MICHAEL SAVAGE NEWSLETTER: We’re being set up for an economic meltdown–53GH
In today’s issue: Not many people know that it was under the Clinton administration in the 1990s that provisions of the 1933 Glass-Steagall Act were repealed, deregulating the banking industry and paving the way for the crash of 2008 and the election of Barack Obama, Michael Savage told his listeners.
The 1999 Gramm–Leach–Bliley Act repealed the two provisions restricting affiliations between banks and securities firms.
Savage warned that the consequences of the deregulation are about manifest once again, but this time on a much bigger scale.
After Clinton and Robert Rubin engineered the repeal of Glass-Steagall, the distinction between commercial and investment banks disappeared. And, once again, the stage was set for the crash of ’08 that got Obama elected.
The difference between the great crash of 1929 and the crash of ’08, which gave us the current economic downturn … is that the ’08 meltdown was intentional, in my opinion.
It was intentional. Big difference.
Now, because of the repeal of the Glass-Steagall Act, and because banks are now permitted to engage in high-risk brokerage activities — including selling insurance, underwriting securities — they’re hedging their risk through strategies such as short selling and continuing to develop and trade extremely risky financial derivatives.
So, let me put it another way to you.
We’re being set up for an economic meltdown similar to the one that triggered the Great Depression.
But this time it’s going to occur on a global scale, and it’s unlikely that we’ll be able to recover within even the next several decades, once it happens.
… And I think it’s an important point come this election, because the subtext for most people who vote on the Democrat side is a distrust of big business, a distrust of the banks.
And they think that their savior is Bernie the Commie.
… He’s a politician. He’s always been a politician.
If you have faith in him, you’re a fool. If you actually have faith that he’s going to do something different than the others, you’re crazy.
You’ll get more of the same. You’ll get the same nonsense.
You’ll get the rhetoric every day. You’ll get the rhetoric about the LGBT world. But he’ll do nothing to the banks, because they control the presidency.