This concerns the law which Congress, in their finite wisdom, repealed in 1980 which paved the way for today’s financial messes in which America is quagmired, signed by Jimmy Carter with a sweep of his presidential pen.
http://www.bos.frb.org/about/pubs/deposito.pdf
For decades the financial industry lobbied (whined) to be set free from those pesky, old fashioned banking and accounting rules promising a bigger, better economy. All boats would be raised, they promised.
The fantasy was packaged, touted and sold and now pouf! the only thing left 2008 are homeless, economically ruined Americans and a power elite sitting on more billions than the average fraudster can imagine in his wildest dreams.
Usury interest rates were allowed to roam the land at will while some members of Congress remained wilfully ignorant and a few were duped or too weak-willed to utter a peep against “the new, improved system” that was to raise all boats.
Trickle down, voodoo, and all that Reagan jazz was practically worshipped by elephants and donkeys alike as the financial hourglass tipped ever more toward the wealthy.
So pipers must always be paid, and the taxpayer is to ‘bail out’ some of the very culprits who participated and not only should’ve known better – I assert that they Did know at the highest levels. Their underlings may have succumbed to the panacea of a benumbed conscience, but the bosses knew disaster was ahoof, and we see where things have led.
If you’re like me, you know that America’s universities are as much to blame as the elite who donate and endow mega-monies to them - and our schools seem to turn out the kind of graduate the business world wants to hire. Palm-greasing 401 must be one of the more popular courses for all sophomores.
So! Can what’s wrong with America be fixed by what’s right with America?
My limited view is that the consensus opinion of her people would lead to an improvement in the integrity department, financially and otherwise.
Now if we-the-people can just keep the White House clear of the NEXT sidewinder who promises to ‘bring integrity back’ then we’ll be able to retain the real stuff and let the crooks find their true level in society as they ponder what the meaning of integrity is.
(Apparently Yale and Harvard only taught them how to avoid such an antiquated notion.)
And yet there’s hope for them, we know, because there’s a whopper of a minimum wage increase on the horizon so I can’t imagine why the sorry cusses couldn’t live simply on that while returning to school to get their Burger Flipping degrees.
Yes, burger flipping would be a generous fate for those who care not a copper penny for you or me – and they’ve even absconded with the extra copper from our pennies and soon intend to scoop them up entirely! After all – discontinuing the US penny and calling them in would hurt the little guy most and we already know how the elite decisionmakers ’feel’ about that inconsequentiality.
judecowell Said:
on December 9, 2008 at 6:38 pm
Hi there paul volker!
paul volker... Said:
on December 9, 2008 at 1:22 am
found u PDF researching volker role in ‘monetary control act of 1980.’ thx;)