Not Just Bush's Fault: The Story Behind Clinton and the Glass-Steagall Act

Discussion in 'Politics' started by beretta304, Sep 4, 2012.

  1. beretta304
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    beretta304 BANNED

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    More than enough blame to sahre.

    Q: Did Bill Clinton Repeal the Glass-Steagall Act?

    A: No, but he signed into law the Gramm-Leach-Bliley Act, which repealed some of the provisions of the Glass-Steagall Act.

    --

    On November 12th, 1999, Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed SOME of the provisions of the Glass-Steagall Act.

    According to Wikipedia.org, "the repeal of provisions of the Glass-Steagall Act of 1933 by the Gramm-Leach-Bliley Act effectively removed the separation that previously existed between investment banking which issued securities and commercial banks which accepted deposits. The deregulation also removed conflict of interest prohibitions between investment bankers serving as officers of commercial banks."

    and

    "Â…The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company."

    So, as a result of the Gramm-Leach-Bliley Act, a commercial bank would be able to buy an insurance company, or a commercial bank would be able to buy an investment bank, etc.

    The three co-sponsors of the Gramm-Leach-Bliley Act were:

    Sen. Phil Gramm - R
    Rep. Jim Leach - R
    Rep. Thomas J. Bliley, Jr. - R

    In 1999, the Republicans held a majority in both the Senate and the House of Representatives.

    The final version of the Gramm-Leach-Bliley Act passed the House by a vote of 362-57 and the Senate by a vote of 90-8. This made the bill "veto proof", meaning that if Clinton had decided to veto, the bill would have been passed anyways. Having said that, if Clinton truly didn't want the bill to become law, he could have vetoed the bill in a symbolic gesture, but this did not happen. Many people point to the Gramm-Leach-Bliley Act as a major reason why the financial sector imploded in 2008. When it comes to pointing fingers, both parties get the blame. The Gramm-Leach-Bliley Act was co-sponsored by three Republicans, signed into law by a Democratic president and had the overwhelming support of both parties when it was eventually passed.
     
  2. Truthseeker420
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    Truthseeker420 Gold Member

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    And a Republican controlled congress.
     
  3. Freewill
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    Freewill Gold Member

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    I think that anyone who is paying attention realizes the damage Clinton did to this country. First of all we have what you point out. If Clinton thought it wrong he could have rallied the democrats, or enough of them to make it not a veto proof majority. Moving from there we have Clinton signing the "free" trade agreements. Which, at the time, was predicted to have a great sucking sound of jobs leaving the country, and that prediction, unfortunately, has come true. Then we can move on to his handling of threats to our country. The first WTC bombing was handled as a criminal act. When attacked in Somalia what did the US do? We pulled out. When the Cole was attacked, which was a blatant act of war, what did we do militarily? Nothing. So is it a surprise to think that any attack on America would result in nothing happening? Bill Clinton's lack of action lead directly to 9/11 there is no doubt. Oh yeah I should mention that Clinton did blow up some tents in a desert some where.
     
  4. buckeye45_73
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    buckeye45_73 Lakhota's my *****

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    Wait, so is it congress or the President? You seem to change based on the party in power.....
     
  5. Freewill
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    Freewill Gold Member

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    The vote was bi-partisan or did you miss that point in your fail of a comeback?
     
  6. beretta304
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    beretta304 BANNED

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    I see. So who controls Congress only matters when the blame is to be put on Republicans.

    Fucking hypocrite!
     
  7. uscitizen
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    uscitizen Senior Member

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    I keep telling everyone that the foundation for this house of cards had been building for 3-4 decades.
     
  8. beretta304
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    beretta304 BANNED

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    By Truthseekers logic, Obama is a failed President with no one but himself to blame since Dems controlled Congress and therefore he should have been able to get his way each and every time.

    Instead he squandered it on Obamacare and did nothing about SS and Medicare/Medicaid.
     
  9. Seawytch
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    Seawytch Information isnt Advocacy

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  10. zeke
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    zeke Gold Member

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    Why don't you dig a little deeper and find out who (outside of Congress) was actively supporting these changes, how much money were the outside influences pumping into the good Congresspeoples campaign coffers.

    There was a reason the changes were sought. Repubs had been trying to get Glass Steagal repealed since it was put in place.


    What is really funny is that us on the street mortgage loan officers knew this was a disaster in the making. We just didn't realize how much money was to be made. But when we found out, well the rush was on to find any living breathing person that could possible be saddled with crummy mortgage products.

    Overcome by greed, history was made.
     
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