'60 Minutes' scoops M$M. Reports that Credit Default Swaps legalized by Commod Futures Modernization

[JohnWxy]

Act. BUT they did NOT mention that the Commodities Futures Modernization Act (CFMA) was attached as a rider to the 11,000 page Omnibus Spending Bill 2000 by Phil Gramm ("America has turned into a nation of whiners." - John McCain's pick for Secretary of the Treasury) and that virtually nobody in Congress knew the CFMA was in there!

The CFMA had been brought up for a vote by Gramm twice before but it went down to defeat because representatives from the Federal Reserve and the Commodities Futures Trading Commission told members of Congress that the bill wouldlead to unregulated trading and market manipulation. So Gramm had to slip it in as rider to the Omnibus Spending bill to sneak it through.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=46775&mesg_id=46775

[crazylikafox]

1. I noticed that. Their reporting made it sound like it was all Bill Clinton's idea.

Also gave some blame to Greenspan. But NO mention of Republican Bill Gramm being responsible for it. I don't think that was an accident.

[JohnWxy]

2. No it wasn't. But at least they informed the listener that CDSs are just gambling if the

purchaser doesn't own the securities the CDS is written on.


Yeah, it was WAY TOO MUCH OF AN OMISSION to be by chance. It's really amazing how much fear there is of offending the Republicans.

[blm]

8. Same old same old - fascists have controlled the narrative in the newsmedia since the late 80s.

.

[blm]

3. They also didn't mention that in the 2004 Dem platform, Kerry put in a plank that dealt directly

with heading off the credit and mortgage crisis he expected from past GOP policies.

[karynnj]

5. Sarbanes, Kerry, Dodd and Schumer also wrote legislation

and introduced it in 2000 to stop predatory lending (S2415) It was killed by the republicans in teh Banking committee - it was reintroduced in the next 2 Congresses - in 2002 and 2003 with 14 and then 15 co-sponsors - all Democrats and was killed both times There was not a single Republican who stopped it.

Here is the Senate roll call on that Omnibus bill, that contained it as an amendment.

U.S. Senate Roll Call Votes 106th Congress - 2nd Session

as compiled through Senate LIS by the Senate Bill Clerk under the direction of the Secretary of the Senate

Vote Summary

Question: On Passage of the Bill (H.R. 4577, as amended )
Vote Number: 171 Vote Date: June 30, 2000, 10:53 AM
Required For Majority: 1/2 Vote Result: Bill Passed
Measure Number: H.R. 4577
Measure Title: A bill making appropriations for the Departments of Labor, Health and Human Services, and Education, and related agencies for the fiscal year ending September 30, 2001, and for other purposes.
Vote Counts: YEAs 52
NAYs 43
Not Voting 5
Vote Summary By Senator Name By Vote Position By Home State

Alphabetical by Senator Name
Abraham (R-MI), Yea
Akaka (D-HI), Nay
Allard (R-CO), Nay
Ashcroft (R-MO), Yea
Baucus (D-MT), Nay
Bayh (D-IN), Nay
Bennett (R-UT), Yea
Biden (D-DE), Nay
Bingaman (D-NM), Nay
Bond (R-MO), Yea
Boxer (D-CA), Not Voting
Breaux (D-LA), Yea
Brownback (R-KS), Nay
Bryan (D-NV), Nay
Bunning (R-KY), Nay
Burns (R-MT), Yea
Byrd (D-WV), Yea
Campbell (R-CO), Yea
Chafee, L. (R-RI), Yea
Cleland (D-GA), Yea
Cochran (R-MS), Yea
Collins (R-ME), Yea
Conrad (D-ND), Nay
Coverdell (R-GA), Yea
Craig (R-ID), Yea
Crapo (R-ID), Yea
Daschle (D-SD), Nay
DeWine (R-OH), Yea
Dodd (D-CT), Nay
Domenici (R-NM), Yea
Dorgan (D-ND), Nay
Durbin (D-IL), Nay
Edwards (D-NC), Nay
Enzi (R-WY), Yea
Feingold (D-WI), Nay
Feinstein (D-CA), Nay
Fitzgerald (R-IL), Yea
Frist (R-TN), Yea
Gorton (R-WA), Yea
Graham (D-FL), Nay
Gramm (R-TX), Nay
Grams (R-MN), Nay
Grassley (R-IA), Yea
Gregg (R-NH), Yea
Hagel (R-NE), Yea
Harkin (D-IA), Yea
Hatch (R-UT), Not Voting
Helms (R-NC), Nay
Hollings (D-SC), Yea
Hutchinson (R-AR), Yea
Hutchison (R-TX), Yea
Inhofe (R-OK), Yea
Inouye (D-HI), Not Voting
Jeffords (R-VT), Yea
Johnson (D-SD), Nay
Kennedy (D-MA), Nay
Kerrey (D-NE), Yea
Kerry (D-MA), Nay
Kohl (D-WI), Yea
Kyl (R-AZ), Yea
Landrieu (D-LA), Nay
Lautenberg (D-NJ), Nay
Leahy (D-VT), Not Voting
Levin (D-MI), Nay
Lieberman (D-CT), Nay
Lincoln (D-AR), Yea
Lott (R-MS), Yea
Lugar (R-IN), Yea
Mack (R-FL), Yea
McCain (R-AZ), Yea
McConnell (R-KY), Yea
Mikulski (D-MD), Nay
Moynihan (D-NY), Not Voting
Murkowski (R-AK), Yea
Murray (D-WA), Nay
Nickles (R-OK), Nay
Reed (D-RI), Nay
Reid (D-NV), Nay
Robb (D-VA), Nay
Roberts (R-KS), Yea
Rockefeller (D-WV), Nay
Roth (R-DE), Yea
Santorum (R-PA), Yea
Sarbanes (D-MD), Nay
Schumer (D-NY), Nay
Sessions (R-AL), Nay
Shelby (R-AL), Yea
Smith (R-NH), Nay
Smith (R-OR), Yea
Snowe (R-ME), Yea
Specter (R-PA), Yea
Stevens (R-AK), Yea
Thomas (R-WY), Yea
Thompson (R-TN), Yea
Thurmond (R-SC), Yea
Torricelli (D-NJ), Nay
Voinovich (R-OH), Nay
Warner (R-VA), Yea
Wellstone (D-MN), Nay
Wyden (D-OR), Nay

Note that the Democrats mostly voted against it. This bill then went to a conference which send it to the House for a bvote
They passed it with nearly the whole house voting for it.
The conference report was then passed by voice vote (when the Senate had really already left) .

[blm]

7. And the newsmedia once again disappoints our nation by protecting the real architects

of it economic downfall.

[Supersedeas]

6. too much truthiness

[upi402]

4. Kick to this important post n/t