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Monday, February 17, 2014

The Repeal of the Glass-Steagall Act

There's a view that the repeal in 1999 of this Depression era act led to our country's financial crisis and, also importantly, took away criminal offenses from what entities like Tishman-Speyer tried to do with PCVST.

The repeal was supported by both Republicans and Democrats.



An opinion piece at US News & World Report explains further:

http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis

39 comments:

Anonymous said...

This was the legislation that gave the fox the key to the chicken house.

Anonymous said...

Let's give some more credit where credit is due. Cuomo initiated the mortgage crisis.

Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis

http://www.nytimes.com/2010/08/24/nyregion/24hud.html?pagewanted=all&_r=0


http://www.villagevoice.com/2008-08-05/news/how-andrew-cuomo-gave-birth-to-the-crisis-at-fannie-mae-and-freddie-mac/

Anonymous said...

Some more insight from Senators Warren and McCain on Glass Steagall. I do wish we had better Senators in NY doing better things!

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/07/12/elizabeth-warren-and-john-mccain-want-glass-steagall-back-should-you/

Anonymous said...

A must read. Matt Taibbi nails it again.

“The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet”

Read more: http://www.rollingstone.com/politics/news/the-vampire-squid-strikes-again-the-mega-banks-most-devious-scam-yet-20140212#ixzz2tfrEa1ly

“Today, banks like Morgan Stanley, JPMorgan Chase and Goldman Sachs own oil tankers, run airports and control huge quantities of coal, natural gas, heating oil, electric power and precious metals. They likewise can now be found exerting direct control over the supply of a whole galaxy of raw materials crucial to world industry and to society in general, including everything from food products to metals like zinc, copper, tin, nickel and, most infamously thanks to a recent high-profile scandal, aluminum. And they're doing it not just here but abroad as well"

Anonymous said...

In addition to Matt Taibbi’s Rolling Stone article which I just sent to the STR, another must read link. Check out the comments defending this behavior.

"1% Jokes and Plutocrats In Drag: What I Saw When I Crashed a Wall Street Secret Society"

http://nymag.com/daily/intelligencer/2014/02/i-crashed-a-wall-street-secret-society.html

Anonymous said...

Thanks for the informative video STR and for keeping us tenants informed honestly with all the facts.

Anonymous said...

GREAT ARTICLE 7:16 - THANKS

A key to their Achilles heel is being EXPOSED FOR WHO THEY REALLY ARE like giddy Garodnick with REBNY Tighe photo!

"The second thing I realized was that Kappa Beta Phi was, in large part, a fear-based organization. Here were executives who had strong ideas about politics, society, and the work of their colleagues, but who would never have the courage to voice those opinions in a public setting. Their cowardice had reduced them to sniping at their perceived enemies in the form of satirical songs and sketches, among only those people who had been handpicked to share their view of the world. And the idea of a reporter making those views public had caused them to throw a mass temper tantrum."

Anonymous said...

The article 7:16 gave us tells why protests rarely and barely work. They laugh at the protests and our wasting time and energy that gives little gain if any. They fear the exposures of who they secretly are and what they secretly do. Call them out and take them down.
No more "asking" for what we tenants want. Mere "asking" is weak and doesn't work when they are already bought by bribes.

Anonymous said...

Oh GOD 7:16 that says it all.

I am so angry I am laughing at the stupidity of bloodshot eyes and neck veins bulging Fortress Investment Group Michael Novogratz panicking.

The idiot is now in control of PCVST. Fortress Investment Group owns & controls CW which is tearing up PCVST property and residents and our lives. This is the idiot destroying us.

EVERYONE READ THIS SHORT ARTICLE FROM 7:16 ON THE PARTY WHERE MICHAEL NOVOGRATZ FORTRESS INVESTMENT GROUP FREAKED OUT AT BEING SEEN FOR HIS GREEDY NASTY SELF.

Anonymous said...

The asshole that controls PCVST is in the article from 7:16.

Go here for more of Fortress Investment Group big failures and destruction.

Fortress Investment Group are some of the nastiest psychotic people on the planet.

Soon PCVST will be listed on their wikipedia page too because our Politicians are so deep in the pockets of these guys and are doing NOTHING to protect the property and people of PCVST.

http://en.wikipedia.org/wiki/Fortress_Investment_Group

Anonymous said...

If we are going to fight Novogratz it can't be with buses to Albany or protests or joining clubs and groups.
We have to hit hard and fast where they are weakest.
As disgusting as fortress Investment Group has been to PCVST the next owner will be worse and its already been predetermined in "midnight talks" and "secret deals" made at these parties by these corrupt players. It won't be an honest business transaction to the highest bidder.

Pathetic and vulgar the NY Politicians, Law enforcers, and Regulators let these Investment groups use our homes as toys in their games of destruction for profit.

Anonymous said...

Dear 7:16 you have exposed the short straight line to connect the dots between
Novogratz/Bloomberg/Quinn/Garodnick TA.

The short straight line between
Fortress Investment/CW/REBNY/Politicans fundraising for REBNY/the demise of
PCVST

The Who's Who and Who is desperately trying to be a Who's Who by turning over the keys to the prize real estate gem of NYC.

Good work 7:16! You are better than 007!

Anonymous said...

This is why the TA wants to keep us focused on "quality of life" noise, dust, bikini issues so they can help Garodnick in his back room business dealing.

We can't afford to play by their rules anymore!
We need to play by our own rules.

Anonymous said...

Garodnick is such a tiny cog in their wheel surely we can stop him from using PCVST as his platform to look like he is pro-tenant while he is behaving pro-landlord real estate wall street. If "Anybody But Quinn" was successful then surely we can be too in getting Garodnick out of NYC political office.

PCVST does not support REBNY and Garodnick and the unhinged Novogratz Fortress Investment. what a psycho.

Anonymous said...

This chain of corruption is why there are Term Limits and why Bloomberg and Garodnick ignoring the Limits on Terms is so egregiously offensive to The People.

With Quinn removed, Garodnick is their last hope on their vision for sucking the life out of all of us at PCVST - the People and our Trees.

For every tree fallen there are at least 100 tenants fallen too in their massive increases and mass evictions.

There, that is the story of Stuyvesant Town in the hands of Councilmember Garodnick and his TA and those controlling their puppet strings.

Anonymous said...

7 of the Greatest Take downs by a Senator who is doing her job.

http://www.policymic.com/articles/82251/7-of-elizabeth-warren-s-greatest-takedowns

Great inspiration for a take down by us on the corrupt pols, developers their bankers and lawyers who are destroying our PCVST Homes.

dcf said...

STR, commendations on keeping it going. Whenver I mention Glass-Steagall, most people haven't the foggiest idea about it but are very definitely interested. We have an information deficit which you are helping to correct, ala real old time journalism. Thanks for all you do!!

dcf said...

STR, commendations on keeping it going. Whenever I mention Glass-Steagall, most people haven't the foggiest idea about it but are very definitely interested. We have an information deficit which you are helping to correct, ala real old time journalism. Thanks for all you do!!

Anonymous said...

We all need to get organized!!!

Anonymous said...

Along with the repeal of Glass-Steagall (supported by Democrats & hailed by Clinton as an advance), it's been reported that lobbyists told the prez & the congress that derivatives were far too complicated for them to understand; they should just enable them and trust wall street & the banks to manage them. And they did. These derivatives are still out there. They create interconnections between corporate & governmental entities that heretofore never bore any relationship to each other. They represent financial deals that only guarantee that the middleman will make out. If one major party in the deal hits a snag, the whole deal collapses like a house of cards (as we've seen). The middlemen in these cases aren't the banks & brokerages per se. They are specific operators at the banks & brokerage houses who make out no matter what. They are the ones working behind the scenes to promote these derivatives that STILL put us all at risk. The derivatives are out there and the slick sharks are still out there just waiting to sucker more high-placed dopes into believing that there is some miracle fix that will get them out of mistakes & excesses from their pasts...thereby putting themselves and all of us at risk.

Anonymous said...

Checkout this list of who voted for & against the repeal of Glass-Steagall. Talk about no accountability. The rest of us get screwed while these guys just shrug their shoulders and say...'sorry'.
http://www.citizensoversightmaryland.com/voted-to-repeal-glass-steagall.html

Anonymous said...

We need to get rid of 3rd term liars.

Anonymous said...

Well this says it all. Time, money, energy spent on bus rides, protests, post cards mailers to get NY electeds to do right by the people they serve is a big WASTE. We need to get them OUT OF OFFICE because the power the office holds should not be in these corrupt politicians hands. These are not powerful people. They are only people in powerful offices. It is the office that holds power and REBNY knows that - they discard these politicians when they leave office and they are of no use. We have to get rid of giddy Garodnick!

Anonymous said...

The problem is that there are votes going on all the time at all levels of gov't, votes that we don't know about. We find out after the fact (often long after) when it is too late to have any impact. Transparency before & after the votes is the only way to hold politicians accountable. Imagine a website where you could type in your address and then see all the issues coming up at all gov't levels that pertain to you. See the positions of your elected officials before the vote, then see how they actually voted. Write to larry.page@google.com. Google has the means to make something like this happen. It would be a game changer.

Anonymous said...

Some people don't know how to organize, all they know how to do is antagonize.

Anonymous said...

Are we living in a Democracy or an Oligarchy? The two are mutually exclusive, so it has to be one or the other.

Anonymous said...

6:35 it is true the TA has not organized a thing in years! They don't know how to organize. They don't know how to lead. They haven't had a successful effort on behalf of tenants since I've been here.

I disagree with you on the antagonize because they don't know how to do that either. CW acts like the TA doesn't matter because the TA doesn't matter in making any kind of difference or in keeping tenants aware so tenants can organize and fight to protect ourselves. Now we all know the TA doesn't want us to protect ourselves because they have agreed to all the massacre of the property! The TA can't organize or antagonize so they don't fight a damn thing and we keep getting screwed.

And now we know why Susan agrees every time to cut down the trees. I just got their "mail the mayor" paper post card amateur hour under my door. Seriously, a post card versus REBNY bribes. Oh sure we'll win that fight.

It is obvious the TA is not on the side of the tenants when they admit they refuse to fight for tenants for years out of fear of delaying a sale. A carrot CW has dangled in front of Dan and the TA for years filled with mass evictions of tenants and massacre of the property!

From reading the threads it is so obvious Hoylman/Garodnick/that Assemblyman guy/ and the TA did nothing to stop the property massacre of for offices and did a lot to harass and intimidate and make tenants shut up who were fighting it because it is plain wrong to build those offices!

I will never again rally behind anything the TA says because they are not saying what needs to be said and done before harm happens. They are afraid to antagonize politicians and they are clearly in on the office building.

We need real fighters, real leaders, real antagonizers to push buttons, make waves and go up against the money bribers and takers in Albany so we can protect ourselves and the property from anymore of Dan's grand plan!

I would rather have a tall tree than a stupid green post card!

Anonymous said...

STR thanks for the video that explains Glass-Steagall in simple terms. :)

Anonymous said...

3 land owners ,just 3, fought big oil, Koch brothers, and corrupt politicians. They delayed the Keystone pipeline to protect the land and their homes. I hope their delay becomes permanent block to Keystone. Either way just 3 people made a big difference today because they fought every step of the way, took no payouts, and stood up for what is right.

http://www.huffingtonpost.com/2014/02/19/keystone-pipeline-nebraska_n_4818171.html

Anonymous said...

STUYVESANT TOWN IS OFFICIALLY MOSTLY OFF-CAMPUS HOUSING WITH A FEW FAMILIES TOO.

http://nyunews.com/2014/02/20/stuytown/

Thanks council members Dan Garodnick and fmr Jessica Lappin.

Anonymous said...

6:35 you don't get it. The TA wants to be buddies with the pols. Steinberg gets awards from Hoylman and Marsh relays Garodnicks words to tenants. The pols want to be buddies with REBNY who is buddies with CW and Fortress Hedge Fund owners!

This TA is not an equal player at the table of developers and pols who are eating us ALIVE because this TA won't antagonize the pols and developers but they will let the developers antagonize us, destroy the property, kill trees, evict people.

Antagonizing it exactly what we all should be doing.

Anonymous said...

Saw the memo to join the Tenant Association Board and the posts by Mr Cubbins. Is the memo real or is someone using the name Mr Cubbins from the Dr Seuss book The 500 Hats of Bartholomew Cubbins.

There is no Mr Cubbins on the Board.

Is there a real Mr Cubbins making these posts on the TA page?

Anonymous said...


“This is why the TA wants to keep us focused on "quality of life" noise, dust, bikini issues so they can help Garodnick in his back room business dealing.”

This is major league BS for the following reason. QOL is a big issue here. Many people who are done with the TA have said it was precisely the reason that the TA drifted away from QOL issues to the condo conversion, that was the reason they left the organization. Garodnick is separate issue, don’t lump him in with this issue. And finally, for the hundredth time, this bikini issue is a lie. Again, for the hundred time, the issue was the use of playground 10 being taken over by sunbathers prior to the Oval being opened, Playground 10 being a playground with artificial turf whose primary purpose during the non-winter months is a playground for children’s’ sport activities. STR knows this as well.

Anonymous said...

Bad news at the NY Daily News. De Blasio shuts press out of REBNY meeting then declares REBNY can build sky high and river deep as much as they want. Their fundraiser was successful indeed and no post card campaign will change his mind.

Press Shut Out of Mayor De Blasio's Closed-Door Talk With REBNY ...
www.nydailynews.com/.../press-shut-out-of-mayo...‎
New York Daily News
1 day ago - Daily News ... Steven Spinola, president of REBNY, said the group traditionally held their meetings with elected officials without the press ...
Sky's the limit - New York Daily News
www.nydailynews.com/news/.../sky-limit-affordab...‎


New York Daily News
7 hours ago - De Blasio made his remarks to the executive board of the Real Estate Board of New York, known as REBNY, where he was warmly received.

Anonymous said...

de Blasio officially gave the keys to NYC to REBNY to build build build sky high as long as they back him against Cuomo in Albany for his pre-k program. That certainly explains Cuomo not sending his deputy but himself attending their fundraiser against tenants! Cuomo is manipulating de Blasio to get his buddies development (overdevelopment) contracts by holding the pre-k program hostage and de Blasio is all too happy to give away our NYC communities to developers. NYC residents just got screwed by de Blasio today.


http://politicker.com/2014/02/de-blasio-received-with-open-arms-at-rebny-meeting/

Anonymous said...

Oh shit In today's news De Blasio traded our communities for REBNY support of his pre-k program.

One has nothing to do with the other except now they are linked by a trade. What DeBlasio doesn't get is this was Cuomo's plan all along to get developer friends carte blanche to build, block any sunlight, kill all the trees, and force out most residents except for a pitiful few hundred thousand in an ocean of luxury condos for rest of NY population 7 million millionaires+

Way to go DeBlasio Way to go

Anonymous said...

We need a professional snoop to do some top shelf investigative work.

Anonymous said...

In case anyone is wondering why it is so disgusting for Garodnick to party with and support REBNY fundraisers - here is a reminder of who was trying to destroy Stuyvesant Town Roberts tenants.


REBNY hires attorney to fight pro-tenant Stuy Town ruling

March 16, 2009 06:07PM
By David Jones
http://therealdeal.com/blog/2009/03/16/rebny-hires-attorney-to-fight-pro-tenant-stuy-town-ruling/


Nothing will be in PCVST's favor as long as Garodnick-in-REBNY-pocket is in office.

Anonymous said...

Even The Press says, everyone knows, REBNY bought the NYC city council spending large amounts of money and using negative attack ads.

“The money [the PAC is] spending is unprecedented in city politics. They are literally trying to buy the next City Council, and I don’t think people are aware of what is happening.”

http://therealdeal.com/blog/2013/09/03/rebny-backed-pac-goes-on-the-attack/