Barney Frank is blaming deregulation.
Exactly what deregulation is he talking about?
In 1999 the Glass-Steagle Act was repealed by Congress and signed by Pres. Clinton.
In 2001 Alan Greenspan began lowering interest rates for too long a time.
In 2003 the REPUBLICANS in House passed a bill to put back the REGULATIONS REPEALED IN 1999, and it passed the House, but in Senate it got only promised 60 votes, and never made it to Senate Floor.
In 2004 five firms went to SEC (Christopher Cox?) and asked for an EXEMPTION from the RESERVE the banks were supposed to keep on loans, and wanted it changed to $40 dollars could be loaned for every $1 in Reserve...and got it. Those banks were Bear Stearns, Lehman, Merrill Lynch, Morgan Stanly and Goldman Sachs (where Paulson was from 1999-2005).
Banks and mortgage companies allowed people who really didn’t qualify to borrow home loans, and got sub primes, arms, balloons and things they didn’t understand.
5. THE DEMS PELOSI, FRANK, DODD, AND REID and other DEMS stood firm and DEMANDED that Freddi Mac and Fannie Mae loan to poor people to get homes...and now FREDDI AND FANNIE are under investigation for fraud. The poor people would have been better if they had stayed out of their lives.
President BUSH said many times in last 4-5 years that there needed to be more regulation and that there were changes that were needed in the financial system...but Congress has to do that!
He’s probably talking about the Financial Services Modernization Act of 1999. Which both Democrats and Republicans can be blamed for.
Barney must be talking about the deregulation of banking standards he and other socialist liberals forced on the financial system, so that loans would be given to ANYONE who demanded them, and secured by your good faith and money
(of course, he is not)
Exactly what deregulation is he talking about?
Certainly not the deregulation of sodomy.