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And 1976 is the year when we went from being a net exporter to a net importer. The trade deficits began costing us our national income, and Carter promoted a weak dollar to boost exports resulting in the stagflation passed to Reagan. Reagan restored the dollar with it peaking in 1984 to its all-time high and leading us into the longest peace-time expansion of the economy in our history. The bitter medicine we had to take to rein in inflation threw the economy into a sever recession. The weak dollar policy of Carter created the need to raise interest rates which slammed the brakes on the economy. It's Carter's debt.
And 1976 is the year when we went from being a net exporter to a net importer. The trade deficits began costing us our national income, and Carter promoted a weak dollar to boost exports resulting in the stagflation passed to Reagan. Reagan restored the dollar with it peaking in 1984 to its all-time high and leading us into the longest peace-time expansion of the economy in our history. The bitter medicine we had to take to rein in inflation threw the economy into a sever recession. The weak dollar policy of Carter created the need to raise interest rates which slammed the brakes on the economy. It's Carter's debt.
The savings rate plays a role in balance of trade. Moving the dollar was the wrong thing to do. (Well http://www.cleanmpg.com/photos/data/500/total-credit-debt-percentage-gdp.jpg it looks more like Ike's debt if you want to start from where it started going up not down.) Changing the savings rate was the thing to do. And having an economic depression then under Carter or Reagan. Because now we are having one and it will be much bigger than then.
"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."
This is true, Clinton was hardly a Liberal. Please note all the authors of this bill are Republicans though. It needs to be repealed. The Telecommunications Act of 1996 was also a bad decision.
This isn't Clinton's fault. Who controlled Congress from 1994-2006? Yea the Republicans. You can blame the party of big buisness making big buisness bigger. Oh and government bigger too.
Can you say hypocrits? I'll never forget, what the Republicans did to my nation in that time. One day they will be voted out of existence, and that will be a great day for America and her people.
The savings rate plays a role in balance of trade. Moving the dollar was the wrong thing to do. (Well http://www.cleanmpg.com/photos/data/500/total-credit-debt-percentage-gdp.jpg it looks more like Ike's debt if you want to start from where it started going up not down.) Changing the savings rate was the thing to do. And having an economic depression then under Carter or Reagan. Because now we are having one and it will be much bigger than then.
Can't save what you don't have. Exports are the key.
This isn't Clinton's fault. Who controlled Congress from 1994-2006? Yea the Republicans. You can blame the party of big buisness making big buisness bigger. Oh and government bigger too.
Can you say hypocrits? I'll never forget, what the Republicans did to my nation in that time. One day they will be voted out of existence, and that will be a great day for America and her people.
"Can you say hypocrits?"
Yes, and I can spell it too.
Anything passed over Clinton's veto?
Anything I listed not receive wide bi-partisan support?
Beginning in the 1960s, banks lobby Congress to allow them to enter the municipal bond market, and a lobbying subculture springs up around Glass-Steagall. Some lobbyists even brag about how the bill put their kids through college.
In the 1970s, some brokerage firms begin encroaching on banking territory by offering money-market accounts that pay interest, allow check-writing, and offer credit or debit cards.
. . .
In 1991, the [George H.W.] Bush administration puts forward a repeal proposal, winning support of both the House and Senate Banking Committees, but the House again defeats the bill in a full vote. And in 1995, the House and Senate Banking Committees approve separate versions of legislation to get rid of Glass-Steagall, but conference negotiations on a compromise fall apart.
. . .
In May 1998, the [Republican controlled] House passes legislation by a vote of 214 to 213 that allows for the merging of banks, securities firms, and insurance companies into huge financial conglomerates. And in September, the Senate Banking Committee votes 16-2 to approve a compromise bank overhaul bill. Despite this new momentum, Congress is yet again unable to pass final legislation before the end of its session.
As the push for new legislation heats up, lobbyists quip that raising the issue of financial modernization really signals the start of a fresh round of political fund-raising. Indeed, in the 1997-98 election cycle, the finance, insurance, and real estate industries (known as the FIRE sector), spends more than $200 million on lobbying and makes more than $150 million in political donations. Campaign contributions are targeted to members of Congressional banking committees and other committees with direct jurisdiction over financial services legislation.
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.
. . .
But hey, if you can just blame Bill Clinton, why not, right? I mean he was Superman afterall.
This is true, Clinton was hardly a Liberal. Please note all the authors of this bill are Republicans though. It needs to be repealed. The Telecommunications Act of 1996 was also a bad decision.
The party in power always writes the bills, then the opposition sells their support.
"When the two chambers could not agree on a joint version of the bill, the House voted on July 30th by a vote of 241-132 (R 58-131; D 182-1; Ind. 1–0) to instruct its negotiators to work for a law which ensured that consumers enjoyed medical and financial privacy as well as "robust competition and equal and non-discriminatory access to financial services and economic opportunities in their communities" (i.e., protection against exclusionary redlining). The bill then moved to a joint conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill after Republicans agreed to strengthen provisions of the anti-redlining Community Reinvestment Act and address certain privacy concerns; the conference committee then finished its work by the beginning of November. On November 4th, the final bill resolving the differences was passed by the Senate 90-8, and by the House 362-57. This legislation was signed into law by Democratic President Bill Clinton on November 12, 1999."
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