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Thread: It Is Looking More And More Like 1929, Folks

  1. #61
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    Quote Originally Posted by BigLeRoy View Post
    I can't even parse the first half of your sentence. You should rephrase it, so that it makes sense. It seems we AGREE that the repeal of Glass-Steagall was a BAD idea, yes? That it would have been better NOT to repeal it, yes?

    Well, then. Opposition to repealing it came PRIMARILY from ONE political party. And that political party happened to be the Democratic Party. As I said earlier, we----and by we, I mean the ENTIRE COUNTRY----should have listened to the eerily prescient warnings of Democratic North Dakota Senator Byron Dorgan, who opposed the repeal of Glass-Steagall more fiercely than anyone.

    Do you agree with THAT?
    So if that political party didn't want GS repealed, why did that party bring it back in 2009 when they had the white house and a supermajority in Congress?

  2. #62
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by Libertine View Post
    So if that political party didn't want GS repealed, why did that party bring it back in 2009 when they had the white house and a supermajority in Congress?
    You always evade the questions, Libertine. Ask you a SIMPLE question, like whether you agreed with the prescient warnings of Senator Byron Dorgan back in 1998, and we can NEVER get a straight answer from you. Why is that?

    By the way, here's a link on Dorgan:

    https://en.wikipedia.org/wiki/Byron_Dorgan

    From the link: As early as 1994, Dorgan was sounding the warning about the speculation in unregulated financial derivatives, which would later be a central issue in the subprime mortgage crisis and subsequent 2007–2012 global financial crisis:,[14] by U.S. banks on their proprietary accounts. He wrote the cover story for the Washington Monthly magazine titled “Very Risky Business” warning of the danger to the economy of the wagers that large financial institutions were making by trading in unlimited derivatives.[15]

    In 1999, Dorgan voiced continuing concern over lack of regulation of derivatives.

    We are moving towards greater risk. We must do something to address the regulation of hedge funds and especially derivatives in this country, $33 trillion, a substantial amount of it held by the 25 largest banks in this country, a substantial amount being traded in proprietary accounts of those banks. That kind of risk overhanging the financial institutions of this country one day, with a thud, will wake everyone up.

    Senator Dorgan was one of only eight members of the Senate to vote against the repeal of key provisions of the Glass-Steagall Act (contained in the Gramm–Leach–Bliley Act) in 1999.[16] During debate on that 1999 legislation, in a speech on the Senate floor,[17][18] he said that, "it will in my judgement raise the likelihood of future massive taxpayer bailouts" (cited in John Lanacaster, Whoops, London, 2010, p. 161). On September 26, 2008, against a backdrop of growing economic turmoil caused by the Credit Crunch, David Leonhardt of The New York Times singled out a quotation made by Dorgan in 1999[16] during the US Senate's repeal of the Glass–Steagall Act. "I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010."

    On January 23, 2008, Dorgan was one of the first politicians to speak of the oncoming economic downturn in a speech to the Senate given in response to then-President Bush's economic stimulus package.


    LeRoy: The man was a prophet.
    Last edited by BigLeRoy; 8th July 2018 at 07:21 AM.

  3. #63
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    Yet twenty years later, it still stands and the too big to fail banks are bigger than ever.

    Do you agree with Senator Dorgan that the repeal of GS is what is responsible for wrecking the economy?
    Last edited by Libertine; 8th July 2018 at 10:11 AM.

  4. #64
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by Libertine View Post
    Yet twenty years later, it still stands and the too big to fail banks are bigger than ever.

    Do you agree with Senator Dorgan that the repeal of GS is what is responsible for wrecking the economy?
    It was only ONE factor in a VERY complex story of what caused the massive financial/banking/credit crisis that hit the world economy like a tsunami in 2008/2009. I have recommended SEVERAL primary sources for you before, if you wished to find out more about the complex causes of the Financial Crisis and the Great Recession, but I actually doubt that you ever read a single one of my recommendations. Shrug.

  5. #65
    Veteran Member MaryAnne's Avatar
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    Quote Originally Posted by BigLeRoy View Post
    Did you forget that I am hoping to write a novel? I can't very well do that if I am spending (wasting?) ten hours a day on PH!
    That leaves you 14 hours!
    Thanks from BigLeRoy

  6. #66
    Radical Centrist BigLeRoy's Avatar
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    Quote Originally Posted by MaryAnne View Post
    That leaves you 14 hours!
    Now that I'm retired, I'm sleeping 8 hours a day, and NOBODY can stop me!!

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