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Telamon

In article ,
dave wrote:

Telamon wrote:
In article ,
dave wrote:

Telamon wrote:

Bush 43 in his second term allowed the Dem's in congress to create this
toxic debt crisis by allowing the repeal of the 70-year-old
Glass-Spiegel Act and he didn't rein in the Barney Frank on the banking
and finance committee, who loosened the lending rules that Fanny may and
Freddy Mac were required to go by. This was the genesis of the problems
we are facing today.
[KLAXON!!!] Wrong!

"The bill that ultimately repealed the Act was introduced in the Senate
by Phil Gramm (Republican of Texas) and in the House of Representatives
by Jim Leach (R-Iowa) in 1999. The bills were passed by Republican
majorities on party lines by a 54-44 vote in the Senate[12] and by a
343-86 vote in the House of Representatives[13]. After passing both the
Senate and House the bill was moved to a conference committee to work
out the differences between the Senate and House versions. The final
bipartisan bill resolving the differences was passed in the Senate 90-8
(1 not voting) and in the House: 362-57 (15 not voting). Having
majorities large enough to override any possible Presidential veto, the
legislation was signed into law by President Bill Clinton on November
12, 1999."

http://en.wikipedia.org/wiki/Glass-Steagall_Act

Yeah, you are right, it was just before he took office the first time. I
remember Bush complaining about it and then doing nothing about it
though. It's not like he didn't know it happened.

In any event it shows how both parties work toward destabilizing the
financial system these days.

Me and Phil Gramm go back a long ways.

You did say you were from Texas.

--
Telamon
Ventura, California