The Rush Limbaugh LIVE Radio Show Thread - Wednesday, April 28, 2010

ahhh .. proof to vote - no, you do not need proof of United States of America citizenship to vote for President of the United States of America. Anyone can vote, register multi- times and vote multi times.

It is against the LAW to ask for identification when you register to vote and when you vote

clinton’s Motor Voter Bill

ohhh just catching up on Rush and this is what he is talking about.......

http://en.wikipedia.org/wiki/National_Voter_Registration_Act_of_1993

Born is insignificant to my main point which is that derivatives are an invention of WS investment banks. They aren’t some sort of reaction to gov’t regulation. They are pure financial innovation, but something that is closer to the world of casinos than the world of business.

Derivatives hardly existed back in the early 1990s and yet during the bubble they topped out at over $600 trillion, more than ten times the entire world GDP. Warren Buffett was correct back when he called them “financial weapons of mass destruction”. Nothing has been done to reign them in. They still trade in opaque Over The Counter trading. If derivatives aren’t forced on to regulated exchanges we can expect more disasters down the road. And just like at present the price will be paid by those who had nothing to do with the problem, while the perpetrators will walk away with immense fortunes.

Good points and I agree, however, if what I have read, Greenspan was working on the derivatives concept before Bush Sr. Also, It just wasn't Al, a few others around the world talked about that a lot back then. It took them a while to implement their plan, however.

I never liked the idea in the beginning when I first heard of them as options we a good enough bet IMHO for Wall Street.

Not enough can be said about the complete elimination of derivatives IMHO.

Not only a weapon of financial destruction, but our most recent GSE sponsored repackaging of CDO's & CDS's w/ no written traceability and their corresponding derivatives, are enough to provoke war when one bank in one country scams another bank in another country.

There's still a whole lot of unwinding remaining w/ regards to the global derivatives Ponzi Scheme.

In the meantime the taxpayer here foots the bill to banking institutions 'too big to fail' that were allowed to combine commercial and 'investment' monies on their books.

“Not only a weapon of financial destruction, but our most recent GSE sponsored repackaging of CDO’s & CDS’s w/ no written traceability and their corresponding derivatives, are enough to provoke war when one bank in one country scams another bank in another country.”

The GSE’s are not the producers of Collateralized Debt Obligations and Credit Default Swaps. These originate with Wall Street. CDOs are often packages of debt that compete with Fannie and Freddie’s offerings. CDSs are a type of insurance, often transformed into a gambling instrument. CDSs and CDOs both need to be regulated, especially CDSs.

Fannie and Freddie performed their function of providing liquidity to the mortgage market for many years without any problem. They could have continued to do so if their rivals hadn’t figured out how to dominate the market with high-risk non-conforming paper. This latter paper is the toxic paper that helped grow the bubble and then explode it.

“I never liked the idea in the beginning when I first heard of them as options we a good enough bet IMHO for Wall Street.”

Options trade on regulated exchanges. OTC derivatives are entirely unregulated. Wall Street will trade anything they can unless they are forced to do otherwise by laws that are enforced.

“In the meantime the taxpayer here foots the bill to banking institutions ‘too big to fail’ that were allowed to combine commercial and ‘investment’ monies on their books.”

The combination of investment banks with commercial banks is the result of scrapping Glass Steagall. Banks need to be limited to a size that allows them to fail without bringing down the rest of the economy, otherwise the taxpayer is held hostage.

” Greenspan was working on the derivatives concept before Bush Sr. Also, It just wasn’t Al, a few others around the world talked about that a lot back then. It took them a while to implement their plan, however.”

I don’t think Greenspan played any role in the development of derivatives. This was done by ‘quants’ within the investment banking world. Greenspan was ideologically a believer that ‘markets will regulate themselves’. He has since admitted that maybe he was mistaken.

It’s probably because some conservatives, as opposed to Republican Party dead enders, like to entertain themselves by illustrating how the imposter in chief and the first illegal alien President resemble each other. With any luck we won’t soon get another squishy “compassionate” phony masquerading as a conservative, not that anyone with an IQ above room temperature should have been fooled.

But as a parting gift I’ll leave you with this quiz: who called Islam “a religion of peace” despite a thousand years of evidence to the contrary? Who was the first President to observe Islamic holidays in the White House? Who used the phrase “family values don’t stop at the Rio Grande” as an excuse for not defending the border? Who justified the hardships inflicted on low wage American workers by claiming that “there are jobs Americans won’t do”? Correct answers to all the above questions will win you a framed copy of the American Dream Downpayment Initiative, a remarkably foolish big government program that provided “free” downpayments to select minority homebuyers. Want to guess whose brainchild that gem was?

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