Phill Gramm Ruined The Economy

[Fawcks]

Jim Demitt started the recession.

[ConspiracyHist]

this news sucks. go back to turkey

[Kougeki1000]

@ConspiracyHist you suck, go back to texas

[IndependentEsse]

"Oh man I hate this left wing bullshit but they I'll watch it anyways and go around youtube and comment on it because I'm right wing and don't have anything to do with my life"

I basically hear this crap all the damn time! Just look at this clip and tell me how it's full of lies or even left wing?!

[warlord2080]

The government must construct additional pylons!ಠ_ಠ !ಠ_ಠ !

[xEVILxEMOKID]

LOL LOL LOL LOL OMG U R A RETARD Barney frank made it so poor people who couldnt afford morgate able to buy it. tell me mr cenk a poor person can buy a 250,000 grand house and im only making 30 grand a year o yea that makes alot of sense

[bluesboy25000]

"you are gonna get screwed soon"

3 months before what happened, Cenk was right man

[slickjilly]

I love you Cenk. TYT rocks.

[saveurhomenow]

We Can Help You Save Your Home From Foreclosure Go To homesaver(DOT)tk

[plantpanther]

DO the tax payers pay for this god awful show?

[maasicas]

if u got nothing smart to say, dont say anything

[plantpanther]

If you don't have a clever retort and just resort to condescending rhetoric; may I suggest to not say anything at all?

[IndependentEsse]

No you dumb ass, but hey you must be a republican and have no idea where tax money goes.

You have people who sponsor this show that like the show and use their own money or companies money to keep this show going.

[plantpanther]

hahah, it is fun pissing you libs off. Btw, I'm a libertarian.

[JK68LC]

And this we never heard about again. I have been writing to reporters begging them to explain to the american people the real cause of this bubble. THANK YOU. The truth is that from 2003 to 2007 the capital embedded in these risky financial vehicles doubles 7 fold. SEVEN times over just 4 years. Irresponsible, please work hard to NEVER let the republicans regain power again.

[RAMKING61]

I've been writing to major media outlets ALL YEAR about Phil Gramm! USAToday finally noticed Phil on October 13th, Anderson Cooper on the 14th. Watch my channel for more truth about Phil Gramm and the bailout.

[OmarThePug]

The sooner people realize that the both the Dems and Repubs have sold out for the $ the sooner we can get on with the real "change." Obama is/will be just as big as a corrupt puppet as we've had over the last 40 years.

[terryriw]

Pat? Pat Buchanan, is that you? I didn't know you posted on here. Welcome!

[tariffmariff]

good stuff man we need to know the truth

[McGyver9]

Yeah...just because some lib said it makes it true....have some more kool-aid.

Any explanation why that fag barney frank didn't say something about this?

Because this video is full of lies....

You guys make up (and believe) more BULLSHIT than a third grader.

[jereuter01]

Free market driving!!! LOL!!!

[bennyh12345]

It was Clinton who repealed the Glass-Steagall Act in 1999.

[xaviqaz]

Obama´s economic advisor Bob Rubin joined Citigroup and eventually became chairman after his political career as Clinton´s Secretary of Treasury ended. Citicorp and Travelers Group combined to form Citigroup in 1998, which was actually illegal under Glass-Steagall. So one year later, in november 1999, president Clinton, 90% of Senate and 80% of House certified the Glass-Steagall Act defunction. PD: Jim Leach (Gramm-Leach-Bliley) is now a big supporter of Obama

[bennyh12345]

Barack Obama received the 2nd most campaign contributions from Fannie Mae. Democrat Chis Dodd was first. Fannie Mae's disgraced former CEO-Franklin Raines- is an Obama economic advisor.

Obama slected disgraced former Countrywide Mortgage CEO Jim Johnson to lead his VP vetting committee. Remember? It was only a few months ago. Jim Johnson resigned when it was revealed his corruption and golden parachute were revealed. Obama's blasts Countrywide, picks Jim

[Basta11]

OF COURSE!!! lol.

[AnonymousBChurch]

The US bailed out Bear Stearns new owner JP Morgan by swapping their worthless "subprimes" for US dollars, including Treasury putting the US taxpayer directly on the hook for Bear Stearn's liabilities, stopped naked shorts from a list of the top most connection Wall Street firms, bailed out Fannie and Freddie with tax money, and has devalued the currency through inflation at historic levels.

This is just Communism for the Bankers.

[TheGiantRobot]

Yeah, that was the final straw for me. They aren't even being subtle about it anymore - you're a billionaire who violated ethics, bankrupted your company, and took home multi-million dollar rewards in the bargain? Jail time? No, no. Here, take the citizens' money and do it again.

Revolution anyone? I'm there.

[crayyawn]

amen

[luvangel330]

"We don't need no stinkin' rules!!"

[daveelderdotcom]

Hey, Cenk,

You nailed it here, again! Regulations = rules -- that's brilliant in its simplicity! And when you put it that way, as in, "Republicans say there should be no rules in business" (and they do), you make it much clearer what kind of crazy talk that is.

-dave elder

[rctube1958]

Deregulation/regulation is a misnomer. What happens in both is politicians pass rules written by the effected companies to give the companies a risk free ride. Freedom from failure; let the gambling begin. The calls for regulation is just falling into this trap. We don't need more regulation. We have too much. What we need is a system that allows the big money to truly fail, go bankrupt, not be "too big to fail." In that environment, business will regulate itself accordingly.

[lebaneseameer]

did you not pay attention in Finance classes?? What are you talking about?

[Srhandel]

The bankers who underwrote these interest only loans, etc. loans that re-adjust never saw the housing bubble bursting coming ?? They allowed naive people who never owned a home to buy one w/no money or little money down?? They charged them predatory lending rates. I have owned real estate for 20 years, I have never even considered taking an ARM. I currently have a 15 year loan at 5% interest that is almost paid off. My house has lost value but I should be okay if the entire economy doesn't fail.

[Srhandel]

So if I could see this whole scenario coming and I'm just an average person who does not work in a bank or on Wall Street, why couldn't Nancy Pelosi or Harry Reid or the Democrat controlled Congress see this coming?? Why did Bill Clinton allow deregulation to take place when he signed the bill into law?? Cenk you make some good points but your voice is really annoying when you yell. Tone it down please. Also, for some reason I can't download the flash player so I can't watch alot of your videos.

[Srhandel]

I was offered an IPO in a bank that I had an account with for 7 or 8 years last summer. I had planned to participate, then you could see this whole subprime meltdown coming last summer (of 2007). I decided not to invest $20,000 in an IPO of the bank at the last minute. I had the check ready to mail. The stock was listed on the NYSE Nov. 2007 and opened at $10 a share. It is now at around $10.50 a share. It is doing better than alot of other bank stocks but I felt it was too risky to invest.

[Srhandel]

So, what did Nancy Pelosi do over the past two years when the banks were writing these subprime mortgages?????? She was well aware of what was going on, she is Speaker of the House, I have barely heard a word out of her in 2 years. I haven't heard much from Harry Reid either. Ted Kennedy gets a pass, what about Obama, I haven't heard much from him either. Anyone with half a brain knew this was coming down the pike. I knew it a year and a half ago. And I'm not an economist either.

[shirazhound]

That's cause the Dems have been outnumbered on Capitol Hill since the Clinton era. Stopping this instantly would've been like stopping a high-ballin locomotive by stretching chicken wire across the tracks....

[FeelFreeToArgue]

I think one of the most important things that needs to be done is to resell people on the idea of regulations as a good thing. Regulation is a 4 letter word because most people have encountered stupid regulations in their lives. But the fact remains that we are not the perfect honorable beings we like to think we are. If there is a way for someone to profit from an unethical activity, then you need to make laws regulating that activity and enforcement adequate to enforce those same laws. Simple.

[Conservative1953]

I've never called anyone a scoundrel, but phill gramm is one. And yeah decimate doesn't mean obliterate Cenk.

[figtrin]

To "decimate" means to reduce something by one tenth.

[paultherolls]

The USA economy has been under attack from the criminals in The Fed for nearly 100 years. Phil Gramm is just a small item in the war on the USA by the criminals in charge.

[brawnymike]

If you liked the Bush economy,

you'll LOVE the McCainomy.

John McCain:  Less Jobs, More Wars

[jotunobsidianeyes]

They want to privatize profits and socialize losses.

[rewindsf49]

now that makes sense

[TheGiantRobot]

Oh, very, very well said.

[mayaluvsmusic]

Didn't Mccain have something to do with the savings and loans stuff?

[Rustedbird]

Yes. McCain was one of the Keating Five.

[Bullettube]

You forgot to mention that Wendy Gramm, Phil's wife, worked at the Federal Trade Commission, then later as a board member for Enron. Talk about corruption and You'll find Phil Gramm's fingerprints everywhere!

[matthewschark]

I love the "free" market. "Free" to screw others as they see fit, but not "free" to go bankrupt.

[obldst]

Phil Gramm looks like a fucking demon

[DeletedDelusion]

That Swiss bank deserves the lession ît has received, for throwing billions into a sub-prime market instead of investing it into small businesses.

The sad thing is that thousands lost their jobs and homes over it.

[FalconX2000]

Awesome work Cenk.

[ryanmuegge]

In the history of this country, Republican-style deregulation has been the greatest ideological fraud that the public has bought into. Ultimately, it is and will retrospectively prove to be our undoing as a country.

[random0815]

america is full of such demagogic "frauds", f.e. turning liberalism, humanism and democracy into curse words ("we are a republic, not a democracy"), creating the illusion the usa was an island of freedom in a chaotic evil world, the two-sided system (either for or against sth.), turning militarism into something holy and the MIC into a non-topic, its imperialist demagogics rooting back to the enlightenment mysticism and religious zeal of the founding days

[Rahab111222]

The United States was most certainly not meant to be a democracy.

The very demagogic frauds you mention are the ones claiming America was meant to be a democracy at its inception. You'll hear nothing but democracy this, democracy that, everywhere you go whether it be from the Bush administration, the republicrats ect.

[random0815]

lol but america WAS to be democracy, a republic without democracy is a constitutional monarchy or oligarchy! the demagogic fraud is the babble of america being a republic opposed to the hundreds of failed democracy in the evil world while as good as all democracies are republics and no democracy every suggested to not have a set of fix basic laws! if i got a penny for everytime when an american parrots this "not a democracy" bullshit

[Rahab111222]

Meh, I'll just let Mr. Jefferson and Mr. Adams and 'ol Ben speak for themselves.

"A democracy is nothing more than mob rule, where fifty-one percent of the people may take away the rights of the other forty-nine."

~Thomas Jefferson

"Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself."

John Adams

"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote!"

Benjamin Franklin

Peace.

[random0815]

yes but this has no practical value as everything we refer to as "democracy" today is based on constitutional principles, there never really was the proposition of pure democracy, its an entirely anachronistic argument that is distorting present day realities, and they didnt mean there should be no democratic control, and tbh I think no one would consider americans well-armed lambs but much rather docile sheep be in their system

[Rahab111222]

"I think no one would consider americans well-armed lambs but much rather docile sheep be in their system"

I'd say most Americans are more like lemmings, to me.

[random0815]

true but thats unrestraint capitalism, no way to stop, btw. i see your point: this democracy thing is actually used in different ways, what bush does is another side, instead of promising stability and rule of law first they went for instant democracy either calculating or ignoring the problems that this would cause (still the iraqis made an admirable attempt to realise it which was of course disrupted by the US)

[mayaluvsmusic]

tell it to the "values voters".

[kashbme]

Great analogy Turk. Yeah, they definitely need the government. I mean, who gives them those tax breaks anyway?

[DeletedDelusion]

Or provides cheap land for their buildings, provides them with already educated workers,

creates a buisness-friendly enviroment?

[kashbme]

Exactly. The low and middle class tax payer giveth, and the top 10% get ith back in tax cuts.

[eirefrance]

ENRON went under, but what happened to the Board? Ken Lay's wife gets to keep former ENRON employees' pensions to pay for her 3rd home. What modern Board/CEO gives a shit about investors anymore? Oh, you lost us $150 million dollars, Mr. CEO, heres a $150 million separation package.

[Marth48]

The Government to have the power to do surprise inspections of places like Wal-Mart sweat shops, but thanks to Ronnie Regan now the "surprise" inspectors have to give notice.

[BaldEspresso]

Hey Srhandel:

A: They changed their air time to start at 9pm. When you watched the video it was probably somewhere between 3-4am. Most of us aren't Vampires.

B: Why does this show you rip on have so much control over your life, that you felt compelled to actively click on a video and write a comment. Think about that.

C: What is this Air America correlation some of you care so much about. I suppose you think FOx News is awesome because they still make millions.

[DblOSmith]

That is exactly the example I use on the neanderthals that are anti-regulation.

"Do you think traffic regulations are beneficial? Then why would business regulatiosn be any different?"

[evilblades]

communism, fascism and feudalism can all work when "properly" run :P

[levimon]

fantastic video!

[luvangel330]

The same thing that happened with utilities regulation and speculation, tha same thing is now happeneing with our oil and gas...uuugg!!!

[GerardMontague]

My favorite quote from conservatives/republicans is that "too much regulation and nobody will take any risks"

Yeah. That's the idea. Not to take stupid risks that will blow up in your face

[Srhandel]

Wow, I'm so impressed, this got 153 views. Don't give up your day job, oh that's right the company you worked for (Air America) went bankrupt. Also, didn't Bill Clinton sign that bill??? The boy genius Rhodes Scholar?? He also signed Nafta into law. Thanks Bill Clinton...(Bill Clinton knew very well that he was signing that bill into law, he has an IQ of like 140-160 or something, there is no way he was not aware of this.) Both parties are corrupt.

[GerardMontague]

Give it some time. It will get more views

[UGOTDAJACK]

umm...you're an idiot.

[Wendy62]

You are absolutely right, they are both corrupt! And Cenk points that out repeatedly, in his other videos, which you could watch if you want to and find out his positions. Or you could just throw out random snarky comments making a big deal out of the ultra-obvious.

...It's 433 views now, incidentally.

[TheScamr]

Olbermann did this a few weeks ago, at least the Enron stuff.

[dustynbones]

Excellent commentary.

It's not Capitalism if it has regulations.

Both Capitalism & Communism are huge repetitive and continuous slaps in the face.

[iammasterlion]

Welcome to the free market. Capitalism works LOL