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Bankers and the Economy.

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During the Great Depression of the 1930's, Congress passed a set of rules for banks that stabilized the boom-bust cycles that had plagued this country for years. Those simple banking regulations worked. And worked well. The 1940's, 1950's 1960's were all years of generally improving financial conditions. Even the inflation of the 70's, and the recession of the early 1980's was something that our country found ways to handle.

In the mid-1980's, banking regulation started to be dismantled piece by piece. It was kind of like the game "Kerplunk". You could pull a little out here, and a little out there, and still our economy held together.

Until the last President got into office. G.W. reminded me a great deal of Herbert Hoover, in that he tried to dismantle government oversight and regulation, and we found out exactly how many sticks could be pulled out before the entire game fell.

G.W.'s legacy: Dismantle the separation of investment banking and consumer banking. End the stock market uptick rule, which controlled and cooled stock price movements from betting on failure. Deregulate mortgage approval standards, so that the only real test to obtain a mortgage was a check to see if you were breathing. Trading stocks on very high margins. Deregulate the banks, and watch banker's bonuses soar.

Pull out the supports one by one, until.....

I even wrote about the two things they needed to do immediately once the marbles started to fall back in October of 2008.

Did they listen to me? No.

Well, now is the time to fix things that are broken. Now is the time to put solid regulations in place that will shore up the economic mess we're dealing with. The bankers and the big money men in New York played in an unregulated environment--, and lost the bet.

Now we have an opportunity to change that- but it appears the bankers are still going behind closed doors, and trying to influence the Senate. Take a look at this video- and then you'll know what needs to be done.

The Daily Show With Jon StewartMon - Thurs 11p / 10c
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Write your Senator HERE, NOW.

Make it happen. Now.

(but not from a work computer, or course...)

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Updated 01-28-2010 at 08:49 PM by James48843



  1. JTH's Avatar
    Thanks, I still have no idea why they removed the uptick rule, this led to the shorts piling on the financials, making "we the people" shell out a loan to "they those bastards..."
  2. STV's Avatar
    James, I have long appreciated your input on TSPtalk. Keep up the good work!

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