Login/Sign up

World Association of International Studies

PAX, LUX ET VERITAS SINCE 1965
Post re: Economics: How Long Will the Recession Last? (Bienvenido Macario, Philippines/US)
Created by John Eipper on 02/07/10 1:20 PM - re-economics-how-long-will-the-recession-last-bienvenido-macario-philippinesus

Previous posts in this discussion:

Post

re: Economics: How Long Will the Recession Last? (Bienvenido Macario, Philippines/US) (John Eipper, USA, 02/07/10 1:20 pm)

Tor Guimaraes wrote on 4 February: The seeds of this recession were planted a long time ago with the strip down of rules and regulations controlling risky and excessive behavior by financial speculators/manipulators. Bienvenido Macario responds: During the Thanksgiving holiday 2009 while driving up to the SF Bay Area on Interstate 5, I spotted a placard several times which read: "US Congress Created the Dust Bowl." I saw it no less than six times along the farming towns before the Panoche exit. I have no idea why the farmers put that sign up. Indeed the seeds of this recession were planted "a long time ago," then it started during Pres. Clinton's administration, at least according to Wikipedia: One of the reforms made in the aftermath of the 1929 crash was the Glass-Steagall Act of 1933, which prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and/or an insurance company. (It also established the FDIC. The Great Depression started when the banks failed. There was no FDIC when the Crash of 1929 happened.) Sixty years after the start of World War II in Europe, Pres. Bill Clinton signed a bill that repealed part of the Glass-Steagall Act of 1933 with passage of the Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999 (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999). "The Gramm-Leach-Bliley Act of 1999 allowed commercial banks, investment banks, securities firms and insurance companies to consolidate. For example, Citicorp (a commercial bank holding company) merged with Travelers Group (an insurance company) in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica and Travelers. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act of 1933 and the Bank Holding Company Act of 1956 by combining securities, insurance, and banking, if not for a temporary waiver process.[1] The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the "financial services industry." Links: Gramm-Leach-Bliley Act of 1999 http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act Glass Steagall Act of 1933 http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act So how long will this recession last? Well it depends on the US Congress. The police have internal affairs and the military and even the CIA have the Inspector General's Office. What such office exists to check the US Congress? JE comments: Is GLBA responsible for "too big to fail" in the financial industry?


SHARE:
Rate this post
Informational value 
Insight 
Fairness 
Reader Ratings (0)
0%
Informational value0%
Insight0%
Fairness0%

Visits: 18

Comments/Replies

Please login/register to reply or comment: Login/Sign up

Trending Now



All Forums with Published Content (41968 posts)

- Unassigned

Culture & Language

American Indians Art Awards Bestiary of Insults Books Conspiracy Theories Culture Ethics Film Food Futurology Gender Issues Humor Intellectuals Jews Language Literature Media Coverage Movies Music Newspapers Numismatics Philosophy Plagiarism Prisons Racial Issues Sports Tattoos Western Civilization World Communications

Economics

Capitalism Economics International Finance World Bank World Economy

Education

Education Hoover Institution Journal Publications Libraries Universities World Bibliography Series

History

Biographies Conspiracies Crime Decline of West German Holocaust Historical Figures History Holocausts Individuals Japanese Holocaust Leaders Learning Biographies Learning History Russian Holocaust Turkish Holocaust

Nations

Afghanistan Africa Albania Algeria Argentina Asia Australia Austria Bangladesh Belgium Belize Bolivia Brazil Canada Central America Chechnya Chile China Colombia Costa Rica Croatia Cuba Cyprus Czech Republic Denmark East Europe East Timor Ecuador Egypt El Salvador England Estonia Ethiopia Europe European Union Finland France French Guiana Germany Greece Guatemala Haiti Hungary Iceland India Indonesia Iran (Persia) Iraq Ireland Israel/Palestine Italy Japan Jordan Kenya Korea Kosovo Kuwait Kyrgyzstan Latin America Liberia Libya Mali Mexico Middle East Mongolia Morocco Namibia Nations Compared Netherlands New Zealand Nicaragua Niger Nigeria North America Norway Pacific Islands Pakistan Palestine Paraguay Peru Philippines Poland Polombia Portugal Romania Saudi Arabia Scandinavia Scotland Serbia Singapore Slovakia South Africa South America Southeast Asia Spain Sudan Sweden Switzerland Syria Thailand The Pacific Tunisia Turkey Turkmenistan UK (United Kingdom) Ukraine USA (America) USSR/Russia Uzbekistan Venezuela Vietnam West Europe Yemen Yugoslavia Zaire

Politics

Balkanization Communism Constitutions Democracy Dictators Diplomacy Floism Global Issues Hegemony Homeland Security Human Rights Immigration International Events Law Nationalism NATO Organizations Peace Politics Terrorism United Nations US Elections 2008 US Elections 2012 US Elections 2016 Violence War War Crimes Within the US

Religion

Christianity Hinduism Islam Judaism Liberation Theology Religion

Science & Technology

Alcohol Anthropology Automotives Biological Weapons Design and Architecture Drugs Energy Environment Internet Landmines Mathematics Medicine Natural Disasters Psychology Recycling Research Science and Humanities Sexuality Space Technology World Wide Web (Internet)

Travel

Geography Maps Tourism Transportation

WAIS

1-TRIBUTES TO PROFESSOR HILTON 2001 Conference on Globalizations Academic WAR Forums Ask WAIS Experts Benefactors Chairman General News Member Information Member Nomination PAIS Research News Ronald Hilton Quotes Seasonal Messages Tributes to Prof. Hilton Varia Various Topics WAIS WAIS 2006 Conference WAIS Board Members WAIS History WAIS Interviews WAIS NEWS waisworld.org launch WAR Forums on Media & Research Who's Who