Economy

(WSJournal) – Fed Sees Slower Growth

Federal Reserve officials, who are likely to reveal Wednesday a cut in their assessment of the growth outlook, are divided on how aggressively the central bank should act if the economy slows further. Read More Here

(ZeroHedge) – Why Watching CNBC Can Be Hazardous To Your Wealth – Read More Here

(ZeroHedge) – Bloomberg Poll Finds Americans No Longer Drinking Kool Aid, 71% See Economy “Mired In Recession” – Tyler Durden – Read More Here

(NYDaily) – Are the jobs gone for good? The facts about this downturn are very grim – Read More Here

(BuffaloNews) – Feeling crunch of a high jobless rate – Read More Here

(WashTime) – Both parties mull raising retirement age – Read More Here

(PoliticsDaily) – Cap-and-Trade Will Be Part of Senate Climate Change Bill

Senate Majority Leader Harry Reid confirmed Tuesday that the Senate will soon debate a bill to reduce pollution and that the legislation will include a scaled back version House-passed language to reduce carbon output by charging some polluters for emissions above a certain threshold. Read More Here

(Stateline) – Collapse in Living Standards in America: More Poverty By Any Measure

15 million unemployed, homelessness has increased by 50 percent in some cities Read More Here

(ABCNews) – Autos and Gasoline Drag Retail Sales Lower in June – Read More Here

(Examiner) – U.S. banks laundering Mexican cartels’ drug money – Read More Here

(Independent) – Britain’s debt: The untold story

The true scale of Britain’s national indebtedness was laid bare by the Office for National Statistics yesterday: almost £4 trillion, or £4,000bn, about four times higher than previously acknowledged. Read More Here

(RestoreTheRepublic) – Video: The Reality Report – Tom Woods on the Economic Meltdown!!! – Gary Franchi – Video Link Here

(InflationUS) – Video: Empty Store Shelves Coming to America

(RussiaToday) – Video: Webster Tarpley – ‘Obama, the Wall St. puppet’

The Obama administration could be nearing the finish line for financial reform legislation that has been a political football tossed back and forth between both parties. Will this bill change the way Washington and Wall Street work? Can it turn around the economic downturn?

(NewAmericanRepublic) – Chinese rating agency strips Western nations of AAA status

China’s leading credit rating agency has stripped America, Britain, Germany and France of their AAA ratings, accusing Anglo-Saxon competitors of ideological bias in favour of the West. Read More Here

(Truthout) – How Brokers Became Bookies: The Insidious Transformation of Markets Into Casinos

“You all are the house, you’re the bookie. [Your clients] are booking their bets with you. I don’t know why we need to dress it up. It’s a bet.” – Sen. Claire McCaskill, Senate Subcommittee investigating Goldman Sachs (Washington Post, April 27, 2010) Read More Here

REPOST (AspenDaily) – Historian warns of sudden collapse of American ‘empire’

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival Monday with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level. Read More Here

(RussiaToday) – Video: Economic Collapse – Rich continues getting Richer and Poor gets Poorer

Video: Who repealed the Glass-Steagall Act?

The Glass Steagall Act President Roosevelt signed into law was repealed. See who swept aside the banking firewall protections on the 12th of November 1999.

The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, is an act of the 106th United States Congress (1999-2001), signed into law by President Clinton which repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies. The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and/or an insurance company.

The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms and insurance companies to consolidate.

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