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  • pennyainsworth pennyainsworth Mar 30, 2009 6:50 PM Flag

    Geithner’s ‘Dirty Little Secret’

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    • Same here...peace! I gave you 5 for the Glass-Steagall post. Very informative.

    • Truce. I've actually liked some of your past posts.

      ... and honest, I only vent under one yahoo id ;)

    • Not looking for ratings, but only to be allowed to post something in a thread without being insulted. I think most on this board want that. If you don't agree with my posts, then say so and give your spiel, without the name calling, or just don't say anything. That's all.

    • Great retort "Ditto Head".

      I suspect your last post will have 12 ratings shortly! LOL

      I also get information from books, ever hear of them?

    • Maybe you should stop looking at one source for all your so-called information before getting to the point that you can't figure out reality from fluff. Obfuscation, or becoming confused, can become a serious problem for those who don't have the IQ to see their way to the truth.

      The star rating system for the post to which I am replying is a great example of the phoniness that you point out. Now get back to "Two and a Half Men" for something you can handle.

    • The only T.V. I watch is the show "Two and a Half Men", now tell me that show is not funny? I get all my information of the internet, not from talking heads who obfuscate.

      The star rating system on this entire yahoo message board could not be more phony, kinda like the whole bailout! LOL!

    • Glass-Steagall was passed after the Great Depression, the last time outrageous financial chicanery brought our country to its knees economically. This law placed a barrier between everyday banking, such as lending and deposit-taking, and riskier areas, such as derivatives trading.

      But the law was repealed in 1999, thanks to lobbying by the very companies we’re bailing out now. And the effort was midwifed by Phil Gramm, a laissez-faire-lovin’ Republican senator from Texas who co-authored the Gramm-Leach-Bliley Act that repealed many key provisions of Glass-Steagall.

      Gramm quit the Senate to go work for UBS AG, one of the beneficiaries of the repeal. I believe that kind of thing — passing a law to help a future employer — should be illegal. We can only be thankful that Gramm didn’t go on to higher office — he was an advisor to McCain’s Presidential campaign and probably would have ended up as Treasury Secretary had McCain won.

      But this isn’t just a Republican problem. Oh, if it were only that simple. You see, there were shady characters on both sides of the political aisle in this terrorism caper.

      Instead of Gramm, we got Tim Geithner as Treasury Secretary. He’s a protégé of Robert Rubin, former co-CEO of Goldman Sachs and one-time Treasury secretary in the Clinton administration, who went on to work for Citigroup after whole-heartedly supporting the Glass-Steagall repeal. Due to the current financial crisis, Citigroup lost $27.7 billion last year and has needed $45 billion in government funds to stay afloat.

      Financial terror alert level Red.

    • Well said. I'd give you more stars if I had multiple user id's like some on this thread. The original post/article only had 6 stars, LOL!

    • I agree.

      The bonus for failure is enormous in America...the government sends a great message to our young....reward Failure, Chastize Frugality and Honesty.

      G*d Bless Am*rica!

    • You must listen to CNN, and don't insult me by calling me a knucklhead, bozo.

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