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The DOJ run by Cox under Bush put off implimenting the protections in the Gramm leach Bliely act until righ before they left office.
The bill Bill Clinton signed had broker definitions that would have made it so the banks had to hire TRAINED brokers
Without the protections in the law being implimented the brokers could be any smuck the banks hired and then trained their own way.
They gamed the system so that the banks could roll shitbag loans into securities and then sell them off to unsupecting buyers while their "brokers" would have no idea what was going on.
Press Release: Agencies Adopt Final Rules to Implement the Bank 'Broker' Provisions of the Gramm-Leach-Bliley Act; 2007-198; Sept. 24, 2007
Joint Release
Securities and Exchange Commission
Board of Governors of the Federal Reserve System
2007-198
FOR IMMEDIATE RELEASE
Agencies Adopt Final Rules to Implement the Bank 'Broker' Provisions of the Gramm-Leach-Bliley Act
Washington, D.C., Sept. 24, 2007 - The Securities and Exchange Commission (SEC) and Board of Governors of the Federal Reserve System (Board) on Monday announced the adoption of final joint rules to implement the "broker" exceptions for banks under Section 3(a)(4) of the Securities Exchange Act of 1934. These exceptions were adopted as part of the Gramm-Leach-Bliley Act of 1999 (GLB Act). The SEC and the Board approved the final rules at separate open meetings held on September 19, 2007, and September 24, 2007, respectively.
The Board and SEC issued proposed rules for comment in December 2006. The final rules are similar to the proposed rules in overall scope and approach. In response to comments, the agencies also have modified the rules in several important respects to make the rules more workable and less burdensome. These changes are discussed in detail in the attached notice, which will be published in the Federal Register shortly.
Why was the bill called the GRAMM LEACH BILIEY act?
Because it was written By Phil Gramm.
The reason bill Clinton signed it was because it had those protections in it to keep this type of shit from happening.
The Bush admin held up those VERY protections to make it a FREE FOR ALL for the lenders.
The economy we now have is a result of their dishonest chopping up of the bill.
You asked and you have recieved a SEC document to PROVE how shitty your Bush was.
The DOJ run by Cox under Bush put off implimenting the protections in the Gramm leach Bliely act until righ before they left office.
The bill Bill Clinton signed had broker definitions that would have made it so the banks had to hire TRAINED brokers
Without the protections in the law being implimented the brokers could be any smuck the banks hired and then trained their own way.
They gamed the system so that the banks could roll shitbag loans into securities and then sell them off to unsupecting buyers while their "brokers" would have no idea what was going on.
So Bill Clinton's bill was GWB fault/
Rolling up those securities, now explain to me again what GWB did to cause that?
FYI
I do not blame Clinton either
I am so sick of hearing the libs blaming all of this on W
OK Libs lets hear it
what did GWB do to cause any of it?
I am so sick of hearing the libs blaming all of this on W
OK Libs lets hear it
what did GWB do to cause any of it?
Deregulation.
But that was a continuum of the past two decades. In truth, politics played a minor roll in this. Bush was not much at fault.
The DOJ run by Cox under Bush put off implimenting the protections in the Gramm leach Bliely act until righ before they left office.
The bill Bill Clinton signed had broker definitions that would have made it so the banks had to hire TRAINED brokers
Without the protections in the law being implimented the brokers could be any smuck the banks hired and then trained their own way.
They gamed the system so that the banks could roll shitbag loans into securities and then sell them off to unsupecting buyers while their "brokers" would have no idea what was going on.
So Bill Clinton's bill was GWB fault/
Rolling up those securities, now explain to me again what GWB did to cause that?
FYI
I do not blame Clinton either
It wasn't Bill Clinton's bill..it was authored by 2 Republicans, passed Congress and signed by Bill Clinton. True..it was a huge mistake..but it could have been rectified by the Bush administration. And they had good reason to do so..after the Arthur Anderson debacle.
President George W. Bush had enough of a warning with the meltdowns of Enron, Worldcom and a host of others to know that regulation was way to lax. He chose to ignore it and worked tiressly to get rid of "Mark to Market" and water down Sarbanes-Oxley.
I am so sick of hearing the libs blaming all of this on W
OK Libs lets hear it
what did GWB do to cause any of it?
Deregulation.
But that was a continuum of the past two decades. In truth, politics played a minor roll in this. Bush was not much at fault.
I am so sick of hearing the libs blaming all of this on W
OK Libs lets hear it
what did GWB do to cause any of it?
Deregulation.
But that was a continuum of the past two decades. In truth, politics played a minor roll in this. Bush was not much at fault.
Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.
He chose not to.
So Bill Clinton's bill was GWB fault/
Rolling up those securities, now explain to me again what GWB did to cause that?
FYI
I do not blame Clinton either
It wasn't Bill Clinton's bill..it was authored by 2 Republicans, passed Congress and signed by Bill Clinton. True..it was a huge mistake..but it could have been rectified by the Bush administration. And they had good reason to do so..after the Arthur Anderson debacle.
President George W. Bush had enough of a warning with the meltdowns of Enron, Worldcom and a host of others to know that regulation was way to lax. He chose to ignore it and worked tiressly to get rid of "Mark to Market" and water down Sarbanes-Oxley.
Glass
It had bi partisan support
Sarbanes-Oxley?
that was done with a Dem led senate and was a good bill
What did Enron in ability (by choice) in forecasting cost vs cash-flow have to do with the value of an asset such as real estate plummeting?
Enron was in the construction business
This crises was caused by paper that was had a value becoming paper that had a lower value or a much lower value
People stop paying there bills because they were loaned money they should not have been loaned
credit locked up
Whats that got to do with Enron?
Deregulation.
But that was a continuum of the past two decades. In truth, politics played a minor roll in this. Bush was not much at fault.
Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.
He chose not to.
So GWB not regulating the de regulation that Bill Clinton put in place is GWB fault?
FYI I do not blame Clinton for people being greedy and stupid
but it damn sure is not GWB fault
beside
Sarbanes
that was no little de regulation
you cannot legislate morality
I am so sick of hearing the libs blaming all of this on W
OK Libs lets hear it
what did GWB do to cause any of it?
Deregulation.
But that was a continuum of the past two decades. In truth, politics played a minor roll in this. Bush was not much at fault.
Sure he was. The final meltdown in 2008 was not the first of his administration. He had plenty of reason to reverse years of deregulation..and the mandate to do it.
He chose not to.
By that logic, I hope you don't credit Clinton for the Welfare Reform Act or Balanced Budget Act.It wasn't Bill Clinton's bill..it was authored by 2 Republicans, passed Congress and signed by Bill Clinton.