WebPennys
September 21, 2008

Reviewing the history of the great stock market crash of 1929, its hard not to see the uncanny similarity that can be drawn between present time and the lead up to the great stock market crash of 1929……..

Following the great stock market crash of 1929, the US Govt. created the Pecora Commission in 1932 to study what had caused the great crash, to learn about and then adjust financial policy to prevent a similar stock market crash in the future.

One of the main factors the Pecora Commission cited as a possible cause for the 1929 crash was the wide range of abusive practices on the part of banks and bank affiliates… these abusive practices included a variety of conflicts of interest such as the underwriting of unsound securities in order to pay off bad bank loans as well as "pool operations" to support the price of bank stocks… following the the Pecora Commission, the Glass-Steagall Act of 1933 was established to protect the public against the abuses made by the banking industry, unfortuntely; 70 years later, Wall Street interests were able to repeal Glass-Steagall Act in 1999.

With the Glass-Steagall Act repealed 1999, Wall Street was able to start its slow-motion repeat of the banking circumstances preceeding the 1929 crash, for example; the current US Secretary of Treasury is none other than an ex-CEO of the Wall Street giant investment bank; Goldman Sachs… Goldman Sachs has been heavily involved in the securitization business on Wall Street over the past decade… securitization is a buzzword for the packaging of debt which is then sold to investors, products like; sub-prime mortgages, CDO’s, ABCP’s, etc, etc, which have now been found to be riddled with fraud… and which are now at the base of Wall Streets problems.

To me, it looks like Wall Street has essentially already committed the same malfeasance that ultimately lead to the great stock market crash of 1929… so, in my opinion, any major bailout that Hank Paulson is able to swindle out of the US taxpayer will only delay the painful re-adjustments coming to US stock markets.

9/11 Chronicles Part One: Truth Rising Get the DVD and make copies or watch the high quality streaming and download version online at Prison Planet.tv. Click here to read more about the film and view sample trailers.

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