Karl Denninger on the Economic Crisis (Part 1)

[WilhelmDrake]

We must get beyond this left /right divide. M. Denninger's work along with that of Steven Zarlenga (Lost Science of Money - monetary.org) and Michael Hudson (Super Imperialism among many others) can give us a base for this movement. We need monetary reform. See the American Monetary Act @ monetary.org

[mYOzZyKaT]

The American credit crisis came from two simple things initiated by the republicans bought of by Wall Street banks.

First removal of the Glass-Steagal act in 1999 initiated by republican Phil Gramm from Texas.

Second and most damaging the Commodity Futures Modernization Act of 2000 (CTMA) again sponsored and masterminded by the republicans with Phill Gramm in front which totally deregulated the derivatives market creating a 500 trillion $ deregulated market.

Phill Gramm now works at UBS!

[WilhelmDrake]

@mYOzZyKaT

You're forgetting that this happened under the Clinton Democrats. They are just as guilty, probably even more so.

[mYOzZyKaT]

@WilhelmDrake I do really not know what reality you are living in but the republicans controlled congress and the republicans like Phil Gramm got the bill passed...its pretty funny htat the republicans are fighting financial reform which tries to mend some of the wrongs made back then. And you do know if someone fights change it actually means they automatically accept responsibility. Republicans fight financial reform. Ergo republicans wanted the failed financial deregulation to stay on.