shaman fails to realize it was his boy clinton who repealed glass steagal. he needs to change his sig line
That's what Porky Limbaugh says, huh??
"Former Senator Phil Gramm told the Washington Times that he does not think the economy is doing as poorly as the general media reports. In fact, Gramm suggests that the country is not in a recession, rather, the country is in a "mental recession" and that America is a "nation of whiners."
These non-sensical statements come from a man who not only helped propel the current mortgage meltdown back in 2000 with his Commodity Futures Modernization Act (helping deregulate the lending industry), but from an individual who claims the nation's economic struggles are imaginary. Because gas prices aren't 50% higher than they were seven months ago, right? Foreclosure rates? A weakened dollar?
And to his assertion that we're a "nation of whiners," maybe Phil Gramm should go on John McCain's "Straight Talk Express" tour and elucidate to all the hard working Americans that have come to hear John McCain speak about how he's going to FIX the economy and explain to them that they're just a bunch of whiners with wild imaginations. He should also inform them of his role at UBS, a big player in the game of Collateralized Debt Obligations (which through the purchasing of CDO's as packaged subprime mortgage securities helped accelerate an eventual subprime fallout), and how he would execute his philosophies and pontifications as Treasury Secretary in a McCain administration."
*
[ame=http://www.youtube.com/watch?v=VcJ4sjgtIR0]American Casino - YouTube[/ame]
*
Run, along,
Skippy....
President Bill Clinton publicly declared "the GlassSteagall law is no longer appropriate. Many commentators have stated that the GLBAs repeal of the affiliation restrictions of the GlassSteagall Act was an important cause of the late-2000s financial crisis. Some critics of that repeal argue it permitted Wall Street investment banking firms to gamble with their depositors' money that was held in affiliated commercial banks. Others have argued that the activities linked to the financial crisis were not prohibited (or, in most cases, even regulated) by the GlassSteagall Act. Commentators, including former President Clinton in 2008 and the American Bankers Association in January 2010, have also argued that the ability of commercial banking firms to acquire securities firms (and of securities firms to convert into bank holding companies) helped mitigate the financial crisis. The Financial Services Modernization Act of 1999, was signed into law November 12, 1999 by Bill clinton.
. 
