CONGRESS PASSES WIDE-RANGING BILL EASING BANK LAWS

The New York Times ^ | November 5, 1999 | By STEPHEN LABATON

[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.

[blueyon]

''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.

[Parley Baer]

...along with Andrew Cuomo and Jamie Gorlick.

[SampleMan]

Ping

[Alberta's Child]

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.

[itslex71]

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.''

[givemELL]

“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.

[catbertz]

... and a whole bunch of Republicans. I’d hate to think that we didn’t head lessons already learned in the ‘30’s.

[NonValueAdded]

For those who missed it: November 5, 1999. Clinton's Fault!

[raybbr]

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?

[raybbr]

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.

[BGHater]

I guess that gets the Repubs off the hook. /s

[Azzurri]

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.

[bamahead]

bookmark

[bamahead]

might be of interest to you

[Randy Larsen]

''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!

[T. Jefferson]

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.

[3AngelaD]

Snort.

[Randy Larsen]

Facts are facts...

[NonValueAdded]

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.

[raybbr]

Then google Rubin and Sam Weil, and you’ll find he used Gramm as a scapegoat.

That makes it worse. Gramm turned out to be worse than just the author.