The video below is from The TBWS Daily Show and was recommended by Drake. It’s definitely worth watching if you want to know why our financial system is currently in such bad shape. The two guys in the video cram a lot of info into a short video, but it gives the historical basis for what is currently happening. If you don’t watch the whole video, YOU HAVE TO SEE THE LAST COUPLE OF MINUTES!
The only disagreement I have with the video are the comments that “we forgot our history” and forgot about the crash of 1929, when U.S. banks, due to their heavy involvement as investment companies dealing in securities, stock and bonds, destroyed the economy and took down the entire U.S. banking system for 4 days.
I disagree simply because “we” didn’t forget anything. The Glass-Steagall Act was enacted by congress AFTER the 1929 crash to prevent banks from acting as financial casinos gambling with OUR money. Glass-Steagall was abandoned by President Clinton in 1999, and it was done on purpose for the benefit of the banks. Nobody”forgot” anything. The banking industry just wanted to make a ginormous amount of money and Glass-Steagall was stopping them. The financial disasters that have since taken place were pretty much guaranteed to happen. And guess who gets to pick up the tab for Wall Street’s undeniable greed? –Dennis
Click the post title above to watch today’s video about the libor bank scandal! Catch all your real estate news and mortgage news with Frank Garay and Brian Stevens here at www.TBWSDailyShow.com!