Skip to comments.
CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS
The New York Times ^
| November 5, 1999
| By STEPHEN LABATON
Posted on 09/15/2008 5:03:46 PM PDT by blueyon
Congress approved landmark legislation today that opens the door for a new era on Wall Street in which commercial banks, securities houses and insurers will find it easier and cheaper to enter one another's businesses.
(Excerpt) Read more at query.nytimes.com ...
TOPICS: Business/Economy
KEYWORDS: banks; congress; govwatch
Navigation: use the links below to view more comments.
first 1-20, 21-35 next last
''I think we will look back in 10 years' time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930's is true in 2010,'' said Senator Byron L. Dorgan, Democrat of North Dakota.'"
This is an interesting article that shows that even under the 1st Black president Bill Clinton administration,laws where passed that are affecting today.
1
posted on
09/15/2008 5:03:46 PM PDT
by
blueyon
To: blueyon
...along with Andrew Cuomo and Jamie Gorlick.
To: blueyon
3
posted on
09/15/2008 5:06:52 PM PDT
by
SampleMan
(Community Organizer: What liberals do when they run out of college, before they run out of Marxism.)
To: blueyon
Great find, Blueyon. I remember thinking at the time how odd it was that Congress was so hell-bent on overturning the Glass-Steagall Act that had been in place since the 1930s.
4
posted on
09/15/2008 5:10:06 PM PDT
by
Alberta's Child
(I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
To: blueyon
Oh, and Chuckie Schumer was all for it...
''If we don't pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world,'' said Senator Charles E. Schumer, Democrat of New York. ''There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive.''
5
posted on
09/15/2008 5:11:35 PM PDT
by
itslex71
(southern by birth, republican by the grace of my dad)
To: blueyon
“commercial banks, securities houses and insurers will find it easier and cheaper to enter one another’s businesses.”
Sounds like an ‘equal opportunity moment’ where they all jump into a collectivist bag for more efficient ‘securitization’ and hypothecation and are given all of future time in which to prove the wisdom of the decision as well as vindication of collectivisms’ failures of the past which have no expamples of success shining up through the thick fog of time.
6
posted on
09/15/2008 5:13:19 PM PDT
by
givemELL
To: itslex71
... and a whole bunch of Republicans. I’d hate to think that we didn’t head lessons already learned in the ‘30’s.
7
posted on
09/15/2008 5:14:07 PM PDT
by
catbertz
To: blueyon
For those who missed it: November 5, 1999. Clinton's Fault!
8
posted on
09/15/2008 5:14:48 PM PDT
by
NonValueAdded
(don't worry, they only want to take water out of the other guy's side of the bucket.)
To: blueyon
The opponents of the measure gloomily predicted that by unshackling banks and enabling them to move more freely into new kinds of financial activities, the new law could lead to an economic crisis down the road when the marketplace is no longer growing briskly.Like now?
Putting the banks into bed with brokerage houses and insurance companies was not such a good idea.
''The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that will bear his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia.
Where are these geniuses now?
9
posted on
09/15/2008 5:17:40 PM PDT
by
raybbr
(You think it's bad now - wait till the anchor babies start to vote!)
To: NonValueAdded
For those who missed it: November 5, 1999. Clinton's Fault!Maybe you ought to read the article and find out who wrote and sponsored the bill.
10
posted on
09/15/2008 5:18:46 PM PDT
by
raybbr
(You think it's bad now - wait till the anchor babies start to vote!)
To: blueyon
I guess that gets the Repubs off the hook. /s
11
posted on
09/15/2008 5:20:15 PM PDT
by
BGHater
(Democracy is the road to socialism.)
To: blueyon
I’ve read a lot about the Glass-Steagall Act in the past year, and there is good reason to cite the repeal as a main cause of the current financial crisis.
12
posted on
09/15/2008 5:21:12 PM PDT
by
Azzurri
To: bamahead
13
posted on
09/15/2008 5:21:38 PM PDT
by
bamahead
(Few men desire liberty; most men wish only for a just master. -- Sallust)
To: TigerLikesRooster
might be of interest to you
14
posted on
09/15/2008 5:29:20 PM PDT
by
bamahead
(Few men desire liberty; most men wish only for a just master. -- Sallust)
To: blueyon
''The world changes, and we have to change with it,'' said Senator Phil Gramm of Texas, who wrote the law that will bear his name along with the two other main Republican sponsors, Representative Jim Leach of Iowa and Representative Thomas J. Bliley Jr. of Virginia. Way to go turd balls!
So much for De-Regulation!
15
posted on
09/15/2008 5:32:06 PM PDT
by
Randy Larsen
( BTW, If I offend you! Please let me know, I may want to offend you again!)
To: Randy Larsen
This was Robert Rubin’s baby going back to the early 90’s. Google his editorials in the NY Times back in 1995. Then google Rubin and Sam Weil, and you’ll find he used Gramm as a scapegoat. Three days after the bill passed, Rubin quit as Treasury Secretary (!) went to work for Sam Weil at $40 million a year. Then pen used to sign the bill sits on Sam Weil’s desk.
To: raybbr
17
posted on
09/15/2008 5:45:13 PM PDT
by
3AngelaD
(They screwed up their own countries so bad they had to leave, and now they're here screwing up ours.)
To: T. Jefferson
18
posted on
09/15/2008 5:50:12 PM PDT
by
Randy Larsen
( BTW, If I offend you! Please let me know, I may want to offend you again!)
To: raybbr
Maybe you ought to read the article and find out who wrote and sponsored the bill.Matters not ... Clinton signed it. Isn't that the yardstick applied for Bush's Fault™? Look at all the stuff he's getting tagged with. Goose, gander, sauce.
19
posted on
09/15/2008 5:58:35 PM PDT
by
NonValueAdded
(don't worry, they only want to take water out of the other guy's side of the bucket.)
To: T. Jefferson
Then google Rubin and Sam Weil, and youll find he used Gramm as a scapegoat.That makes it worse. Gramm turned out to be worse than just the author.
20
posted on
09/15/2008 6:14:37 PM PDT
by
raybbr
(You think it's bad now - wait till the anchor babies start to vote!)
Navigation: use the links below to view more comments.
first 1-20, 21-35 next last
Disclaimer:
Opinions posted on Free Republic are those of the individual
posters and do not necessarily represent the opinion of Free Republic or its
management. All materials posted herein are protected by copyright law and the
exemption for fair use of copyrighted works.
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson