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President Clinton's tenure was characterized by economic prosperity and financial deregulation, which in many ways set the stage for the excesses of recent years. Among his biggest strokes of free-wheeling capitalism was the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act, a cornerstone of Depression-era regulation. He also signed the Commodity Futures Modernization Act, which exempted credit-default swaps from regulation. In 1995 Clinton loosened housing rules by rewriting the Community Reinvestment Act, which put added pressure on banks to lend in low-income neighborhoods. It is the subject of heated political and scholarly debate whether any of these moves are to blame for our troubles, but they certainly played a role in creating a permissive lending environment.
But...but...but... I thought you Rightwing folks were ALL FOR "relaxing regulations" - isn't that your standard spiel - that "government has TOO MANY regulations" and that things IMPROVE when "government gets out of the way of business and lets them do what they want, letting the marketplace be the decider of what happens out there"?
You mean that's not really true at all - that it was all a bunch of bullsh*t all along?
Gee, imagine that.
Ken
Quote:
Originally Posted by HappyTexan
For some entities there are NO regulations.
The government turns a blind eye.
In this case they are doing what they want anyway, in spite of any regulations.
Ken, There are plenty of regulations. Too many poorly written, poorly applied, poorly interpreted regulations. (I am in the business). The question is not how many regulations it is the quality and enforcement of the regulations. Current regulations allow these monopolies to run wild at our expense.
In my opinion we need to break these banks up like shards of glass.
Yet, when price at the pumps rise those 'evil oil companies' are blamed.
Think about that next time prices spike at the pump.
Well they are partly to blame. They buy and sell the oil contracts as well.
They hedge which greatly affects the market.
They have trading floors of their own just to trade the contracts.
What did you think would happen when you reppeal regulations ? when you allow big business to give NEARLY UNLIMITED MONEY to our politicians ? Yet when someone says something about it you jump all over them and call them communists/marxists/maoists what exactly is it you expected ????? And yet how many of you are so against unions and simply say that you as ONE person can negotiate for a better contract yet try standing up as ONE person against say Goldman Sachs and see how are you get ?
Oh and btw might I add how do you feel about your JOB CREATORS NOW ?
What job creators? They are money manipulators (also known as scumbags)
Lobbyists for the banks. Who do you think signed it.............oops you already answered that.
The banking lobby sought repeal of Glass–Steagall Act since the 1980s.
Senator Gramm ( R- Texas), Rep Leach ( R-Iowa) and Red Bliley ( R- Virginia) were the co-sponsors of the Financial Modernization Act, aka, the Gramm-Leach- Bliley Act. This act repealed a part of Glass- Steagall.
By the time this bill was passed Citibank and Travelers had already merged, based on Greenspan's interpretation of Glass- Steagall.
The banking lobby sought repeal of Glass–Steagall Act since the 1980s.
Senator Gramm ( R- Texas), Rep Leach ( R-Iowa) and Red Bliley ( R- Virginia) were the co-sponsors of the Financial Modernization Act, aka, the Gramm-Leach- Bliley Act. This act repealed a part of Glass- Steagall.
By the time this bill was passed Citibank and Travelers had already merged, based on Greenspan's interpretation of Glass- Steagall.
And the road toward complete irresponsibility and chaos was chosen..
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