Sunday, September 28, 2008

Does the US Federal Reserve system fall underneath the Texas Rangers in terms of reporting?

Oddly enough, the New York Times has an editorial today asking its reader(s) to not blame the New Deal programs of the 1930's for the regulatory "failure" of the current financial problems in the US. Fine, outside of a very few aged Eleanor Roosevelt devotees and some Abraham Lincoln Brigade types, not many people in the US really give a wit about the New Deal. Most probably assume the New Deal is the latest quiz show hosted by cutting-edge comedian Howie Mandel.

Regardless, the NYT, in their most humble opinion, of course lays the blame at the feet of George W. Bush. The evidence laid out is damning to say the least:

Under a law passed in 1994, for example, the Federal Reserve was obligated to regulate banks and nonbank lenders to curb unfair, deceptive and predatory lending.

In 1995, Congress passed a law that restricted the ability of investors to sue companies, securities firms and accounting firms for misstatements and pie-in-the-sky projections.

Then, in 1999, Congress dismantled the Glass- Steagall Act, a pillar of the New Deal, which separated commercial and investment banking.

But perhaps no deregulatory effort had more catastrophic effect than the 2000 law that explicitly excluded derivatives, including those credit default swaps, from regulation under the Commodity Exchange Act of 1936.

The waning money shot linking it all together:

Indeed, it was in the Bush years that antiregulation and deregulation found full expression, fueled by an ideology that markets know best, government
hampers markets, and problems will magically fix themselves.

This blog is certainly open to being corrected, but didn't George W. Bush take the oath of office in 2001 after stealing the election from Al Gore. At least that is the last meme we received. Is there a new take on that election that we do not know about?

So, this whole Texas Rangers thing back in the 1990's was all a ruse by W? He was actually directing the Chairman of the Fed to ignore legislation obligating it to regulate banks and nonbank lenders to curb unfair, deceptive and predatory lending? We thought he spent the whole time getting shit-faced. Whats that, replaced by another meme.

Is there a another meme we missed having Bush return to evil genius status? What happend to the "stupid chimp" meme? Maybe we should visit the US more often.

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