Bill Clinton signed the bill

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In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks.

What happened over the next eight years was an almost exact replay of the Roaring Twenties.

Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008.

The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.


Media%20Heresy%20Bill%20Clinton%20Helped%20Cause%202008%20Financial%20Crisis.jpg



http://www.usnews.com/opinion/blogs/economic-intelligence/2012/08/27/repeal-of-glass-steagall-caused-the-financial-crisis
 
and then the Bush admin proceeded to make sure ONLY the parts the big banks liked where implemented.


why?
 
http://www.sec.gov/news/press/2004-73.htm


SEC Votes To Propose Provisions Implementing Gramm-Leach-Bliley Bank Broker Rules

FOR IMMEDIATE RELEASE
2004-73


Washington, D.C., June 2, 2004 - The Securities and Exchange Commission today voted to publish for comment proposed Regulation B. This new regulation is designed to implement provisions of the Gramm-Leach-Bliley Act of 1999 that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934.

Regulation B Proposals

The Gramm-Leach-Bliley Act (GLBA) replaced banks' complete exception from the definition of "broker" with eleven "functional exceptions." The Commission today voted to propose new rules to implement the GLBA definition by defining some of the statutory terms used in the eleven exceptions. It also proposed a number of new exemptions for some particular bank activities, under conditions that are consistent with investor protections. All of these provisions build off of rules the Commission adopted in 2001 (Interim Rules).
 
http://www.sec.gov/news/speech/2006/spch092106cc.htm


Speech by SEC Chairman:
Gramm-Leach-Bliley Seven Years Later

by

Chairman Christopher Cox

U.S. Securities and Exchange Commission

Financial Services Roundtable 2006 Fall Conference Leadership Lunch
Washington, D.C.
September 21, 2006

Thank you, Bill [Walton], for those kind words. It's a pleasure to get back together with this group, who together are responsible for financing 60% of the U.S. economy — from mortgages to credit cards to commercial credit. As you know, a little over a year ago, I gave my maiden speech as SEC Chairman to the Financial Services Roundtable. It was kind of you to extend that early opportunity, but of course, since I'd been on the job only a few weeks, I didn't have a great deal to report. This time, I've got a lot more we can talk about.
 
The Obama Administration has been criticized for opposing Glass–Steagall reenactment.

In 2009, Treasury Secretary Timothy Geithner testified to the Joint Economic Committee that he opposed reenacting Glass–Steagall and that he did not believe “the end of Glass–Steagall played a significant role” in causing the financial crisis.


http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Legislation#Glass.E2.80.93Steagall_from_1995_to_repeal_.281999_Gramm.E2.80.93Leach.E2.80.93Bliley_Act.29


Bill Clinton’s signing statement for the GLBA summarized the established argument for repealing Glass–Steagall Section’s 20 and 32 in stating that this change, and the GLBA’s amendments to the Bank Holding Company Act, would “enhance the stability of our financial services system” by permitting financial firms to “diversify their product offerings and thus their sources of revenue” and make financial firms “better equipped to compete in global financial markets.




http://en.wikipedia.org/wiki/The_aftermath_of_the_repeal_of_the_Glass%E2%80%93Steagall_Act#Glass.E2.80.93Steagall_.E2.80.9Crepeal.E2.80.9D_and_the_financial_crisis
 
Now IF you are smart enough to read and understand these two SEC releases you will understand that the banks had no rules on how to act as a broker.


that was the right wing plan all along.

make this law with protections in it.


pass it.

then steal the next election.

then hold back the parts the banks didn't like.


the result was the economic crash.
 
no clickable link.

seriously can you tell us why you never post a link that a person can just click on?
 
I don't like chasing down your links.


It stupid when its so easy to just do it correctly


what is behind your reasoning?

you could be giving us an address that is full of viruses instead of a viable link.

why cant you figure this out?
 
I am going to stop responding to you entirely until you provide a clickable link.

is that what you want?
 
In mid-December of 2009, Republican Senator John McCain of Arizona and Democratic Senator Maria Cantwell of Washington State jointly proposed re-enacting the Glass-Steagall Act. A similar move was also put forth in Congress. Understandably Banks such as Bank of America, Chase and others are adamantly opposed, even though such regulation would stabilize a shaky economy. When the privilege of absolute freedom is abused to the point of crime, measures have to be taken.

What is surprising is that Senator Cantwell got incredible pressure from the White House to recant her stand and oppose the re-enactment of Glass-Steagall.

http://www.canadafreepress.com/index.php/article/23285
 
They passed a law that would have worked and then held back the protections in the laws.


Its why Bush lied and said he was a compassionate conservative

Its why they had to cheat so hard to win.


Its what they were talking about when they said they would become the permanate majority.


then they hacked the law apart instead of implementing it.


then the banks fucked us all.



there deregulation NEVER turns out like they promise it will.


Its about them making money NOT getting things right
 
evince said:
that was the right wing plan all along.
Click to expand...

Exactly. We were in cahoots all along with Obama and ACORN to bring the banks into federal courts and compel them to issue home mortgages to minorities in formerly "red-lined" areas.

We compelled the banks to make the loans. We compelled the mortgage underwriters to factor in welfare payments in the applicants' assets. We compelled financial institutions to buy up these poison assets.

Because we on the far right had an agenda that we would stop at nothing to bring about; minority home ownership.
 
not you idiot.

your a fucking dupe minion.

your the whole stupid link in the chain.

your the fucking fool that actually buys the clap trap designed to fool really stupid voters
 
I just proved with these three links that the republican party made sure there were NO broker rules on the banks for around 8 fucking years you idiot.


all with actual SEC releases and one client release
 
they made sure the banks had no rules to follow while acting as brokers you fucking idiot.


they fucked you and you lick their shoes to this day
 
Not bad Desh.

Based on previous performances, I expected you to come back and call me a fucking idiot for not wanting to bomb Syria.

Your ADD is improving.
 
now you know why I think republican voters are the biggest idiots that ever walked the earth.


This is how the world sees you and rightly so.

I would never vote for ONE fucking republican today.

To be a republican is to be a criminal or a dupe.

I wont vote for either
 
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