THE BORE
General => The Superdeep Borehole => Topic started by: Van Cruncheon on November 05, 2009, 02:55:09 PM
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bill clinton and the 106th republican congress removed the last vestige of legislative underpants protecting our nation's tender financial asshole from the bulbous, turgid cocks of the free market kooks.
http://www.nytimes.com/1999/11/05/business/congress-passes-wide-ranging-bill-easing-bank-laws.html
choice quotes:
''Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century,'' Treasury Secretary Lawrence H. Summers said. ''This historic legislation will better enable American companies to compete in the new economy.''
wait, WAT
The decision to repeal the Glass-Steagall Act of 1933 provoked dire warnings from a handful of dissenters that the deregulation of Wall Street would someday wreak havoc on the nation's financial system. The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.
oh, you silly socialists
''The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that will bear his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia. ''We have a new century coming, and we have an opportunity to dominate that century the same way we dominated this century. Glass-Steagall, in the midst of the Great Depression, came at a time when the thinking was that the government was the answer. In this era of economic prosperity, we have decided that freedom is the answer.''
way to stick it to those freedom-hating pinko ratbags, phil!
Senator Paul Wellstone, Democrat of Minnesota, said that Congress had ''seemed determined to unlearn the lessons from our past mistakes.''
lol, he mad. and dead. lol.
:usacry x n where n is a significantly large positive integer
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So you admit it was a Democrat that ruined the economy? :drake
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I'm a little disappointed that you didn't work in a jab at Rand somewhere :(
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yes! i cast him from the pantheon of liberals and consign him to the hell of ron paul stupids :maf
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:american
In semi-related news, 54 years ago today, Dr. Emmett Brown stood on his toilet to hang a clock. He slipped and hit his head, and when he came to, he had a vision of the flux capacitor, which is what makes time travel possible.
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The original idea behind Glass-Steagall was that separation between bankers and brokers would reduce the potential conflicts of interest that were thought to have contributed to the speculative stock frenzy before the Depression.
oh u
Larry Summers is somewhat of an anomaly. He being a behavioral economist and all
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This was really just a liberal conspiracy to let the economy go bonkers so they could pin it on conservatives and then bring the heavy hand of government down on the unsuspecting people even harder.
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Sounds plausible.
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(http://i35.tinypic.com/16beb0z.jpg)
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:american
In semi-related news, 54 years ago today, Dr. Emmett Brown stood on his toilet to hang a clock. He slipped and hit his head, and when he came to, he had a vision of the flux capacitor, which is what makes time travel possible.
:bow2
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This was really just a liberal conspiracy to let the economy go bonkers so they could pin it on conservatives and then bring the heavy hand of government down on the unsuspecting people even harder.
For a second I thought Beardo started posting again
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You guys are getting off the talking points. It was Bush who did it all with the help of the ghost of Reagan past.
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[youtube=560,345]GhwhMXOxHTg[/youtube]
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(http://i38.tinypic.com/2cndyfa.jpg)
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(http://i38.tinypic.com/2cndyfa.jpg)
I sent him into the reactor. Who wouldn't? HE SURVIVED!
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:american
In semi-related news, 54 years ago today, Dr. Emmett Brown stood on his toilet to hang a clock. He slipped and hit his head, and when he came to, he had a vision of the flux capacitor, which is what makes time travel possible.
Too bad we don't have that now to go back in time and keep our economy from getting taking to the rape dumpster.
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Figured this was as good a place as any to post this little morsel (http://www.bloomberg.com/apps/news?pid=20601109&sid=aySZ9TS.aODA&pos=11):
Nov. 4 (Bloomberg) -- Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.”
The 53-year-old head of Britain’s second-biggest bank said banks are the “backbone” of the economy. Rewarding high- performing bankers with more pay doesn’t conflict with Christian values, he said. Varley was paid 1.08 million pounds ($1.77 million) and no bonus in 2008.
“Talent is highly mobile,” Varley, a Catholic, said. “If we fail to pay or are constrained from paying competitive rates then that talent will move to another employer.”
“Is Christianity and banking compatible? Yes,” he said in an interview after the speech in the 283-year-old church. “And is Christianity and fair reward compatible? Yes.”
Varley joins Goldman Sachs International adviser Brian Griffiths and Lazard International Chairman Ken Costa as London bankers who’ve gone into London churches in recent weeks and invoked Christianity to defend a banking system that critics say has created wealth and inequality in the U.K.
“The injunction of Jesus to love others as ourselves is an endorsement of self-interest,” Goldman’s Griffiths said Oct. 20, his voice echoing around the gold-mosaic walls of St. Paul’s Cathedral, whose 365-feet-high dome towers over the City, London’s financial district. “We have to tolerate the inequality as a way to achieving greater prosperity and opportunity for all.”
(http://www.onepennysheet.com/wp-content/uploads/2009/10/supplyside-300x2441.jpg)
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smh