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
I’m glad you picked a reputable source for your claim.
(parsy, who always seems to show up when it’s time to defend the most insidious of liberal behavior.)
We’re not big on accountability when things go wrong around here.
“The congressional vote on Gramm-Leach-Bliley in November 1999 was not close. The bill passed handily with bipartisan support in both the House of Representatives and Senate, 450-64 between the two chambers. President Bill Clinton supported the legislation and readily signed it. “
http://www.opensecrets.org/news/2008/09/money-and-votes-aligned-in-con.html
It pretty much looks like a bipartisan cluster-funk to me, that not enough people tried to see what the unintended consequences might be.
Smokingfrog, who starts to get a headache trying to figure out who's trying to screw us the most.
Oh, I don’t think so. Gramm is no saint by any means, but as a matter of fact:
“Gramm blocked passage of a similar deregulation bill last year (1997) over demands to cripple the CRA, and bank lobbyists were in a panic, during the week before the deal was made, that the dispute would once again prevent any bill from being adopted.”
http://www.wsws.org/articles/1999/nov1999/bank-n01.shtml
As a matter of fact, he almost blocked it again, because he knew what the CRA was doing. And it was Clinton that demanded the CRA be left in the bill or he would Veto it. Gramm did get two of his components in the final bill that weakened the CRA somewhat. But of course we know now that the democrats with their puppet Franklin Raines, et al never complied with the public disclosure portion and in fact cooked their books and Dodds, Fwanks, Waters, et al all covered up for them.
The democrats tried to make political capital out of it by saying that Gramm was trying to cripple the CRA so as to discredit the democrats. Gramm knew what the derivatives were doing already and had been since the CRA was passed in 1977.
It was Bill Clinton that went back to Congress and begged for de-regulation because he had let CitiFinancial and Travelers Insurance merge which was flat out against the law and he was about to be called on the carpet for it.
