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#1
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Gold/Silver Soar - Depression Coming?
Things don't look good.
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#2
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Gold/Silver Soar - Depression Coming?
On Sep 17, 2:11*pm, Voltronicus wrote:
Things don't look good. Is this your entry in the understatement of the year contest? |
#3
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Gold/Silver Soar - Depression Coming?
On Sep 17, 6:28*pm, bgg wrote:
On Sep 17, 2:11*pm, Voltronicus wrote: Things don't look good. Is this your entry in the understatement of the year contest? Was that your entry in the asshole of the year contest? |
#4
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Gold/Silver Soar - Depression Coming?
"Voltronicus" wrote in message ... Things don't look good. Hello You can blame the 109th Congress of the 1990's for the problems we now have. Read the information below. The Glass-Steagall Act repeal was lead by a one, Senator Phil Grame. He is now John McCain economic advisor at this time. Unemployment during the Great Depresson ran from 9.0 percent to 25.0 percent. We are only three percentage points from being 9.0 percent unemployment. FROM: http://www.investopedia.com/articles/03/071603.asp In 1933, in the wake of the 1929 stock market crash and during a nationwide commercial bank failure and the Great Depression, two members of Congress put their names on what is known today as the Glass-Steagall Act (GSA). This act separated investment and commercial banking activities. At the time, "improper banking activity", or what was considered overzealous commercial bank involvement in stock market investment, was deemed the main culprit of the financial crash. According to that reasoning, commercial banks took on too much risk with depositors' money. Additional and sometimes non-related explanations for the Great Depression evolved over the years, and many questioned whether the GSA hindered the establishment of financial services firms that can equally compete against each other. We will take a look at why the GSA was established and what led to its final repeal in 1999. Reasons for the Act - Commercial Speculation Commercial banks were accused of being too speculative in the pre-Depression era, not only because they were investing their assets but also because they were buying new issues for resale to the public. Thus, banks became greedy, taking on huge risks in the hope of even bigger rewards. Banking itself became sloppy and objectives became blurred. Unsound loans were issued to companies in which the bank had invested, and clients would be encouraged to invest in those same stocks. Effects of the Act - Creating Barriers Senator Carter Glass, a former Treasury secretary and the founder of the U.S. Federal Reserve System, was the primary force behind the GSA. Henry Bascom Steagall was a House of Representatives member and chairman of the House Banking and Currency Committee. Steagall agreed to support the act with Glass after an amendment was added permitting bank deposit insurance (this was the first time it was allowed). As a collective reaction to one of the worst financial crises at the time, the GSA set up a regulatory firewall between commercial and investment bank activities, both of which were curbed and controlled. Banks were given a year to decide on whether they would specialize in commercial or in investment banking. Only 10% of commercial banks' total income could stem from securities; however, an exception allowed commercial banks to underwrite government-issued bonds. Financial giants at the time such as JP Morgan and Company, which were seen as part of the problem, were directly targeted and forced to cut their services and, hence, a main source of their income. By creating this barrier, the GSA was aiming to prevent the banks' use of deposits in the case of a failed underwriting job. The GSA, however, was considered harsh by most in the financial community, and it was reported that even Glass himself moved to repeal the GSA shortly after it was passed, claiming it was an overreaction to the crisis. ... |
#5
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Gold/Silver Soar - Depression Coming?
On Sep 17, 4:09*pm, Voltronicus wrote:
On Sep 17, 6:28*pm, bgg wrote: On Sep 17, 2:11*pm, Voltronicus wrote: Things don't look good. Is this your entry in the understatement of the year contest? Was that your entry in the asshole of the year contest? Shucks. I was just agreeing with you... |
#6
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Gold/Silver Soar - Depression Coming?
On Sep 17, 8:17*pm, bgg wrote:
On Sep 17, 4:09*pm, Voltronicus wrote: On Sep 17, 6:28*pm, bgg wrote: On Sep 17, 2:11*pm, Voltronicus wrote: Things don't look good. Is this your entry in the understatement of the year contest? Was that your entry in the asshole of the year contest? Shucks. *I was just agreeing with you... Sorry. |
#7
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Gold/Silver Soar - Depression Coming?
On Sep 17, 5:52*pm, Voltronicus wrote:
On Sep 17, 8:17*pm, bgg wrote: On Sep 17, 4:09*pm, Voltronicus wrote: On Sep 17, 6:28*pm, bgg wrote: On Sep 17, 2:11*pm, Voltronicus wrote: Things don't look good. Is this your entry in the understatement of the year contest? Was that your entry in the asshole of the year contest? Shucks. *I was just agreeing with you... Sorry. NP. As it turns out, I was way nicer than the next guy. |
#8
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Gold/Silver Soar - Depression Coming?
"Voltronicus" wrote in message
... Things don't look good. Translation: I, Voltronicus am an imbecile who likes to state the obvious just to hear the fart noises flatulate out of my facehole. |
#9
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Gold/Silver Soar - Depression Coming?
"Voltronicus" wrote in message ... Things don't look good. I'm going to buy stock in a company that sells air freshener. I figure by the time Laurel and Hardy finish unloading wallstreets toxic waste dumps in every taxpayers living room sales of Air Freshener will be booming. That can even be a campaign promise you know: "A can Air Freshener on every shelf." And more promises of vouchers for anyone with chee-drins. |
#10
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Gold/Silver Soar - Depression Coming?
On Sep 18, 7:54*am, "Longnine009"
wrote: "Voltronicus" wrote in message ... Things don't look good. I'm going to buy stock in a company that sells air freshener. I figure by the time Laurel and Hardy finish unloading wallstreets toxic waste dumps in every taxpayers living room sales *of *Air Freshener will *be booming. That can even be a campaign promise you know: "A can Air Freshener on every shelf." * And more promises of vouchers for anyone *with chee-drins. Why not invest in tombstones, they're probably going to be alot of early graves soon. Yeah I know its an ugly comment but alot of people killed them selves back in 1929. Might also try food stocks like General Meals or who ever makes the Ramon noodles. They're will be alot of people buying them types of food if they market gets much worse. |
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