AMERICA BEGINS AT HOME

Deborah Love

Arthur Yarbrough

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LINKS TO SITES THAT HELP US TO
UNDERSTAND US/GLOBAL FINANCES

economyincrisis.com
europac.net
goldmau.com
financialsense.com
shadowstats.com
history.com
ft.com
cato.org
cepr.net
weforum.org
pewresearch.org
rgemonitor.com
infowars.com
economist.com
onlinewsj.com
concordcoalition.com
brookings.edu
prospect.org
npr.org
independent.org

1933 BANKING ACT IS REPEALED -
SMOKING GUN FOR SUBPRIME MESS

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The Glass-Steagall Act was REPEALED by the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The repealed Banking Act of 1933 was designed to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.

"The Alarming Parallels
between 1929 and 2007"
Robert Kuttner testimony
U.S. House - Oct. 2, 2007
prospect.org

SQUANDERING OF AMERICA
npr.org
Kuttner's 2008 book
squanderingofamerica.com

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 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.

When you are in a rodeo, you try to ride the bucking bronc until the EIGHT SECOND BELL. Then, two riders will come up on both sides of you and rescue you. Is the crowd cheering for the rider, for the two rescuers or are they CHEERING FOR THE HORSES?

We have a blog - TIMESEED.COM. However, I've collected what info I can on subprime and will continue the postings on AMERICA BEGINS AT HOME. I worked in rapid change, social-business program design in the sixties and seventies. Those of us who staffed boards of directors worked with planners to AVOID CRISIS MANAGEMENT.

The question that I hear everyday is HOW DID THIS (subprime debacle) HAPPEN? How did this financial crisis blindside us with no warning? Do we only have forked -tongue media that lick the downer cow/salt block dollar or RABBIT HOLE ECONOMICS. You can experience this by sitting cross-legged on top of your vanishing pillar of salt. Don't look back!

If you really want the answers to these questions, you have to take time to examine the 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

On this day, March 3, I'm shifting my writing to other things that interest me. So, unless there is more relevant theater, the NABE info below is the last look at subprime for awhile. I worked with surveys for decades and the NABE look at subprime is one of the more honest member surveys that I have seen.

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

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 2008, 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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