* Finding a way to mop out truants who try finding shortcuts in the finacial service industries.
* Leaving on credit as plunged us into recession(Meltdown).

In Nigeria things we had experiece is not because it was meant to happen, but it was due to our overdependance on OIL SALES. Hence, i would say let us practice governance the way it should be and effective focus on diversification. LETS ALL GIVE A DAME ABOUT OUR COUNTRIES.

Unfortunately, trying to get Congress to pass this type of legislation, is like finding a publisher who will publish an expose' on the publishing industry.

But you have to dig much deeper into US Megalomania, US Arrogance, US incombrehensible GREED,US asocial behavior.
You have to dig into your blunted definitions of personal succes,which means the readyness of walking over all others dead bodies.

I am not a young left-teenager. I am a 65 year old lawyer who has changed from admiring USA into a feeling of disgust.

Beginning late 2005 the hype over new homes and extreme oversupply devastated the existing real estate market. The extreme negative equity situation prevented re-financing and sale of existing homes.

Much misinformation has been propagated regarding "sub prime". Many claim low down payments are a large part of the problem. Since the 1940's, millions of zero down VA loans were created each year with no negative consequence. Areas with extremely high default rates have loans which are mostly based on documented (w-2) income. Individuals who mismanage their finances are always likely to default.

To make matters worse, we bailed out the failed banks (BofA, Citi, GS, etc) and now we are the ward of huge zombies. Under these conditions (along with an artificially inflated housing market and artificially low interest rates) our economy will remain fundamentally unsound. We should have just let them fail. That's how the free market works. Yes it would have been more painful at the time but today we'd be much healthier. No big banks – problem solved.

The solution is to let the free market function, and most of all, End the Bailouts!

http://decouple.org

Contrary to popular belief, banks definately did not welcome the Community Reinvestment Act. As a bank officer in Chicago, I can tell you that there was considerable pressure from regulators and community organizers to make bad loans. If the author was forced to take risky loans what would he do? Be altruistic and swallow the loss? I think not.

Wow!! Are we at the embryonic stage of the formation of the critical mass which when gathered will result in the dog wagging the tail in lieu of vice versa: Clearly, as it currently stands, if we think make, mine, grow and provide productive services, the financial "industry" is to the real economy as is the tail wagging the dog.

The financial "industry" extracts far in excess of its productive contribution to the productivity gains of the real economy. Indeed, banking system or casino? ——- It has been proffered that, "By December 2007, an estimated $681 trillion were riding on complex, high-risk bets known as derivatives." That's more than 10 times the GDP of the world!

Then, I read this sentence, "It all started with the Community Reinvestment Act of 1977 (CRA)." So, while I concur with the article's caption and, indeed, the article in general, I think one must go back at least as far as the Federal Reserve Act of 1913 and the Sixteenth Amendment which was introduced to Congress as a package deal along with it. This was the opening step to the introduction of the Federal income tax (Fit). The specific purpose of the Fit was to have taxpayers pay the interest due to the banks on the federal debt.

The point(s) here is/are that the Fed is a private corporation owned by large private banks. The bulk of the money supply is created by private banks making loans with "new" money (not money from pre-existing deposits). In other words, it is money created out of thin air and is "concretized" by accounting entries. Note: the banks/Fed do not explicitly create/print the money required to pay the interest on the loans. Indeed, this money is "provided" by other loans —— a veritable pyramid scheme. The fractional reserve banking system has a multiplicative effect on the extent of the increase in the money supply resulting from loans. In deference now to being succinct, the Fed, if it is to be, should be a federal agency.

Further, whatever the government quantitatively, qualitatively it should be the entity printing the legal tender ——- debt free money to jump start real economic activity. Hence no inflation, particularly if the economy —- the real economy —– is in the doldrums. This is distinct from the situation where huge debts are owed to the essentially predator/parasite banks and inflation occurs because the currency is devalued to produce the dollars (no real economic activity involved here) —— come what may, the banks must prosper. Let others eat cake and choke on it.

The rich and powerful have fully implemented the Golden Rule; i.e., he who has the gold makes the rules. I have just learned that our United States current situation of unequal economic opportunity (whereby our middle class has finally been reduced to total apparent ineffectiveness) is no different than the rest of our real world. Bush Sr's referral to Middle America/working class Americans as the "Tyranny of the Masses" in 1991 (or 1992) accurately predicted the eradication of our middle class that we experience today not only in America, but around the world. In 1999 a United Nations Development Program study showed that the world's two hundred richest people had a combined wealth of over $1 trillion, equal to the combined annual income of 41 percent of the world's people (2.5 billion)….the globe's three richest people had assets that exceeded the combined GNP of all of the least developed countries put together. Global inequality has only increased. In the year 2001 85% of the world's population earned 20% of gross world income, and 15% of the rich nations' people made 80% of the gross world income, and the top 1% of the world had the same combined income as the bottom 57%. I see only one possible solution to our own national problem and that is to completely do away with all lobbying in Washington DC as it now exists because our current situation is government of the people by the lobbyists for the rich and powerful. I respectfully submit that nothing will change until we rid ourselves of the current system whereby the powerful few control our elected representatives in Washington DC.

Why is it that NO ONE appearing on television in the U.S. is willing to address the fact that we no longer have a Democracy in our American land of the free and brave? What we do have is government of the people by the lobbyists for the rich and powerful. I believe that there is no way to change our current national situation until we establish an all encompassing statutory law that absolutely forbids any monetary amount or any thing of any value that can be accepted by any elected individual or civil servant (national, state, county or city in the U.S.). That includes money heretofore contributed to election campaigns; for example, by way of very expensive television ads that tell people how to vote. I know some people will argue about the high expense of television air time when it comes to making available TV prime time to all candidates. This is not a problem since we already have a national Public Broadcasting System that would be only too happy to accommodate people running for office and would do it to cover only their actual costs. A small extra charge at federal tax time to be paid by everyone would easily cover the costs. No more TV ads on commercial TV telling people how they should vote. Individuals, Corporations, Small Businesses, Registered Organizations, etc. would still be able to lobby our elected individuals however no one would be permitted to contribute or offer ANYTHING in pursuit of their goals. When this becomes a reality, and only then, will we have government of the people by the people and for the people.

The foregoing needs to be addressed as soon as possible and therefore should be included in President Obama’s address on Wednesday, January 27, 2010.

Ray

But now that the whole bubble that benefited everyone collapsed Gilani and all the other populists want to make this narrative really simple: It's all Wall Street! Give me a break. Wall Street didn't keep interest rates at zero. Wall ST didn't regulate itself. Wall ST didn't regulate Fannie and Freddie and the Insurance Companies. Wall ST didn't make Joe Blow buy a new house he couldn't afford. That's not to say that Wall ST had nothing to do with it-but guys, grow up and get real!

Here's the text:

Revocation
E.O. 11110 was never reversed by President Lyndon B. Johnson and remained on the books until President Ronald Reagan issued Executive Order 12608 on 9 September 1987 as part of a general clean-up of executive orders. E.O. 12608 specifically revoked the sections added by E.O. 11110 which effectively revoked the entire Order. By this time, however, the remaining legislative authority behind E.O. 11110 had been repealed by Congress when Pub.L. 97-258 was passed in 1982.[1]

In March 1964, Secretary of the Treasury C. Douglas Dillon halted redemption of silver certificates for silver dollars. In the 1970s, large numbers of the remaining silver dollars in the mint vaults were sold to the collecting public for collector value. All redemption in silver ceased on June 24, 1968.

Again, I think the bottom lines are freedom, people and nature!!!

As an individual invester/trader, everybody need to follow discipline, cut fear and stop greedy, all the time…could you or i change the market bumpimg?

In fact, the CRA was an unworkable boondoggle from the beginning, designed ultimately to transfer wealth from banks and their depositers to its creators, the politicians. And that is exactly what it does.

Gilani's piece merely trumpets the Obama party line, trashing banks and bankers while protecting politicians. That line can also be found in the writings of Marx and Engels–with the names changed to protect the guilty.