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 ...
As well he should. But, I also lambaste Congress as well. In this case the pubs opened up the nation's wallet to a crowd known for avarice.
I am sick to death of these sh!thead politicians. As far as I am concerned they can flush Congress and all its buildings down the toilet and start over come next session.
Oy what were they thinking of ?...allowing banks, brokerage houses and insurance companies to mingle their business is like putting a bull, a bear, and a lion all together in the same arena and saying ok, duke it out....this is bad...
Oy what were they thinking of ?...allowing banks, brokerage houses and insurance companies to mingle their business is like putting a bull, a bear, and a lion all together in the same arena and saying ok, duke it out.... ok here come the Christians. Go ahead and work together to get dinner this is bad...
Awwww, they must be so proud!
That's why I shared them with you. When you follow the money you'll find this was all the work of Robert Rubin, Sam Weil, and Clinton signing it.
“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.”
You establish your geek credentials when you’re able to carry on a discussion about the Glass-Steagall Act.
I learned about Glass-Steagall when studying for a securities license, and I had similar misgivings when I heard about the Gramm-Leach-Bliley “modernization”. I’m convinced this opened the door to the mortgage bubble and led to the implosion going on in the credit markets.
Pure insanity prevails in DC. Congress has been bought and paid for by the banks.
“Id hate to think that we didnt head lessons already learned in the 30s.”
There is a group in each Party that seems to make a religion out of unregulated markets. In 1999 they got to implement a grand experiment by removing the much of the regulatory regime that was created out of lessons hard won during the Depression.
I share that opinion.
Of course ... like I’ve said...all orchestrated by the power brokers and Congress with illegal immigration and the sub-prime orgy binge the height of the climax as the monies of average investors was paid out in huge salaries, bonuses, severance packages and sail of stock from majority stock owners.
Thanks for your reply! I noticed I misspelled heed in my post ;)
Sandy Weill. CEO of Citigroup.
Thank you for posting this link.
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