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.

[raybbr]

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.

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.

[billmor]

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...

[raybbr]

More like: (IMHO):

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...

[TigerLikesRooster]

Of course, that is one of the worst legislations I can see.

[ovrtaxt]

The measure, considered by many the most important banking legislation in 66 years, was approved in the Senate by a vote of 90 to 8 and in the House tonight by 362 to 57. The bill will now be sent to the president, who is expected to sign it, aides said. It would become one of the most significant achievements this year by the White House and the Republicans leading the 106th Congress.

Awwww, they must be so proud!

[T. Jefferson]

Facts are facts...

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.

[Pelham]

“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.

[ex-Texan]

Pure insanity prevails in DC. Congress has been bought and paid for by the banks.

[Pelham]

“I’d hate to think that we didn’t head lessons already learned in the ‘30’s.”

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.

[Pelham]

I share that opinion.

[RSmithOpt]

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.

[catbertz]

Thanks for your reply! I noticed I misspelled heed in my post ;)

[Azzurri]

Interesting article here

[edboock]

Sandy Weill. CEO of Citigroup.

[hedgetrimmer]

Thank you for posting this link.