Okay this is my last Spot light of the night.
October 28, 2008What can I tell you, there are millions of people that need to be heard and each have a story that can really help out some of the confused. Trust me this author is so smart it’s scary. You know what? We live in a time that BS is just not cutting it and we need a little truth. You can get to his site from here. His site is totally awesome, especially to us that do not have economic backgrounds.
Why Wall Street Crashed! What YOU NEED to KNOW!
Credit Defaut Swaps‘ <<<<Watch the Video
Watch the video first and when you are through you will want to know more about the “Commodity Futures Modernization Act of 2000″ and here are your answers.
The “Commodity Futures Modernization Act of 2000″
(H.R. 5660) was introduced in the House on Dec. 14, 2000 by Rep. Thomas W. Ewing (R-IL) and cosponsored by Rep. Thomas J. Bliley, Jr. (R-VA) Rep. Larry Combest (R-TX) Rep. John J. LaFalce (D-NY) Rep. Jim Leach (R-IA) and never debated in the House.[2]
The companion bill (S.3283) was introduced in the Senate on Dec. 15th, 2000 (The last day before Christmas holiday) by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen.Phil Gramm (R-TX) Sen. Chuck Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD) and never debated in the Senate.
Given the above-stated chronology, it would appear that the House and Senate versions of the bill were introduced just prior to the Christmas holiday in December of 2000, following George W Bush’s (first) election (in November of 2000), while then-President Clinton was serving out his final days as President. The bill was never debated by the House or Senate. The bill by-passed the substantive policy committees in both the House and the Senate so that there were neither hearings nor opportunities for recorded committee votes. In substance, it appears that the leadership of the Republican-controlled Senate and House incorporated the deregulation of credit default swaps into an omnibus budget bill (without hearings or recorded votes)at a time when the outgoing president was in no position to veto anything. The following article suggests that Bill Clinton and Alan Greenspan endorsed this law The Bet That Blew Up Wall Street though Clinton’s position in 2000 is only suggested, not confirmed or made clear in the report.
The Republican leadership of the House incorporated“The Commodity Futures Modernization Act of 2000(H.R. 5660)” by reference, as Section 1(a)(7), in a long and complex conference report to the 11,000 page long “2000 omnibus budget bill” formally known as “The Consolidated Appropriations Act for FY2001(Labor, Health and Human Services, and Education Appropriations Bill) (H.R. 4577).”157 Democrats and 133 Republicans voted for the appropriations bill. 51 Republicans and 9 Democrats opposed the appropriations bill vote results in the house. The Senate version passed by “Unanimous Consent.” President Clinton signed it into Public Law (106-554) on December 21, 2000.
I am not an economist or can answer the hard questions, but my friend here does go deep and make it simply to help us understand what is going on.
Enough said.
Can you tell me who did your layout? I’ve been looking for one kind of like yours. Thank you.
Would you be interested in exchanging blogrolls links with my site? Please email me if you are interested
Hello.
I would like to put a link to your site on my blog roll if you want to do the same for mine. It would be a good way to build up both of our readerships.
thank you.
Nice site. Theres some good information on here. Ill be checking back regularly.
Chamayo, I wish I could boast an economic background but I cannot. Thank you for your kind words though, I read I listen and hopefully I learn. I think that it is so important that people vote on the issues that are going to affect our futures. Too much time is being spent on things that have no relevance, and no place in a Presidential Election.