Sunday, December 21, 2008

Wall Street Meltdown Predictable

The 1933 Glass-Steagall Act was put in place after the 1929 stock market crash, to separate investment and commercial banking activities. It was considered that unregulated commercial banking had caused the crash at that time . . . The act was repealed in 1999 before Bush became president.

Times says today White House Philosophy Stoked Mortgage Bonfire

But, Early Warning Signs Ignored for Years by Everyone . . . Why?
Blind Faith: How Deregulation and Enron’s Influence Over Government Looted Billions from Americans - Public Citizen report 2001 *** Campaign Gifts, Lobbying Built Enron's Power In Washington *** The Republican Party's Unregulated Offense *** How Congress set the stage for a fiscal meltdown *** From Enron to credit default swaps *** Phil Graham helped create today's subprime meltdown *** Enron and Congress *** A look into the financial industry's cozy relationship with Congress *** How Big Finance bought deregulation in 1999 *** Unregulated gambling racket that Congress voted unanimously to create and legalize *** Party Like It's 1926 *** 2003 warning of Fannie Mae and Freddie Mac

Economic Meltdown Post Editorial: When prudent folks realize they're going to be short of cash, the first thing they do is stop spending so much. Not New York pols *** IT'S CURTAIN$: NEW 4% TAX TO SOCK SINKING B'WAY - 13 shows already set to close *** Paterson Calls Higher Taxes on Wealthy Unappealing but Likely *** Retailers sweating as storm, economy keeping folks home

Monserrate Answers Back Monserrate Says He Is Innocent and Vows to Take State Senate Seat - “unfortunate accident”

Pay to Play Albany Queens Courier - According to the Department of Justice Anthony Seminerio allegedly defrauded the public of his honest services as a member of the Assembly by setting up a consulting firm - Marc Consultants - and soliciting and receiving payments from entities having business before the state of New York.

Madoff's Fallout Members of a posh Upper East Side synagogue suffered a $2 billion bloodbath in Bernie Madoff's epic Ponzi scheme - closest friends hit hardest *** Madoff's ACCOUNTANT 'TAKEN,' TOO *** Madoff's family is coming apart *** SHOULD MADOFF MEAN MORE REGULATION? *** HURRICANE MADOFF TEARS UP PALM BEACH *** BILL'S DUBIOUS DONOR COMPANIES TAINTED BY SCANDAL

The Senate Campaign CAROLINE 'POL'ICIES: HEDGES ON MIKE ELECTION SUPPORT - written questions offer a platform - of sorts *** Talks gays, war, and education *** Young Know Caroline’s a Kennedy, but Which One? *** Pick from the private sector Lewis *** Is Caroline Kennedy like Sarah Palin?

Judicial Politics Daily News Editorial: New York's once-august judge-picking panel has descended beneath mediocrity - Chaired by a liquor lobbyist appointed by Gov Pataki *** The maps of locations of potholes needed to sue the city ruled not "not sufficient notice" by the state's Court of Appeals *** LAW SUITS PUT A $403M HURT ON CITY

Media Meltdown Seattle Times Asks Employees: Give Up A Week's Pay ***NYT Slashing Sweet International Herald Tribune Gigs