Because they own it. So, they are the one that make the decisions. You do not need to lobby your selves.
Yeah, the Federal Reserve Bank of United States is a private entity, and the shareholders are the private banks. They even receive profit (6 percent). Your hear right. The power to decide the interest rates and the money supply in the US is taken by the baking corporations, not by a federal agency.
They call it "cuasi-federal", bullshit. It was created long time ago, in 1913, not by elected politicians, not by independent policymakers, but by a bunch of powerful bankers. The law that created it was conceived in a way that assures that the power to control money stays always in their hands.
Why did the Fed acted in such a irrational way as it did during the Great Depression? Because the people behind it want it a financial crisis to expand the power of the biggest banks such a JP Morgan and others. ¿Why did the Fed abandon the gold standard? Invest taxpayers money to save Bear Stearns, who was a bad financial citizen for a long time in which noboday says nothing, sell it at sale price to JP Morgan, and they tell the people that works in their interesting. Something is missing here..... ¿Want to learn more? Check the documentary: ZEITGEIST EPISODE 3: DON'T MIND THE MEN BEHIND THE CURTAIN in Freedocumentaries.org.
Mostrando entradas con la etiqueta Banking lobby. Mostrar todas las entradas
Mostrando entradas con la etiqueta Banking lobby. Mostrar todas las entradas
miércoles, 2 de abril de 2008
domingo, 30 de marzo de 2008
Politico.com: McCain ties with Banking Lobby
Not only that his campaign staff include former lobbyist from the aeronautical world, now we know that one of the most important persons of Mr. McCain´s campaign team is a former lobbyist that advocated against legislation that could have prevented the current financial crisis.
Politico.com has released an interesting note ("McCain guru linked to subprime crisis") about McCain´s friend and his ties with Banking Lobby:
The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era
banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.
“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech. “But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”
Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.
A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.
Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and Treasury Department about banking and mortgage issues in 2005 and 2006.
During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.
For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more then $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs..... (See more)
Politico.com has released an interesting note ("McCain guru linked to subprime crisis") about McCain´s friend and his ties with Banking Lobby:
The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era
banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.“A regulatory structure set up for banks in the 1930s needed to change because the nature of business had changed,” the Illinois senator running for president said in a New York economic speech. “But by the time [it] was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework.”
Gramm’s role in the swift and dramatic recent restructuring of the nation’s investment houses and practices didn’t stop there.
A year after the Gramm-Leach-Bliley Act repealed the old regulations, Swiss Bank UBS gobbled up brokerage house Paine Weber. Two years later, Gramm settled in as a vice chairman of UBS’s new investment banking arm.
Later, he became a major player in its government affairs operation. According to federal lobbying disclosure records, Gramm lobbied Congress, the Federal Reserve and Treasury Department about banking and mortgage issues in 2005 and 2006.
During those years, the mortgage industry pressed Congress to roll back strong state rules that sought to stem the rise of predatory tactics used by lenders and brokers to place homeowners in high-cost mortgages.
For his work, Gramm and two other lobbyists collected $750,000 in fees from UBS’s American subsidiary. In the past year, UBS has written down more then $18 billion in exposure to subprime loans and other risky securities and is considering cutting as many as 8,000 jobs..... (See more)
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