28 September, 2008

Still More on Banking

Posted by Socrates in bankers, banking, Big Finance, Jerry Abbott, Socrates at 2:11 pm | Permanent Link

Jerry Abbott offers some good insight on the U.S. banking racket. Scroll half-way down the page to “My answer”: [Here].

  • 18 Responses to “Still More on Banking”

    1. Olde_Dutch Says:

      The repeal of the Glass Steagall Act in 1999 by Robert Rubin, Larry Summers & sound money conservative libertarian von Mises economist Allan Greenspan made this financial mess possible. But, let’s not forget Phil Gramm or Bill Clinton.

      By an unknown financial journalist:

      The Glass Steagall act passed during the depression era, tightly regulated the u.s. banking system. it stood the country in good stead for about 70 years –until bill clinton signed the bill in 1999 which repealed the glass steagall act.

      According to an article in the new york times, from 1995, robert rubin, treasury secretary at the time, is on record as saying the the clinton ‘administration continues to favor allowing banks to merge with insurance companies as well as securitites firms.’

      The 1999 financial services modernization act, written by phil gramm, who had been advising john mccain up until this past july, was passed by both houses of congress and signed by bill clinton in the same year, the new law effectively repealed glass steagall and the bank holding act of 1956 which prohibited financial companies from owning banks and insurance companies.

      Glass Steagall prohibited the merging of banks, securities firms, and insurance companies, while the financial services modernization act allowed for huge financial conglomerates.

      both nancy pelosi and joe biden voted yes on repealling glass stegall on november 4, 1999 and bill clinton signed the bill into law one week later. barack obama was in the state senate at the time, so his hands are clean. and john mccain abstained from voting.

      the gramm-leach-bliley act, also known as the financial services modernization act of 199, passed the senate 90-8 and the house 362-57 on november 4, 1999.

    2. shabbos s. shabazz Says:

      Greenspan was always a devotee of fractional reserve:


    3. Olde_Dutch Says:

      All banking is fractional reserve banking—always has been, always will be. LOL. Unless you want to raise reserve requirments to 100% i.e. for every dollar loaned, you must have a dollar in reserve.
      That would mean that money would be very tight, economic growth would be very very slow, and loans hard to get.

      Understand this: The repeal of The Glass Steagall enabled the commercial banks and insurance companies to hold all of these exotic financial instruments & ownerships that have gone to hell causing the crisis. The problem is not “just” mortages. It is the exotic paper that the banks and insurance companies have been holding & trading since the repeal of Glass Steagall.

      Some of these exotic financial instruments have been sold, and re-sold and no one knows if they are worth anything at all.

      So much of what we are being asked to pick up is worthless paper. Not troubled mortages.

    4. Cormac Says:

      Duhhh yuk yuk yuk , but Alex Jones and Webster G. Tarpley said it was “The Anglo-American Crime Syndicate” that pulled off this giant robbery of The American People… duh derr duh da da duhhh uh huh , yup yup yup , and I believe dem !

      drink more beer , watch more sports… everything’s just fine folks.

    5. Zarathustra Says:

      Alex Jones may not be a Jew or an FBI/SPLC/COINTELPRO agent, but he IS a loudmouthed bullshit artist who tries to whip up his audience of idiots into buying his DVDs and other fever swamp paraphenalia. And then he’s got that fake, growly, gravelly voice like a pro wrestler. Real macho, real convincing. His show is basically just infotainment, an infomercial used to advertise his products.

    6. Z.O.G. Says:

      Alex Jones isn’t a Jew. But his wife IS a Jew. Her maiden name is Violet Nichols. Alex has two young children with her.

    7. Z.O.G. Says:

      OD, you are quite correct about the Paulson bailout plan basically being a scam to purchase toxic derivatives instruments from the big commercial banks and investment banks.

    8. Z.O.G. Says:

      OD thinks that having an interest based, debt based money supply created by private corporations(i.e. commercial banks) is perfectly fine. LOL :-)

    9. Z.O.G. Says:

      Web of Debt
      The Shocking Truth About Our Money System And How We Can Break Free


    10. Z.O.G. Says:

      “Web of Debt” e-book(pdf file)


    11. shabbos s. shabazz Says:

      The late William Cooper skewers Jones (circa 1999):


    12. Zarathustra Says:

      There certainly are a lot of self-styled financial experts on this site. I expect they’re all self-made mulitmillionaires who don’t have to work for The Man ????

    13. Olde_Dutch Says:

      Hey Alex: Have you noticed that the Missouri politicans are all pushing this bailout of the New York jews?

    14. Zarathustra Says:

      “There must be a strict supervision of all banking and credits and investments. There must be an end to speculation with other peoples’ money.”

      Franklin Delano Roosevelt, 1933

    15. Sgt. Skull Says:

      The censorship Jerry speaks of is evident on American Renaissance. Amren wrote an article bemoaning the fact that kike pseudo-nationalist Michael Savage told them to take a hike. In my post I alluded to Michael Savage being a jew (without direct reference) who, despite his grandstanding against illegal mexicans and black race baiters, despises white people just as much as evidenced by his hysterical e-mail response to Amren.

      My comment was posted but the portion alluded to his jewishness was excised. This probably won’t come as a surprise to anyone since Jared Taylor has declared the jews to be above reproach or criticism.

    16. Z.O.G. Says:

      That’s because Jared Taylor’s wife is a Jew. Her maiden name is “Rich”.

      It reminds me of the situation with Alex Jones. He runs the biggest conspiracy/patriot website on the internet, yet he won’t dare mention the Jew. The reason is because he is married to a Jewish woman.

      Hmm, notice a pattern here?

    17. Zarathustra Says:

      That’s why Jones is marginally successful, ie, his wife is a JEWESS who has access to money and media influence that she can in turn bestow on her dumb Goy husband and his dumb Goy program…….As long as he keeps on blaming White guys and White countries for all our problems, that is.

      The pattern is that some Gentile men marry Jewesses in hopes of reviving their stalled Gentile careers and gaining “respectability”.

    18. shabbos s. shabazz Says:

      “There must be an end to speculation with other peoples’ money”

      He meant-

      There must be an end to speculation without other peoples’ money