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View Diary: Glass-Steagall Act II -- it's Not (11 comments)

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  •  Clinton and Gramm-Leach-Bliley (2+ / 0-)
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    jamess, CentralMass

    I don't know all the inside baseball stuff of this about background negotiations, but when Clinton signed the bill November 12 1999, it was veto-proof,  90-8 in the Senate and 362-57 in the house (WikiPedia). Sounds like it's Congress who bears responsibility (yes Democrats too) for approving this. And the Financial Industry pushed hard, because they saw a lot of money coming. They weren't wrong. If there's anyone in this mess that bears most of the blame, it's Phil Gramm (Weasel, TX). And he was an Economist, and tragically wrong. He and his wife Wendy had a lot to do with the "Commodity Futures Modernization Act", which made derivatives, MBS, CDS and oil speculation what they became.....

    And a low-regulation-enforcement attitude under GWB starting a year or so later just encouraged malefactors to rob the henhouse.

    Without geometry, life is pointless. And blues harmonica players suck.

    by blindcynic on Wed Dec 25, 2013 at 10:18:52 PM PST

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    •  Since it was veto-proof... (2+ / 0-)
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      jamess, shaharazade

      ... couldn't Clinton have just let it pass without his signature (if he disapproved of it)?

      There have been so MANY bone-headed moves on the part of the legislative branch and the executive branch for the last 20 years or so that all these bad decisions just can't be an accident of bad judgment.  I sense malice and/or coercion on the part of corporations and/or Wall Street and/or TBTF banks and/or MIC behind many of these things, especially the unconstitutional and illegal AUMFs, Patriot Act, MCA '06, FISA fiasco '08, MCA '09, and Dumbya's executive order to create the 'office of faith-based initiatives.'  All these things remain in force (with extensions to original expiration dates) and have taken away our rights.  All need to be repealed in full - no tinkering with a paragraph or section here or there, but repealed in full.

      WHEN do we get our constitutional rights back?

      I'm sick of attempts to steer this nation from principles evolved in The Age of Reason to hallucinations derived from illiterate herdsmen. ~ Crashing Vor

      by NonnyO on Wed Dec 25, 2013 at 11:15:16 PM PST

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