Posted 10 years ago on Dec. 17, 2011, 7:57 a.m. EST by aahpat
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Extremist free market anti regulation libertarian economic philosophy, as practiced by the Republicans and too many Democrats for that past thirty years or more is what caused the financial collapse of the United States and our economy in 2008. Alan Greenspan and the Goldman-Sachs cabal, in successive administrations, goaded and cajoled the Congress into an every greater non-regulated state of banking anarchy leading inevitably to the predatory undermining of the American dream by stealing America's accumulated home equity. At the same time destroying the will of Americans to make their lives better with education by saddling young people with unsustainable private bank school loans in an economy offering ever fewer jobs to pay for the loans.
The 1999 Gramm-Leach-Bliley Financial Services Modernization Act that repealed Glass-Steagall was the high water mark of this frenzy of blood sucking contempt for all human decency. But there were many laws passed that reflect a libertarian self-regulatory religious zealotry that empowered and enabled what amounts to an economic war on the middle-class and poverty oppressed of America.
In typical libertarian deflection and dishonesty Congressman, now U.S. senator, Toxic Pat Toomey of Pennsylvania defended, on the floor of the House in 1999, the repeal of Glass-Steagall and the expanded use by banks fo what are now known as toxic derivative:
"The repeal of Glass-Steagall is necessary so that consumers can get the products and services they desire and American financial firms can compete in the global marketplace.
Madam Speaker, I would like to highlight just one small part of this sweeping legislation. I am particularly pleased that this bill includes an important provision regarding certain derivative transactions, especially credit and equity swaps. These somewhat obscure products are actually very important tools used by businesses, including financial service firms, to manage a variety of risks that they face. This bill reaffirms that swap contracts are legitimate bank products that can be executed and booked in banks and are adequately regulated by and will continue to be regulated by banking supervisors."
SEE: The Congress that Crashed America http://home.ptd.net/~aahpat/aandc/congcrash.html
Libertarian philosophy in Congress first create these lax regulatory systems and and then underfund the regulators making disasters like the 2008 collapse inevitable.
I know that they will come to this thread and denounce with great dishonesty and disingenuous finger pointing at everyone but themselves but under it all it is the libertarian philosophy of crazies like r o n p a u l that is the cause that incited OWS into existence. Libertarianism is antithetical to everything that Occupy Wall Street is fighting for. Responsible government and democratic regulatory enforcement that protects Americans from social, political and financial predators.
Don't be fooled by the smooth talking of libertarian con men and liars. They want only the liberty to prey on Americans without the constraints of government oversight and regulation. The exact same under-regulated conditions that caused the great pillaging of America in 2008. Libertarians are the religious zealots of Wall Street's cult of economic extremism. They do not come to these forums to promote freedom. They come here to destroy freedom.