Why would you miss bush when it was him and his R. who were bragging about the ownership society.
And they refused to fund the SEC, or appoint anyone who would enforce the law.
"Greenspan Warns of Threat to Markets From Derivatives"
"Remember this about Over The Counter Derivatives:
1. They have no regulation.
2. They have no standards.
3. Without standards there can be no viable market.
4. They are unlisted
5. They are traded by private treaty negotiation
6. They are valued by "Mark to Model" which is a total cartoon.
7. They have no financial guarantee such as a clearing house.
8. They are unfunded special performance contracts floating in cyberspace. All funds in the OTC Derivatives are taken out as spreads and commissions.
9. More than 50% of the earnings of major international investment banks come from granting in private treaty negotiations these instruments of mass financial destruction.
10. The financial performance of the specific performance contract called OTC Derivatives depends on the financial capacity of the loser in the transaction.
11. Control has been loose in the interest sensitive OTC Derivatives because of multiple dealings outside of the initiating two until no one knows who has what.
12. The replacement value of these instruments is in the multi trillions of dollars.
13. The size of this is more than 2 Trillion dollars in replacement cost. The massive expansion has come in interest sensitive and debt guarantee instruments. Those are the most vulnerable."
The fact that they are run through the over the counter market, to escape scrutiny should tell everyone the crooked intent of these finacial inventions.
sure he did. Do you think the market is crashing because Obama's been in place for 8 weeks? Are you really that stupid? >> If you miss him go to Texas and kiss his failed azz.
"The Dow Jones industrial average has fallen another 200 points today on new concerns about the stability of General Motors and the ongoing uncertainty about the financial system. In afternoon trading, the Dow is down 228.35, or 3.32 percent, to 6,647.49, a low not seen since April 1997."
It is still crashing because of Bush. It has a lot farther to fall because of Bush and nothing Obama can do will change that. Our country is bankrupt, we have been borrowing money to pay the INTEREST on the national debt for two years now. None of this is Obamas fault - AND I AM A CONSERVATIVE! Quit making us ALL look like idiots!
You probably remember how he cheered us all up just before the election when he said "The economy is strong. Nothing to worry about." Things were going to hell but he was an accomplished LIAR and could say things like that with a straight face.