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Deborah
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Arthur
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1933
BANKING ACT IS REPEALED -
SMOKING GUN FOR SUBPRIME MESS
This
article and the ones below it were written in the
SPRING
of 2008 - two years ago. We have decided to
republish
these notes - Feb. 9, 2010. My conclusion
at
the time, was that the monarch and the house of lords
knew
that the US was approaching bankruptcy & default.
They
knew and they did not care - for they were gambling
with
public money, not their own. Look deep into the
reptilian
eyes of the two headed snake. See
ereptiledysfunction.com
On
June 16, 1933, the US Congress passed and
the President
signed, the BANKING ACT of 1933 -
also called the
GLASS-STEAGALL ACT.
This law SEPARATED COMMERCIAL BANKS
from INVESTMENT BANKS.
Commercial banks took money
from
local
depositors and loaned money for
local business and for local
homes.
Investment bankers, with fewer
restrictions
during the roaring twenties, had been
generating
great profits before the 1929 CRASH.
The
Glass-Steagall Act was REPEALED by the
Gramm-Leach-Bliley Act
- passed by the US Congress and signed by the President
on
Nov. 12, 1999. This repeal enabled the mixing of "safer"
community bank
deposits with "high risk" global
investment banks.
The repealed Banking Act of 1933
was designed to
PREVENT THE COLLAPSE OF 2007. You
can thank the
1999 US Congress/President for a major role in
this subprime madness.
history-world.org/franklin_delano_roosevelt.htm
"Wall
Street strategies that made the cycle of no-money-down,
no-questions-asked, lending possible have SUCKED THE LIFE out of
my city".
Jim Rokakis, County Treasurer for
Cleveland's
Cuyahoga County.
Read the detailed story by Steve
Schifferes on the City of Cleveland.
Sadly,
MADE IN THE USA.
news.bbc.co.uk/1/hi/business/7070935
OFFICE
OF COMPTROLLER OF CURRENCY (OCC)
TALKS ABOUT COMMUNITY
BANKS
OCC, which directs the nation's BANK EXAMINERS has
been around for 145 years - since 1863. Here's a few quotes
from the director, John C. Dugan, before the
Florida Banker's
Association, January 31, 2008:
Dugan says that most of the
participants at the meeting are from community (local) banks,
although some state and federal banks are represented. He
says there are "challenges" about CRE's (commercial
real estate loans) due to the " INTERSECTION of two
inescapable facts" - community bank lending for CRE's and
quality decline of those loans - esp residential building.
Dugan
says that "OVER A THIRD of the nation's community banks have
CRE concentrations exceeding 300 PERCENT of their capital".
The OCC director said that banking agencies issued
a warning to community banks in late 2006. He said that
EXAMINERS did not intend to "put the brakes on CRE
(commercial real estate) LENDING" but rather provide
"balanced supervision". Dugan says this
guidance "prompted a full-throated chorus of criticism
from community banks".
Departing from cheerleader
leaps, Dugan said this:
"The median sales price for a US
single family home fell in 2007 - the first such annual decline
since at least 1968 - possibly since the Great Depression".
Check for transparency locally, as well as in far, far
away land. The OCC director is not the big tuna higher up
the food chain. He just carries out banking policy as instructed.
Read more here: occ.treas.gov/ftp/release/2008-9apdf
US
SENATE COMMITTEE ON BANKING, HOUSING and URBAN AFFAIRS on July
13, 2004, held an OVERSIGHT REVIEW of the
Gramm-Leach-Bliley Act (pl 106-102) after 5 years of operation .
Gramm et al repealed the Bank Law of 1933, which separated
local, community banks from global, investment banks.
Committee witnesses include the chairman of America's Community
Bankers and consumer groups.
Read Committee Transcript and
See Video:
trailfire.com/housewow/marks/13118
JOSEPH
STIGLITZ, Columbia professor, on U.S. govt. lack of fiscal
trail on war funded by taxpayers. Go to his site for info on the
THREE TRILLION DOLLAR WAR. Also, read his testimony
before the Joint Economic Committee of US Congress -
2/28/2008.
2.gsb.columbia.edu/faculty/jstiglitz
Most
Americans are wondering how the four horses of the subprime came
upon us so fast that we did not hear their hooves beating upon
the earth. The truth is, the feet of the four horses have
been heavily wrapped in cloth for some time. The SUBPRIME
FROTH on their MOUTHS and SWEATY HAUNCHES has been
examined by the "powers that be" more than once.
We
have to take time to examine more detailed research
about
US subprime. Some conclusions I've reached:
The bank
examiners have looked at worrying trends for years. Congress
has provided various "oversight" hearings on repeal of
the Bank Act of 1933. The guardians of the people's money
have been restrained by their regulatory limits, by political
mandates and by an American attitude of "hands off"
businesses that are racking up immediate monies for the US
Treasury.
I have included 1929-2007 parallels
because many reputable researchers are drawing them. A
Great Depression is possible, probable or certain. Foreign
investment is bailing us out. Warren Buffet points out
that, in China, no foreign company can own more than 24.9 percent
of any Chinese business. Maybe, the US government will
adopt the same protective stance for its citizens - even tho the
horses are out of the barn.
Be shocked!- see
economyincrisis.com
The
NABE (National Association of Business Economics) asked its
members:
"Is there a US housing bubble?"
In
2005, 80 percent of members said "NO, LOCAL BUBBLES ONLY".
In
2007, 56 percent of members said "No, local bubbles only".
What
would the response be in 2008?
How
did the GLOBAL RABBIT VANISH from a watched hat?
Three
researchers - from Brandeis, from Camilli Economics and from the
FDIC - conducted the NABE analysis. Here's a candid, yet
startling paragraph:
"Despite the prevalence of NABE
members holding advanced degrees in economics and other business
related disciplines; substantial percentages admitted to having
little or NO FAMILIARITY with the STRUCTURE, ACTIVITIES and RISKS
associated with
hedge funds - 45 percent
private equity
funds - 40 percent
asset backed securitization - 48
percent
credit default swaps (CDS) - 68 percent
and
collaterized debt obligations (CDOs) - 51
percent."
nabe.com/publib/pol/07/08/index.html
"I'm late. I'm late - for a very important date. No
time to say "hello". Goodbye. I'm late. I'm late.
I'm overdue. I'm in a RABBIT STEW." Read Alice
in Wonderland
as your first economics textbook.
Arthur
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13 STARS
13
ORIGINAL COLONIES
13 HISTORICAL
SOCIETIES
Connecticut
Rhode
Island
Massachusetts
New
Hampshire
New
York
New
Jersey
Pennsylvania
Delaware
Georgia
S.
Carolina
N.
Carolina
Virginia
Maryland
The
First Constitution
articlesofconfederation.org
Article
II
"Each state retains its
SOVEREIGNITY,
FREEDOM
and
INDEPENDENCE
and every power, jurisdiction
and
right, which is NOT,
by this Confederation,
expressly
delegated to
the United States, in
Congress
assembled".
Article IX - graf 8
"The United
States, in
Congress assembled,
shall never engage in
a
WAR ... unless nine
(of thirteen) states
assent
(CONSENT) to
the same".
SHARING POWER!
In
2010, The First Constitution would
require that 35 of the
50
states must approve of
the US going to war
-
DE-CENTRALIZING
DECISION MAKING.
Historical Fact
-
In 1775, there were
2,418,000 Americans.
We have
grown more
than a hundredfold
in the last 233
years.
"PEOPLE ARE TIRED OF GOVERNMENT that is
FAR,
FAR AWAY"
Arthur
Wear
This
Drop
of Water!
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