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my new book The crasher 2016 is saying if we don't teach
put back into place the foundational stuff
that kept this country's stable from the nineteen thirties until the nineteen
eighties
and really if you wanna be a UI you and take a right up to
you know when one phil gramm the
his wife Wendy courses on the board have n Ronan and Ken Lay desperately wanted
to play in the commodity
trading game with energy a phil gramm past gramm-leach-bliley and the
Commodity Futures Modernization Act which allowed the bank's
to go from lull in 80 trillion
in eighty billion dollar market in 2000
in 1999 I love securitize mortgages
to eighty aid 100
trillion dollar market according to Bank for International Settlements in 2008
I is given mind the GDP in her plan sixty five trillion
and eight hundred trillion dollar market this is funny money
phony baloney money in 2008 that crashed out at
but five in a trillion dollar market it's back up to 700 really know I market
has report reported as part of a couple days ago
and I find interesting over you know Newsmax the conservative
website is talking about this exact same thing in many the exact same terms
the banksters you know now the dodd-frank has made it harder for them
to do this with
mortgages interest to securitize mortgage payments
and turn those into derivatives in crash the entire world economy with that
they're doing it with the rentals thereby to properties you got you got
Blackstone Group by 1700 houses in Atlanta in one day alone I mean it's
it's a
there the idiot it's the new bubble it's the new burst
CNN right as well as conservative commentator contributor Breitbart
American Thinker author I've
but wtf how Karl Rove and the establishment lost
again his website see edmund right
WR I G H T dot com a CNN right welcome back to the program
thanks Tom make sure that they had been with the U-two
so there you go bring know when they're Tokyo ED Mund
you know you gotta do is see if see if you can get the misspellings
like I've got you know the four different ways that my name to be
spelled I've got the URL's for all of them but
anyway just just a thought arm you dumb it down my website okay
you can't retract I idiot you know it it helps
arm yeah K he is the older I get the straight at my understanding I love what
your position is
is that arm the banksters
crashed our economy and
they've now got much bigger than they were before they you know we have six
banks that have
assets equal to 65 percent of the entire GDP the United States
and therefore we need to deregulate them even more
rather I 12 well let me let me say it and I agree with some of what she said
coming in by the lights off but
I a lot of what's happened is the banksters
re-enactors with government gangsters and a lot of times
the problem is not under or over regulation it's just very bad regulation
I don't disappear that all I bet you know I would say that to
yeah go ahead sarbanes-oxley sarbanes-oxley and mark-to-market
accounting was probably one of the worst
regulations ever written into
any industry well i dnt it you know didn't make the banking or the
or the private equity market real happy but it it certainly didn't cause the
Great Crash I mean this
that had nothing to do with why you got a hundred trillion dollars in
derivatives up there
I would disagree with that I would say they want mark to market did
and I understand the thinking behind it I the problem is what you had was
a good intentions and then you had a bureaucrats you've ever been in business
ride it what you head there was when their mortgages crashed
as a as their values the the undergirding value crashed
the bank said to immediately reply to that
on their balance sheets even though those mortgages were still being paid
but others were not being sold so what happen is we had a liquidity crisis and
they all think rationalize the
are which then did end up being talkative always all mortgages at agree
with you but it wasn't all mortgages as you well know it you know it was all
these jurors on top of that there's this is this is this
quote Kocsis stocks that that the fed is by forty five billion dollars a month
worth of right now
their store we're gonna agree the derivatives
the derivatives were have a word this is why
you know your neighbours II just repossessed and then the
the nation a bike like goes bankrupt okay that's because all these
derivatives
built there on this contagion out I would say that the derivatives
came about because the banks were forced to give mortgages they've what you have
and to solve the somebody
you would probably say just came about because the Wall Street greed now if
you're gonna try and I if your gonna try and paddle an idea that that jimmy
carter somehow force banks to give
mortgages to poor people principally poor people of color its bits more often
than not characterized as a rather racist argument
arm II would I challenge you very simply
very to please give me one sentance
from that law from from the community reinvestment act which be which by the
way did ban redlining
it said you can no longer say oh this neighborhood is black therefore we're
not going alone in this neighborhood
what their loss it is loans have to be based on the creditworthiness
are the individual home buyer not the neighborhood itself
if you need me one certain smell of have a lot I
backside that assertion I will apologize to you but I'm tellin yah
your you're spreading misinformation
frankly well okay I
the Community Reinvestment Act lead to a much wider pool of mortgages for people
black white yellow red green
but mostly but not but mostly black but mostly credit-worthy black because a
black middle class was emerging in the United States in large part
because lyndon johnson's war on poverty in because a because laws against
discrimination that conservatives have been fighting for ever
well as the the risk are calling those blacks racist because they ended up
moving into
white neighborhoods so that's not the that dilute you got you've got very very
little
very large black middle class neighborhoods near as is but the point
is that
there's nothing in the in the community reinvestment act there's nothing
their forces a bank to do anything what it does is it prevents a bank
by law and I would think that you would agree with this
it prevents a bank from sane we're going to refuse to land into a particular zip
code or into a particular blocker neighborhood
simply because although up the race
up the people in that neighborhood no I would agree with that would but what you
are ignoring
is the fact that some other states see there's two things have been a mortgage
is supported by supported by the ability of the blue
are the borrower to pay but it's also supported by the value of the underlying
collateral
and that's actually what mark to market triggered by the way with the value of
the underlying collateral it away and that
that was the first car to the first domino if you will
they got pulled out so what we had was neighborhoods
whose collateral was not very valuable any you might you might say it's racist
I would say it's reality
yes well have okay we at you know
I me that Beckett it your there was no
know about how they can about when we can we can get into the finer points
love the how neighborhoods were and the value of individual homes within them
rise or fall based on
both demographics in economics and and society in race and and gentrification
everything else
and too fast and top very but none of that what a forces
a bank to do a damn thing banks were never forced
to do this they were out there hustling these banks were hustling
and i'd I just don't get why you wanted for the deregulate the
well I've for Parsifal I think they're over-regulated now thank God strike is a
series of disastrous regulations that were
that is have resulted else and silver
financial institution would you want to go back to pre 35
pre now I don't know either does not go by that strong argument that we gotta go
back to 35 or 2 2013 I think there's a
is the Westwego and that is
well i in response seconds sorry Raja
we can get fifty in the week the dodd-frank for what it is
daughter it is on the under the premise
Ave Youngstown a premise was to get ready for the big day of
I premises getting rid of too big to fail with a lobbyist
another crony capitalism involved get the pic back from
they're not forget about people there funny after 10 I
you know I got that and then they're not a unique in that it were an athlete as
last words see admin right
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