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Entry: Faith-Based Economy Link: http://www.takimag.com/blogs/article/faith_based_economy#20644 Post contents: It’s important to remember that it was the Gingrich Congress---pure "Libertarian ideology at work, with some crazy “futurism” rhetoric thrown in---that resulted in the whole mess we are in. In 1993, the Congress repealed the depression era financial regulation, the 1935 Glass-Steagall Act, or the second Glass-Steagall Act, officially named the Banking Act of 1935, introduced the separation of bank types according to their business (consumer, commercial and investment banking), and it founded the Federal Deposit Insurance Company for insuring bank deposits The lunatic “libertarian” influenced Newter Gingrich Congress repealed this regulation and the result was Citibank, and the “free market” did the rest, including the pride of the Citibank/Wall Street Investment crowd, the idiotic idea of taking mortgages and packaging them up as speculative investments. The financial crisis that we are seeing right now is a direct result of electing a Republican Congress in the 1990’s. Finance Capitalism is NOT productive capitalism, it is destructive capitalism, and needs to regulated in the public interest. Instead, these moneychangers in the Temple are profiting from a government bailout, just like the Savings and Loan disaster in the 1980’s----another debacle of “libertarian” economics. “Fusionism” doesn’t’ work…atheistic finance capitalism doesn’t mix with national sovereignty and cultural stability. Ayn Rand and Russell Kirk are incompatible enemies. Of course, let's not forget that US foreign policy and militarism has only one purpose--to prop up the destructive system of international finance capitalism (IMF/WorldBank/FED/Export-Import Bank). Sent at: 2008 07 06