John McCain’s friend Fred Dalton Thompson : enabled S & L crisis of '80s<quoted text>
And when the billionaire says "No", go out and earn it like I did, who will you go bytchin' and moaning to then? Pathetic. Cry somewhere else! LMAO!
Please spread the word....this is not the type of man we want as President.
In 1975, Thompson began his eighteen year engagement as a lobbyist in Washington, D.C., eventually representing clients including Westinghouse, General Electric (the current corporate owner of the NBC Universal-NBC television network), Westinghouse used to own CBS TV and the Tennessee Savings and Loan League
By 1982, Thompson worked the U.S. Congress membership as a lobbyist for passage of the Savings and Loan deregulation legislation desired by the Tennessee Savings and Loan League --- in this case, federal deregulation legislation allowing for additional government support of ailing S&Ls; giving U.S. thrifts the freedom to invest in potentially more profitable, but riskier, ventures; and eliminating interest-rate ceilings on new accounts to increase S&Ls' competitiveness.
Enacted into law during in September 1982, the Senate bill pushed by Thompson was incorporated into the Garn - St Germain Depository Institutions Act of 1982.
The Garn - St Germain Depository Institutions Act of 1982 is widely credited with having laid the groundwork for the U.S. Savings and Loan crisis of the late 1980s
The savings and loans crashes of the 1980s, themselves directly the result of Reagan’s deregulation of the banking industry, is more interesting because of how it reflects the rapacious nature of unbridled capitalism than of Neil Bush himself. Who by the way, is now embroiled in another scam with his latest venture, educational software, Ignite
(turnover $20 million, much of it from educational subsidies obtained in the state of Florida ,where,‘coincidentally’ of course, his bro Jeb Bush, was governor).
Government Bailouts: A U.S. Tradition Dating to Hamilton
SEPTEMBER 20, 2008 / http://tinyurl.com/ygk788s
The bubble pops. Lenders freeze. Depositors lose faith. Panic spreads. And the government steps in because nobody else will.
Today it is Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke putting together the rescue package for a financial system rocked by falling home prices and a wave of defaults on subprime mortgages.
But a short walk through U.S. history demonstrates the point made by Alex J. Pollock of the American Enterprise Institute: "If you would like an empirical law of government behavior, it is that in a panic or threatened financial collapse, governments intervene -- every government, every party, every country, every time."