While reading about the Keating Five and S and L crisis a little known US Representative Chuck Schumer pushed for the blaming of the crisis on a few notably relatively innocent Senators for deregulation’s effects. Fellow Democrats took the fall for Reagan (and Wall Street Schumer’s) deregulation of the Savings and Loans. Liberal Icons like Alan Cranston and John Glenn? Only Republican McCain had any money involved in Charles Keating’s affairs and that was his wife’s 300+K real estate investment. The House decided to not go after Teflon Reagan and instead make an example of a few Senators who only were trying to help One Savings and Loan…(not the whole bunch of them including the one that the Clinton’s were only marginally involved in…and in that case Schumer didn’t defend the Clinton’s much either). Of course Schumer wanted to deflect attention from Reagan/Schumer’s deregulation agenda.

Schumer though is known to have an prefect 1600 SAT….maybe he fooled the testers then too? Bright? You betcha!

I’m up for some of this. Through the Justice system. I want is as long draw out and emotionally painful as possible for the perpetrators.

Getting rusty. Meant to include the link, although I see others found it. Oddly, the document is undated and the senator’s web site doesn’t seem to link to it directly from its press release archives. However, the bill was passed in 1999, so it’s safe to assume that’s when the statement was made.

The real underlying problem here is none of what is being discussed. Correct me if I am wrong, but we do not have enough tree’s (or anything else other than theoretical growth) to cut down and print money to pay our debt (as people, companies that are vapor assets anyway, government). Likely not even enough to pay our debt interest.

What is the basis to build it back up – manufacture is gone, we have used up most of our resources advantage from the early days of the country (we have some good soil that is slowly going away, good water in some areas). As people lose their jobs and homes it just gets worse.

The big banks have a handful of trillion dollars and their magic makes that out to be 100’s of trillions.

I think gobal financial collapse (with a few minor points of order) is what they are going for as best case. Otherwise relativly speaking we will be the biggest losers (trying to close that gap).

I supose its possible to stop after all there are an awful lot of people running around doing stuff – would seem stupid to ruin all that (but again we are talking Humpty here). I would like to think that our leaders are willing to say and do what it takes, also that we take voting and civics seriously (wanna have a beer with Palin and do some shootin – then vote for her).

Anyway the “econ” is based on what 80% consumer so tell me again how printing money to do anything is going to help (even if its targeted at “those in need” – we are the ones “paying” for it anyway and that is either a loan or inflated money). Allow deeply debted people to keep spending and keep the music going while there are no chairs left?

Anyway obviously not very clear what I have written so I will need to work on that – BUT WHERE IS THE MONEY! If its all vapor money (or good and stolen) how does printing more vapor money do anything othe than have another bubble for a little bit. Where is the growth going to come from (lets say green energy, what else…perhaps military)?

Anything that uses inflation might bring some folks down with us since the “risk” is spread around – but it also garuntees that they will choose to dump the dollar at some point.