The Clintons and the Democrats would repeal Glass-Steagall which would allow banks to solicit funds to form investment pools to make CRA loans to probable deadbeats.
Nonsense.
Not only were Graham, Leach and Bliley (the co-sponsors of the bill that repealed Glass-Steagall) Republicans, the Republicans controlled both houses of Congress when it passed.
Not only were Graham, Leach and Bliley (the co-sponsors of the bill that repealed Glass-Steagall) Republicans, the Republicans controlled both houses of Congress when it passed.
This is not to say that the Republicans were not on board and pushing for repeal as well. The banks were rally pushing and lobbying hard for the repeal of the “obsolete” Glass-Steagall to allow Banks to compete with the Investment Banks and Brokerage Firms which were raking in huge bucks on the Dot.com bubble
This was reported in the print and electronic media at the time as part of Clinton's hard ball negotiating to get his CRA agenda expanded and funded to provide home loans to under served, low income families.
CRA was a huge Clinton priority with a big PR push so it garnered coverage . Nobody knew how the repeal of Glass-Steagall and the expansion of CRA would interact to cause so much financial damage and the disaster it would create because CRA had been so small till then and the Dot.Com boom was still in full swing and investors were focused on Pets.Com and not on real estate investment. It was not until the Dot.Com vaporware implosion created demand for investments in hard physical assets such as real estate.