A Progressive (Bill Clinton), a Liberal (Barney Frank), and a Leftist (Dennis Kucinich) walk into a forum: They discuss an issue: Gramm–Leach–Bliley Act
Progressive was in favor of bill and signed it into law. Now says it was a terrible decision and a regret (but may be saying it softened the blow -- who knows?): Eight Progressive Things Bill Clinton Did
Liberal was against the bill and is one of a handful of members of the Congress to vote against it: Barney Frank didn?t cause the housing crisis - The Washington Post
Leftist: I have no idea what he said. He's been so far left I always check myself when finding we agree on something. - go figure
Barney Frank
The thing is there are distinct differences between the positions and the reasoning behind them, and the ideological principles of each of the men (*sorry women) mentioned. All were Democrats (could have included Bernie Sanders as the 'Leftist', but chose to make it easier on simple minds like [MENTION=26616]kaz[/MENTION])
Progressive was in favor of bill and signed it into law. Now says it was a terrible decision and a regret (but may be saying it softened the blow -- who knows?): Eight Progressive Things Bill Clinton Did
Liberal was against the bill and is one of a handful of members of the Congress to vote against it: Barney Frank didn?t cause the housing crisis - The Washington Post
Leftist: I have no idea what he said. He's been so far left I always check myself when finding we agree on something. - go figure
Glass-Steagall was designed to prevent exactly the kind of collaboration that brought us the Goldman-Sachs fraud. Glass-Steagall was repealed in 1999 by a Republican-controlled Congress who pushed for the passage of the Gramm-Leach-Bliley bill. Gramm-Leach-Bliley was named after its three sponsors, all of them Republicans: Congressmen Phil Gramm (R-Texas), Jim Leach (R-Iowa) and Thomas J. Bliley, Jr. (R-Virginia). The Gramm-Leach-Bliley Act tore down the regulatory framework that would have helped protect against the sub-prime mortgage bubble and the speculation that led to a collapse of the market where speculators traded the "derivative" securities that were created from those sub-prime mortgages. - The repeal of Glass-Steagall, who voted against it?
https://www.govtrack.us/congress/bills/106/s900 - The Bill
https://www.govtrack.us/congress/votes/106-1999/h570 - House Vote
https://www.govtrack.us/congress/votes/106-1999/s105 - Senate Vote
The legislation was signed into law by President Bill Clinton.
A year before the law was passed, Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. Because this merger was a violation of the Glass–Steagall Act and the Bank Holding Company Act of 1956, the Federal Reserve gave Citigroup a temporary waiver in September 1998.[1] Less than a year later, GLB was passed to legalize these types of mergers on a permanent basis. The law also repealed Glass–Steagall's conflict of interest prohibitions "against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank".[2] - Gramm?Leach?Bliley Act - Wikipedia, the free encyclopedia
Barney Frank
Right Wing Human Events lies through omission:Truth is: Frank was in the minority party in the US House when this stuff got crazy. Didn't get in control until 2007, after Bush and GOP along with many leading Dems pushed us over the cliff.Top 10 Barney Frank Offenses | Human Events
1. Fannie and Freddie: As ranking member of the House Financial Services Committee, Frank blocked tightened oversight over Fannie Mae and Freddie Mac, saying in 2003, “These two entities … are not facing any kind of financial crisis,” and, “I want to roll the dice a little bit more in this situation towards subsidized housing.” More than any other factor, the 2008 financial meltdown was caused by pushing these government-sponsored enterprises to encourage housing loans to risky borrowers. Thanks a lot, Barney.
Chair of the House Financial Services Committee
In office
January 4, 2007 – January 3, 2011
Preceded by Mike Oxley
Fannie Mae and Freddie Mac
Frank was criticized by conservative organizations for campaign contributions totaling $42,350 between 1989 and 2008. Bill Sammon, the Washington managing editor for Fox News Channel, claimed the donations from Fannie and Freddie influenced his support of their lending programs, and said that Frank did not play a strong enough role in reforming the institutions in the years leading up to the Economic crisis of 2008.[47] In 2006, a Fannie Mae representative stated in SEC filings that they "did not participate in large amounts of these non-traditional mortgages in 2004 and 2005."[48] In response to criticism, Frank said, "In 2004, it was Bush who started to push Fannie and Freddie into subprime mortgages, because they were boasting about how they were expanding homeownership for low-income people. And I said at the time, 'Hey—(a) this is going to jeopardize their profitability, but (b) it's going to put people in homes they can't afford, and they're gonna lose them.'"[7]
In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[49] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[49] The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing.
Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.
"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank.
In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7]
Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[49] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[49] Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated."[50]
The thing is there are distinct differences between the positions and the reasoning behind them, and the ideological principles of each of the men (*sorry women) mentioned. All were Democrats (could have included Bernie Sanders as the 'Leftist', but chose to make it easier on simple minds like [MENTION=26616]kaz[/MENTION])
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