Spitzer on the Fed...ever wonder why Spitzer got taken down?

[TM7]

Ever wonder why Eliot Spitzer got taken down back in the Bush regime..!?

"The Federal Reserve — the quasi-autonomous body that controls the US’s money supply — is a “Ponzi scheme” that created “bubble after bubble” in the US economy and needs to be held accountable for its actions, says Eliot Spitzer, the former governor and attorney-general of New York."

http://rawstory.com/08/news/2009/07/25/spitzer-federal-reserve-is-a-ponzi-scheme-an-inside-job/


fyi on the bubble machine......TM7

[chucky52]

His expertise is 20 something call girls.

[Questor]

The fed does have problems associated with it, but it does need to be given a lot of credit for improving the overall stability of our economy. Historically, anyway.

The big problems we have are due to the sub prime issues, and that is traceable mostly to the regulations requiring lenders take on high risk loans. This in combination with the leveraging of dollars from a generally accepted 7 to 1, and increasing that to an insane 30 to 1 (even 50 to 1 in some cases), fueled the bubble. (In other words, when a bank takes in a dollar as a deposit, it can lend that same dollar seven times and still be considered responsible.)

[alsaqr]

Ever wonder why Eliot Spitzer got taken down back in the Bush regime..!?

I do not have to wonder, I know why. 

50 states wanted to regulate predatory lending.  The Bush Bunch claimed that regulation of predatory lending was the role of the federal government and not the states.  The Bushies came down squarely on the side of predatory lending.  The states sued and lost 5-4 in SCOTUS. 

Spitzer blew the whistle on the Bush Bunch with a letter to the Washington post.  The livid Bushies went after Spitzer for soliciting a prostitute.  Yep, with al Queda crossing the Mexican border, they had to go after that prositute and her John.   The charge were dropped prior to Wya leaving office.  You get this kind of trash when you vote for the lesser evil. 

http://www.washingtonpost.com/wp-dyn/content/article/2008/02/13/AR2008021302783.html

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

Let me explain: The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

http://www.rense.com/general81/why.htm

[chucky52]

why would you not vote for the lesser evil? To vote for the greater evil? Or, is that your point, we need better choices?

[alsaqr]

why would you not vote for the lesser evil?

Why vote for any evil? 

Or, is that your point, we need better choices?

Yes, that is my  point.