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Isn't it strange we get mad at private sector monopolies and turned around and allowed our government to create one of the biggest. On top of that government couldn't figure out if it should be free market or totally government ran. You see what we get today because of the bureaucratic normalcy.
It's also strange that left-wingers mock those who choose to believe creationism over evolution (doesn't apply to me, btw, I'm an evolutionist), but then vehemently eschew social darwinism and free market competition in favor of a government 'creator' of artificially forced egalitarianism and a centrally controlled economy.
Phil Gramm, who was then the head of the Senate Banking Committee and until recently a close economic adviser of Senator McCain, was a fierce proponent of banking deregulation. Did he sell you a bill of goods?
Not on this bill I don't think he did. You know, Phil Gramm and I disagreed on a lot of things, but he can't possibly be wrong about everything. On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence. But I can't blame [the Republicans]. This wasn't something they forced me into...
If you want to play the blame game remember that it passed Congress with a veto proof majority and Clinton was powerless. Get your facts straight, and stop leaving out half of the story.
Clinton lobbied hard for the repeal of the Glass/Steagall act due to presure from Citi Bank and Travelers insurance.
Clinton lobbied well and was not going to sign the bill unless he got the Housing Revitalization act along with it.
Clinton was a huge part of all this mess.
Sorry, but I believe Obama would be completely opposed to this measure... why? Because it allowed companies make risky loans to poor people... take it away and no more loans to poor people... Obama won't do that...
Yup, bring it back. Repealing it was a major mistake of the Clinton presidency. Of course, like taking the rev limiter of an engine, it won't necessarily destroy anything, as long as the operator doesn't do anything stupid or reckless. Turned out the operators of the US economical machinery were both.
Quote:
Originally Posted by InformedConsent
It's also strange that left-wingers mock those who choose to believe creationism over evolution (doesn't apply to me, btw, I'm an evolutionist), but then vehemently eschew social darwinism and free market competition in favor of a government 'creator' of artificially forced egalitarianism and a centrally controlled economy.
What? ToE is a description of one specific phenomenon found in nature - it is not a political ethos. You may as well complain that people who describe the effect of cyanide on living beings take offense at being asked to gulp down cyanide themselves.
Sorry, but I believe Obama would be completely opposed to this measure... why? Because it allowed companies make risky loans to poor people... take it away and no more loans to poor people... Obama won't do that...
The people who made out like gangbusters after the repeal of G-S were anything but poor.
The people who made out like gangbusters after the repeal of G-S were anything but poor.
Wasn't talking about the banking industry... talking about who they made the loans to...
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