Here's a question for the members of the Occupy Movement who keep demanding MORE fed regulations on the investment businesses, and that "Glass-Steagle" be re-applied to banks...

Glass-Steagle would not have stopped the housing bubble. The housing bubble, and all the dominoes that fell with it, was caused by political programs pushing banks to give loans to people who couldn't afford it, by artificially LOW fed interest rates, by the existence of Fannie Mae and Freddie Mac, which were CREATED to increase mortgage loans and BUY UP bundled mortgage securities, and by policies like the Reno Justice Department's work to force banks to hand out risky loans before those banks would be allowed to merge.

After the Enron collapse, the federal gubment created another unconstitutional regulation forbidding investment firms from doing their accounting in-house... Did that stop the financial collapse that began in 2008 and continues today? Nope. Did it reveal all the unbalanced books? Nope. Did it cost firms MILLIONS to change the way they did their accounting? Yep. So the federal regs didn't stop it, and, in fact, POLITICIANS AND PEOPLE LIKE BEN BERNANKE ARGUED that to let the public know which banks were in trouble would cause a "PANIC".

As you read this article, ask yourself, our "occupy" friend... Why in the world do you think you can trust the US politicians to keep an eye on this system?

They are the ones who corrupted it and prevent a truly free market from being open to consumer scrutiny!

http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to...

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