Open balance sheet? How can an entity that is 9 billion dollars in debt have any open space left on the balance sheet?

Seperate sets of books. Embezzelers have been using that tactic as long as there has been bean counters.

I would tell you what i think...

but i'm very confused as to whats going on. Its like someone telling me how the stock market works, i just sort of zone out lol

It takes a little motivation to get through it, some of the info is very dry. The kind of reading that makes your eyes hurt and brain freeze, but once you understand the principles of sound money vs. fiat currency the rest sort of falls into place.

This and Iraq will be Dubya's legacy, but of course it's not all his fault... He actually tried to get some regulatory control over Fannie and Freddie around 2003, but the Democrats blocked it. They wanted to extend "the American Dream" to many who it turns out couldn't afford it.

i5t's what democrats do best.

here they are on the move in the left direction...

http://www.youtube.com/watch?v=XivNwQ76mCs&feature=related

What is the Gramm-Leach-Bliley act and how is it effecting this mess?

http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act



http://banking.senate.gov/conf/

this one offers a better explanation of it.

Provides for a study of the use of subordinated debt to protect the financial system and deposit funds from "too big to fail" institutions and a study on the effect of financial modernization on the accessibility of small business and farm loans.

this summary statement was made of the Act in 1999.

prophetic, huh?

almost like failure was inevitably foreseen, huh?

or planned?

The "Gramm" is Phil Gramm, McCain's primary economic advisor till they canned him for his "Americans are a nation of whiners" comments. It repealed Depression era safeguards and greatly contributed to the current meltdown.

So then this is McCain's pomfe you would say...

Eek so much misinformation...

Barack Obama Advisers Who Lobbied For The Gramm-Leach-Bliley Act:

· Senator Joe Biden (D-DE) -- Barack Obama's Running Mate

· Robert Rubin -- Obama Economic Adviser Who Met With Obama Today

· Larry Summers -- Obama Economic Adviser Who Met With Obama Today

· Gene Sperling -- Obama Economic Adviser Who Met With Obama Today

· Former Rep. Jim Leach (R-IA) -- Leads "Republicans For Obama" And Spoke At The Democrat National Convention

· Former President Bill Clinton -- Signed The Bill And Whose Support Barack Obama Has Constantly Sought

Methinks you should check some facts.

Yep. Plenty of blame to go around, but Gramm has been leading the Republican deregulation charge for years and is McCain's primary economic advisor. Well, now that McCain's suddenly for Wall Street regulation, maybe Gramm's under the bus with Carly Fiorina.

oops

clintonomics betrayed.

they love to have it both ways.

they tear themselves apart stepping over each other for drastic and frenetic grabs at power.

the looney left is amazingly like hollywood.

hey, they are in bed together too.

imagine that?





casual open and friendly. eh?

Oh, and speaking of facts, Biden voted against it.

http://www.govtrack.us/congress/vote.xpd?vote=s1999-105

so, let me get this right.

before smiling Joe was against it, he was for it?

got it.

I see no proof Biden lobbied for a bill he voted against, but it makes perfect sense, right?

shall we put some more light on it... How shortsighted our Politicians really are...

· Then-Treasury Secretary Summers Called Gramm-Leach-Bliley "Historic Legislation" That Is "A Major Step Forward Towards The 21st Century." SUMMERS: "Let me welcome you all here today for the signing of this historic legislation. With this bill, the American financial system takes a major step forward towards the 21st century, one that will benefit American consumers, business, and the national economy for many years to come. This is the culmination of years of effort by many, many people, reflects the work of presidents, Treasury officials, members of Congress, those in the private sector, from both parties, and dedicated professionals, both inside and outside the government. With their help, I believe we have all found the right framework for America 's future financial system." (Remarks, Washington , D.C. , 11/12/99)

This was signed into law by the President of the time... You guessed it... Clinton.

Thank you sir from the bottom of my heart for jacking up your buddies retirement funds at my expense.

and bush inherited it.

yup.

libtards love to lie cheat and steal their way into the ignorant voters' hearts and breaking it while blaming their successors that booted them out before they could do even worse damage.

round and round it goes, cleaning up after the libtard haters.


just imagine the mayhem, havoc and horror of a nobama administration.




no thanks.

we aren't done cleaning up after BILLS R US yet.

why does it always fall to conservatives to clean up after the red diaper doper babies?

it's a preschool out there.


It used to be that only those that had something to lose would have the privilege of voting for the leaders of this country.

oh, and they were the first to pick up their guns and defend this country, while those that were clueless sat back and marvelled.


democracy my a$$!!!!!!!!!!!!!!!!


this is a federal republic, the last time I checked the constitution.

Wonder why these are the biggest words on the paper.

WE THE PEOPLE.

well, "all men are created equal".

Itmade the ationa conscience wrestle with voting rights for minorities and women.

but, that doesn't matter.


blue eyes are just pure evil on conservatives.



oh well, we still got this.