What Really Caused the Banking/Mortgage Crisis - Part 2

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Just saw this on Rachel Maddows:

Somebody Saw It Coming: Rachel Maddow talks to Byron Dorgan who back in 1999 warned about repealing the Glass-Steagall Act of 1933.

Based on the article, my man Paul Wellstone was also one of the few US senators to stand up against this foolishness.

Oh, and TNCB, Bill Moyers had Saint Reagan’s former Secretary of the Treasury on his show a while back and HE said that making mortgages available to the underprivileged was good policy. I heard it on a podcast which has long-since been deleted, but I’ll dig around for the transcript and get back to you.

Really liked this 8-pager from Rolling Stone:

The Big Takeover: The global economic crisis isn’t about money - it’s about power. How Wall Street insiders are using the bailout to stage a revolution

That was very interesting.

I had no idea about the Indian guys.

I also read that article, and it explained a lot to me. At least to the point that it piqued my interest in the federal reserve and the treasury. This quote from the article had me wondering, how many senators (or anyone) really understand whats going on.

[quote] The situation with the first TARP payments grew so absurd that when the Congressional Oversight Panel, charged with monitoring the bailout money, sent a query to Paulson asking how he decided whom to give money to, Treasury responded — and this isn’t a joke — by directing the panel to a copy of the TARP application form on its website. Elizabeth Warren, the chair of the Congressional Oversight Panel, was struck nearly speechless by the response.

“Do you believe that?” she says incredulously. “That’s not what we had in mind.” [/quote]