Freepers discuss the repeal of the Glass-Steagall Act.

[Fuzz]

This thread should die quickly, there aren't enough Democrats for them to blame. Funny how some of them are like d'oh! though and actually wanting regulation after McCain said today he would regulate more.



''I think we will look back in 10 years' time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930's is true in 2010,'' said Senator Byron L. Dorgan, Democrat of North Dakota.'"

This is an interesting article that shows that even under the 1st Black president Bill Clinton administration,laws where passed that are affecting today.
1 posted on Monday, September 15, 2008 8:03:46 PM by blueyon

...along with Andrew Cuomo and Jamie Gorlick.
2 posted on Monday, September 15, 2008 8:06:39 PM by Parley Baer

Oh, and Chuckie Schumer was all for it...

''If we don't pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world,'' said Senator Charles E. Schumer, Democrat of New York. ''There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive.''
5 posted on Monday, September 15, 2008 8:11:35 PM by itslex71 (southern by birth, republican by the grace of my dad)



“commercial banks, securities houses and insurers will find it easier and cheaper to enter one another’s businesses.”

Sounds like an ‘equal opportunity moment’ where they all jump into a collectivist bag for more efficient ‘securitization’ and hypothecation and are given all of future time in which to prove the wisdom of the decision as well as vindication of collectivisms’ failures of the past which have no expamples of success shining up through the thick fog of time.

6 posted on Monday, September 15, 2008 8:13:19 PM by givemELL



... and a whole bunch of Republicans. I’d hate to think that we didn’t head lessons already learned in the ‘30’s.

7 posted on Monday, September 15, 2008 8:14:07 PM by catbertz

For those who missed it: November 5, 1999. Clinton's Fault!

Maybe you ought to read the article and find out who wrote and sponsored the bill.
10 posted on Monday, September 15, 2008 8:18:46 PM by raybbr (You think it's bad now - wait till the anchor babies start to vote!)



I’ve read a lot about the Glass-Steagall Act in the past year, and there is good reason to cite the repeal as a main cause of the current financial crisis.

12 posted on Monday, September 15, 2008 8:21:12 PM by Azzurri

''The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that will bear his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia.

Way to go turd balls!

So much for De-Regulation!
15 posted on Monday, September 15, 2008 8:32:06 PM by Randy Larsen ( BTW, If I offend you! Please let me know, I may want to offend you again!)

Then google Rubin and Sam Weil, and you’ll find he used Gramm as a scapegoat.

That makes it worse. Gramm turned out to be worse than just the author.
20 posted on Monday, September 15, 2008 9:14:37 PM by raybbr (You think it's bad now - wait till the anchor babies start to vote!)



http://www.freerepublic.com/focus/f-news/2083111/posts

[mrJJ]

1. Paste this In Freepers

Roflmao

Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE

44 Democrats no Republicans - NAY


Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".

"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"

See How Your Senator Voted

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

[Nikki Stone1]

3. The repeal of the Glass-Steagall Act was a huge mistake.

And yes, the mistakes of the past were forgotten in the greed of the present.

[Pale Blue Dot]

4. Unfortunately one Democrat DID support it - Clinton.

He signed it into law, and he has a lot to answer for, IMO.

[yourout]

2. Pretty selective memory those idiots have....this nonsense started with Ronnie Raygun.

<http://en.wikipedia.org/wiki/Depository_Institutions_Deregulation_and_Monetary_Control_Act>

<http://www.govtrack.us/congress/vote.xpd?vote=s1999-105>

Yes Clinton never should have signed it.

Along with NAFTA, GAT, and the Telecom bills.