Without Regulation Capitalism Is Theft

White-collar crime has now affected every taxpayer in the US and it didn't take identity theft to accomplish the act. The door was opened by Bill Clinton, the horses spooked by Gramm-Leach-Bliley, and the barn set on fire by AIG Financial Products(AIGFP) head, Joseph Cassano, while the fire department, Office of Thrift Supervision (OTS) regulator C. K. Lee looked the other way. Rachel Maddow talks to David Cay Johnston, Pulitzer Prize author of FREE LUNCH, about the fiasco.

Category:

News & Politics

Tags:

• white-collar crime
• OTS
• Rachel
• Maddow
• David Cay Johnston
• Free Lunch
• CDO
• CDS
• Gramm
• Leach
• Bliley
• AIGFP
• Joseph Cassano
• C K Lee

[perdondaris]

Even with regulation capitalism is theft. Capitalism is a state run enterprise--without the State capitalists would not be able to enslave their workers and rob their customers (like churches do). Without wars capitalism quickly runs out of steam and collapses. The institution of property is based on violence backed up by religious mysticism. That is why fiscal conservatism (libertarianism) neatly fits into social conservatism (theocracy). You can't have capitalism without religion.

[AwesomeBeatles]

America will come to it's knees unless it abolishes The Federal Reserve, Out laws lobbying, Institutes publicly funded campaigns, and has term limits.

[llrond]

capitalism is not theft, it's the human nature that is the cause of theft. human likes to steal and cheat, so they will find a way to exploit things. no matter what the system is in place, or whatever the regulation is passed, people will just find a way around it

[qwertypoiu4321]

GLB just shifted the regulating powers from GS to the Federal Reserve as the main regulator, overseeing all Financial Services Holding Companies(which is exactly the same as Obama's 'Financial Regulatory Reform: A New Foundation: Rebuilding Financial Supervision and Regulation'). And the CFMA just reaffirmed the authority and jurisdiction of the CFTC to investigate, regulate and close down firms. And Bush had exactely ZERO deregulations.

The Federal State caused the economic contraction.

[pbmdh]

How fucking stupid are you? Know how the economy and banking industry collapsed? THANKS TO BILLS LIKE Gramm-Leach-Bliley and the Commodity futures modernization act, banks wouldn't have been able to take things such as mortgages and push them into the derivative market. Then once one bank started to fail, all the other banks started to fail, causing the stock market to drop dramatically. If you don't think a 1.2 QUADRILLION dollar derivative market is risky, then your too stupid to convince.

[xac33]

The title to this video is false. Capitalism does not include the use of taxpayers money and government promises. If the FDIC didn't exist no one would put money on deposit with these clowns and there would be no need to bail them out when they hang themselves.

Quit giving capitalism a bad name, give this psuedo-fascist market concept a bad name.

[qwertypoiu4321]

@cyriltogho

You can not talk to someone as stupid as Madcow rationally.

Since there was no 'deregulation', it could not have POSSIBLY caused any economic contraction. Slave-Mongers like Madcow would try to blame de-regulating the post office for the bank crisis, except NOT EVEN THAT was deregulated.

What is your answer to the causes of the economic contraction? It certainly can not be 'deregulation', since that never happened.

[cyriltogho]

@qwertypoiu4321; it shows your level of comprehension.

you can't make a point without resulting to insults.

[qwertypoiu4321]

Rachel Maddow is soo stupid it is frightening. This is like saying ending slavery is a form of slavery. It is mind-blowing how completely stupid she is.

The US Federal State caused the economic contraction by coercion(violent regulation and inflation).

Fannie/Freddie/The Fed/HUD/CRA/State coercion caused the economic contraction, not Gramm-Leach-Bliley.

[TradeRoutes]

Communism and Capitalism are just flip sides of the same jewish-owned coin which Hitler fully understood. Hitler liked "industrial capitalism" but opposed "interest capitalism" so that threatened the jew bankers who funded the British, USSR and USA empires. So all of the jews conspired to instigate WW2.

"Now Germany is against the power of evil incarnated in the Anglo-Saxon/Soviet coalition managed by the Jews." - Luis Blanco telegram to Francisco Franco right after USA teamed with the USSR