09-05-2012, 08:27 PM
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Saratoga
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Join Date: Mar 2007
Posts: 15,693
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Quote:
Originally Posted by Danzig
http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act
President Bill Clinton’s signing statement for the GLBA summarized the established argument for repealing Glass-Steagall Section’s 20 and 32 in stating that this change, and the GLBA’s amendments to the Bank Holding Company Act, would “enhance the stability of our financial services system” by permitting financial firms to “diversify their product offerings and thus their sources of revenue” and make financial firms “better equipped to compete in global financial markets."
yeah, that....uh...went well. 
altho bush deserves a share of criticism (two wars for starters) he certainly didn't sign the glass-steagall changes. that bubble that burst while he was in office was already growing thanks to the above, brought to you by-BOTH PARTIES,and signed into law by the hero of the democratic party, bill clinton.
so, altho it's fashionable to beat the 'blame bush' drums, that's far from the entire story. i know, i know...shocking. there's nothing politicians enjoy more than garnering praise when things are good, and pointing fingers at everyone else when it's bad.
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An inconvenient truth.
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