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Congress passes Financial Services Modernization Act
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic.
On Oct. 21, with the House-Senate conference committee deadlocked after marathon negotiations, the main sticking point is partisan bickering over the bill's effect on the Community Reinvestment Act, which sets rules for lending to poor communities. Sandy Weill calls President Clinton in the evening to try to break the deadlock after Senator Phil Gramm, chairman of the Banking Committee, warned Citigroup lobbyist Roger Levy that Weill has to get White House moving on the bill or he would shut down the House-Senate conference. Serious negotiations resume, and a deal is announced at 2:45 a.m. on Oct. 22. Whether Weill made any difference in precipitating a deal is unclear.
On Oct. 22, Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant. The previous year, Weill had called Secretary Rubin to give him advance notice of the upcoming merger announcement. When Weill told Rubin he had some important news, the secretary reportedly quipped, "You're buying the government?"
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,852 posts, read 10,488,345 times
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Quote:
Originally Posted by jetgraphics
The demopublican and republicrat wings of the collectivist vulture are unsure how to use this to their best advantage. It could backfire - badly - and leave them vulnerable and running for their lives.
I think you're exactly right, and justified or not, a lot of folks are deeply pi$$ed off at a whole system they see as rigged against 'em. While the ones who keep trying to frame this as a liberal/conservative or Rep/Dem thing either don't get it or are part of the problem (aka, defenders of the status quo). Even 'ol Murdoch-owned FOX News was showing support for the movement slowly creeping up to nearly 70% on its own straw poll, until it obviously backfired and they quit showing the data. But looks like we're early in the curve over here, and the lines are still being drawn, although it appears to be going global now. The reactions of mainstream conservative media have been pretty predictable so far, but as it grows, it'll be interesting to see how the mainstream Dems (like Obama) decide to respond.
Last edited by mateo45; 10-16-2011 at 04:23 AM..
Reason: link..
There is a funny thing about polls... Ask a question one way, you get one result, ask the same question another way, you get an entirely different result... I would really like to see the specifics of the poll before I made a judgement on one.
There is a funny thing about polls... Ask a question one way, you get one result, ask the same question another way, you get an entirely different result... I would really like to see the specifics of the poll before I made a judgement on one.
Definitely true. It's not the results but the question asked that's important.
Hopefully soon the first snows will begin to fall and place a damper on the issue for the moment.. (It really hurts to hit someone in freezing temps) I am afraid though, that it will carry over into spring and summer of 2012 and if it does, it will eventually turn violent. When you have this many demonstrations occurring at once, violence seems to have a ripple effect. If it occurs in one major city, it will occur in another and another.. Depending on who the protestors turn on, it could get nasty in a hurry nationwide.
desperate socialists come out of hiding in last resort effort
Everything is not falling apart as about 90 % of the population is working and the expanse of the Wall st Pros are intentionally magnified by the media turned propaganda machine for the socialist Obama movement.
Who do you know that is part of that 'overwhelming" movement?
no one!
Listen to Obama, Pelosi and Biden the last few days as they abandon useful discussion and speak to pure emotions. A desperate act of a dying movement which has run out of logical argument.
Wall st Pros are another manufactured fantasy consistent with the OMB Watch award for transparency given in secret to Obama and the Nobel peace prize awarded for no demonstrated accomplishment. Beginning to see a pattern yet?
Everything is not falling apart as about 90 % of the population is working and the expanse of the Wall st Pros are intentionally magnified by the media turned propaganda machine for the socialist Obama movement.
Who do you know that is part of that 'overwhelming" movement?
no one!
Listen to Obama, Pelosi and Biden the last few days as they abandon useful discussion and speak to pure emotions. A desperate act of a dying movement which has run out of logical argument.
Wall st Pros are another manufactured fantasy consistent with the OMB Watch award for transparency given in secret to Obama and the Nobel peace prize awarded for no demonstrated accomplishment. Beginning to see a pattern yet?
Well the labor participation rate is only 64% and U6 is about 15% so your premise of 90% working is incorrect.
Hopefully soon the first snows will begin to fall and place a damper on the issue for the moment.. (It really hurts to hit someone in freezing temps) I am afraid though, that it will carry over into spring and summer of 2012 and if it does, it will eventually turn violent. When you have this many demonstrations occurring at once, violence seems to have a ripple effect. If it occurs in one major city, it will occur in another and another.. Depending on who the protestors turn on, it could get nasty in a hurry nationwide.
Almost guaranteed they hit the Presidential Conventions.
The Dems are taking their side and there's pressure to city governments to let the protesters do their thing. Local governments also seem to be absorbing all the costs associated with this.
And none are trying to diffuse this and send them all home. Makes one wonder.
Being young, disillusioned and high in debt and angry could lead to violence ... like a simmering keg of powder.
Do you think that maybe this is what the government wants ? That if violence starts occurring all heads turn to the Fed to "fix it" ?
I dunno..something just isn't right about this whole protest movement.
All it will take is 1 thrown rock to set it all off.
Pert near time to head for the hills. Hope folks are prepared for matial law.
The reason Nero fiddled while Rome burned was because he orchestrated the burning. The same is the reason Obama merely sympathizes with OWS, he and his Marxist/Maoist loving radicals have orchestrated the downfall of the USA.
Yes, Yes! You better take cover fast!
Been listening to fear-mongering propaganda on Fox News again?
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desperate socialists come out of hiding in last resort effort
