Anyone scared about the economic crisis?

[TheMercenary]

Originally Posted by sugarpop

skank of America and shittybank did not pass the test, but the government wants them to raise capital privately instead of giving it to them.

On another note, the banks spent tens of millions of dollars lobbying Congress to NOT pass the bill that would have allowed a bankruptcy judge to order refinancing of someone's home who was in foreclosure. Before any of you have a cow, rich people can save any number of extra homes they have, or yacths, farms can be saved, and many other things. Only if you are so unlucky as to own only one home, which you happen to live in, you do not get that same courtesy. And the bill was just recently voted on again. And it didn't pass. Surprise surprise. Why is it we will protect someone's vacation home or thier yacth, but not someone's primary residence?

Get the story here... In a recent radio address on Radio Chicagoland Senator Richard (Dick) Durbin remarked on power the financial services industry still wields at a time when that industry is theoretically under great scrutiny: "The banks — hard to believe in a time when we're facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place."

The banking lobby won a significant victory in Congress on May 1, 2009 when 12 Democrats joined a united Republican Caucus to vote down an amendment to President Obama's housing bill. At issue was a measure that would have allowed bankruptcy judges to modify mortgages to help homeowners avoid foreclosure.

The House version of the bill, which provides wide housing assistance and consumer protection measures, passed with the amendment, but Speaker Nancy Pelosi recently said she does not expect the measure to be included in the final bill since the Senate voted it down.... (there's more) http://www.pbs.org/moyers/journal/05082009/profile.html

This fucking blows. We need another Pecora Hearing, like they had in the 30s during the Great Depression. It will be the only way we can win against the powerful banks. http://www.pbs.org/moyers/journal/04...anscript1.html

About the stress tests... http://voices.washingtonpost.com/hea...ress.html#more

Moyers is a great commentator but he is Left of Huffington.