Sunday, September 21, 2008

Obama's VP Biden Voted for the Present Economic Calamity

Lehman Bank crisis and the Glass-Steagall Act
The Lehman Bank, one of the biggest investment banks in America, files for bankruptcy today. That is a very symbolic development with huge implications. Today the biggest ensurance company of the States, AIG, lost over 60% of its value on the stock markets. I picked up an interesting comment from the BBC website’s have your say department:

The banking industry fought for 65 years to have the Glass-Steagall Act repealed (kept stock market and banking industries separate)…they won a few years ago, and major US banks immediately started buying buying brokerage houses and selling questionnable mortgages and securities at astounding profit levels. Banks did this in the 1920s and caused the Great Depression. Senate vote was 90-8…Biden voted for repeal, McCain didn’t bother to show up for the vote.

This is priceless. The ‘big Democrat’ Biden votes in favor of the corporate greed of Banks, and McCain didn’t even bother to show up for the vote. What a mess! This has ‘Great depression’ written all over it and, unfortunately, like in the 20’s it seems to be deliberately *caused* - anyone could have known that repealing the Glass-Steagall Act would have this sort of result. That Act came into place to prevent something like a new great Depression! A quote from Wikipedia:

In the nineteenth and early twentieth centuries, bankers and brokers were sometimes indistinguishable. Then, in the Great Depression after 1929, Congress examined the mixing of the “commercial” and “investment” banking industries that occurred in the 1920s. Hearings revealed conflicts of interest and fraud in some banking institutions’ securities activities. A formidable barrier to the mixing of these activities was then set up by the Glass Steagall Act.

So, let’s see: we have the Democrat Vice-president voting in favour of abolishing this act, and this vote took place in 1999 so it wasn’t taken in a time of great economic prosperity but rather in the perspective of decline. This just shows what huge powers American bankers have over politics, Democrats or Republicans alike. And thanks to them, there’s this crisis now. Please, do not vote for these morons.


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