Glass-Steagall

Post Reply New Topic

This was the act created during the Great Depression that separated commercial banks and investment banks.

It was repealed by President Clinton in 1999, and declared "no longer relevant" by Chuck Schumer.

So, if it was Clinton who repealed the Act, and the Democrats who supported said repealing, then how would make the Republicans at fault for the recession? Bush was the one who warned us about the housing crisis, and wanted Glass-Steagall to be reinstated?

(1) Clinton did not repeal Glass-Steagall
Presidents don't repeal laws.
Gramm–Leach–Bliley Act repealed Glass-Steagall
,
Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia), the co-sponsors of the Gramm–Leach–Bliley Act.
notice the triple RRR in the sponsorship. The senate and the house were also controlled by the GOP.

(2) Where? when? If you cite a Karl Rove Op-ed I swear my head will explode.

The Mortgage -default crisis belongs to the GOP you look foolish when you try to pawn it off on others.
Personal responsibility used to be a republican value.

Both parties are culpable for the mess we're in. Wall Street could be considered treasonous for what it has done to America. The one thing that prevents that is The Fed bankrolls their treason.

@JakobVirgil: Yes, Congess passes bills, but it's the President who signs them into law or vetoes them.

So it is a bit dishonest to say Clinton repealed Glass-Steagall.

One could say that he is culpable for going along with a misguided republican law but you did not say that.
Are you partisan?

I agree that both parties are at fault. Trying to pin all the blame on one party is what's destroying our country.

While The GLB Act was Republican, Clinton did sign it, and it did have support from Dems.

Also, you'll see Clinton putting pressure on banks to do more sub prime lending.

Spread the blame around so everyone responsible can be punished.

+1

Great to see that conservatives are distancing themselves from their unchain Wall Street past.

http://voices.yahoo.com/john-mccain-pro ... 68105.html