the inter reliability of Wall Street firms. It didn't seem to be a big issue, ** ...
If you had any doubt about the Republican economic plan, this spokes person for the party has just clarified that it is the Bush plan all over again. How well did it work under G. W. Bush? We had the slowest job growth in his 8 year than any year since records were kept, wiped out a huge surplus in revenue that would have paid of the national debt in one decade and increased the debt by 10 trillion dollars and counting, saw the total collapse of the housing and credit markets since the Great Depression and it was G. W. Bush who signed into law the TARP act that bailed out Wall Street. The spokeswoman kept using the term of Small Business and that the tax cut would help them. Lets see who they are talking about: The proposed tax reduction to Small Business is not your ma and pa stores or entrepreneur, it is for the millionaires and billionaires who own privately held companies, like the Koch Brothers. IRS states that a Small Business is any business with less than 100 owners and is not publicly traded on t ...
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