"You’re in pretty good shape for the shape you are in. I have heard there are troubles of more than one kind. Some come from ahead and some come from behind.
But I’ve brought a big bat. I’m all ready you see. Now my troubles are going to have troubles with me!”
– Dr. Seuss
by Danny Hammond
So, the Glass-Steagall Act kept the Scoundrels of Wall Street from doing more damage. The Savings & Loan Crisis had been a good test, the Scoundrels have done plenty of damage from time to time, but never more than America could withstand.
Many people hardly noticed the 1986-1994 Savings and Loan Crisis. Most don't know that the Resolution Trust Corp. (RTC) put over 1,000 bankers mid-level and higher into jail by 1994. Not one criminal Banker, Stockbroker, or government regulator has gone to jail starting in 1999 thru the present. Nobody.
The economy recovered and even improved and began to perform well after the S&L Crisis, so, of course, it was soon time for our government, which by this time had basically been purchased by Wall Street was ready to begin listening once again to the whining about the need for deregulation of the finance industry. No one remembered any of the former red flags of danger.
The first big trigger of a new and even bigger problem was the introduction of Windows 95. This was the first time that we as a nation and as a world could send huge volumes of email....for free.
This allowed the financial industry to send documents across the country at 186,000 miles per second. It would carry these documents to faraway lands with copies of signatures on documents that needed real signatures to be legal. Congress did see that this was bad.
Due to the profound negative effect that email was now seen capable of allowing if not regulated, in 1999 Congress passed the Uniform Electronic Transactions Act. There has not been one legal home loan closed on from the 1999 passage of this act though last Friday three days ago at 3:47 pm.
This Act very specifically prohibited the use of a copy of the citizen's signature as if it was original. This Act did allow for the person who had signed to sign a waiver of the Act and "allow" a copy of his or her signature to used as an original signature.
This was a very good idea. In fact, if the financial industry had followed this rule in any way, I would not be writing this article and I would still be living my dream life instead of the nightmare life that I have been stuck in. But, that would have been too much to hope for, wouldn't it? Well, they didn't.
by Danny Hammond email:
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