Wall Street crash of 1929 sound familiar? Shannyn Moore at the Anchorage Daily News

[Blue_In_AK]

Shannyn hits another home run. The righties are finding it difficult to argue with her. I love it.


http://www.adn.com/2011/10/22/2133640/wall-street-crash-of-1929-sound.html

The Wall Street crash, Black Tuesday, Oct. 29, 1929.

Bankers jumped, shot themselves, shut their windows and turned on their unlit stoves. They figured they'd be better off dead. Hard to believe the conscience of a banker would be so overwhelmed with guilt. The next four years were a quick descent into the Great Depression.

President Herbert Hoover said, "It is not the function of the government to relieve individuals of their responsibilities to their neighbors, or to relieve private institutions of their responsibilities to the public." Apparently, at the time, he'd say anything to detract from the real source of the problem -- an unregulated and insatiably greedy Wall Street.

He called it "rugged individualism." Sound familiar? Reminds me of the folks who have theirs, were born on third base and thought they hit a triple. They have no concept of what some endure who were born miles from the ball park. We're all "rugged individualists" until our snowmachine breaks down or our skiff flips. Then we're just individuals, hoping someone helps.

Oh, Hoover eventually came around and offered states $300 million for the unemployed. Republican governors of yesteryear said "no thanks" and only accepted 10 percent of the stimulus.

Déjà vu all over again?

<snip>

I'm reminded of the Joni Mitchell lyric, "You don't know what you've got till it's gone." You might accuse me of being the least romantic person in the world to apply it to Glass Steagall.

But I love my country so it makes sense.

Get real. Bring back financial gravity. Bring back Glass Steagall.

Read more: http://www.adn.com/2011/10/22/2133640/wall-street-crash-of-1929-sound.html#ixzz1bdSMeUmq

[teddy51]

1. Perfectly stated, and pretty much exactly a repeat right now. n/t

[Warpy]

2. The financial shenanigans BoA is pulling to keep Merrill Lynch solvent

are going to be the $76 trillion catastrophe that brings it back, IMO.

Let's just hope BoA doesn't take the whole system with it when it goes, beyond making men with derivatives fortunes paupers.

[sarcasmo]

3. We will find out soon with the Trillion dollar derivative mess looming.

[rhett o rick]

4. $53 to $75 Trillion for Bank of America alone. nm

[Cassandra]

5. Guilt?

How about fear of ruination or retribution?

[Blue_In_AK]

6. More likely,

but you did read her explanation that today's criminal bankers float gently down with the aid of their golden parachutes rather than jumping out of windows. That part has changed. And apparently they don't fear much, ruination OR retribution.

[bhikkhu]

7. Banking reform has been passed, in spite of massive wall street lobbying

It wasn't everything that was wanted, but it is a big step. The GOP has promised to reverse it, however, and has so far blocked the implementation of some measures.

http://www.usnews.com/opinion/articles/2011/09/16/three-years-later-gop-keeps-fighting-financial-reform

I think they are hoping to block it long enough to gain the votes needed to reverse it. Perhaps keeping attention on it is better than wishing for some older legislation to be resurrected.