What is your claim to fame, dear worst-reader? Everyone has one, right? Worst-writer’s claim to fame is having lived most of the last twenty years debt free. And if all goes well, I will live the rest of my life debt-free. Seriously. Before this grand achievement I had a loan to finance some fun in the form of an Italian motorcycle. Paid that off in less than three years. Then there were the years where I wasted life paying off college loans. But paid them I did. By the time I was thirty-five I was debt-free. Has that registered yet? Wait. There’s more. My favourite method of payment for this consume-to-survive life is via a credit card. Sound contradictory? Not quite. I pay off my credit cards at the end of every month. I haven’t had a revolving credit card since leaving American’t for other shores, which goes back to 1989. Now. Get this. Even though I applaud the efforts of Elizabeth Warren, I was always against Bill Clinton signing The Financial Services Modernization Act of 1999 in the first place. Which, btw, is what Warren should focus on. That republican/conservative driven legislation is what enabled big banks to consolidate their efforts and subsequently figure out how to finance a country lost in a spiral of debt. And we’re not just talking about credit card debt run-up by people who are clueless to the fact that when they charge a seven dollar cup of coffee and that amount only adds to their revolving account, which they never pay-off, someone, somewhere has to service the debt. Add that up with a population that truly believes it is entitled to credit in order to consume-to-survive… Well, the salad has been made and the salad days are longing. This mess, in my life time, has NEVER been addressed (even though I have addressed it). At the time, around 2000, I was very confused why Clinton did what he did. But since then it’s easy to see that he was a lost soul, not unlike the current Dem prez is a lost-er soul. The simple fact is, American’ts will never get it. We have fallen so far off the edge of reality and logic that there is no return–there is only the imaginary Phoenix that must some day rise from the ashes that is the inevitable crash and burn. Unless, of course, American’ts start politically growing some balls and get rid of all these dumb-ass conservatives that have been selling you/us all this grievance, belonging and sentiment which, according to the politicians elected into office, everyone seems to luv. So keep waving your flag and wearing red, white and blue and voting for these dumb-asses. That said. The reality is this: What banks have been doing other than paying out huge bonuses to useless purveyors of financial derivatives, credit default swaps and all other Wall Street trinkets, is keeping the country going. It’s true. And you should be thankful. Without the post 2007 radical consolidation of all banking assets, both from retail (your worthless deposits) and investment banks, the US economy would collapse in a matter of hours. There is and never was any other way of covering not just Wall Street’s ass but America’s ass than to use ALL retail banking deposits as collateral. The real joke, though, is that American’ts don’t even have enough deposits in banks to cover all the debt. That’s why Warrren’s effort doesn’t matter. The only solution is to pay off the debt and then figure out how the country can finally get back to generating income that has some real value. Good luck, suckers.
- Warren Bill To Bring Back Glass-Steagall – Business Insider
- Elizabeth Warren Introduces 21st Century Glass-Steagall Act | Too Big Has Failed
- The 21st Century Glass Steagall Act | Elizabeth Warren for Senate
- Elizabeth Warren pushes Glass-Steagall revival – Salon.com
- Gramm–Leach–Bliley Act – Wikipedia, the free encyclopedia
- Credit Card Debt Swallows American Households* – Business Insider