Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.

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Re: Bailout puts the class war back in business with a vengeance; gamblers take advantage of speculating investment banks merged with commercial savings and deposits banks & the consequences of the defeat of the Glass-Steagall act.

Group: alt.philosophy · Group Profile
Author: Rod Speed
Date: Sep 17, 2008 15:31

Immortalist yahoo.com> wrote:

> http://www.democracynow.org/2008/9/17/us_seizes_control_of_aig_with
> http://www.democracynow.org/2008/9/17
> http://en.wikipedia.org/wiki/Glass-Steagall_Act
>
> ...NOMI PRINS: The bailout of AIG is an example of the government
> having to step in and clean up a mess. It is not so much that subprime
> mortgages fell and that caused some losses to AIG. AIG was acting not
> simply as an insurance company; it was acting as a speculative
> investment bank/hedge fund, as was Bear Stearns, as was Lehman
> Brothers, as is what will become Bank of America/Merrill Lynch. So you
> have a situation where it

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