Check here for your predicted foreclosures: Foreclosure Predictions In Your District
Buck From Myrtle Beach
Why isn’t the media covering this? Why isn’t the government talking about it? Here’s a good article on it excerpted from William Kaufman.
If you’re looking for a major cause of the current banking meltdown, you need seek no farther than the 1999 repeal of the Glass-Steagall Act. The Glass-Steagall Act, passed in 1933, mandated the separation of commercial and investment banking in order to protect depositors from the hazards of risky investment and speculation. It worked fine for fifty years until the banking industry began lobbying for its repeal during the 1980s.
The main cheerleader for the repeal was Phil Gramm, McCain’s chief economic advisor. But wait — fully 38 of 45 Senate Democrats voted for the repeal (which passed 90-8).
This disgraceful bow to the banking industry, signed into law by Bill Clinton in 1999, bears a major share of responsibility for the current banking crisis.
The ‘finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, ‘ according to the Center for Responsive Politics. ‘ These industries succeeded in their two decades long effort to repeal the act. ‘ “
Dana Beach, Executive Director of the South Carolina Coastal Conservation League
Editorial in the Post and Courier: Build New Economy Not Resurrect Old
View An Explanation of this Deep Recession and Who Is Responsible
Reader Joanna H. from Myrtle Beach has a solution!
You can call it the Patriotic Retirement Plan:
There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement with the following stipulations:
- They MUST retire. Forty million job openings – Unemployment fixed.
- They MUST buy a new American CAR. Forty million cars ordered – Auto Industry fixed.
- They MUST either buy a house or pay off their mortgage – Housing Crisis fixed.