Glass-Steagall Act

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lfernandez
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Thom,

Phil Gramm did not repeal Glass-Steagall.  He sponsored and pushed through legislation repealling the act.  It was President Bill Clinton who signed the idiotic bill into law.  He could have, should have vetoed it.

 

Lou

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Phaedrus76
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True Lou, and anyone with the

True Lou, and anyone with the ideology that government is bad, and regulations are bad shouldn't be trusted to govern. 

spicoli
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lfernandez wrote: Phil Gramm

lfernandez wrote:

Phil Gramm did not repeal Glass-Steagall.  He sponsored and pushed through legislation repealling the act.  It was President Bill Clinton who signed the idiotic bill into law.  He could have, should have vetoed it.

It was Phil Gramm's bill that repealed Glass-Steagall.  The bill is called the Gramm–Leach–Bliley Act.  They even put his name first!  

The corporate media pushed and pushed for it.  It was almost the year 2000 and "times were different".  Depressions were a thing of the past and it was in the way of new technology.  At least that is what they fed us.  Only a few on the left pushed back against it.  Most notably Byron Dorgan.  

President Clinton did sign the bill plus a whole lot of other Republican bills that set the stage for the 2008 economic collapse.  The Commodity Futures Modernization Act of 2000 and NAFTA are two other great examples.  President Clinton just didn't sign them... he made them his own!  If you think President Obama caves in a lot then you need to go back and look at President Clinton's record.  He makes Obama look tough!  I think the historians will start ranking President Clinton lower in the Presidential rankings because of his signing of Republican economic policies.  

Even with President Clinton signing the bill the bulk of the blame still goes to Phil Gramm because it was his bill.