Clinton, Republicans agree to deregulation of US financial system

[al_coda]

The final vote for this bill was 90-8 in the Senate for and about 350 voted yea in the house.

You can look it up on the Senate Banking Committee website.

It received overwhelming bipartisan support and was worked on by Larry Summers of the Clinton Treasury and Clinton himself appealed to Democrats to support the compromise bill.

Bush had nothing to do with this bill. He wasn’t even elected when it passed.

[CA renter]

Look who was behind repealing the Glass-Steagall Act (bold emphasis is mine):

With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.[12]

http://en.wikipedia.org/wiki/Glass-Steagall_Act

——————
Please tell me again…exactly **who** is asking for a bailout now????

[CA renter]

Look who was behind repealing the Glass-Steagall Act (bold emphasis is mine):

With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.[12]

http://en.wikipedia.org/wiki/Glass-Steagall_Act

——————
Please tell me again…exactly **who** is asking for a bailout now????

[CA renter]

Look who was behind repealing the Glass-Steagall Act (bold emphasis is mine):

With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.[12]

http://en.wikipedia.org/wiki/Glass-Steagall_Act

——————
Please tell me again…exactly **who** is asking for a bailout now????

[CA renter]

Look who was behind repealing the Glass-Steagall Act (bold emphasis is mine):

With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.[12]

http://en.wikipedia.org/wiki/Glass-Steagall_Act

——————
Please tell me again…exactly **who** is asking for a bailout now????

[CA renter]

Look who was behind repealing the Glass-Steagall Act (bold emphasis is mine):

With lobbying led by Roger Levy, the “finance, insurance and real estate industries together are regularly the largest campaign contributors and biggest spenders on lobbying of all business sectors [in 1999]. They laid out more than $200 million for lobbying in 1998, according to the Center for Responsive Politics…” These industries succeeded in their two decades long effort to repeal the act.[12]

http://en.wikipedia.org/wiki/Glass-Steagall_Act

——————
Please tell me again…exactly **who** is asking for a bailout now????

[svelte]

[quote=jonnycsd]The OP insinuates that repealing Glass Stegal and allowing banks, insurance co’s and securities dealers to be owned by the same parent company caused the housing bubble / mortgage mess.

Can anyone explain how these two things are even remotely related?

Thanks![/quote]

Jonny,

I agree with you.

The point of the article, written in 1999, is that repealing the Glass Stegal could lead to this:

The separation of banking and the stock exchange was ordered in response to revelations of the gross corruption and manipulation of the market by giant banking houses, above all the House of Morgan, which organized huge corporate mergers for its own profit and awarded preferential access to share issues to favored politicians and businessmen. Such insider trading played a major role in the speculative boom which preceded the 1929 crash.

Unless someone can explain it to me, I don’t see in any way how this type of a situation (which the author predicted could occur with the repeal of the Glass Stegal act) caused the problem we are now experiencing.

I thought this board had been in general agreement that it was the separation of mortgage lending and the stock market that caused the situation we are in, not the merging of institutions.

i.e., separating mortgage lending from the holders of the loans on Wall Street caused the lenders not to care one iota if the loans could be repaid.

[svelte]

[quote=jonnycsd]The OP insinuates that repealing Glass Stegal and allowing banks, insurance co’s and securities dealers to be owned by the same parent company caused the housing bubble / mortgage mess.

Can anyone explain how these two things are even remotely related?

Thanks![/quote]

Jonny,

I agree with you.

The point of the article, written in 1999, is that repealing the Glass Stegal could lead to this:

The separation of banking and the stock exchange was ordered in response to revelations of the gross corruption and manipulation of the market by giant banking houses, above all the House of Morgan, which organized huge corporate mergers for its own profit and awarded preferential access to share issues to favored politicians and businessmen. Such insider trading played a major role in the speculative boom which preceded the 1929 crash.

Unless someone can explain it to me, I don’t see in any way how this type of a situation (which the author predicted could occur with the repeal of the Glass Stegal act) caused the problem we are now experiencing.

I thought this board had been in general agreement that it was the separation of mortgage lending and the stock market that caused the situation we are in, not the merging of institutions.

i.e., separating mortgage lending from the holders of the loans on Wall Street caused the lenders not to care one iota if the loans could be repaid.

[svelte]

[quote=jonnycsd]The OP insinuates that repealing Glass Stegal and allowing banks, insurance co’s and securities dealers to be owned by the same parent company caused the housing bubble / mortgage mess.

Can anyone explain how these two things are even remotely related?

Thanks![/quote]

Jonny,

I agree with you.

The point of the article, written in 1999, is that repealing the Glass Stegal could lead to this:

The separation of banking and the stock exchange was ordered in response to revelations of the gross corruption and manipulation of the market by giant banking houses, above all the House of Morgan, which organized huge corporate mergers for its own profit and awarded preferential access to share issues to favored politicians and businessmen. Such insider trading played a major role in the speculative boom which preceded the 1929 crash.

Unless someone can explain it to me, I don’t see in any way how this type of a situation (which the author predicted could occur with the repeal of the Glass Stegal act) caused the problem we are now experiencing.

I thought this board had been in general agreement that it was the separation of mortgage lending and the stock market that caused the situation we are in, not the merging of institutions.

i.e., separating mortgage lending from the holders of the loans on Wall Street caused the lenders not to care one iota if the loans could be repaid.

[svelte]

[quote=jonnycsd]The OP insinuates that repealing Glass Stegal and allowing banks, insurance co’s and securities dealers to be owned by the same parent company caused the housing bubble / mortgage mess.

Can anyone explain how these two things are even remotely related?

Thanks![/quote]

Jonny,

I agree with you.

The point of the article, written in 1999, is that repealing the Glass Stegal could lead to this:

The separation of banking and the stock exchange was ordered in response to revelations of the gross corruption and manipulation of the market by giant banking houses, above all the House of Morgan, which organized huge corporate mergers for its own profit and awarded preferential access to share issues to favored politicians and businessmen. Such insider trading played a major role in the speculative boom which preceded the 1929 crash.

Unless someone can explain it to me, I don’t see in any way how this type of a situation (which the author predicted could occur with the repeal of the Glass Stegal act) caused the problem we are now experiencing.

I thought this board had been in general agreement that it was the separation of mortgage lending and the stock market that caused the situation we are in, not the merging of institutions.

i.e., separating mortgage lending from the holders of the loans on Wall Street caused the lenders not to care one iota if the loans could be repaid.

[svelte]

[quote=jonnycsd]The OP insinuates that repealing Glass Stegal and allowing banks, insurance co’s and securities dealers to be owned by the same parent company caused the housing bubble / mortgage mess.

Can anyone explain how these two things are even remotely related?

Thanks![/quote]

Jonny,

I agree with you.

The point of the article, written in 1999, is that repealing the Glass Stegal could lead to this:

The separation of banking and the stock exchange was ordered in response to revelations of the gross corruption and manipulation of the market by giant banking houses, above all the House of Morgan, which organized huge corporate mergers for its own profit and awarded preferential access to share issues to favored politicians and businessmen. Such insider trading played a major role in the speculative boom which preceded the 1929 crash.

Unless someone can explain it to me, I don’t see in any way how this type of a situation (which the author predicted could occur with the repeal of the Glass Stegal act) caused the problem we are now experiencing.

I thought this board had been in general agreement that it was the separation of mortgage lending and the stock market that caused the situation we are in, not the merging of institutions.

i.e., separating mortgage lending from the holders of the loans on Wall Street caused the lenders not to care one iota if the loans could be repaid.

[Casca]

[quote=temeculaguy]All politicians are the same…[/quote]

TG, you’re obviously a very bright guy, but this sort of comment is at best intellectually lazy, and at worst simply ignorant. We live in a country where one party is entirely owned by identity politics, and totally incorrigible. The other is dominated by opportunists, but there are many good people there trying to do what is best for the Republic. That the polity as a whole is too indolent to participate meaningfully in the course we steer is the fault, and the pity.

[Casca]

[quote=temeculaguy]All politicians are the same…[/quote]

TG, you’re obviously a very bright guy, but this sort of comment is at best intellectually lazy, and at worst simply ignorant. We live in a country where one party is entirely owned by identity politics, and totally incorrigible. The other is dominated by opportunists, but there are many good people there trying to do what is best for the Republic. That the polity as a whole is too indolent to participate meaningfully in the course we steer is the fault, and the pity.

[Casca]

[quote=temeculaguy]All politicians are the same…[/quote]

TG, you’re obviously a very bright guy, but this sort of comment is at best intellectually lazy, and at worst simply ignorant. We live in a country where one party is entirely owned by identity politics, and totally incorrigible. The other is dominated by opportunists, but there are many good people there trying to do what is best for the Republic. That the polity as a whole is too indolent to participate meaningfully in the course we steer is the fault, and the pity.

[Casca]

[quote=temeculaguy]All politicians are the same…[/quote]

TG, you’re obviously a very bright guy, but this sort of comment is at best intellectually lazy, and at worst simply ignorant. We live in a country where one party is entirely owned by identity politics, and totally incorrigible. The other is dominated by opportunists, but there are many good people there trying to do what is best for the Republic. That the polity as a whole is too indolent to participate meaningfully in the course we steer is the fault, and the pity.

[Author]

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