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There has been a powerful banking lobby since there have been banks. The politics to repeal a portion of GS began during the Reagan years. Greenspan owned it and eventually tired of waiting for Congress to come around and went ahead and approved the merger of Citibank and Travelers Insurance.
The repeal of a portion of GS was eventually bundled with other legislation, The Financial Modernization Act was sponsored by Gramm- Leach- Biley, all Republicans. Bundling legislation is a common strategy used to gain passage of controversial bills. The bundling, pork and Republican majority finally enabled enough Democrats to join Republicans an vote for the Act. Some of the proponents who supported the Act are still in Congress including but not limited to Jeff Sessions and Mc Cain.
Elizabeth Warren has been a long time proponent for breaking up the big banks. Her bill has not gained traction. If Republicans are so eager to break up the banks why have they not co-sponsored the Warren bill?
It's a curiosity that the legacy politicians who have attached themselves to Trump are the same politicians who advocated and voted for legislation that Trump allegedly opposes, NAFTA, making China a permanent trade partner, GS thing, Iraq War and invasion of Libya and more.
There is a tendency to oversimplify and attempt to blame the melt down on the false claim that GS was repealed and it's all Clinton's or Bush's fault. There are so many moving parts to the melt down that it is not possible to point to any one thing, legislation or person.
The tipping point however was that the independent credit rating agencies failed to appropriately identify the risk associated with private label MBS derivitives and instead assigned an investment grade rating to them. This alone opened the floodgates and enabled the big money, public and private pension funds, insurance companies, FNMA/ FNMA to use their own capital to fund super sub prime mortgages.
Had the private label MBS derivitives been correctly rated as the junk they were, the big money would not have been able to use their capital to invest in those bonds and there would not have been a source of funding the super sub prime mortgages. The housing bubble would have been mitigated.
Without a housing bubble, unemployment would have been a huge factor throughout the 2000's. New residential, commercial and municipal construction would have been a fraction of what it was. Home value appreciation would have been closer to inflation and therefore home equity would not have been available for so called homeowners to withdraw and used to live beyond their means which for a blip in time drive the economy.
The independent credit rating agencies all claimed before Congresd they experienced glitches in their risk modeling that resulted in assigning investment grade ratings instead of a more appropriate junk rating.
There's certainly no reason to believe the GOP BS as the Republican controlled Congress, those who can actually introduce a bill, hasn't done a damn thing to hand Obama a bill he could either sign or veto.
Remember much of Trump's rise is due to dissatisfaction with this current Congress.
Dodd-Frank is killing the small banks with red tape.. this is a big takeover by the larger banks..they want globalism.. they are killing small business. The democrats also want to kick out small business owners.
WE can thank slick Willy for setting up the crash by repealing it for his Wall Street handlers! The biggest heist in history, and not a single banker went to jail.
And here I thought deregulation was the Conservative mantra during that era? Has it been that long since you've seen something bipartisan?
There's certainly no reason to believe the GOP BS as the Republican controlled Congress, those who can actually introduce a bill, hasn't done a damn thing to hand Obama a bill he could either sign or veto.
Kinda' like when the repubs held the Congrees during Clinton's time, it took 3 ATTEMPTS to get him to sign the Welfare Reform bill.
Quit acting so sanctimonious and think ONLY the reubs do it.
Don't forget the dems CONTROLLED the HOUSE for 40 STRAIGHT YEARS.
The Republican Party is going after the big banks.
.............................. and on the other hand, we have Hillary, who is bought and sold by Wall Street. Keep in mind that Bill, due to Wall Street "contributions", helped to repeal Glass-Steagall.
We have an odd election. The dems are the party of the establishment, pro Wall Street elite, and the republicans are the pro middle class populists.
Kinda' like when the repubs held the Congrees during Clinton's time, it took 3 ATTEMPTS to get him to sign the Welfare Reform bill.
Quit acting so sanctimonious and think ONLY the reubs do it.
Don't forget the dems CONTROLLED the HOUSE for 40 STRAIGHT YEARS.
And how many attempts have the Republicans taken to reinstate Glass Steagall in the past two years? You want me to believe that the people who haven't tried to bring back this bill in two years all of a sudden now wants to bring it back?
I hate to break it to you, but that is called pandering during an election year with no intention to do that. Only a sucker would believe the Republicans on this one since there is no current evidence they are attempting this in the Congress they control.
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