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What Are Commodity Futures? - SmarterWithMoney
 
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Commodity futures are buy/sell contracts of commodities fixed at today's price, but realized on a future date.
Views: 14475 Religare
Did Deregulation Cause the Financial Crisis?
 
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In order to distract attention from government housing policy and the Federal Reserve, left-liberals claim the financial crisis was brought on by the Gramm-Leach-Bliley Act (the partial repeal of Glass-Steagall) and the Commodity Futures Modernization Act. In this episode we'll see if there's anything to this. Subscribe to the Tom Woods Show: https://itunes.apple.com/us/podcast/t... http://www.TomWoods.com/638 http://www.RonPaulHomeschool.com http://www.TomWoodsHomeschool.com http://www.LibertyClassroom.com
Views: 4394 TomWoodsTV
Clinton's Derivatives, Yeah
 
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Edited Extracts of Bill Clinton, Lawrence H. Summers, Robert Rubin explanations on derivatives during the Clinton administration. Former President Bill Clinton says he was wrong to take the advice of his treasury secretaries, Robert Rubin and Larry Summers -- "[...] on derivatives, yeah I think they were wrong and I think I was wrong to take it (to accept their advice)...". The former Federal Reserve chairman, Alan Greenspan, has conceded that the global financial crisis has exposed a "mistake" in the free market ideology which guided his 18-year stewardship of US monetary policy. Related Articles: Clinton Says Rubin, Summers Gave 'Wrong' Derivatives Advice By Joshua Zumbrun - Apr 19, 2010 http://www.bloomberg.com/news/2010-04-18/clinton-says-rubin-summers-gave-him-wrong-advice-on-derivatives-rules.html Bill Clinton's $80 Million Payday, or Why Politicians Don't Care That Much About Reelection by Matt Stoller - Tuesday, May 22, 2012 http://www.nakedcapitalism.com/2012/05/its-not-about-reelection-bill-clintons-80-million-payday.html Obama's top economic adviser leaving By Lori Montgomery - September 22, 2010 http://www.washingtonpost.com/wp-dyn/content/article/2010/09/21/AR2010092106077.html Google The Web: Commodity Futures Modernization Act (CFMA) U.S. Securities and Exchange Commission (SEC) Please note that obviously I do not own the copyright nor do I have a license to distribute; such material is used to provide understanding for issues concerning us all.
Views: 832 Alberto Veronese
The Most Disingenuous Attack On Bernie Yet...
 
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Hillary Clinton isn’t telling a true story about Bernie Sanders and his vote for the Commodity Futures Modernization Act, or CFMA. As Robert Scheer has pointed over at TruthDig, then-Congressman Sanders voted for the CMFA not because he wanted to, but because he had to. The CMFA had been shoved into an omnibus spending bill at the last minute as part of a deal between Republicans and President Bill Clinton, and because this was a time when, you know, Congress actually did its job, Sanders bit the bullet and voted for the whole package -- CFMA included -- to make sure the government got the money it needed to keep running. For more information on the stories we've covered visit our websites at thomhartmann.com - freespeech.org - and RT.com. You can also watch tonight's show on Hulu - at Hulu.com/THE BIG PICTURE and over at The Big Picture YouTube page. And - be sure to check us out on Facebook and Twitter!
Views: 76099 The Big Picture RT
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000
Views: 240 reveation12psalm83
Alan Greenspan: Commodities Futures Trading Jurisdiction - SEC, CFTC (1990)
 
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The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates futures and option markets. The Commodities Exchange Act ("CEA"), 7 U.S.C. § 1 et seq., prohibits fraudulent conduct in the trading of futures contracts. The stated mission of the CFTC is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets. After the Financial crisis of 2007–08 and since 2010 with the Dodd–Frank Wall Street Reform and Consumer Protection Act, CFTC has been transitioning to bring more transparency and stricter regulation to the multitrillion dollar swaps market. Futures contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under Federal regulation since the 1920s.[5] The Grain Futures Act of 1922 set the basic authority and was changed by the Commodity Exchange Act of 1936 (7 U.S.C. 1 et seq.).[6][7] Since the 1970s,[8] trading in futures contracts has expanded rapidly beyond traditional physical and agricultural commodities into a vast array of financial instruments, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices. Congress created the CFTC in 1974 as an independent agency with the mandate to regulate. The Commodity Futures Trading Commission Act of 1974 (P.L. 93-463) created the CFTC to replace the U.S. Department of Agriculture’s Commodity Exchange Authority as the independent federal agency responsible for regulating commodity futures and option markets in the United States. The Act made extensive changes in the basic authority of the Commodity Exchange Act (CEA) of 1936, which itself had made extensive changes in the original Grain Futures Act of 1922. (7 U.S.C. 1 et seq.).[9][10] CFTC's mandate was renewed and expanded in December 2000 when Congress passed the Commodity Futures Modernization Act of 2000, which instructed the Securities and Exchange Commission (SEC) and the CFTC to develop a joint regulatory regime for single-stock futures, the products of which began trading in November 2002. As of 2003 the growth in the value of swaps had exploded since their introduction in the late 1970s.[11] In 2010, the Dodd-Frank Act, expanded the CFTC's authority into the swaps markets, to prohibit the reckless use of manipulative schemes without -as in the past- having to prove the specific intent of the accused to affect prices and the existence of an artificial price. https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission
Views: 149 Remember This
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000
Views: 23 reveation12psalm83
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 the biggest mistake in the history of America
Views: 26 reveation12psalm83
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 how smart are these jubronies
Views: 15 reveation12psalm83
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000
About the CFTC
 
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An Important Mission in the Ever-Changing World of Finance Congress created the Commodity Futures Trading Commission (CFTC) in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the United States. The agency's mandate has been renewed and expanded several times since then, most recently by the Commodity Futures Modernization Act of 2000. In 1974 the majority of futures trading took place in the agricultural sector. The CFTC's history demonstrates, among other things, how the futures industry has become increasingly varied over time and today encompasses a vast array of highly complex financial futures contracts. Today, the CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, protecting market participants against fraud, manipulation, and abusive trading practices, and by ensuring the financial integrity of the clearing process. Through effective oversight, the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk. The CFTC's mission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets.
Views: 2016 CFTC
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 the biggest mistake in congressional history
Views: 31 reveation12psalm83
Who legalized credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 oh the shame
Views: 15 reveation12psalm83
SEC sues former Countrywide CEO Mozilo for Insider Trading
 
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The SEC is doing what they can. http://www.cftc.gov/opa/press00/opa4479-00.htm Release: #4479-00 For Release: December 15, 2000 CONGRESS PASSES COMMODITY FUTURES MODERNIZATION ACT CFTC Reauthorized for Five Years The Commodity Futures Modernization Act, as adopted, is a significant step forward for U.S. financial markets. This important new law creates a flexible structure for regulation of futures trading, codifies an agreement between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission to repeal the 18-year old ban on trading single stock futures and provides legal certainty for the over-the-counter derivatives markets. The law, which reauthorizes the CFTC for five years, also clarifies the Treasury Amendment exclusion and specifically grants the CFTC authority over retail foreign exchange trading. Congress, in passing this law, has effectively implemented the recommendations set forth in the Presidents Working Group on Financial Markets Report on Over-the-Counter Derivatives Markets and the Commodity Exchange Act. The CFTC worked closely with Congress and the futures industry to help design a regulatory structure that is tailored to the specific products and participants of a given market, specifically taking into account the manipulability of the products and eligibility of the participants. This approach will provide U.S. financial markets the flexibility needed to maintain a leadership role in the global market arena. The CFTC will proceed promptly to conform its rules as necessary to the provisions contained in the new law.
Views: 471 therealcaptobvious
The Most Disingenuous Attack Against Bernie Yet
 
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Thom Hartmann says Hillary Clinton isn't telling a true story about Bernie Sanders and his vote for the Commodity Futures Modernization Act, or CMFA. If you liked this clip of The Thom Hartmann Program, please do us a big favor and share it with your friends... and hit that "like" button! http://www.thomhartmann.com Follow Us on Twitter: http://www.twitter.com/thom_hartmann Subscribe to The Thom Hartmann Program for more: http://www.youtube.com/subscription_center?add_user=thomhartmann
Views: 8216 Thom Hartmann Program
Heist: Who Stole the American Dream?
 
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The film explores the premise that New Deal is being dismantled little by little. It documents the aggressive push for free trade agreements such as the North American Free Trade Agreement as well as the deregulation of financial products as evidenced by the repeal of the Glass–Steagall Act and the passage of the Commodity Futures Modernization Act of 2000. Heist lays the blame for the crisis on the cozy relationship between politicians and corporations, including the Reagan, Clinton and Obama administrations.
Views: 4 S F
Who voted for legalizing credit default swaps for Texas
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000
Views: 20 reveation12psalm83
DNC Day 3: Robert Scheer Questions Lawrence Summers about the 2008 Crash
 
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At POLITICO's 'Economy and the Election' conference, Truthdig Editor in Chief Robert Scheer asks Lawrence Summers, President Obama's former treasury secretary, about the role financial deregulation played in the 2008 crash of Wall Street, namely, the absence of Glass-Steagall and the passage of the Commodities Futures Modernization Act.
Views: 299 truthdig
Phil Gramm at AEI: Credit Default Swaps
 
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AEI Event: "Is Deregulation a Cause of the Financial Crisis?" January 23, 2009 http://www.aei.org/event/1862 During the 2008 campaign season, the Democrats blamed the financial crisis on Republican deregulation, in particular the Gramm-Leach-Bliley Act of 1999 (GLBA) and the Commodity Futures Modernization Act of 2000 (CFMA). The GLBA repealed the provisions of the Glass-Steagall Act of 1933 that prevented affiliations between commercial and investment banks, and the CFMA, among other things, exempted credit default swaps and other derivatives from regulation by the Commodity Futures Trading Commission. Although both acts were backed by the Clinton administration, Senator Phil Gramm (R-Texas)--then the chairman of the Senate Banking Committee--was the key congressional sponsor of the legislation. Is it plausible to connect the GLBA and the CFMA with the current financial crisis? Former senator Gramm addressed these and other questions. Third-party photos, graphics, and video clips in this video may have been cropped or reframed. Music in this video may have been recut from its original arrangement and timing. In the event this video uses Creative Commons assets: If not noted in the description, titles for Creative Commons assets used in this video can be found at the link provided after each asset. The use of third-party photos, graphics, video clips, and/or music in this video does not constitute an endorsement from the artists and producers licensing those materials. AEI operates independently of any political party and does not take institutional positions on any issues. AEI scholars, fellows, and their guests frequently take positions on policy and other issues. When they do, they speak for themselves and not for AEI or its trustees or other scholars or employees. More information on AEI research integrity can be found here: http://www.aei.org/about/ #news #politics #government #education
The Truth: Hillary Clinton Accusation of Bernie Sanders Deregulation Bill
 
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Hillary Attack on Bernie Sander Vote for Bill Clinton's Commodity Futures Modernization Act of 2000
Views: 1610 Progressive Report
Predicting the Next Financial Crisis: Derivatives and Risk Management (1994)
 
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Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study[86] suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis. In other cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include: Jimmy Carter's Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) phased out a number of restrictions on banks' financial practices, broadened their lending powers, allowed credit unions and savings and loans to offer checkable deposits, and raised the deposit insurance limit from $40,000 to $100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies).[87] In October 1982, U.S. President Ronald Reagan signed into law the Garn--St. Germain Depository Institutions Act, which provided for adjustable-rate mortgage loans, began the process of banking deregulation,[citation needed] and contributed to the savings and loan crisis of the late 1980s/early 1990s.[88] In November 1999, U.S. President Bill Clinton signed into law the Gramm--Leach--Bliley Act, which repealed part of the Glass--Steagall Act of 1933. This repeal has been criticized for reducing the separation between commercial banks (which traditionally had fiscally conservative policies) and investment banks (which had a more risk-taking culture).[89][90] However, the vast majority of failures were at institutions that were created by Glass-Steagall.[91] In 2004, the U.S. Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis.[92][93] Financial institutions in the shadow banking system are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base.[94] This was the case despite the Long-Term Capital Management debacle in 1998, where a highly leveraged shadow institution failed with systemic implications. Regulators and accounting standard-setters allowed depository banks such as Citigroup to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called structured investment vehicles, masking the weakness of the capital base of the firm or degree of leverage or risk taken. One news agency estimated that the top four U.S. banks will have to return between $500 billion and $1 trillion to their balance sheets during 2009.[95] This increased uncertainty during the crisis regarding the financial position of the major banks.[96] Off-balance sheet entities were also used by Enron as part of the scandal that brought down that company in 2001.[97] As early as 1997, Federal Reserve chairman Alan Greenspan fought to keep the derivatives market unregulated.[98] With the advice of the President's Working Group on Financial Markets,[99] the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[100] Warren Buffett famously referred to derivatives as "financial weapons of mass destruction" in early 2003. http://en.wikipedia.org/wiki/Financial_crisis_of_2008
Views: 5365 The Film Archives
Who legalized credit default swaps 3
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 the biggest mistake in the history of government
Views: 52 reveation12psalm83
Conservative Government Explained
 
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John McCain's energy plan is a real FREE MARKET plan: defend and preserve Phil Gramm, his campaign adviser's 2000 law, the Commodity Futures Modernization Act of 2000 and keep the Enron loophole open, through which Goldman Sachs, JP Morgan, Morgan Stanley and other investment banks gauge consumers by speculating on oil futures, manipulating the price and buying oil themselves. McCain and the whole conservative noise machine behind him fault the lack of oil drilling for rising oil prices. In fact there are 68 million acres of unused domestic drilling sites licensed to oil companies in more than 10,000 licenses. Oil companies are keeping oil in the ground and looking for more federal land grab in order to boost their stock price. In fact the whole game is to boost speculator and shareholder value, not to help the real economy. Most of Exxon's record profits for instance went to a massive, historically unprecedented program to buy back their own shares, not to build new refineries or researching alternatives. Now they are asking for more taxpayer and government handouts and blaming democrats for not handing it to them. The conservative agenda after 8 years of Bush is clear: deregulate, steal pillage and get away with it while wrecking devastation on the real economy. playlist: http://www.youtube.com/watch?v=QtuXc8gz90k&feature=PlayList&p=D424BD540532B054&index=0&playnext=1
Views: 2720 madashelldude
Who approved credit default swaps
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 the biggest mistake in the history of the congress
Views: 46 reveation12psalm83
Who made credit default swaps legal
 
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House Vote On Passage: H.R. 4541 [106th]: Commodity Futures Modernization Act of 2000 the biggest mistake in congressional history
Views: 106 reveation12psalm83
The Most Disingenuous Attack On Bernie Yet
 
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The Most Disingenuous Attack On Bernie Yet ============================= Hillary Clinton isn’t telling a true story about Bernie Sanders and his vote for the Commodity Futures Modernization Act, or CFMA. As Robert Scheer has pointed over at TruthDig, then-Congressman Sanders voted for the CMFA not because he wanted to, but because he had to. The CMFA had been shoved into an omnibus spending bill at the last minute as part of a deal between Republicans and President Bill Clinton, and because this was a time when, you know, Congress actually did its job, Sanders bit the bullet and voted for the whole package -- CFMA included -- to make sure the government got the money it needed to keep running.
Views: 12 Real But Not Real
Ritholtz: 'Dot Com Bonus Envy' Stymies Wall St. Reform
 
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Dec. 5 (Bloomberg Law) -- The unregulated multi-trillion dollar derivatives market exceeds global GDP and poses a clear danger to the global economy, Chris Whalen, Senior Managing Director at Tangent Capital Partners, and Barry Ritholtz, CEO at Fusion IQ, tell Bloomberg Law's Lee Pacchia. "The fix is very simple," says Ritholtz, "repeal the Commodities Futures Modernization Act and suddenly this becomes like every other financial instrument." Whalen notes that the financial industry is reluctant to change the way derivatives are managed because they generate large returns at a time when banks are less profitable than before. "The super normal returns that they earn from derivatives subsidize the rest of the business," he says. One way or the other, Ritholtz and Whalen believe the financial industry needs to get used to the idea of making less money.
Views: 5326 Bloomberg Law
Jill Sommers Reflects on the CFTC, Dodd-Frank, and Her Future
 
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Jill E. Sommers, Commissioner of the Commodity Futures Trading Commission (CFTC), is stepping down after the first quarter of this year. Sommers spoke with JLN editor-in-chief Jim Kharouf about the progress of Dodd-Frank, position limits, and what the future holds for the CFTC after her resignation. Sommers discussed how the CFTC has changed over the last five years -- including their increased budget and staff, moving from principles-based to rules-based rulemaking and their greatly increased public profile. She also reflected on the Dodd-Frank rulemaking process, saying she wished the CFTC had defined swap-related terms first and delayed compliance with any rules until the rulemaking process was completed. Sommers was sworn in as a CFTC commissioner on August 8, 2007 and served until April 13, 2009. President Barack Obama nominated her on July 20, 2009 to serve a five-year second term. Before becoming a CFTC commissioner, Sommers worked on several over-the-counter derivatives issues as policy director and head of government affairs for ISDA, as well as working closely with congressional staff drafting the Commodity Futures Modernization Act of 2000.
Peter J. Wallison on Bad Mortgages
 
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AEI Event: "Is Deregulation a Cause of the Financial Crisis?" January 23, 2009 http://www.aei.org/event/1862 During the 2008 campaign season, the Democrats blamed the financial crisis on Republican deregulation, in particular the Gramm-Leach-Bliley Act of 1999 (GLBA) and the Commodity Futures Modernization Act of 2000 (CFMA). The GLBA repealed the provisions of the Glass-Steagall Act of 1933 that prevented affiliations between commercial and investment banks, and the CFMA, among other things, exempted credit default swaps and other derivatives from regulation by the Commodity Futures Trading Commission. Although both acts were backed by the Clinton administration, Senator Phil Gramm (R-Texas)--then the chairman of the Senate Banking Committee--was the key congressional sponsor of the legislation. Is it plausible to connect the GLBA and the CFMA with the current financial crisis? Former senator Gramm addressed these and other questions. Peter J. Wallison and others responded. Third-party photos, graphics, and video clips in this video may have been cropped or reframed. Music in this video may have been recut from its original arrangement and timing. In the event this video uses Creative Commons assets: If not noted in the description, titles for Creative Commons assets used in this video can be found at the link provided after each asset. The use of third-party photos, graphics, video clips, and/or music in this video does not constitute an endorsement from the artists and producers licensing those materials. AEI operates independently of any political party and does not take institutional positions on any issues. AEI scholars, fellows, and their guests frequently take positions on policy and other issues. When they do, they speak for themselves and not for AEI or its trustees or other scholars or employees. More information on AEI research integrity can be found here: http://www.aei.org/about/ #news #politics #government #education
How Financial Institutions Manipulate Gold Markets: Analysis, Explained, Futures (2002)
 
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Futures contracts for agricultural commodities have been traded in the U.S. for more than 150 years and have been under Federal regulation since the 1920s.[5] The Grain Futures Act of 1922 set the basic authority and was changed by the Commodity Exchange Act of 1936 (7 U.S.C. 1 et seq.).[6][7] Since the 1970s,[8] trading in futures contracts has expanded rapidly beyond traditional physical and agricultural commodities into a vast array of financial instruments, including foreign currencies, U.S. and foreign government securities, and U.S. and foreign stock indices. Congress created the CFTC in 1974 as an independent agency with the mandate to regulate. The Commodity Futures Trading Commission Act of 1974 (P.L. 93-463) created the CFTC to replace the U.S. Department of Agriculture’s Commodity Exchange Authority as the independent federal agency responsible for regulating commodity futures and option markets in the United States. The Act made extensive changes in the basic authority of the Commodity Exchange Act (CEA) of 1936, which itself had made extensive changes in the original Grain Futures Act of 1922. (7 U.S.C. 1 et seq.).[9][10] CFTC's mandate was renewed and expanded in December 2000 when Congress passed the Commodity Futures Modernization Act of 2000, which instructed the Securities and Exchange Commission (SEC) and the CFTC to develop a joint regulatory regime for single-stock futures, the products of which began trading in November 2002. As of 2003 the growth in the value of swaps had exploded since their introduction in the late 1970s.[11] In 2010, the Dodd-Frank Act, expanded the CFTC's authority into the swaps markets, to prohibit the reckless use of manipulative schemes without -as in the past- having to prove the specific intent of the accused to affect prices and the existence of an artificial price. As of 2014 the CFTC oversees 'designated contract markets' (DCMs) or exchanges, swap execution facilities (SEFs), derivatives clearing organizations, swap data repository, swap dealers, futures commission merchants, commodity pool operators and other intermediaries. The CFTC coordinates its work with foreign regulators, such as its UK counterpart, the Financial Conduct Authority, which supervises the London Metal Exchange. https://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission
Views: 678 Remember This
Why Do Financial Crimes Go Unpunished? Rich and Poor, Debt and Finance (2014)
 
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The U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2008. About the book: https://www.amazon.com/gp/product/0812983637/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=0812983637&linkCode=as2&tag=tra0c7-20&linkId=31b3fb4dc3832e2d19a7f4f1e8785a44 It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession. Government housing policies, over-regulation, failed regulation and deregulation have all been claimed as causes of the crisis, along with many others. While the modern financial system evolved, regulation did not keep pace and became mismatched with the risks building in the economy. The Financial Crisis Inquiry Commission (FCIC) tasked with investigating the causes of the crisis reported in January 2011 that: "We had a 21st-century financial system with 19th-century safeguards."[1] Increasing home ownership has been the goal of several presidents including Roosevelt, Reagan, Clinton and George W. Bush.[2] However, the FCIC wrote that Fannie Mae and Freddie Mac, government affordable housing policies, and the Community Reinvestment Act were not primary causes of the crisis.[1][3] Failure to regulate the non-depository banking system (also called the shadow banking system) has also been blamed.[1][4] The non-depository system grew to exceed the size of the regulated depository banking system,[5] but the investment banks, insurers, hedge funds, and money market funds were not subject to the same regulations. Many of these institutions suffered the equivalent of a bank run,[6] with the notable collapses of Lehman Brothers and AIG during September 2008 precipitating a financial crisis and subsequent recession.[7] The government also repealed or implemented several laws that limited the regulation of the banking industry, such as the repeal of the Glass-Steagall Act and implementation of the Commodity Futures Modernization Act of 2000. The former allowed depository and investment banks to merge while the latter limited the regulation of financial derivatives. http://en.wikipedia.org/wiki/Government_policies_and_the_subprime_mortgage_crisis Incarceration in the United States is one of the main forms of punishment, rehabilitation, or both for the commission of felony and other offenses. The United States has the largest prison population in the world,[3][4] and the second-highest per-capita incarceration rate, behind Seychelles (which has a total prison population of 786 out of a population of 90,024).[5][6] In 2012, it was 707 adults incarcerated per 100,000 population. According to the U.S. Bureau of Justice Statistics (BJS), 2,266,800 adults were incarcerated in U.S. federal and state prisons, and county jails at year-end 2011 – about 0.94% of adults in the U.S. resident population.[8] Additionally, 4,814,200 adults at year-end 2011 were on probation or on parole.[12] In total, 6,977,700 adults were under correctional supervision (probation, parole, jail, or prison) in 2011 – about 2.9% of adults in the U.S. resident population.[12] In addition, there were 70,792 juveniles in juvenile detention in 2010.[13] Although debtor's prisons no longer exist in the United States, residents of some U.S. states can still be incarcerated for debt as of 2014.[14][15][16][17] The Vera Institute of Justice reported in 2015 that jails throughout the United States have become warehouses for the poor, the mentally ill and those suffering from addiction as such individuals lack the financial means or mental capacity to post bail.[18] According to a 2014 report by Human Rights Watch, "tough-on-crime" laws adopted since the 1980s have filled U.S. prisons with mostly nonviolent offenders.[19] This policy failed to rehabilitate prisoners and many were worse on release than before incarceration. Rehabilitation programs for offenders can be more cost effective than prison.[20] According to the Brennan Center for Justice, falling crime rates cannot be ascribed to mass incarceration. http://en.wikipedia.org/wiki/Incarceration_in_the_United_States
Views: 5271 The Film Archives
Robert Scheer- Economic Crisis, Wall St. and Clinton, Bush and Obama
 
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Truth Dig Editor-In-Chief Robert Scheer talks about the ongoing economic crisis that began in 2008 especially referencing Title 3 of the Commodity Futures Modernization Act that was signed into law by President Bill Clinton during his lame duck session in 2000. He also talks about how Lawrence Summers and Robert Ruben from the Clinton Administration were also brought into the Obama Administration and how both G.W. Bush and Barack Obama Administrations bailed out the banks. Support Independent Media! https://www.patreon.com/TheNowmanShow?alert=2 www.truthdig.com/ @Robert_Scheer @Truthdig
After 24 years of Mitch McConnell, isnt it time for change?
 
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Bruce Lunsford:After 24 years of Mitch McConnell, isnt it time for change? Senate passed $700 billion Wall Street bailout bill. The Senate on Wednesday upped pressure on the House to pass a $700 billion rescue for Wall Street by strongly approving a plan that supporters said would avert a potential economic disaster. [USA Today, Senate OKs $700B bailout, 10/1/08] Enquirer: $700 billion might be only the beginning; area economists predict price tag as high as $1.5 trillion. Washingtons $700 billion bailout deal might stem the carnage in financial markets, but local experts disagree if its enough to contain the growing credit crisis. Finance experts and economists say some injection of cash into the market is necessary to keep banks lending to businesses and to each other and to stabilize a weak economy Michael Ferguson, a finance professor at the University of Cincinnati, said Sunday night that authorizing the Treasury Department to purchase troubled assets could be enough to revive the markets. He said just buying some securities might be enough - that act alone could prop up the market value of mortgage-backed debt. They may not have to use the whole amount, he said Steve Wyatt, chairman of the finance department at Miami University, expressed concern federal officials were moving too slowly with too little funding. He thinks authorization to purchase $1.5 trillion of toxic assets wouldnt be excessive. Congress may be called back to do still another bailout in the coming weeks or months, he predicted. [Enquirer, $700B might be only the beginning, 9/29/08] Herald-Leader: McConnell received $4.3 million from Wall Street. McConnell, the Senate Minority Leader, is a beneficiary this last 20 years of more than $4.3 million in donations from the financial sector, according to the Center for Responsive Politics, a non-partisan watchdog group. [Herald-Leader, 9/25/08] McConnell voted for the Gramm-Leach-Bliley Act, which removed Depression-era regulations on the financial industry. According to the Washington Post, the Gramm-Leach-Bliley Act aimed to make the countrys financial institutions competitive by removing the Depression-era walls between banking, investment and insurance companiesthe legislation also helped pave the way for companies such as AIG and Lehman Brothers to become behemoths laden with bad loans and investments. David Hawpe from the Courier-Journal wrote that McConnell voted to deregulate Wall Street banking and investments. [S. 900, Vote 354, 11/4/99; Washington Post, 9/17/08; Courier-Journal, 9/28/08] McConnell approved deregulating credit default swaps. McConnell supported the Commodity Futures Modernization Act, which banned regulation of credit default swaps, an insurance-like product bought by financial services companies to cover their risky subprime mortgage investments. American International Group, rescued by the Federal Reserve is one of the biggest sellers of these swaps. [H.R. 4577, Voice Vote, 12/15/00; Politico, 9/20/08] Associated Press: CEO pay skyrocketing despite economic crisis. As the American economy slowed to a crawl and stockholders watched their money evaporate, CEO pay still chugged to yet more dizzying heights last year, an Associated Press analysis shows. The AP review of compensation for the heads of companies in the Standard & Poors 500 index finds the median pay package added up to nearly $8.4 million. Thats a gain of about $280,000 from 2006. The 3.5% pay increase for CEOs came even as the economy was choked by a housing market in free fall, layoffs and soaring prices for fuel and food. [Associated Press, 6/20/08] Financial industry CEO salaries from 2005-2007, according to USA Today: • Countrywide CEO: $362 million in salary, bonuses, stock-option gains and perks ranging from country club fees to personal use of corporate aircraft. • AIG CEO: $25.4 million, including $322,000 for private use of corporate aircraft, $153,000 for car and parking, $160,000 for home security and $41,000 for financial planning. • Former Lehman CEO: $187 million. • Merrill Lynch CEO: $66 million, including $357,000 for car services and personal use of aircraft in 2007. • Citigroup CEO: $42 million, including $180,000 for corporate aircraft, ground transportation and security services. • Goldman Sachs CEO: $76.2 million, including $233,000 for car and driver services and $61,000 for financial and benefits counseling services. [USA Today, 9/28/08] Associated Press: Bush Administration proposed radical bailout plan with a jaw-dropping price tag at taxpayers expense. The Bush administration laid out a radical bailout plan with a jaw-dropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions. [Associated Press, 9/20/08]
Views: 1230 Jim Pence
Monetary Policy Report: Alan Greenspan on Finance, Free Market, Economy (2000)
 
02:00:01
William Philip "Phil" Gramm (born July 8, 1942) is an American economist and politician, who has served as a Democratic Congressman (1979–1983), a Republican Congressman (1983–1985) and a Republican Senator (1985–2002) from Texas. He later became a lobbyist for UBS and founded a public policy and lobbying firm, Gramm Partners. He was a senior economic adviser to John McCain's presidential campaign from the summer of 2007 until July 18, 2008. Some economists state that the 1999 legislation spearheaded by Gramm and signed into law by President Clinton – the Gramm-Leach-Bliley Act — was significantly to blame for the 2007 subprime mortgage crisis and 2008 global economic crisis.[17][18] The Act is most widely known for repealing portions of the Glass–Steagall Act, which had regulated the financial services industry.[19] The Act passed the House and Senate by an overwhelming majority on November 4, 1999.[20][21] Gramm responded in March 2008 to criticism of the act by stating that he saw "no evidence whatsoever" that the sub-prime mortgage crisis was caused in any way "by allowing banks and securities companies and insurance companies to compete against each other".[22] Gramm's support was later critical in the passage of the Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation.[23] In its 2008 coverage of the financial crisis, The Washington Post named Gramm one of seven "Key Players In the Battle Over Regulating Derivatives", for having "pushed through several major bills to deregulate the banking and investment industries, including the 1999 Gramm-Leach-Bliley act that brought down the walls separating the commercial banking, investment and insurance industries".[24] 2008 Nobel Laureate in Economics Paul Krugman, a supporter of Barack Obama and former President Bill Clinton, described Gramm during the 2008 presidential race as "the high priest of deregulation," and has listed him as the number two person responsible for the economic crisis of 2008 behind only Alan Greenspan.[25][26] On October 14, 2008, CNN ranked Gramm number seven in its list of the 10 individuals most responsible for the current economic crisis.[27] In January 2009 Guardian City editor Julia Finch identified Gramm as one of twenty-five people who were at the heart of the financial meltdown. Time included Gramm in its list of the top 25 people to blame for the economic crisis. Gramm was co-chair of John McCain’s presidential campaign[30] and his most senior economic adviser[31][32] from the summer of 2007[33] until July 18, 2008.[30] In a July 9, 2008 interview on McCain's economic plans, Gramm explained the nation was not in a recession, stating, "You've heard of mental depression; this is a mental recession." He added, "We have sort of become a nation of whiners, you just hear this constant whining, complaining about a loss of competitiveness, America in decline."[34] Gramm's comments immediately became a campaign issue. McCain's opponent, Senator Barack Obama, stated, "America already has one Dr. Phil. We don't need another one when it comes to the economy. ... This economic downturn is not in your head."[35] McCain strongly denounced Gramm's comments.[36] On July 18, 2008 Gramm stepped down from his position with the McCain campaign.[37] Explaining his remarks, Gramm stated that he had used the word "whiners" to describe the nation's politicians rather than the public, stating "the whiners are the leaders."[38] In the same interview, Gramm said, "I'm not going to retract any of it. Every word I said was true." Gramm lives in Helotes, outside San Antonio, Texas. He is married to Dr. Wendy Lee Gramm, a native of Hawaii, who is associated with George Mason University's Mercatus Center in Virginia. They are the parents of two sons: Marshall Gramm, a professor of economics at Rhodes College in Memphis, Tennessee, and Jeff Gramm, who has played in the indie pop band Aden. In 1999, after a bonfire stack collapse at Texas A&M University that resulted in 12 deaths, then-Senator Phil Gramm offered the F-16 flyover reserved for his future funeral as a US senator to be given instead to the Texas A&M community. The offer was accepted and a memorial flyover for the 12 killed was flown at a Texas A&M football game on November 26, 1999. https://en.wikipedia.org/wiki/Phil_Gramm
Views: 112 Way Back
Failure of Epic Proportions: Treasury Nominee Jack Lew's Pro Bank, Austerity, Deregulation Legacy
 
14:48
Former bank regulator William Black and Rolling Stone's Matt Taibbi join us to dissect the career of Jack Lew, President Obama's pick to replace Treasury Secretary Timothy Geither. Currently Obama's chief of staff, Lew was an executive at Citigroup from 2006 to 2008 at the time of the financial crisis. He backed financial deregulations efforts while he headed the Office of Management and Budget under President Bill Clinton. During that time, Clinton enacted two key laws to deregulate Wall Street: the Financial Services Modernization Act of 1999 and the Commodity Futures Modernization Act of 2000. Black, a white-collar criminologist and former senior financial regulator, is the author of "The Best Way to Rob a Bank is to Own One." A contributing editor for Rolling Stone magazine, Taibbi is the author of "Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History." Secrets and Lies of the Bailout http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104 Neoliberalism: Oversold? (2016) http://www.imf.org/external/pubs/ft/fandd/2016/06/ostry.htm Bankers admit to being responsible for global inequality http://www.dailykos.com/story/2016/6/1/1533447/-Stunner-Bankers-admit-to-being-responsible-for-global-inequality
Views: 322 Our Amazing World
Christopher Hitchens as a Talk Show Host on Bill Clinton's Administration (1993)
 
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The United States Presidency of Bill Clinton, also known as the Clinton administration, was the executive branch of the federal government of the United States from January 20, 1993 to January 20, 2001. Hitchens' books: https://www.amazon.com/gp/search?ie=UTF8&tag=tra0c7-20&linkCode=ur2&linkId=89f81e00f811498f311b980fd07f2bf2&camp=1789&creative=9325&index=books&keywords=hitchens Clinton was the first Democratic president since Franklin D. Roosevelt to win two full terms. Clinton was also the first president since FDR and the last until current President Barack Obama to have not served in the military in any capacity. The administration faced political opposition in 1994 when Republicans took control of both houses of Congress but Clinton was reelected in 1996, after a failed attempt at health care reform. The administration had a mixed record on taxes but produced the first federal budget surpluses since 1969, for fiscal years 1998, 1999, 2000, and 2001,[1] leading to a decrease in the public debt (though the gross federal debt continued to increase).[2][3][4] Clinton supported the North American Free Trade Agreement, which he signed into law in 1994. His presidency saw the passage of welfare reform in Personal Responsibility and Work Opportunity Act which ended Aid to Families with Dependent Children and reduced the number of welfare programs,[5] which received support from both political parties. He also signed the reversal of the Glass-Steagall Act which was designed to prevent financial institutions from getting too big to fail.[6] He also signed the Commodity Futures Modernization Act which legalized over-the-counter derivatives.[7] Socially, the administration began with efforts by Clinton to allow gays and lesbians to serve openly in the military, which culminated in a compromise known as "Don't ask, don't tell", allowing (at a statutory level) gays and lesbians to serve in the military if they did not disclose their sexual orientation (the policy was repealed in 2010). Clinton became the first President to appoint open gays to his Administration, issued executive orders ending the ban on security clearance for LGBT workers[8] and banning any job discrimination based on sexual orientation in civilian public sector employment[9] (he unsuccessfully lobbied for the private sector Employment Non-Discrimination Act), and dramatically increased federal funding for HIV/AIDS prevention, research and treatment. However Clinton also signed the Defense of Marriage Act; while it came to his desk with a veto-proof majority, Clinton's failure to veto DOMA was considered by many to be a blow to the LGBT rights movement.[10] Various measures were also introduced to improve the effectiveness of the social safety net, including an increase in the number of child care places, a significant expansion of the EITC program, and the introduction of new programs such as SCHIP and a child tax credit. http://en.wikipedia.org/wiki/Bill_Clinton_administration
Views: 5334 The Film Archives
How Do Oil Reserves Work and Affect Fuel Prices? Alan Greenspan on Economics (2004)
 
30:04
Greenspan's critics included J. Bradford DeLong, Paul Krugman, Alice Rivlin, Michael Hudson, and Willem Buiter. Greenspan responded to his critics in a follow-up article in which he defended his ideology as applied to his conceptual and policy framework, which, among other things, prohibited him from exerting real pressure against the burgeoning housing bubble or, in his words, "leaning against the wind". Greenspan argued, "My view of the range of dispersion of outcomes has been shaken, but not my judgment that free competitive markets are by far the unrivaled way to organize economies". He concluded: "We have tried regulation ranging from heavy to central planning. None meaningfully worked. Do we wish to retest the evidence?" Financial Times associate editor and chief economics commentator Martin Wolf defended Greenspan primarily as a scapegoat for the market turmoil. Several notable contributors in defense of Greenspan included Stephen S. Roach, Allan Meltzer, and Robert Brusca. An October 15, 2008, article in the Washington Post analyzing the origins of the economic crisis claims that Greenspan vehemently opposed any regulation of derivatives, and actively sought to undermine the office of the Commodity Futures Trading Commission when the Commission sought to initiate regulation of derivatives. Meanwhile, Greenspan recommended improving mark-to-market regulations to avoid having derivatives or other complex assets marked to a distressed or illiquid market during times of material adverse conditions seen during the late 2000s credit crisis.[87] Greenspan was not alone in his opposition to derivatives regulation. In a 1999 government report that was a key driver in the passage of the Commodity Futures Modernization Act of 2000—legislation that clarified that most over-the-counter derivatives were outside the regulatory authority of any government agency—Greenspan was joined by Treasury Secretary Lawrence Summers, Securities and Exchange Commission Chairman Arthur Levitt, and Commodity Futures Trading Commission Chairman William Ranier in concluding that "under many circumstances, the trading of financial derivatives by eligible swap participants should be excluded from the CEA" (Commodity Exchange Act). Other government agencies also supported that view.[88] In Congressional testimony on October 23, 2008, Greenspan acknowledged that he was "partially" wrong in opposing regulation and stated "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity—myself especially—are in a state of shocked disbelief."[60] Referring to his free-market ideology, Greenspan said: "I have found a flaw. I don't know how significant or permanent it is. But I have been very distressed by that fact." When Representative Henry Waxman (D-CA) pressed him to clarify his words. "In other words, you found that your view of the world, your ideology, was not right, it was not working," Waxman said. "Absolutely, precisely," Greenspan replied. "You know, that's precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well."[89] Greenspan admitted fault[90] in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected. Matt Taibbi described the Greenspan put and its bad consequences saying: "every time the banks blew up a speculative bubble, they could go back to the Fed and borrow money at zero or one or two percent, and then start the game all over", thereby making it "almost impossible" for the banks to lose money.[91] He also called Greenspan a "classic con man" who, through political savvy, "flattered and bullshitted his way up the Matterhorn of American power and...jacked himself off to the attention of Wall Street for 20 consecutive years".[92] In the documentary film Inside Job Greenspan is cited as one of the persons responsible for the financial crisis of 2007–08. He is also named in Time Magazine as one of the "25 People to Blame for the Financial Crisis". https://en.wikipedia.org/wiki/Alan_Greenspan
Views: 179 Remember This
Financial Industry Regulation: Assisting the Banking and Financial Markets - Elizabeth Warren (2009)
 
02:37:32
Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis. In other cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include: Jimmy Carter's Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) phased out a number of restrictions on banks' financial practices, broadened their lending powers, allowed credit unions and savings and loans to offer checkable deposits, and raised the deposit insurance limit from $40,000 to $100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies.)[87] In October 1982, U.S. President Ronald Reagan signed into law the Garn--St. Germain Depository Institutions Act, which provided for adjustable-rate mortgage loans, began the process of banking deregulation,[citation needed] and contributed to the savings and loan crisis of the late 1980s/early 1990s.[88] In November 1999, U.S. President Bill Clinton signed into law the Gramm--Leach--Bliley Act, which repealed part of the Glass--Steagall Act of 1933. This repeal has been criticized for reducing the separation between commercial banks (which traditionally had fiscally conservative policies) and investment banks (which had a more risk-taking culture).[89][90] However, the vast majority of failures were at institutions that were created by Glass-Steagall.[91] In 2004, the U.S. Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis.[92][93] Financial institutions in the shadow banking system are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base.[94] This was the case despite the Long-Term Capital Management debacle in 1998, where a highly leveraged shadow institution failed with systemic implications. Regulators and accounting standard-setters allowed depository banks such as Citigroup to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called structured investment vehicles, masking the weakness of the capital base of the firm or degree of leverage or risk taken. One news agency estimated that the top four U.S. banks will have to return between $500 billion and $1 trillion to their balance sheets during 2009.[95] This increased uncertainty during the crisis regarding the financial position of the major banks.[96] Off-balance sheet entities were also used by Enron as part of the scandal that brought down that company in 2001.[97] As early as 1997, Federal Reserve chairman Alan Greenspan fought to keep the derivatives market unregulated.[98] With the advice of the President's Working Group on Financial Markets,[99] the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008.[100] Warren Buffett famously referred to derivatives as "financial weapons of mass destruction" in early 2003.[101][102] http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308
Views: 1845 The Film Archives
Gus Is For "Them"
 
01:48
Legacy Incumbent U.S. Rep. Gus Bilirakis announced via press release this past week that he was not going to engage in ANY debates or political forums in 2012. He voted to place tolls on our highways that we use daily. He has voted for the National Defense Authorization Act http://bilirakis.house.gov/index.php?option=com_content&task=view&id=4226&Itemid=115 and FISA to restrict our freedom. Gus has voted to transform Medicare into "Vouchercare." If Gus thought so much for the military and veterans would he have continued to vote for continued funding of the "War Without Reason" which has destroyed the lives of so many of our young people? What has Gus done to restore integrity to Wall Street and our tattered financial system? Related to this issue is the recent development that Afghanistan as a sovereign nation just signed an agreement with China transferring all of their mineral rights to China http://www.dailyfinance.com/2010/06/14/china-us-afghanistan-mineral-mining/ in return for security. Where was the voice of opposition on that one? Gus votes reliably more than 95% of the time with the Republican Party which means that he is incapable of thinking for himself, representing the interests of corporate insiders over those of his constituents. The only thinking that is done when it comes to Gus is by his corporate Masters as reflected by the map of contributors http://maplight.org/us-congress/legislator/731-gus-bilirakis which depicts that over 76% of his campaign contributions originate from outside the district. Gus has been described in national publications as being "incoherent." He hides from the citizens whom he represents because he is incapable of answering their questions without embarrassing himself in a public forum. The big picture on Gus is that he will advocate for corporate interests behind closed doors rather than exercise the powers accorded a congressman that might be better used on our behalf. Such as calling for an investigation of Wall Street executives perhaps? Mr. Bilirakis would never have been elected to congress were it not for the fact that so many of the voters were bamboozled into thinking that Gus was really his father Michael; Who in addition to giving us his son Gus, along the way gave us the repeal of Glass-Steagall and the Commodities Futures Modernization Act, setting the stage for our 2008 economic downfall. Congress is a family business for Bilirakis Inc. I would also recommend if people want to really get to know who Gus is, they might look into the more public aspects of his work history in the mid to late '90's. The sad truth is Gus IS indeed for "Them," and more directly, Gus IS for Gus.
Views: 209 JohnRussell2012
Bill Clinton's Autobiography: Presidency, Economy, Accomplishments (2004)
 
55:03
William Jefferson Clinton (born William Jefferson Blythe III; August 19, 1946) is an American politician who served as the 42nd President of the United States from 1993 to 2001. Prior to the presidency, he was the Governor of Arkansas from 1979 to 1981, and again from 1983 to 1992. A member of the Democratic Party, Clinton was ideologically a New Democrat and many of his policies reflected a centrist "Third Way" political philosophy. Clinton was born and raised in Arkansas and attended Georgetown University, the University of Oxford, and Yale Law School. He met Hillary Rodham at Yale and married her in 1975. After graduating from Yale, Clinton returned to Arkansas and won election as the Attorney General of Arkansas, serving from 1977 to 1979. As Governor of Arkansas, Clinton overhauled the state's education system and served as chairman of the National Governors Association. Clinton was elected president in 1992, defeating incumbent Republican opponent George H. W. Bush. At age 46, he became the third-youngest president and the first from the Baby Boomer generation. Clinton presided over the longest period of peacetime economic expansion in American history and signed into law the North American Free Trade Agreement, but failed to pass his plan for national health care reform. In the 1994 elections, the Republican Party won unified control of the Congress for the first time in 40 years. In 1996, Clinton became the first Democrat since Franklin D. Roosevelt to be elected to a second full term. Clinton passed welfare reform and the State Children's Health Insurance Program, as well as financial deregulation measures, including the Gramm-Leach-Bliley Act and the Commodity Futures Modernization Act of 2000. In 1998, Clinton was impeached by the House of Representatives for matters related to a scandal that involved White House employee Monica Lewinsky. Clinton was acquitted by the Senate in 1999 and proceeded to complete his term in office. Clinton is only the second U.S. president to ever be impeached. During the last three years of Clinton's presidency, the Congressional Budget Office reported a budget surplus, the first such surplus since 1969. In foreign policy, Clinton ordered U.S. military intervention in the Bosnian and Kosovo wars, signed the Iraq Liberation Act in opposition to Saddam Hussein, and participated in the 2000 Camp David Summit to advance the Israeli–Palestinian peace process. Clinton left office with the highest end-of-office approval rating of any U.S. president since World War II, and he has continually received high ratings in public opinion polls of U.S. presidents. Since leaving office, Clinton has been involved in public speaking and humanitarian work. He created the William J. Clinton Foundation to address international causes, such as the prevention of AIDS and global warming. He has remained active in politics by campaigning for Democratic candidates, including his wife's presidential campaigns and Barack Obama's presidential campaigns. In 2004, Clinton published his autobiography, My Life. In 2009, Clinton was named the United Nations Special Envoy to Haiti and after the 2010 Haiti earthquake, he teamed with George W. Bush to form the Clinton Bush Haiti Fund. https://en.wikipedia.org/wiki/Bill_Clinton
Views: 154 Way Back
John Hager Press Announcement 9/23/10
 
05:33
On September 23rd, CA-23 Congressional candidate John Hager (Independent) held a press conference to call upon Representative Lois Capps to explain votes she made on two major bills where she accepted large cash donations from financial giants who supported and benefited from the bills. The two bills, The Commodity Futures Modernization Act of 2000, and Gramm--Leach--Bliley Act, legalized the actions that lead to our economy's collapse and bailout. - Press pack (pdf) on Capps donations on CFMA and GLB Act. : http://bit.ly/bdq4Lr - Links to disclosures on FEC site: http://www.fec.gov/ - Link to search Capps on FEC: http://herndon1.sdrdc.com/cgi-bin/com_rcvd/C00331389/
Views: 154 jasonatH4C
"Failure of Epic Proportions": Treasury Nominee Jack Lew's Pro-Bank, Austerity, Deregulation Legacy
 
14:48
DemocracyNow.org - Former bank regulator William Black and Rolling Stone's Matt Taibbi join us to dissect the career of Jack Lew, President Obama's pick to replace Treasury Secretary Timothy Geither. Currently Obama's chief of staff, Lew was an executive at Citigroup from 2006 to 2008 at the time of the financial crisis. He backed financial deregulations efforts while he headed the Office of Management and Budget under President Bill Clinton. During that time, Clinton enacted two key laws to deregulate Wall Street: the Financial Services Modernization Act of 1999 and the Commodity Futures Modernization Act of 2000. Black, a white-collar criminologist and former senior financial regulator, is the author of "The Best Way to Rob a Bank is to Own One." A contributing editor for Rolling Stone magazine, Taibbi is the author of "Griftopia: A Story of Bankers, Politicians, and the Most Audacious Power Grab in American History." To watch the entire weekday independent news hour, read the transcript, download the podcast, search our vast archive, or to find more information about Democracy Now! and Amy Goodman, visit http://www.democracynow.org. Democracy Now!, an independent global news hour that airs weekdays on 1,100+ TV and radio stations Monday through Friday. FOLLOW DEMOCRACY NOW! ONLINE: Facebook: http://www.facebook.com/democracynow Twitter: @democracynow Subscribe on YouTube: http://www.youtube.com/democracynow Listen on SoundCloud: http://www.soundcloud.com/democracynow Daily Email News Digest: http://www.democracynow.org/subscribe Please consider supporting independent media by making a donation to Democracy Now! today, visit http://www.democracynow.org/donate/YT
Views: 7502 Democracy Now!
What Is the U.S. Federal Reserve Banking System? Alan Greenspan on U.S. Monetary Policy (1995)
 
02:20:53
In March 2008, Greenspan wrote an article for the Financial Times' Economists' Forum in which he said that the 2008-financial crisis in the United States is likely to be judged as the most wrenching since the end of World War II. In it he argued: "We will never be able to anticipate all discontinuities in financial markets." He concluded: "It is important, indeed crucial, that any reforms in, and adjustments to, the structure of markets and regulation not inhibit our most reliable and effective safeguards against cumulative economic failure: market flexibility and open competition." The article attracted a number of critical responses from forum contributors, who, finding causation between Greenspan's policies and the discontinuities in financial markets that followed, criticized Greenspan mainly for what many believed to be his unbalanced and immovable ideological suppositions about global capitalism and free competitive markets. Notable critics included J. Bradford DeLong, Paul Krugman, Alice Rivlin, Michael Hudson, and Willem Buiter.[83] Greenspan responded to his critics in a follow-up article in which he defended his ideology as applied to his conceptual and policy framework, which, among other things, prohibited him from exerting real pressure against the burgeoning housing bubble or, in his words, "leaning against the wind". Greenspan argued, "My view of the range of dispersion of outcomes has been shaken, but not my judgment that free competitive markets are by far the unrivaled way to organize economies". He concluded: "We have tried regulation ranging from heavy to central planning. None meaningfully worked. Do we wish to retest the evidence?"[84] Financial Times associate editor and chief economics commentator Martin Wolf defended Greenspan primarily as a scapegoat for the market turmoil. Several notable contributors in defense of Greenspan included Stephen S. Roach, Allan Meltzer, and Robert Brusca.[85] An October 15, 2008, article in the Washington Post analyzing the origins of the economic crisis claims that Greenspan vehemently opposed any regulation of derivatives, and actively sought to undermine the office of the Commodity Futures Trading Commission when the Commission sought to initiate regulation of derivatives. Meanwhile, Greenspan recommended improving mark-to-market regulations to avoid having derivatives or other complex assets marked to a distressed or illiquid market during times of material adverse conditions seen during the late 2000s credit crisis.[86] Greenspan was not alone in his opposition to derivatives regulation. In a 1999 government report that was a key driver in the passage of the Commodity Futures Modernization Act of 2000—legislation that clarified that most over-the-counter derivatives were outside the regulatory authority of any government agency—Greenspan was joined by Treasury Secretary Lawrence Summers, Securities and Exchange Commission Chairman Arthur Levitt, and Commodity Futures Trading Commission Chairman William Ranier in concluding that "under many circumstances, the trading of financial derivatives by eligible swap participants should be excluded from the CEA" (Commodity Exchange Act). Other government agencies also supported that view.[87] In Congressional testimony on October 23, 2008, Greenspan acknowledged that he was "partially" wrong in opposing regulation and stated "Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity—myself especially—are in a state of shocked disbelief."[59] Referring to his free-market ideology, Greenspan said: "I have found a flaw. I don't know how significant or permanent it is. But I have been very distressed by that fact." When Representative Henry Waxman (D-CA) pressed him to clarify his words. "In other words, you found that your view of the world, your ideology, was not right, it was not working," Waxman said. "Absolutely, precisely," Greenspan replied. "You know, that's precisely the reason I was shocked, because I have been going for 40 years or more with very considerable evidence that it was working exceptionally well."[88] Greenspan admitted fault[89] in opposing regulation of derivatives and acknowledged that financial institutions didn't protect shareholders and investments as well as he expected. Matt Taibbi described the Greenspan put and its bad consequences saying: "every time the banks blew up a speculative bubble, they could go back to the Fed and borrow money at zero or one or two percent, and then start the game all over", thereby making it "almost impossible" for the banks to lose money.[90] He also called Greenspan a "classic con man" who, through political savvy, "flattered and bullshitted his way up the Matterhorn of American power and...jacked himself off to the attention of Wall Street for 20 consecutive years". http://en.wikipedia.org/wiki/Alan_Greenspan
Views: 100 Way Back
Clinton cigars
 
00:05
The act was incorporated by reference into H.R. 4577, an omnibus spending bill. It was passed by the 106th United States Congress and signed by President Bill Clinton on December 21, 2000; Commodity Futures Modernization Act of 2000
Views: 132 reveation12psalm83
Bilderberg speaks! On Brexit referendum & Greek Euro Exit (Grexit) Ken Clarke & Lord Kerr
 
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So this is the Criminal Elite Bilderberg RTZ HSBC Goldman Sachs City of London view Bilderberg 'explains' EU referendum & Greek Euro Exit Tory: Ken Clarke "I like Greeks" just like saying "I like black people" Shell & RTZ: Lord John Kerr BBC: John Pienaar 'Pienaar's Politics' 21Jun15 How Goldman Sachs May Provoke Yet Another Major Financial Crisis The banking giant had a role in Greece's financial problems too. By Ellen Brown / Web of Debt blog January 6, 2015 http://www.alternet.org/economy/how-goldman-sachs-may-provoke-yet-another-major-financial-crisis Greece and the troika (the International Monetary Fund, the EU, and the European Central Bank) are in a dangerous game of chicken. The Greeks have been threatened with a “Cyprus-Style prolonged bank holiday”if they “vote wrong.” But they have been bullied for too long and are saying “no more.” A return to the polls was triggered in December, when the Parliament rejected Prime Minister Antonis Samaras’ pro-austerity candidate for president. In a general election, now set for January 25th, the EU-skeptic, anti-austerity, leftist Syriza party is likely to prevail. Syriza captured a 3% lead in the polls following mass public discontent over the harsh austerity measures Athens was forced to accept in return for a €240 billion bailout. Austerity has plunged the economy into conditions worse than in the Great Depression. As Professor Bill Black observes, the question is not why the Greek people are rising up to reject the barbarous measures but what took them so long. Ireland was similarly forced into an EU bailout with painful austerity measures attached. A series of letters has recently come to light showing that the Irish government was effectively blackmailed into it, with the threat that the ECB would otherwise cut off liquidity funding to Ireland’s banks. The same sort of threat has been leveled at the Greeks, but this time they are not taking the bait. Squeezed by the Squid The veiled threat to the Greek Parliament was in a December memo from investment bank Goldman Sachs – the same bank that was earlier blamed for inducing the Greek crisis. Rolling Stone journalist Matt Taibbi wrote colorfully of it: The first thing you need to know about Goldman Sachs is that it’s everywhere. The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money. In fact, the history of the recent financial crisis, which doubles as a history of the rapid decline and fall of the suddenly swindled dry American empire, reads like a Who’s Who of Goldman Sachs graduates. Goldman has spawned an unusual number of EU and US officials with dictatorial power to promote and protect big-bank interests. They include US Treasury Secretary Robert Rubin, who brokered the repeal of the Glass-Steagall Act in 1999 and passage of the Commodity Futures Modernization Act in 2000; Treasury Secretary Henry Paulson, who presided over the 2008 Wall Street bailout; Mario Draghi, current head of the European Central Bank; Mario Monti, who led a government of technocrats as Italian prime minister; and Bank of England Governor Mark Carney, chair of the Financial Stability Board that sets financial regulations for the G20 countries. Goldman’s role in the Greek crisis goes back to 2001. The vampire squid, smelling money in Greece’s debt problems, jabbed its blood funnel into Greek fiscal management, sucking out high fees to hide the extent of Greece’s debt in complicated derivatives. The squid then hedged its bets by shorting Greek debt. Bearish bets on Greek debt launched by heavyweight hedge funds in late 2009 put selling pressure on the euro, forcing Greece into the bailout and austerity measures that have since destroyed its economy. Before the December 2014 parliamentary vote that brought down the Greek government, Goldman repeated the power play that has long held the eurozone in thrall to an unelected banking elite. In a note titled “From GRecovery to GRelapse,” reprinted on Zerohedge, it warned that “the room for Greece to meaningfully backtrack from the reforms that have already been implemented is very limited.” Why? Because bank “liquidity” could be cut in the event of “a severe clash between Greece and international lenders.” The central bank could cut liquidity or not, at its whim; and without it, the banks would be insolvent. As the late Murray Rothbard pointed out, all banks are technically insolvent. They all lend money they don’t have.
Views: 1850 Peter Borenius
William Black, $JPM's Huge Betting Operation
 
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Edited Extracts -- Professor of Law and Economics William K. Black talks to Lauren Lyster, host of the CapitalAccount on RT. A Massive Laying System Explaining Hedginess, a facke Hedge On the $JPM & TBTF's massive lying system For Full Video Visit Capital Account: http://youtu.be/kyZEIlIUPvM Thanks for YouTube Sharing: user/CapitalAccount Uploaded on May 22, 2012 News Articles: JPMorgan Veered From Hedging Practices at Competing Banks By Bradley Keoun, Donal Griffin and Michael J. Moore (Bloomberg, May 22, 2012) http://www.bloomberg.com/news/2012-05-22/jpmorgan-veered-from-hedging-practices-at-competing-banks.html JPMorgan Runs The World's Largest Gambling Operation by Susan Adams (Forbes, May 23, 2012) http://www.forbes.com/sites/susanadams/2012/05/23/mo-prof-jpmorgan-runs-the-worlds-largest-gambling-operation/ Google The Web: Glass Steagall Act Clinton's Administration Commodity Futures Modernization Act (CFMA) U.S. Securities and Exchange Commission (SEC) Volcker Rule
Views: 449 Alberto Veronese
The Finance Industry Has Captured Our Government: Glenn Greenwald on Criminal Justice (2009)
 
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Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank regulation based on the Basel accords encourage unconventional business practices and contributed to or even reinforced the financial crisis. In other cases, laws were changed or enforcement weakened in parts of the financial system. Key examples include: Jimmy Carter's Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) phased out a number of restrictions on banks' financial practices, broadened their lending powers, allowed credit unions and savings and loans to offer checkable deposits, and raised the deposit insurance limit from $40,000 to $100,000 (thereby potentially lessening depositor scrutiny of lenders' risk management policies.) In October 1982, U.S. President Ronald Reagan signed into law the Garn--St. Germain Depository Institutions Act, which provided for adjustable-rate mortgage loans, began the process of banking deregulation, and contributed to the savings and loan crisis of the late 1980s/early 1990s. In November 1999, U.S. President Bill Clinton signed into law the Gramm--Leach--Bliley Act, which repealed part of the Glass--Steagall Act of 1933. This repeal has been criticized for reducing the separation between commercial banks (which traditionally had fiscally conservative policies) and investment banks (which had a more risk-taking culture). However, the vast majority of failures were at institutions that were created by Glass-Steagall. In 2004, the U.S. Securities and Exchange Commission relaxed the net capital rule, which enabled investment banks to substantially increase the level of debt they were taking on, fueling the growth in mortgage-backed securities supporting subprime mortgages. The SEC has conceded that self-regulation of investment banks contributed to the crisis. Financial institutions in the shadow banking system are not subject to the same regulation as depository banks, allowing them to assume additional debt obligations relative to their financial cushion or capital base. This was the case despite the Long-Term Capital Management debacle in 1998, where a highly leveraged shadow institution failed with systemic implications. Regulators and accounting standard-setters allowed depository banks such as Citigroup to move significant amounts of assets and liabilities off-balance sheet into complex legal entities called structured investment vehicles, masking the weakness of the capital base of the firm or degree of leverage or risk taken. One news agency estimated that the top four U.S. banks will have to return between $500 billion and $1 trillion to their balance sheets during 2009. This increased uncertainty during the crisis regarding the financial position of the major banks.[96] Off-balance sheet entities were also used by Enron as part of the scandal that brought down that company in 2001. As early as 1997, Federal Reserve chairman Alan Greenspan fought to keep the derivatives market unregulated. With the advice of the President's Working Group on Financial Markets, the U.S. Congress and President allowed the self-regulation of the over-the-counter derivatives market when they enacted the Commodity Futures Modernization Act of 2000. Derivatives such as credit default swaps (CDS) can be used to hedge or speculate against particular credit risks. The volume of CDS outstanding increased 100-fold from 1998 to 2008, with estimates of the debt covered by CDS contracts, as of November 2008, ranging from US$33 to $47 trillion. Total over-the-counter (OTC) derivative notional value rose to $683 trillion by June 2008. Warren Buffett famously referred to derivatives as "financial weapons of mass destruction" in early 2003. http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932009
Views: 5494 The Film Archives
Last Word: Former Rep. Tom Davis (R., Virginia) on the 2010 Campaign
 
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On July 13, 2010 former Congressman Tom Davis, a Republican of Virginia was on C-Span's Washington Journal with host Paul Orgel to discuss the 2010 GOP election efforts. Rep. Davis was a prior Chairman of the National Republican Congressional Committee. The topic of the Commodities Futures Modernization Act of 2000 came up during a phone call that can be seen and heard here - http://www.arrowflingerreports.com/2012/01/last-word-former-rep-tom-davis-r.html
Views: 63 ArrowflingerReport
Trade Station Live Trades  15th August Forex Euro USD 6E Futures
 
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Trade Station Live Trades 15th August Forex Euro USD 6E Futures.Free Signals For Trading Binary Options . Go To http://www.Binaryforecast.com .Signals are 100 % percent free. Please also check out probably the fastest and best real time indicators in the world. Go to http://www.sceeto.com . Why pay for Binary Options signals when you can get them for free. Also for indicators you can get a free trial at Sceeto. Sceeto has indicators for Ninja Trader as well as Tradestation and Sierra Charts. Whether you spread bet , trade Binary Options Futures or Forex you need to check out the free alerts and signals our real time software gives. Sceeto and BinaryForecast monitor order flow in the market and tells you when the big banks and brokers are buying or selling in real time. Win more of your trades using our great indicators and alerts as well as our signals. Stop losing money on bad trades or when program tradhing and high frequency trading happens. Old technical anaylis is gone. The stock market moves fast and your old charts and indicators probably can not keep up. text courtesy of Wikepedia According to Raghuram Rajan, a former chief economist of the International Monetary Fund (IMF), "... it may well be that the managers of these firms [investment funds] have figured out the correlations between the various instruments they hold and believe they are hedged. Yet as Chan and others (2005) point out, the lessons of summer 1998 following the default on Russian government debt is that correlations that are zero or negative in normal times can turn overnight to one — a phenomenon they term "phase lock-in." A hedged position can become unhedged at the worst times, inflicting substantial losses on those who mistakenly believe they are protected."[23] [edit] RiskSee also: List of trading losses The use of derivatives can result in large losses because of the use of leverage, or borrowing. Derivatives allow investors to earn large returns from small movements in the underlying asset's price. However, investors could lose large amounts if the price of the underlying moves against them significantly. There have been several instances of massive losses in derivative markets, such as the following: American International Group (AIG) lost more than US$18 billion through a subsidiary over the preceding three quarters on Credit Default Swaps (CDS).[24] The US federal government then gave the company US$85 billion in an attempt to stabilize the economy before an imminent stock market crash. It was reported that the gifting of money,which came to be known as the "Back door bailout" of America's largest trading firms, was necessary because over the next few quarters the company was likely to lose more money. The loss of US$7.2 Billion by Société Générale in January 2008 through mis-use of futures contracts. The loss of US$6.4 billion in the failed fund Amaranth Advisors, which was long natural gas in September 2006 when the price plummeted. The loss of US$4.6 billion in the failed fund Long-Term Capital Management in 1998. The loss of US$1.3 billion equivalent in oil derivatives in 1993 and 1994 by Metallgesellschaft AG.[25] The loss of US$1.2 billion equivalent in equity derivatives in 1995 by Barings Bank.[26] UBS AG, Switzerland's biggest bank, suffered a $2 billion loss through unauthorized trading discovered in September, 2011.[27] This comes to a staggering $39.5 billion, the majority in the last decade after the Commodity Futures Modernization Act of 2000 was passed. [edit] Counter party riskSome derivatives (especially swaps) expose investors to counter party risk, or risk arising from the other party in a financial transaction. Different types of derivatives have different levels of counter party risk. For example, standardized stock options by law require the party at risk to have a certain amount deposited with the exchange, showing that they can pay for any losses; banks that help businesses swap variable for fixed rates on loans may do credit checks on both parties. However, in private agreements between two companies, for example, there may not be benchmarks for performing due diligence and risk analysis.
Views: 574 WinningMoreTrades
President Bill Clinton's State of the Union Addresses (1993-1996 Speeches)
 
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The United States Presidency of Bill Clinton, also known as the Clinton administration, was the executive branch of the federal government of the United States from January 20, 1993 to January 20, 2001. Clinton was the first Democratic president since Franklin D. Roosevelt to win a second full term. Clinton was also the first president since FDR and the last until current President Barack Obama to have not served in the military in any capacity. The administration faced political opposition in 1994 when Republicans took control of both houses of Congress but Clinton was reelected in 1996, after a failed attempt at health care reform. The administration had a mixed record on taxes but produced the first federal budget surpluses since 1969, for fiscal years 1998, 1999, 2000, and 2001, leading to a decrease in the public debt (though the gross federal debt continued to increase). Clinton supported the North American Free Trade Agreement, which he signed into law in 1994. His presidency saw the passage of welfare reform in Personal Responsibility and Work Opportunity Act which ended Aid to Families with Dependent Children and reduced the number of welfare programs, which received support from both political parties. He also signed the reversal of the Glass-Steagall Act which was designed to prevent financial institutions from getting too big to fail. He also signed the Commodity Futures Modernization Act which legalized over-the-counter derivatives. Clinton saw the escalation of the War on Drugs prompting a swell in the prison population from 1.4 to 2 million. Socially, the administration began with efforts by Clinton to allow gays and lesbians to serve openly in the military, which culminated in a compromise known as "Don't ask, don't tell", theoretically allowing gays and lesbians to serve in the military if they did not disclose their sexual orientation (the policy was repealed in 2010). However Bill Clinton signed the Defense of Marriage Act, considered by many to be a blow to the LGBT rights movement. Various measures were also introduced to improve the effectiveness of the social safety net, including an increase in the number of child care places, a significant expansion of the EITC program, and the introduction of new programs such as SCHIP, and a child tax credit. The administration took office less than two years after the fall of the Soviet Union, and the administration's foreign policy addressed conflicts in Somalia, Rwanda, Bosnia and Herzegovina, Kosovo, and Haiti through militarism and economic exploitation. The Clinton presidency also saw the passage and signing of the Iraq Liberation Act of 1998 which was a bipartisan measure expressing support for regime change in Iraq. On three separate occasions, in 1996, 1998, and 2000, the administration unsuccessfully attempted to capture or assassinate Osama Bin Laden, who was eventually killed by U.S. special operations forces in 2011. Clinton considered himself a "New Democrat" and was a founding member of the Democratic Leadership Council, a centrist group of Democrats, who promoted moderate policies. Clinton left office with the highest end of office approval rating of any president since World War II, but he was the first US president to be impeached since Andrew Johnson, and only the second in US history, as a result of the Lewinsky scandal, though like Johnson, he was acquitted by the Senate. http://en.wikipedia.org/wiki/Presidency_of_Bill_Clinton
Views: 3843 Political History