2016 Postmortem
Related: About this forumBush Family and the Savings and Loan Scandal Set Up Investment Banks
This site contains numerous links:
http://www.rationalrevolution.net/war/bush_family_and_the_s.htm
The Savings and Loan industry had been experiencing major problems through the late 60s and 70s due to rising inflation and rising interest rates. Because of this there was a move in the 1970s to replace the role of S&L institutions with banks.
In the early 1980s, under Reagan, regulatory changes took place that gave the S&L industry new powers and for the first time in history measures were taken to increase the profitability of S&Ls at the expense of promoting home ownership.
A history of the S&L situation can be found here:
http://www.fdic.gov/bank/historical/s&l/
Much more on the Bush Family Empire and earlier business deals, can be found at
http://www.rationalrevolution.net/war/index.htm
NoJusticeNoPeace
(5,018 posts)criimes
Sunlei
(22,651 posts)A bonus is investors get to buy the foreclosed homes very cheap and rent or sell them.
Several years ago I checked what the major investments were for members of congress. It was real estate and still is today.
American society is 'for profit' these days, even our own gov. leadership profits off us. Local-Gov. the most.
DhhD
(4,695 posts)Sunlei
(22,651 posts)Original lender had high hopes to grab this place., all the "we will foreclose if" traps were in the mortgages. My mortgage was 'sold' 12 different times. It ends with Wells Fargo bank.
They didn't expect me to pay so heavy to wards principle the mortgage is done this month., 15 years early.
2naSalit
(86,526 posts)Does anyone else think that maybe "MISSION ACCOMPLISHED" may have been a reference to something other than the Shock&Awe war?
DhhD
(4,695 posts)hands of the 1% and out of the hands of the American People and the US Treasury. The deposit side of the New American Banks, after Glass Segal, should have covered their own swaps and risky loans, in my opinion. Bush knew that no bankers would go to jail this time (like they did in 1986-87) and that he would get away with the real MISSION of being the Banker's President. Torture got in the way though. That is a moneyman ACCOMPLISHMENT passed May 2003.
If Hillary Clinton is going to run for President in 2016, she must promise to pass Glass-Segal back into law to get my vote. Bankrupting the US Treasury, as a give-a-way to big banks would destroy our economy. Democracy needs to return with the separation of banking powers; deposit banks and investment banks. We have already learned that big failed banks refuse to cover their gambling debts with their deposits.
Banks refused the American Forefathers protection, the Glass-Segal regulations and now parts of the Dodd-Franks protections. Hopefully this will be the main 2016 Campaign issue.
Response to DhhD (Original post)
DhhD This message was self-deleted by its author.
Bluenorthwest
(45,319 posts)Would you rush eagerly to vote for those who supported those policies? Or would you question them strongly? Would you reject them entirely?
Many people on DU seem to think Reagan's policies were not so bad. I think he was a monster, others say he was a moderate with great fiscal policies....
DhhD
(4,695 posts)First Federal American bank based on interest and loans not covered by deposits; same things that England was doing to strip the wealth out of the Colonies. Most of the early American Presidents would not allow a National Bank based on lending without the amount being covered in deposits, therefore preventing a collapse. The investor bankers now use banking with no backing, if you will, to loot the US Treasury, as the backers to their swaps. Laws separating deposit and investment banking has been taken down by the Republican Oligarchy.
Americans just allowed the Dodd Frank, under Obama and earlier allowed Glass Segal to go under Clinton by slaying away from voting Nov 2014.
Do the Republicans need to worry about who is President? No. In my opinion, Bank Insiders are worried about Elizabeth Warren outing them during the next two years. Americans should demand a return to Glass-Segal to separate each of the too big to fail bank into two banks. Warren knows what else needs to be brought before the American People. Warren brings her bills before the American people instead of lobbyist bringing bills to other Senators and House members. Warren is a facsimile of the American Revolution-just what America needs.
Sunlei
(22,651 posts)Ruined 20,000 plus quality American jobs forever. Another monster with 'acting skills'.