The word came down from Timothy Geithner in 1987, the law that had protected Americans from banks speculating with their money violated a new trade agreement we were pushing and had to go.
That turned out to have been a huge mistake. Maybe it was intentional, a control fraud. Thats quite possible.
The Glass Steagall Act had to be “reformed” because of GATS, thats what led to the 2008 financial disaster.
But also insiders, particularly financial insititutions were trying to sell as many subprime mortgages as they could, knowing the system was rigged so that money to make good on all those defaulted loans would come from the American taxpayers.
We cant use credit as a substitute for rising incomes, but because of the free movement of capital, yields are under extreme pressure to be high or money goes elsewhere. So what that means is that US companies and soon the government are shedding jobs like crazy, replacing domestic workers and subcontractors. This means that another crash is inevitable as millions of people lose their jobs, they’ll probably be priced out of the job market by their debts and expectations, and will never be able to work again. Instead those jobs will go to whomever can work - silled jobs for the lowest bids, firms likely from the developing world, places like Africa. Thats the plan anyway.
Sure they will listen but they dont have any intention - or ability to change. They would be nuts to lend in this environment because people are going to lose lots of jobs. People would be wise to pay off their mortgages as quickly as possible and dont take out loans, avoid credit because thats how they enslave people, and this time we probably will see a return to enslavement. because people will have huge debts and they are going to want that money back.
Whatever you do, avoid financial inclusion scams. That saying about Greeks bearing gifts never applies like it does now. We are run by the best thieves in the world. Whatever it is they propose, you can put money on it being a scam. They really want to get rid of Medicare and Social Security, both of which are on thin ice in the GATS.
YES, they have rigged the system but nobody is telling us why or how. Because they did it in Geneva and they basicallty created a new government that controls averything of economic interest.
A new government where we the people do not exist.
They did it for profit, its not personal, also they treat all poor people like that now. All around the world. Black people in the US have always been treated like that but for white people its new. However, if you look into it its core is about money, the wealthy have rigged the system to make themselves rich, to do that they are using trade agreements that destroy democracy.
Public Citizen published a great many PDFs during the financial crisis which are worth reading.
Sad, sad , sad, how so many Americans are treated----but since the banks got away with it before in 2008----I suppose that this will now be accepted practice.against all races :
Everyone hoped that the first black president would be a game changer----nope.
Ultimately the only hope for us is to embrace socialism and outlaw capitalism.
Bring back the usury laws capped at 25% APR. The banks should be limited to charging maximum 5% more than their own borrowing rate for their best customers.then the others would be between about 8 – 25%…