Daily Agitator

I spent a good portion of my day watching the Senate hearings into the Goldman-Sachs scam….there is only so much arrogance I could stand….the pricks from Goldman were anything but forthright…they NEVER answered a single question and this went on for 6 hours maybe more…..

They were well trained and coached by their attorneys and they proved, at least to me, just how bad we need to cut the dicks off these self-centered toads……but I will not hold my breath….I do not see the Congress growing a complete set of nuts in this matter……

Yes, I thought the guys from Goldman were arrogant and self-indulgent……the Senators were angry….trying to reflect the anger by their folks back home…..this was a show also….these dipsticks have nothing to be angry about…why?  These are the same people that allowed this gambling scam to go forward…..How is that, Professor?

They are the ones in 1999 that repealed the Glass-Steagall Act…..and I know what the Hell is that?  The easy answer is:

Legislation passed by Congress authorizing deposit insurance and prohibiting commercial banks from owning full-service brokerage firms. Under Glass-Steagall, these banks were prohibited from investment banking activities, such as underwriting corporate securities or municipal revenue bonds. The law was designed to insulate bank depositors from the risk involved when a bank deals in securities and to prevent a bank collapse like the one that occurred during the Great Depression. The original separation of commercial and investment banking had already significantly eroded when, on November 12, 1999 the Financial Services Modernization Act of 1999 was signed into law, repealing parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act and effectively allowing banks, brokers, and insurers into each other’s businesses. Basically, the 1999 Act allows banks to affiliate with securities firms and insurers through a holding company structure and permits nationally chartered banks to engage in most financial activities through direct subsidiaries. While provisions of Glass-Steagall continue to restrict banks from most underwriting activities and securities firms from taking deposits, these restrictions apply only to the banks and securities firms, not to their Financial Holding Company affiliates and are, therefore, technical.

Everyone in Washington is to blame, as much as the bankers for the problems we have now…..so to watch these Senators feign anger is sickening and to watch the guys from Wall Street sounded like they are a victim in all this is just as putrid as the Senators.

Once again we come to responsibility….NO one is to blame….is the cry….”sh*t happens!” seems to be the norm……they ALL are responsible for the economic mess….everyone involved needs to hone up to their complacency in the financial crisis….they were warned in 1999 to what they were doing and they did not heed the word…..the people need to be angry with ALL those involved in the scam and that started with Gramm-Leach-Bliley Act that let the banks run wild unchecked and Pres. Clinton who also thought this was a sterling idea…….Repubs as well as Dems are the cause of your problems…..stop whining!  And make else dipsticks take credit where credit is due!