Compare What Ric Said Tuesday with What Bill Clinton Said Wednesday
Excerpt from Ric Edelman’s Special Report, Tuesday September 30th
“First, the proposal is a rescue plan. It does not ‘bail out’ Wall Street; rather it rescues the American consumer and taxpayer. Consumers must understand that ‘Wall Street,’ as it has been known, is history, gone forever. The five major investment banks no longer exist as they once did: Bear Stearns and Lehman Brothers have gone bankrupt; Merrill Lynch has been acquired by Bank of America, and the remaining two — Morgan Stanley and Goldman Sachs — have been converted into commercial banks, where they now are under the jurisdiction of the Federal Reserve, which has far tighter rules than the Securities and Exchange Commission.”
Excerpt from Bill Clinton Speech, Wednesday, Oct 1st
“It has nothing to do with bailing out Wall Street. The Wall Street that we knew is gone. It vanished in two months. There's not a single, freestanding investment bank left on Wall Street. The last two -- Goldman Sachs and Morgan Stanley have become bank holding companies, which means they are going to be regulated and they will never again be able to make some of the high-risk investments that got us in this trouble.”
