07
So let me understand, the people responsible for our economic crisis blamed Bush and got elected?
http://www.kfor.com/Global/story.asp?S=9080306&nav=menu99_2_6
http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco/
The Commodity Futures Modernization Act of 2000(H.R. 5660)" by reference, as Section 1(a)(7), in a long and complex conference report to the 11,000 page long "2000 omnibus budget bill" formally known as "The Consolidated Appropriations Act for FY2001(Labor, Health and Human Services, and Education Appropriations Bill) (H.R. 4577)." 157 Democrats and 133 Republicans voted for the appropriations bill. 51 Republicans and 9 Democrats opposed the appropriations bill vote results in the house. The Senate version passed by "Unanimous Consent." President Clinton signed it into Public Law (106-554) on December 21, 2000.]
[The act has been cited as a public-policy decision significantly contributing to Enron's bankruptcy in 2001 and the much broader liquidity crisis of September 2008 that led to the bankruptcy filing of Lehman Brothers and emergency Federal Reserve Bank loans to American International Group[1] and to the creation of the U.S. Emergency Economic Stabilization fund.]
Bingo! You got it! Give the man a prize!
Bawney (The Gay Pimp) Frank
Chris Dodd
Beautiful.
January 7th, 2009 at 1:25 pm
This was written and pushed by Phil Gramm and Wendy Gramm, both of whom benefitted. Many people are responsible for this mess.
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January 7th, 2009 at 1:30 pm
Bingo! You got it! Give the man a prize!
Bawney (The Gay Pimp) Frank
Chris Dodd
Beautiful.
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January 7th, 2009 at 2:13 pm
No.
bush & the republicans unsuccessfully tried to blame every disaster of the last eight years on democrat bill clinton.
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January 7th, 2009 at 3:02 pm
Brilliant, no? =)
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January 7th, 2009 at 3:50 pm
Bush was at the helm when SS Economy hit the iceberg. Whether or not he is directly responsible, matters little. Public perception is everything.
Also, Bush is on record extolling the free market and how less regulation would make the economy stronger. Obviously that wasn't the case.
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January 7th, 2009 at 4:31 pm
H. R. 2755
To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.
A BILL
To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `Federal Reserve Board Abolition Act'.
SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.
(a) In General- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.
(b) Repeal of Federal Reserve Act- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.
(c) Disposition of Affairs-
(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System–
(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks–
(i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and
(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and
(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.
(2) LIQUIDATION OF ASSETS-
(A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.
(B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.
(3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.
(d) Report- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.
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http://www.govtrack.us/congress/bill.xpd?bill=h110-2755
January 7th, 2009 at 4:46 pm
No Congressional hearings means a Democrat phenomena
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January 7th, 2009 at 5:19 pm
Enron collapsed because of fraud. The Bush administration and Republican controlled Congress had 6 or 7 years to implement oversight and/or make other corrections to the legislation. Instead, they chose to de-regulate.
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January 7th, 2009 at 5:42 pm
Bush made a lot of promises and didn't keep them either.
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January 7th, 2009 at 6:10 pm
All is right! You answered your own question brilliantly.
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January 7th, 2009 at 6:26 pm
Don't forget that it directly contributed to the run up on oil prices too. If you want to view the world and politics as "my team" and "your team," you'll miss what is going on.
First, all House bills were initiated by 4 Republicans and 1 Democrat. It never got debate and was slid through like a greasy politican. With the perspective on both sides that the American economy was invincible, the DNC joined Republicans in a pro-corporate orgy. Keep in mind that this piece of legislation was one component of a huge bill. That is the kind of crap that irritates me, because its how arms are twisted and pork barrel spending happens.
Keep in mind that the 2008 Congress passed the Food, Conservation, and Energy Act of 2008, which closed the "Enron Loophole" and stopped trading of oil on the non-regulated market…. something finally done as non-DNC Democrats had tried to close that loophole from 2000-2006, until finally successful in 2007.
If you blanket statement Republicans and Democrats, then it is all just a slimy mess. The root of many world problems are the pursuit of massive profits from massive multinational corporations using boarders to escape environmental laws, exploit cheap labor, and destroy what has made America great since WWII. And they are making a very tidy profit selling our wealth to the highest bidder.
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January 7th, 2009 at 6:59 pm
BINGO!!!
The most perverse act by voters in American history.
Saturday Night Live did the greatest sketch ever on this…go to the site and search for Pelosi Bailout sketch….unfortunately they've censored it a bit…somewhere on the web you should be able to find the original uncensored version.
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January 7th, 2009 at 7:13 pm
Natasha - You edited out the first line of the information about the bill. It was added to the omnibus budget bill by the REPUBLICAN HOUSE LEADERSHIP. In 2000 the Republicans controlled the House and added this to the budget bill. By doing this they essentially forced people to vote for it because they had to pass the budget. Full text below.
Mint - You left out the most important information about H. R. 2755
(To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes).
The author is RON PAUL. One more reason that lunatic should not be President.
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[The Republican leadership of the House incorporated "The Commodity Futures Modernization Act of 2000(H.R. 5660)" by reference, as Section 1(a)(7), in a long and complex conference report to the 11,000 page long "2000 omnibus budget bill" formally known as "The Consolidated Appropriations Act for FY2001(Labor, Health and Human Services, and Education Appropriations Bill) (H.R. 4577)." 157 Democrats and 133 Republicans voted for the appropriations bill. 51 Republicans and 9 Democrats opposed the appropriations bill vote results in the house. The Senate version passed by "Unanimous Consent." President Clinton signed it into Public Law (106-554) on December 21, 2000.]
January 7th, 2009 at 7:39 pm
Wow..way too much right wing radio, bro. Enron went belly up because it was run by crooks, its books were checked by an incompetent accounting firm and the federal authorities under the Bush administration refused to enforce various regulations. The same is true of the movers and shakers of all of the banking and insurance giants that went belly up. No matter what the law allowed these bums took other peoples money and invested it is half @ssed schemes that they knew were losers. Greed and lake of oversight that's the problem. Now there's going to be a lot more regulation because the public demands it. The GOP has been against regulations for the past half a century. They campaigned for it, supported it and applauded it. They pressured congress to loosen regulations and failed to investigate these frauds even when they had the authority to do so. Why not just admit that the policies of the GOP were wrong and work to correct them instead of trying to blame 'the other guy' by making obviously incorrect statements?
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