They like to blame Phil Gramm for that one.
Oh yeah, they sure do.
Clinton also did the “I paid down the national debt” while at the same time his buddy and ex-budget director Franklin Raines ran up staggering debt at Fannie Mae. So, he DIDN’T pay down any debt — he actually dramatically raise the debt setting the stage for this debacle.
Clinton also did the “I paid down the national debt” while at the same time his buddy and ex-budget director Franklin Raines ran up staggering debt at Fannie Mae. So, he DIDN’T pay down any debt — he actually dramatically raise the debt setting the stage for this debacle.
That might be because Gramm was behind it . . .
http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act
As a matter of fact, three Republicans were behind it.
parsy, who says there is plenty of Republican blame to go around
Phil Graham was indeed involved in it. This legislation was very bipartisan in nature with major input from Greenspan and Rubin.
IMHO allowing your local bank to offer mutual funds wasn't a bad thing in a sense of one stop shopping. The banks then afraid of lawsuits via Sarbanes Oxley over-reaching causing these banks to cut back on the funds offered, offering no asset allocation and pushing annunites to cover their @$$es instead, did us no good.
Once again, Gov't possibilty deregulating to line Rubin's buddies pockets and then them over-reaching with Sarb-OX. What a mess.....
They like to blame Phil Gramm (Republican) for that one......
In fact Republicans put it through Congress
In both the Senate and House it was Republican majorities that put it through. Most Democrats voted no.
Bill Clinton (Democrat) signed it
Bob Rubin (Democrat) pushed it hard and he was Secretary of Treasury
Larry Summers (Democrat) was also there pushing this crap
It was a bipartisan stupid act, and Gramm has to shoulder a good share of the blame, I’m afraid. What was he thinking?
Members of the GOP were involved.