WayBack Machine: HellFire Call [Ticker]

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WayBack Machine: HellFire Call in forum [Ticker]

Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

http://market-ticker.org/archives/908-Wa....

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 10:47:54
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Dashingdwl
Posts: 4564
Incept: 2007-06-26

los angeles

Thanks. Good summary to spread around.

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Think Green Tip.

2009-03-27 10:50:06
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Margincalltime
Posts: 830
Incept: 2008-04-01

I see you've been reading Tim Knight's site...

2009-03-27 10:50:07
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

I've been pounding on GLB and Glass-Steagall for two years!

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 10:53:03
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Statusquojoe
Posts: 2397
Incept: 2008-11-20

Land of the fees Home of the slaves.

It must have somehow been related to the desire for vertical integration and consolidation by the architects of the plan. Or at least that was the result.

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"In short, you are the definition of moral hazard." Senator Bunning to Bernanke

2009-03-27 10:57:13
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Margincalltime
Posts: 830
Incept: 2008-04-01

I know and I 100% agree with you. Timing of this one a little suspicious is all

2009-03-27 10:57:26
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

Haven't read Tim Knight in the last few days... but he's pretty much "spot on" too.... I do check in there from time to time.

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 10:59:20
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Margincalltime
Posts: 830
Incept: 2008-04-01

we'll chalk it up to great minds thinking alike

2009-03-27 11:01:03
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

It was being composed last night with all the clownfaces on CNBC claiming GLB was NOT responsible for this. Just finished it up this morning....

I suspect Tim saw the same CNBull**** that I did

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 11:02:19
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Lizardqueen
Posts: 1762
Incept: 2008-04-01

He's cute, but he can't swim

I distinctly remember looking at DH after reading about the repeal of Glass-Steagall in the newspaper and saying "Morons. This isn't going to end well".

LQ

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People died trying to give us what we are letting slip away. --- Pika-steph

2009-03-27 11:03:26
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Stonedog
Posts: 1105
Incept: 2008-05-29

New Jersey

Quote:

It was being composed last night with all the clownfaces on CNBC claiming GLB was NOT responsible for this.

Why does that not surprise me.

Meanwhile, I remember saying to somebody back in 99 when GLB was being signed that it was an incredibly bad idea...

ETA - Gen great new avatar...

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"F**k CNBS, CONgress, Obama, the Democrats, the Republicans, the ratings agencies, the Banksters, the Fed, the FASB, all the government regulatory agencies, the Trilateral Commission, the Council of Foreign Relations, the G whatever, the UN, and any other bastard or big corporate interest that has a fingerprint on this

Last modified: 2009-03-27 11:09:02 by stonedog
Reason: add comment...

2009-03-27 11:05:52
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Markytom
Posts: 217
Incept: 2009-02-19

My wife was complaining to me two days ago about how Phil Gramm should be blamed for a lot of the economic mess for pushing this legislation through.

And remember that Phil Gramm was deeply involved with the Enron fiasco too.

Who was McCain's economic advisor during his recent campaign? That's right, Phil Gramm.

Dems and Reps, Reps blame Dems, but inside DC they are all pretty much the same. So it wouldn't really matter who was elected president - Summers, Gramm, Benanke, etc., etc. are all part of the same crowd. Both parties are equally culpable. However, it is execs at the banks, financial institutions, insurance companies, etc. that actually committed the fraudulent acts. I'm stil waiting for them to be prosecuted and jailed. DC just made it easy for the crooks to commit the crimes and all was fine as long as they kicked back some of the loot.

2009-03-27 11:09:46
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Onchaos
Posts: 70
Incept: 2008-10-09
Virginia

Doesn't make much difference "who" did it. It's done. Course anytime any of these stooges pipe-up you could abruptly stop their dribble with, "Hey, didn't you sponsor, vote for, or sign off on repealing the Glass-Steagall Act?" It would be interesting to know Greenspan's position on that piece of legislation too. Do we know if there was a vote "for the record"?

Now it's time to pay attention to whose obstructing the resolution of this farce.

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Freedom is chaos - give it to me anyway!

2009-03-27 11:32:38
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

Onchaos, yes, it was a recorded vote in both chambers. Read the referenced link.

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 11:35:21
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Otiswild
Posts: 1341
Incept: 2009-03-09

Teegeeack

Here's links to the actual votes, though finding your reps will require a bit of drilling down:

http://projects.washingtonpost.com/congr....
http://projects.washingtonpost.com/congr....

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It appears that the yard wolves has grown up. Are we finally finished with the colds dead winters?

2009-03-27 12:13:46
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Statusquojoe
Posts: 2397
Incept: 2008-11-20

Land of the fees Home of the slaves.

I read a commentary a while back that blamed the Austrian School (along with of the Chicago School) for the deregulation of Glass Steagall. So I did a quick search at mises.org and found this article from Lew Rockwell in 1995. Although the Austrians favor deregulation of markets in general they insist that the overriding regulation of risk must accompany deregulation, otherwise you end up with what we got.

Lew Rockwell wrote..

When the hour of banking reform arrives, Congress will likely make a mess of it. Like education reform, banking reform has usually made the system worse by benefiting the system's managers at the expense of everyone else. That's how the system gets less stable, less accountable, more inflationary, and less competitive.

The last round of reforms unleashed the S&L industry to toss good money after bad projects. In the popular press, deregulation took the heat for what followed. The trouble was not deregulation as such, but the unleashing of private initiative under the socialist institution of deposit insurance.

Today the Republicans are listening to Clinton's Treasury Secretary Robert Rubin, a man who should be forced to wear a suit of devalued pesos. He orchestrates a $50 billion bailout of the Mexican economy, pretends it's just the usual way America does business, and then presumes to suggest how we should reform banking laws to make the financial system work even better.

Rubin, like so many others, proposes that we do away with restrictions preventing commercial banks from dealing in securities, corporate underwriting, and insurance coverage. Dole and Gingrich are set to go along. They call this "deregulation," and it might qualify if money were sound and banks were held accountable for their actions.

But today, this reform signals a misidentification of the problem. The government long ago gave banks the right to hold Treasury debt as an asset. This allowed the banking system to "monetize" government debt--use it as an asset on which to pyramid more credit. The change benefited everyone but people who save money and enjoy liberty. Congress, though it should, has never considered getting rid of this power...

...Instead, the Congress is seizing on reforms that could make a bad system worse. They would keep deposit-insurance welfare while tossing out Glass-Steagall restrictions on what can be directly or indirectly insured with other people's money. The combination offers more financial socialism, not less...

Re: http://mises.org/freemarket_detail.aspx?....

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"In short, you are the definition of moral hazard." Senator Bunning to Bernanke

Last modified: 2009-03-27 12:20:48 by statusquojoe
Reason: double paragraph

2009-03-27 12:16:39
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Martin
Posts: 748
Incept: 2008-01-23

William Safire wrote on the subject spring of 1998 and was against repealing Glass-Steagall - his article shows a lot of foresight, only apparently he saw Chase getting Merril Lynch, so he missed the call a bit:

http://www.nytimes.com/1998/04/16/opinio....

Last modified: 2009-03-27 12:40:33 by martin

2009-03-27 12:36:02
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Jimg
Posts: 14
Incept: 2009-02-04

Dunedin, FL

Is there any single human being more responsible for this mess than Phil Gramm?

Look up the term "asshat" and I think you'll find his picture.

McCain having him on his economic team was one of the reasons he lost my vote. And I used to be a big John McCain fan.

On anothr note, did Europe have an equivalent law? Wasn't part of the reason for GLB was to give US institutions a better opportunity to compete with the European banks?

Compete in a race to insolvency, apparently.

2009-03-27 12:46:21
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

The argument for GLB was that if we didn't all the banks would move to London.

We should have let them.

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 12:47:03
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Txdomer
Posts: 968
Incept: 2007-11-07

Ding-dong, the Fed is dead!

So was Congress a cheap *****, or conspirator?

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"Economics is not practiced as a science. Rather, it is a pretentious way to covertly promote political prejudices."

- Fred Harrison
http://renegadeeconomist.com

2009-03-27 12:52:30
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

Does it matter?

I'm results-oriented.

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 12:53:42
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Falcons
Posts: 1807
Incept: 2007-12-01

Upstate, NY

Quote:

I see you've been reading Tim Knight's site...

Uhhh, not that I'm looking for credit (well, I guess I am a little) but I was the one who first posted the link to this article yesterday morning http://tickerforum.org/cgi-ticker/akcs-w....

Then, it showed up on SOH last night and then Santelli repeated the Summers quote this morning while arguing with LIESman around 8:40am. It did make me chuckle a little bit to hear Santelli this morning.

Coincidence that all of us picked up on 9 1/2 year old article from the NYTimes? I think not. But it does point to the viral nature of the Internet and how fast information can be spread. Paul Revere could give his horse a rest nowadays. In the digital age, somewhere out there, is an archive holding information and articles that can be easily and quickly obtained (for good and bad). And posted in the right few places and wham! the message gets spread fast.

You should check out http://archive.org some time. You can find all sorts of interesting archives there. Here's what Google looked like back in Dec 1998:
http://web.archive.org/web/1998120223041....

And Davey-bob, if you happen to read this, kudos to you for finding the NYTimes link the other day.

2009-03-27 13:08:04
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Chainlink
Posts: 521
Incept: 2008-10-26

Florida and Michigan

Wowwwwwwww.....I'm transported!!! I feel 11 years younger!!!! Thanks Falcon.

Now I'm not going to get any work done for 2 hours.

Last modified: 2009-03-27 13:26:25 by chainlink

2009-03-27 13:21:54
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Genesis
Posts: 71432
Incept: 2007-06-26

KD^2

Yeah, **** goes viral.... it was the bull**** last afternoon that got me googling.....

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"The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me

2009-03-27 13:25:19
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Asianbull
Posts: 2184
Incept: 2007-09-03

Larry Summers is a stooge. Tim Geithner and most members of Congress are prostitutes.

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The root cause of all the world's problems is inflation. The only sound money in the world is commodities.

2009-03-27 13:34:57
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