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"THE CLINTON administration’s free-market program culminated in two momentous deregulatory acts. Near the end of his eight years in office, Clinton signed into law the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, one of the most far-reaching banking reforms since the Great Depression. It swept aside parts of the Glass-Steagall Act of 1933 that had provided significant regulatory firewalls between commercial banks, insurance companies, securities firms, and investment banks."
"In 1993, the Securities and Exchange Commission (SEC) had considered extending capital requirements to derivatives, but such proposals went nowhere, and Wall Street lobbied to prevent any regulation of derivatives. Then in December 2000, in his final weeks in office, Bill Clinton signed into law the Commodity Futures Modernization Act, which shielded the markets for derivatives from federal regulation."
This is much of what caused the financial situation we are in today. It was a bad decision.
I do find it interesting that so many people on these threads take the heat off Bush by saying that during his last couple years it was a democratic congress.
It was a Republican Congress the last couple years of Clinton's term. You can't have it both ways.
If you are going to blame Clinton for this, then you have to blame Bush for what happened during his complete term.
The subject of this thread is deregulation by President Bill Clinton.
Certain regulations, like Glass-Steigall, were beneficial while others, like the CRA, are not.
The article describes one bone headed move after another by Clinton. That Bush is forever being blamed for Clinton's deregulation reveals the level of ignorance that permeates the ranks of the left. Bush deserves credit for at least attempting to rein in the GSEs in 2001 and again in 2003 when Snow lobbied Congress for a new oversight body to manage Fannie and Freddie.
"THE CLINTON administration’s free-market program culminated in two momentous deregulatory acts. Near the end of his eight years in office, Clinton signed into law the Gramm-Leach-Bliley Financial Services Modernization Act of 1999, one of the most far-reaching banking reforms since the Great Depression. It swept aside parts of the Glass-Steagall Act of 1933 that had provided significant regulatory firewalls between commercial banks, insurance companies, securities firms, and investment banks."
"In 1993, the Securities and Exchange Commission (SEC) had considered extending capital requirements to derivatives, but such proposals went nowhere, and Wall Street lobbied to prevent any regulation of derivatives. Then in December 2000, in his final weeks in office, Bill Clinton signed into law the Commodity Futures Modernization Act, which shielded the markets for derivatives from federal regulation."
It was Alan Greenspan, appointed by Reagan that really got the ball rolling on the financial mess that we have found ourselves in today.
Greenspan even admitted to his mistake in TESTIMONY.
And it was a brave woman who was unfortunately snubbed by the Clinton administration under the influence of Greenspan that might have been able to prevent this crisis.
Stiggie also was another Clintonite who warned of the dangers of deregulation.
Volcker was the former Fed Head under Reagan that brought down inflation from 15% to under 5%. The Volcker Rules has found favor among Wall Street's famous & Simpson is another old school Reaganite cat credited with reforms to Social Security.
So what's with all this socialist nonsense, being too partisan and reckless spending claims?
This is much of what caused the financial situation we are in today. It was a bad decision.
I do find it interesting that so many people on these threads take the heat off Bush by saying that during his last couple years it was a democratic congress.
It was a Republican Congress the last couple years of Clinton's term. You can't have it both ways.
If you are going to blame Clinton for this, then you have to blame Bush for what happened during his complete term.
The nondescript deregulation that Bush is credited with was done during the Clinton years by Clinton. There is no two ways about that.
The subject of this thread is deregulation by President Bill Clinton.
Certain regulations, like Glass-Steigall, were beneficial while others, like the CRA, are not.
The article describes one bone headed move after another by Clinton. That Bush is forever being blamed for Clinton's deregulation reveals the level of ignorance that permeates the ranks of the left. Bush deserves credit for at least attempting to rein in the GSEs in 2001 and again in 2003 when Snow lobbied Congress for a new oversight body to manage Fannie and Freddie.
Just checking if you were in favor of the deregulation. Usually people post a thread to validate their position on a specific issue.
The Bush administration removed a lot of funding from the enforcement arm of the SEC. So it was open season on wall street. Also, they removed the firewalls from bundling mortgages together in securities. The security swapping is what lead to the financial collapse.
Republicans even said that the housing stuff under Clinton was a good idea. Good if regulated, Bush didn't do that.
Hopefully things will get better now. SEC fines are up again, and policing financial institutions is part of normal business
It was Alan Greenspan, appointed by Reagan that really got the ball rolling on the financial mess that we have found ourselves in today.
Greenspan even admitted to his mistake in TESTIMONY.
And it was a brave woman who was unfortunately snubbed by the Clinton administration under the influence of Greenspan that might have been able to prevent this crisis.
Stiggie also was another Clintonite who warned of the dangers of deregulation.
Volcker was the former Fed Head under Reagan that brought down inflation from 15% to under 5%. The Volcker Rules has found favor among Wall Street's famous & Simpson is another old school Reaganite cat credited with reforms to Social Security.
So what's with all this socialist nonsense, being too partisan and reckless spending claims?
Too bad Clinton wasn't listening.
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