President Bush Addresses Nation on Economic Crisis

A time will come when people miss George Bush

He used the word "Teeter" come on! A red tie? give me a break, and what's with his facial expression? Come on, Really?

what a fool, glad he's gone

He is not putting anything back together tho I agree Bush started the push towards socialism. Obama was just waiting for the hail mary pass. He has it now and is running.

So what Bush is proposing is Socialism.

bush might have been terrible but at least he is better than obama!!

can you explain to me more about glass-steagall

Glass-Steagall act of 1933 prohibited financial institutions from housing commercial and investment banking under one roof. This was to PREVENT 'too-big-to-fail' from existing, essentially. In 1999 the Gramm-Leach-Bliley act, passed as the CFMA (Commodities Futures Modernization Act) and subsequent amendments to it, deregulated this as well as opened up the 'Credit Default Swap' market, a shadowy market indeed because a lot of those deals we still don't know how much was lost. Up to $60 trillion

Yes, almost as much money as the U.S. GNP. Because companies like AIG, CitiGroup etc. bet their entire companies on these things, known as 'Credit Default Swaps'... and since 2000 they have become centers of finance for the industry, they became "too-big-to-fail" because of the repeal of Glass-Steagall. Look up "Byron Dorgan 1999". It's a two-part video but sums up exactly what happened in 1999. Byron Dorgan was one of the only senators, (out of 8 dems) who voted AGAINST CFMA in 1999.

In glancing over this I realized I really didn't explain it full well enough. You should google Wall Street Journal, Washington Post, and other articles from what's been happening in the economic crisis between 2007 and today. It all goes back to the "CFMA of 2000". Get CBO reports, FED reports etc. It's a pretty ugly business. It's because when they bet their whole businesses on these CDS's, it was taking everyone else's money's value with it, because of insurance etc. Complicated? Yes and No.