Fifth anniversary of Lehman Brothers collapse- VIDEO

[SmokingGun]

http://www.youtube.com/watch?v=M3lPyFMrwJc

Thuffering thuccotath! That useless shitbag Bawney Fwank should have been sent to prison, along with his fellow economic illiterate Frank Dodd.

Reinstate the Glass–Steagall Act and get banks to be banks, and out of the housing ponzi scheme that collapsed the economy.

[DEATH ROW JOE]

http://www.youtube.com/watch?v=M3lPyFMrwJc

Thuffering thuccotath! That useless shitbag Bawney Fwank should have been sent to prison, along with his fellow economic illiterate Frank Dodd.

LMFAO @ financially illiterate SmokingGun calling anyone financially illiterate.

Funny how you mindlessly blame the party not in power for the financial crisis.

ONE.MORE.TIME.

The banking regulators were told to stand down by the Bush administration to boost job creation during the jobless recovery from the dot com bubble collapse. They posed for a photo in which they symbolically took a chainsaw and hedge cutters to a stack of banking regulations. As a result, banks were run for the benefit of management rather than shareholders and customers were ripped off. By a combination of overly complex mortgage securitization, corrupt rating agencies giving AAA rating to junk bonds, management was able to make easy money off loans that were not likely to be paid back. That is the sole cause of the housing bubble and financial collapse.

Reinstate the Glass–Steagall Act and get banks to be banks, and out of the housing ponzi scheme that collapsed the economy.

You're throwing around words you don't even understand. Glass-Steagall seperated commercial banking from investment banking. Lehman Bros was an investment bank, not a commercial bank. Repealing Glass-Steagall had nothing to do with the collapse of Lehman. Glass-Steagall was repealed to allow Citibank to merge Traveller's Insurance to form Citigroup. Citibank would have been deemed to big to fail and bailed out so the repeal of that statute is really not that important in this financial crisis. Commercial banks were holding mortgage backed securities prior to the repeal of Glass-Steagall. They issued mortgages, sold them to the GSEs or Wall Street and bought mortgage backed securities. That's how they diversified risk.

So far as your video, Peter Schiff whines that nobody dropped his name when talking about the anniversary of the financial crisis. That's because he always predicts economic collapse, as do all the idiots who subscribe to Austrian school (aka Biblical axiom based economics).

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Peter Schiff 2013 Dollar Collapse and Hyper Inflation
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http://youtu.be/DstbpNWKfRQ

Read this asswipe:

Austrian Economics is Wrong
http://www.hyperinflation-us.com/


Read this too dumb ass:

Right Forecast by Schiff, Wrong Plan? - WSJ.com
January 30, 2009

Peter Schiff predicted a collapse of the U.S. financial system. The bust-up he didn’t foresee was the one that made mincemeat of investors who took his advice in 2008.

Mr. Schiff’s Darien, Conn., broker-dealer firm, Euro Pacific Capital Inc., advised its clients to bet that the dollar would weaken significantly and that foreign stocks would outpace their U.S. peers. Instead, the dollar advanced against most currencies, magnifying the losses from foreign stocks Mr. Schiff steered his investors into.

Investors open accounts at Euro Pacific to take advantage of Mr. Schiff’s investment advice, which generally involves shunning investments in dollars. Individual returns can vary. Some investors may like gold-mining stocks, while others prefer energy-focused stocks.

Most had one thing in common last year: heavy losses. A number of investors said their Euro Pacific portfolios lost 50% or more in 2008, worse than the 38% drop in the Standard & Poor’s 500-stock index last year. People familiar with the firm say that hardly any securities recommended by Euro Pacific brokers gained ground in 2008.

Such losses came as something of a surprise. Mr. Schiff’s prescient call for the collapse of the U.S. housing market and the weakening of the financial system helped him gain fame as an economic guru and savvy investor who promised shelter from the financial storm.

In his 2007 book, “Crash Proof: How to Profit from the Coming Economic Collapse,” he recommends that investors pile into gold, commodities and overseas stocks that spit out steady dividends.