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Forum Post: FRONTLINE: "The Warning" In 1998 CFTC Chair Brooksley Born "Sounds the Warning on Deregulations" and Alan Greenspan, Robert Rubin, and Larry Summers are Furious About It!--I feel we all should Step Back & Look at this Film Before We Move Ahead...

Posted 2 years ago on Nov. 10, 2011, 6:24 p.m. EST by Howtodoit (1232)
This content is user submitted and not an official statement

What happened? They got her out of the way...and because of this, I feel they should be held more accountable for creating our Current Financial Nightmare. Either way, they should not be writing or anyway involved with creating our New Financial Regulations. They had their chance, and they blew it!

"The Warning" is an insightful Documentary Film on how they created the "Dark Markets"--and their Undoing at OUR Expense! The sad Truth for us, however, is that they can still do this, why? Because for the most part, the Financial Markets are still Deregulated!

Ten Minute Overview: http://www.youtube.com/watch?v=yLzuTxhhklY&feature=related

Watch Complete Film here (best quality): http://video.pbs.org/video/1302794657 or...

Part 1: http://www.youtube.com/watch?v=bXUQZP4mmwU&feature=related

Part 2: http://www.youtube.com/watch?v=C3BQ2gmJlEs&feature=related

Part 3: http://www.youtube.com/watch?v=bRgEzOz8r-Q&feature=results_video&playnext=1&list=PL552B3B2E86A059B8

Part 4: http://www.youtube.com/watch?v=ZlJPeD5PEwU&feature=related

Part 5: http://www.youtube.com/watch?v=EaYWgXSRKvo&feature=related

Part 6: http://www.youtube.com/watch?v=Hia1Cte4OqA&feature=related

Brooksley Grills Goldman-Sachs CEO Lloyd Blankfein (he looks like a desperate man, why? I would be, he's answering questions from the one who knew the Truth from Day One!): http://www.youtube.com/watch?v=o5qzJ5Bvcfk&feature=related

"The Women Who Knew" Freshman History Day Schools Dedication to Brooksley Born 2011: http://www.youtube.com/watch?v=be3C_O-Btko

We need Brooksley's intelligence here to straighten out this Derivatives Mess! Someone, please sign her up!

Thank You for Your Outstanding Service to Our Country Brooksley Born!


More on how we got into this Financial Mess: November 4, 1999, the Day our Financial Nightmare Began... http://occupywallst.org/forum/the-day-the-gramm-leach-bliley-act-of-1999-came-up/

What to do about it Now? The Marches to REINSTATE the Glass-Steagall Act & to Close All Loopholes for Oil Speculator: http://occupywallst.org/forum/its-time-for-a-million-people-march-to-capitol-hil/ Let's get Focused--We don't need to REINVENT the Wheel--This will Reinstate the Important Regulations we had from 1933 to 1999--Before Congress SHATTERED them! Maybe, make the March into "The Financial Woodstock for Wall Street Reform!"

Here's my Proposal on "How to Accomplish the Marches for the Return of the Glass-Steagall Act & to Close All Loopholes for Oil Speculators." http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/

Here's a Great way to get the Word out on "The Marches for Return of the Glass-Steagall Act of 1933 & to Close All Loopholes for Oil Speculators"--Celebrities! And I'm letting them all know. http://occupywallst.org/forum/heres-a-great-way-to-get-the-word-out-on-the-march/

And I should point out here that I'm an Independent, nothing said or posted here was swayed by any affiliations, except for the school of common sense.

I just saw an opportunity here with this OWS Forum to hopefully help more people understand how and why we got into this financial mess, and one way to fix it. That's all. God Bless America!

87 Comments

87 Comments


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[-] 2 points by KVNLGN (154) 2 years ago

I watched this on pbs a few years ago. Question, how do we put together a list of "must reads & watches" for all of those serious about making a change ? There should be a required list of educational material and it should be given a name. A packet of info that can be spread throughout the land... The problem with this forum is that all the great info that comes across eventually vanishes into the abyss. I guess that is whatthe creators of this site wanted. I feel that there is so much info

[-] 1 points by Howtodoit (1232) 2 years ago

How about this: http://occupywallst.org/forum/the-day-the-gramm-leach-bliley-act-of-1999-came-up/

That was my goal there, is it enough? Thanks KVNLGN

Here's my Proposal with the rest you asked for, I hope:

http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/

[-] 1 points by KVNLGN (154) 2 years ago

I am going to take a look at everything soon and let you know. i am sure you know more than me so i just want to ensure that all of these educational posts lead to something otherwise we will not make any progress. Something needs to be created, that lists all of the atrocities and curruption in an orgainzed and easy to read format. I hate to say it, but we probably need to dumb it down a little bit. After all, a 100 years of brainwashing is not an easy thing to overcome. We need to find a way to make people aware. and that might mean using different topics to attract the 99% to 1 educational document that everyone refers to. Some people may have lost money during the 08 collapse so including info on the curruption of wall street and breaking everything down from a mortgage bond, credit default swap, collaterilzed debt obligation, synthetic cdo, etc may be of interest. While another subset of society may not have interest in the financial collapse but do have an interest in the corporate controlled health industry and the cancerous effects it has casued. I'm rambling a bit here but we need to find a way to unite everyone, however we can, to one educational book. Once they read about what interests them, they will eventually read about the other topics as well and become much more aware.

[-] 1 points by Howtodoit (1232) 2 years ago

I hear. please start here: http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/

I feel It's all there, after 4 years...

[-] 0 points by economicallydiscardedcitizen (761) 2 years ago

I agree about the 'dumbing down.' Basic statements are able to capture the broadest audiences:

*'Corruption in Government, Business, Banking and Wall Street Has Got to Go: Ask Me How!'

*'American Homeowners Have Been Economically Raped: Homeowners, Do You Know How and Why?'

*'Millions of Americans Have No Jobs:Why Did Our Big Corporations Send Work Overseas? Ask Me Why!

*'Congress is Allowed Insider Trading:Do You Know Why?'

*'Why Do Big Corporations Pay Many Workers Below The Average American Income And Receive Big Government Subsidies: Do You Know What Government Subsidies Are? Ask Me!'

The Herbalife company exploded onto the health and nutritional markets and continues to grow their business world wide and it all started with those large pin on buttons with the simple statement: 'Lose Weight Now, Ask Me How!'

Simplicity is at the heart of the most successful marketing and political campaigns-let's make simple messages that are quickly understandable and easily shared! Maybe we can make our own buttons, www.badgeaminit.com is one source for the materials as is www.cafepress.com

[-] 2 points by Howtodoit (1232) 2 years ago

For everyone new to this Forum, it is what it is, just a Forum so far, an IDEA Up for Discussion; one, obviously I like. One I feel that could not only go a long way for OWS: but even more importantly, our Whole Country. Why? Because We can't fix Wall Street and Create more Jobs until we Congress break-up the Big Financial Giants; so then they have to release the Trillions of Cash they are sitting on into the Economy, make sense? After all, that was a big part of how they fixed the problem in 1933 for future Generations! In retrospect, even Alan Greenspan finally said he made a mistake. He believes now, that Free Markets should be Regulated. In my original calculations, Alan says now, something like, I forgot to factor-in the Greed Factor...

I feel the key to making this MARCH a success is that we also need people from "all walks of life" to come together and join this Mission: To Remake American into the Financial Giant it once was! Before the Casinos opened!

So everyone, please join us! As far as I'm concerned, this is not just a OWS March, this is a March for all of America & the World! One everyone needs to be a part of; otherwise, it might be impossible to achieve this Huge Task!

Btw, I not an official member of OWS or anything but Meals on Wheels. I just saw an opportunity here with this OWS Forum to hopefully help more people understand how and why we got to this financial mess, and one way to fix it. That's all. God Bless America!

Sincerely,

Howtodoit

Concerned Citizen

Just Twitted this (Dec 7th):

I don't hold it against any Senator Voted for GLB Act. At Time, easy let Guard Down--Now Facts are Conclusive--Let's Forgive/Forget--USA 1st

[-] 1 points by Howtodoit (1232) 2 years ago

"The Women Who Knew" Freshman History Day Schools 2011: http://www.youtube.com/watch?v=be3C_O-Btko

[-] 2 points by aahpat (1407) 2 years ago

Here is a very dense but extremely informative timeline of the financial regulation war in Washington in the 1980' thru Nov. 2008. It names all of the names and spells out all of the evil deeds in detail.

Financial Regulation Timeline November 29th, 2008 by selise (most recent update on 4/5/09)

Note: This is the main page and timeline for a series on the (mostly) legislative history of financial deregulation that has contributed to our current financial and economic crisis. http://www.netrootsmass.net/selise/financial-regulation-timeline/#comment-6974

---

H.R.2451: Glass-Steagall Restoration Act of 2011

Find it here: http://thomas.loc.gov/home/thomas.php

Write to your members in Congress and demand that they co-sponsor this bill. NOW!

Senate: http://www.senate.gov/general/contact_information/senators_cfm.cfm
House: http://www.house.gov/representatives/

[-] 1 points by Howtodoit (1232) 2 years ago

Wow! Perfect! Where did you find this! Thanks for posting here aahpat!

[-] 1 points by aahpat (1407) 2 years ago

I did a search for "Brooksley Born S-900" and it came up.

Its an incredible treatise. Turned my stomach. There are tons of truly bullshit quotes in it by people who are still in power today.

[-] 1 points by Howtodoit (1232) 2 years ago

At today’s (4/10) Financial Crisis Inquiry Commission hearing, Brooksley Born, the former head of the Commodity Futures Trading Commission, declared Alan Greenspan’s tenure at the Federal Reserve an unmitigated failure– to his face! Go Booksley!

More here: http://news.firedoglake.com/2010/04/07/brooksley-born-excoriates-alan-greenspan-you-failed/

[-] 1 points by selise (1) 2 years ago

wow, i'm so glad to know you found some of my old research useful to your work here (was just trying to educate myself and share what i'd learned... little did i know!).

[-] 2 points by aahpat (1407) 2 years ago

It is a tremendous piece of research that should be part of any MBA program. If people don't come to know how the financial collapse happened and who perpetrated it we will not only be doomed to repeat it but the same damned predators will get away with it over and over.

I am looking now for a place to post the link.

I added a link to the H.R. 2451 Reinstate Glass-Steagall bill on your forum thread.

Thanks again.

[-] 1 points by Howtodoit (1232) 2 years ago

In "Lame Duck Session" in Senate on 12/15/00, The Enron Loophole was Born!--Energy Speculator's Dream! FF 6 Hrs 4 min.

http://www.youtube.com/watch?v=RXrGA_VKTcY

[-] 1 points by Howtodoit (1232) 2 years ago

...when we finally get back the our old regulations this year, dinner is on me aahpat! Your work/insights have been so important for OWS and all!

Btw, I not an official member of OWS or anything but Meals on Wheels.

I just saw an opportunity with this OWS Forum to hopefully help more people understand how and why we got to this financial mess. That's all. Cheers to America!

[-] 1 points by aahpat (1407) 2 years ago

I doubt very much that we will ever get Glass-Steagall reinstated or S-900 repealed.

That said, thanks for the sentiment. We all play our small rolls in the endless comedic tragedy of reality.

[-] 1 points by Howtodoit (1232) 2 years ago

I hear you, but let's keep the Dream Alive! As you know, education is the key. For example, if 1/2 country knew the truth and voted for G-S Act, we could finally get it done, right?

[-] 1 points by aahpat (1407) 2 years ago

Absotively!

An informed electorate is the only power superior to the collusion and corruption that the duopoly hold over our electoral process.

[-] 1 points by Howtodoit (1232) 2 years ago

Great job! I plan on studying this thoroughly. thanks again aahpat

[-] 1 points by Howtodoit (1232) 2 years ago

1/27/12 PBS/Bill Moyers & Company: "Byron Dorgan on Making Banks Play by the Rules." http://billmoyers.com/segment/byron-dorgan-on-making-banks-play-by-the-rules/

[-] 1 points by Howtodoit (1232) 2 years ago

Wall Street Journalist news story of Decade: Whoever gets Alan Greenspan, Robert Rubin & Larry Summers to apologize to Brooklsey Born

[-] 1 points by DKAtoday (26217) from Coon Rapids, MN 2 years ago

Take action. See samples of how below.

183,361 signatures so far for Bernie Sanders petition as of 10:15am central time 01/15/2012

http://sanders.enews.senate.gov/mail/util.cfm?mailaction=clickthru&gpiv=2100081904.557411.411&gen=1&mailing_linkid=34578

The petition to save abandoned houses has 15 signatures. We picked one up at around 9:50pm 01/13/2012. Were just rolling right along.

http://www.thepetitionsite.com/1/Savingpeople-savinghomes-payingdowntheNationaldeficit/

Here is a place where you can directly address change. Take part, it does not hurt and may very well heal/help. Forward the cause of reform and rebirth.

http://www.care2.com/go/z/e/Ag8nw/zL2Q/B18Bb

Sierra Club has some good things to take part in as well. Set-up and ready for you to take part in. http://sierraclub.org/

[-] 1 points by Howtodoit (1232) 2 years ago

Roger! Good points.

[-] 1 points by DKAtoday (26217) from Coon Rapids, MN 2 years ago

Just trying to keep ad vocation for action for good causes going.

[-] 1 points by shadz66 (19985) 2 years ago

To dovetail, with your excellent 'forum-post', I also recommend and offer the following links, re. the award winning, documentary film, "INSIDE JOB" :

a) Latest Working Link : http://documentarystorm.com/inside-job/ ,

b) Official Movie Website : http://www.sonyclassics.com/insidejob/ &

c) Free Movie Download : http://www.multiupload.com/7B46GXEHYZ .

'Inside Job' provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China.

fiat lux ...

[-] 1 points by Howtodoit (1232) 2 years ago

thanks and thanks! Keep up the good work!

[-] 1 points by XXAnonymouSXX (455) 2 years ago

This was definately a good watch. Just shows you how corrupt the system continues to be. Obamas financial advisors have been wall st thugs as well. We are so fucked.

[-] 1 points by Howtodoit (1232) 2 years ago

so right...Time for a big change!

[-] 1 points by valfather (286) 2 years ago

A compelling docudrama that makes it all look like everybody but Madoff was basically a good guy. They didn't say anything about executive compensation, severance packages, nor criminal investigations (other than Madoff). Seems like a really dramatic whitewash.

[-] 1 points by valfather (286) 2 years ago

Oct 13, 2008: see Elizabeth Warren's comments regarding the contention that the tax payer got 60 cents on the dollar in the first $250billion transaction. That's a "gift" from you and me of $100,000,000,000 to the largest banks in the US.

[-] 1 points by Howtodoit (1232) 2 years ago

Isn't that crazy. see more here:

With the Bailouts,"Americans were supporting a Casino...not the real Economy..." See 15 min in... http://www.youtube.com/watch?v=f-kExdTgNZA&feature=channel

[-] 1 points by valfather (286) 2 years ago

These WASP economists drove the economy over the cliff, and just one friend of Hillary was crying foul? I'm about 30% into this, and I do see a pattern regarding who they are interviewing.

One thing that hasn't been said so far is that if these institutions get bailed out when they bet the farm and lose, that is not free market.

[-] 1 points by DKAtoday (26217) from Coon Rapids, MN 2 years ago

Here is a place where you can directly address change. Take part, it does not hurt and may very well heal/help. Forward the cause of reform and rebirth.

http://www.care2.com/go/z/e/Ag8nw/zL2Q/B18Bb

[-] 1 points by Howtodoit (1232) 2 years ago

thanks!

[-] 1 points by DKAtoday (26217) from Coon Rapids, MN 2 years ago

No problem. Just trying to make the rounds.

[-] 1 points by Howtodoit (1232) 2 years ago

here's a great 101 on how we got here...start from top.

[-] 1 points by Howtodoit (1232) 2 years ago

Oil hit $100 plus a barrel today, why? Oil Speculators! Even Exxon's CEO says in May/2011 it should be $60-70 per barrel--Close Oil Loopholes Now! http://www.youtube.com/watch?v=LY420_U4U0I

[-] 1 points by enough (589) 2 years ago

Yeah, the Wall Street insiders all threw Brooksley Born under the bus and all of them were rewarded for protecting the interests of the bankstas. Nothing has changed. In fact, things have gotten exponentially worse. Now the bankstas are unindictable and unjailable. Those kinds of indignities are reserved for Main Street Americans and those who exercise their right of self expression. Welcome to the Plutocratic States of America. Americans are not amused. The anger in the streets is palpable.

[-] 1 points by Howtodoit (1232) 2 years ago

Great point, but they are starting to listen, they all have this now:

http://occupywallst.org/forum/howtodoits-proposal-on-how-to-accomplish-the-march/

All of The Hill, plus the Governors, Worldwide TV, Radio...Education will make this happen, why? First, we have to let everyone know what Happened, and still is Happening...

[-] 1 points by Howtodoit (1232) 2 years ago

The Warning Congress overlooked...

[-] 1 points by ZenDogTroll (13032) from South Burlington, VT 2 years ago

I don't you-tube - but from the sound of it one of the first lessons is what I've been saying all along - there are those in government service who are responsible citizens, using their positions and expertise to better our society to the best of their ability.

[-] 1 points by Howtodoit (1232) 2 years ago

popcorn break....movie time...

[-] 1 points by chuck1al (1074) from Flomaton, AL 2 years ago

PART 4

Recently Bush made matters far worse by "rarely vetoing a budget bill and engaging in two unfinanced foreign military adventures." Bush also gave in "on domestic spending cuts, signing into law $420 billion in nondefense appropriations, a 65% percent gain from the $260 billion he had inherited eight years earlier. Republicans thus joined the Democrats in a shameless embrace of a free-lunch fiscal policy." Takes two to tango.

Stage 3. Wall Street's deadly 'vast, unproductive expansion'

Stockman continues pounding away: "The third ominous change in the American economy has been the vast, unproductive expansion of our financial sector." He warns that "Republicans have been oblivious to the grave danger of flooding financial markets with freely printed money and, at the same time, removing traditional restrictions on leverage and speculation." Wrong, not oblivious. Self-interested Republican loyalists like Paulson, Bernanke and Geithner knew exactly what they were doing.

They wanted the economy, markets and the government to be under the absolute control of Wall Street's too-greedy-to-fail banks. They conned Congress and the Fed into bailing out an estimated $23.7 trillion debt. Worse, they have since destroyed meaningful financial reforms. So Wall Street is now back to business as usual blowing another bigger bubble/bust cycle that will culminate in the coming "American Apocalypse."

Stockman refers to Wall Street's surviving banks as "wards of the state." Wrong, the opposite is true. Wall Street now controls Washington, and its "unproductive" trading is "extracting billions from the economy with a lot of pointless speculation in stocks, bonds, commodities and derivatives." Wall Street banks like Goldman were virtually bankrupt, would have never survived without government-guaranteed deposits and "virtually free money from the Fed's discount window to cover their bad bets."

Stage 4. New American Revolution class-warfare coming soon

Finally, thanks to Republican policies that let us "live beyond our means for decades by borrowing heavily from abroad, we have steadily sent jobs and production offshore," while at home "high-value jobs in goods production ... trade, transportation, information technology and the professions shrunk by 12% to 68 million from 77 million." As the apocalypse draws near, Stockman sees a class-rebellion, a new revolution, a war against greed and the wealthy. Soon. The trigger will be the growing gap between economic classes: No wonder "that during the last bubble (from 2002 to 2006) the top 1% of Americans -- paid mainly from the Wall Street casino -- received two-thirds of the gain in national income, while the bottom 90% -- mainly dependent on Main Street's shrinking economy -- got only 12%. This growing wealth gap is not the market's fault. It's the decaying fruit of bad economic policy." Get it? The decaying fruit of the GOP's bad economic policies is destroying our economy.

Warning: this black swan won't be pretty, will shock, soon

His bottom line: "The day of national reckoning has arrived. We will not have a conventional business recovery now, but rather a long hangover of debt liquidation and downsizing ... it's a pity that the modern Republican party offers the American people an irrelevant platform of recycled Keynesianism when the old approach -- balanced budgets, sound money and financial discipline -- is needed more than ever."

Wrong: There are far bigger things to "pity."

First, that most Americans, 300 million, are helpless, will do nothing, sit in the bleachers passively watching this deadly partisan game like it's just another TV reality show.

Second, that, unfortunately, politicians are so deep-in-the-pockets of the Wall Street conspiracy that controls Washington they are helpless and blind.

And third, there's a depressing sense that Stockman will be dismissed as a traitor, his message lost in the 24/7 news cycle ... until the final apocalyptic event, an unpredictable black swan triggers another, bigger global meltdown, followed by a long Great Depression II and a historic class war.

So be prepared, it will hit soon, when you least expect.

[-] 1 points by chuck1al (1074) from Flomaton, AL 2 years ago

PART 3

Stockman's indictment warns that the Republican party's "new policy doctrines have caused four great deformations of the national economy, and modern Republicans have turned a blind eye to each one:"

Stage 1. Nixon irresponsible, dumps gold, U.S starts spending binge

Richard Nixon's gold policies get Stockman's first assault, for defaulting "on American obligations under the 1944 Bretton Woods agreement to balance our accounts with the world." So for the past 40 years, America's been living "beyond our means as a nation" on "borrowed prosperity on an epic scale ... an outcome that Milton Friedman said could never happen when, in 1971, he persuaded President Nixon to unleash on the world paper dollars no longer redeemable in gold or other fixed monetary reserves."

Remember Friedman: "Just let the free market set currency exchange rates, he said, and trade deficits will self-correct." Friedman was wrong by trillions. And unfortunately "once relieved of the discipline of defending a fixed value for their currencies, politicians the world over were free to cheapen their money and disregard their neighbors."

And without discipline America was also encouraging "global monetary chaos as foreign central banks run their own printing presses at ever faster speeds to sop up the tidal wave of dollars coming from the Federal Reserve." Yes, the road to the coming apocalypse began with a Republican president listening to a misguided Nobel economist's advice.

Stockman says "the second unhappy change in the American economy has been the extraordinary growth of our public debt. In 1970 it was just 40% of gross domestic product, or about $425 billion. When it reaches $18 trillion, it will be 40 times greater than in 1970." Who's to blame? Not big-spending Dems, says Stockman, but "from the Republican Party's embrace, about three decades ago, of the insidious doctrine that deficits don't matter if they result from tax cuts."

Back "in 1981, traditional Republicans supported tax cuts," but Stockman makes clear, they had to be "matched by spending cuts, to offset the way inflation was pushing many taxpayers into higher brackets and to spur investment. The Reagan administration's hastily prepared fiscal blueprint, however, was no match for the primordial forces -- the welfare state and the warfare state -- that drive the federal spending machine."

OK, stop a minute. As you absorb Stockman's indictment of how his Republican party has "destroyed the U.S. economy," you're probably asking yourself why anyone should believe a traitor to the Reagan legacy. I believe party affiliation is irrelevant here. This is a crucial subject that must be explored because it further exposes a dangerous historical trend where politics is so partisan it's having huge negative consequences.

Yes, the GOP does have a welfare-warfare state: Stockman says "the neocons were pushing the military budget skyward. And the Republicans on Capitol Hill who were supposed to cut spending, exempted from the knife most of the domestic budget -- entitlements, farm subsidies, education, water projects. But in the end it was a new cadre of ideological tax-cutters who killed the Republicans' fiscal religion."

When Fed chief Paul Volcker "crushed inflation" in the '80s we got a "solid economic rebound." But then "the new tax-cutters not only claimed victory for their supply-side strategy but hooked Republicans for good on the delusion that the economy will outgrow the deficit if plied with enough tax cuts." By 2009, they "reduced federal revenues to 15% of gross domestic product," lowest since the 1940s. Still today they're irrationally demanding an extension of those "unaffordable Bush tax cuts [that] would amount to a bankruptcy filing."

[-] 1 points by chuck1al (1074) from Flomaton, AL 2 years ago

PART 2

Reagan Republican: the GOP should file for bankruptcy

Stockman rushes into the ring swinging like a boxer: "If there were such a thing as Chapter 11 for politicians, the Republican push to extend the unaffordable Bush tax cuts would amount to a bankruptcy filing. The nation's public debt ... will soon reach $18 trillion." It screams "out for austerity and sacrifice." But instead, the GOP insists "that the nation's wealthiest taxpayers be spared even a three-percentage-point rate increase."

In the past 40 years Republican ideology has gone from solid principles to hype and slogans. Stockman says: "Republicans used to believe that prosperity depended upon the regular balancing of accounts -- in government, in international trade, on the ledgers of central banks and in the financial affairs of private households and businesses too."

No more. Today there's a "new catechism" that's "little more than money printing and deficit finance, vulgar Keynesianism robed in the ideological vestments of the prosperous classes" making a mockery of GOP ideals. Worse, it has resulted in "serial financial bubbles and Wall Street depredations that have crippled our economy." Yes, GOP ideals backfired, crippling our economy.

[-] 1 points by chuck1al (1074) from Flomaton, AL 2 years ago

ARROYO GRANDE, Calif. (MarketWatch) -- "How my G.O.P. destroyed the U.S. economy." Yes, that is exactly what David Stockman, President Ronald Reagan's director of the Office of Management and Budget, wrote in a recent New York Times op-ed piece, "Four Deformations of the Apocalypse."

Get it? Not "destroying." The GOP has already "destroyed" the U.S. economy, setting up an "American Apocalypse."

Click to Play Jobs recovery could take years In the wake of Friday's disappointing jobs report, Neal Lipschutz and Phil Izzo discuss new predictions that it could be many years before the nation's unemployment rate reaches pre-recession levels.

Yes, Stockman is equally damning of the Democrats' Keynesian policies. But what this indictment by a party insider -- someone so close to the development of the Reaganomics ideology -- says about America, helps all of us better understand how America's toxic partisan-politics "holy war" is destroying not just the economy and capitalism, but the America dream. And unless this war stops soon, both parties will succeed in their collective death wish.

But why focus on Stockman's message? It's already lost in the 24/7 news cycle. Why? We need some introspection. Ask yourself: How did the great nation of America lose its moral compass and drift so far off course, to where our very survival is threatened?

We've arrived at a historic turning point as a nation that no longer needs outside enemies to destroy us, we are committing suicide. Democracy. Capitalism. The American dream. All dying. Why? Because of the economic decisions of the GOP the past 40 years, says this leading Reagan Republican.

Please listen with an open mind, no matter your party affiliation: This makes for a powerful history lesson, because it exposes how both parties are responsible for destroying the U.S. economy. Listen closely:

[-] 1 points by Howtodoit (1232) 2 years ago

time for a popcorn break...

[-] 1 points by Howtodoit (1232) 2 years ago

time for a break folks, get some popcorn and watch this insightful PBS Doc...it's eye opening...

[-] 1 points by Steve15 (385) 2 years ago

Great post. Too bad the trolls don't know how to read.

[-] 1 points by Howtodoit (1232) 2 years ago

the beginning of our mess...

[-] 1 points by Howtodoit (1232) 2 years ago

got to love Brooksley...

[-] 1 points by Howtodoit (1232) 2 years ago

"...in Washington they say the Financial Sector has 5 lobbyist for every Congressmen." See Part 5 of Film, 2:18 minutes in...good stuff

[-] 1 points by Howtodoit (1232) 2 years ago

Any thoughts on this film about how it all started? An eye-opening documentary film by FRONTLINE.

[-] 1 points by Howtodoit (1232) 2 years ago

any thoughts on this film?

[-] 1 points by Howtodoit (1232) 2 years ago

Hi all, let's give a big around of applause for Brooksley! I plan on making sure see this and that we all appreciate knowing that there is some good people in high places out there! Thanks Brooksley for Sounding the Warning! Please let her know!!!

[-] 1 points by Howtodoit (1232) 2 years ago

Thanks Brooksley Again!

[-] 1 points by clarity (20) 2 years ago

The United States has the highest documented incarceration rate in the world. At year-end 2009 it was 743 adults incarcerated per 100,000 population

Isn't it strange therefore that so many war and financial criminals are not yet imprisoned; a mere "sorry" seems to be sufficient for those who have been and are in power for their grave misdemeanours.

Alan Greenspan's regret would be somewhat credible, if he were able to prove that he did not benefit from these gross errors and return a majority of his wealth to the citizens of the US and expose those who did benefit. He then just might be a"noble soul" http://www.noblesoul.com/orc/bio/greenspan-time.html . Utopian, one might say but given his advanced years, there might still be chance.

Forget the unjust and pay for their freedom, What a judicial system!!!

[-] 1 points by Howtodoit (1232) 2 years ago

For me, Brooksley Born is the kind of expert that the OWS should be reaching-out to for help in Reinstating our old Regulations!

[-] 1 points by TheKing (93) 2 years ago

Rubin, Summers, Greenspan, Geithner protected their rich, liberal bankster friends. They should all be in jail along with Bill Clinton for creating the mess we are in. Shame in them in what they did to Brooksley Born.

[-] 1 points by Howtodoit (1232) 2 years ago

Right on! But they were crafty enough to make it all legal with the help of Phil Gramm! It's so frustrating...We can do one thing, keep this thread alive so all know the great work Brooksley Born did for our Country!~ Cheers to her!

[-] 1 points by TheKing (93) 2 years ago

Mortgage backed derivatives were spurned on mostly by Rubin and Summers. These two criminals are two of obama's best pals.

[-] 1 points by Howtodoit (1232) 2 years ago

and I thought Obama was going to CHANGE things?

[-] 1 points by TheKing (93) 2 years ago

The "Chicago Way" is his plan for change. He wants to turn the entire country into a giant Detroit, another Democrat shit hole.

[-] 1 points by Howtodoit (1232) 2 years ago

I guess most of them are birds of the same feather...Democrat or GOP. We need our own Party! Born for President!

[-] 1 points by Howtodoit (1232) 2 years ago

must see film!

[-] 1 points by number2 (914) 2 years ago

thanks again Howtodoit for all your research and the sharing of it.

[-] 1 points by Howtodoit (1232) 2 years ago

Thanks for that number2--Cheers Partner in this fight to get it right once again!

[-] 1 points by Howtodoit (1232) 2 years ago

They say there is 5 lobbyist for every Congress person!

See Part 3 of the Documentary, fast forward to 2 minutes in...this is troubling...

[-] 1 points by Howtodoit (1232) 2 years ago

Cheers to our OWS troops! Hang in there, we all will get it right, once again, and hopefully soon!

[-] 1 points by Howtodoit (1232) 2 years ago

One of the main reasons for the Banks Bailout was the complicated issues of Derivatives Trading...

What are Derivatives? Professor Michael Greenberger explains in 2009:

http://www.youtube.com/watch?v=f-kExdTgNZA&feature=channel

If you don't have the time to watch to whole C-SPAN show, fast forward to 22 minutes in, right before where a caller from NY asks a great question. The Professor, again, explains it in plain english...also love he's "Wild West" analogy 34 minutes into the interview.

[-] 1 points by Howtodoit (1232) 2 years ago

Bring back thed G-S Act of 1933!

[-] 1 points by Howtodoit (1232) 2 years ago

any thoughts on the short Overview clip? Like does it make you as mad as me? We need some mayor help, like what Congress did in 1933...

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

WTO Protests: Seattle (1/3)

November 30th, 1999 Protest activity surrounding the WTO Ministerial Conference.

http://www.youtube.com/watch?v=7JUZOGkw6tQ&feature=related

[-] 1 points by Howtodoit (1232) 2 years ago

btw, I was there when that happened, not for the WTO protest, client trip...but soon got it...

[-] 1 points by Howtodoit (1232) 2 years ago

yes!

[-] 1 points by Howtodoit (1232) 2 years ago

Brooksley Born for President of 99% PARTY! You can't get much better than that!

[-] 1 points by Howtodoit (1232) 2 years ago

Thanks for your Great Service to our Country Brooksley Born! I wish we all knew about this in 1999! But then, Alan Greenspan was the rock and roll star of Wall Street and WDC!

[-] 1 points by Howtodoit (1232) 2 years ago

Larry Summers, who now works for Obama, in 1999 says "you don't get it Brooksley"...well time has proven that she not only "got it right"-- she was 100% right...as we all know and feel now!

[-] 1 points by powertothepeople (1264) 2 years ago

You can also watch this free if you have Amazon Prime and probably on the PBS website, too.

[-] 1 points by Howtodoit (1232) 2 years ago

thanks for sharing that info powertothepeople! I didn't know that...cheers

[-] 1 points by powertothepeople (1264) 2 years ago

YW! I just watched it this week ; ) good post

[-] 1 points by Howtodoit (1232) 2 years ago

I love her!

[-] 1 points by Howtodoit (1232) 2 years ago

small world. I agree. let's all get on the same page...thanks!

[-] 1 points by Howtodoit (1232) 2 years ago

Everyone please watch these links before we start Marching for Reinstating The Glass-Steagall Act of 1933 and our Old CFTC ACT! Which I feel should be our #1 Goal! One that will hurt Wall Street Brokers the MOST (they can only buy one yacht now) and help American's the MOST!

Let's change our focus to these important causes now!

[-] 1 points by geo2seeit2 (39) 2 years ago

i like, but ive notice? where are the petition drives? they should be listed at the top of this fine network!

[-] 1 points by Howtodoit (1232) 2 years ago

We need to make these people pay for what they did to our CFTC! http://www.cftc.gov/index.htm

[-] 0 points by patriot80 (10) 2 years ago

look at the names...the usual suspects - ZIONISTS