IN SEARCH OF TRUTH

http://www.frankroche.org/

People may forget that CLINTON was PRESIDENT when unanimous vote in lame duck session passed the bill that made this mess possible.

DURING CLINTON ADM

"In late 2000 Bill Clinton proudly signed legislation granting Permanent Normal Trade Relations (PNTR) with China. In 2000 our merchandise trade deficit with China was $84 billion, by 2004 it reached $162 billion, and by the end of 2007 our merchandise trade deficit with China was $256 billion. China, flush with USD reserves and needing a safe place to park all that cash became a big buyer of 10 yr US treasuries. This went a long way to help keep a cap on long term interest rates, thereby counteracting the efforts by the Fed on the short end of the interest rate curve. Sustained low long term interest rates allowed the housing bubble to continue to inflate reaching historic levels in terms of ownership rates and price appreciation.

And of course the repeal of GLASS STEAGALL ACT

The players were helped along in 1999 by Bill Clinton's repeal of the Glass-Steagall Act which had kept separate activities of commercial banks and investment banks. Again, under Clinton in 2000 the Securities and Exchange Commission (SEC) went along with the banks and investment banks exempting derivatives (CDO's, CDS's) from regulation and oversight. In 2004 the SEC under Bush exempted investment banks (at this time Hank Paulson was CEO of Goldman Sachs) from maintaining reserves to cover loses in derivatives. Which brings us back to Congress, and both the Clinton and Bush administrations and the tremendous failure of oversight. From the time the first seeds of our current financial difficulties were sown years ago to today, Congress and consecutive administrations have had all the oversight power they've wanted. Congress failed in it's oversight role. "

*And guess what.....NEITHER PARTY SAW THIS COMING OR IF THEY DID THE LOBBYISTS BOUGHT THEM OUT!

So when you cast your ballot, and you hear the word "CHANGE" being thrown around, don't get your hopes up. WE will continue to swing from tax cuts seen to help the rich, to redistribution of that wealth.

I don't know what exactly will bring about REAL CHANGE unless the masses take the time to understand what and who got us here, what system or persons or party can make everyone happy?

Only fair system rids us of the lobby groups, and their influence on COngress, a SMALLER GOV that is mandated to keep us safe at home and not be world policeman. A CONGRESS that follows the CONSTITUTION, that protects our rights......and create a FAIR MARKET SYSTEM that allows supply and demand to dictate prices and interest rates.

If the FALL OUT from the current crisis will not open eyes to the REAL ISSUES and the role the FEDERAL RESERVE played in all of this, I dont know what will.

Let's see if they can RE-INFLATE THIS MESS>

Duratek