Fact: Bill Clinton was responsible for deregulation of U.S.financial system!

Many people in this forum probably do not remember this, but Bill Clinton was responsible for the deregulation of the U.S. banking industry.

As president, Bill Clinton could have easily vetoed the Financial Services Modernization Act of 1999, but he did not.

This legislation, which was backed in 1999 by the liberal Democrats and moderate Republicans set the stage for the sub-prime mortgage crisis and the severe economic recession which began in 2008 and continues today.

"The proposed Financial Services Modernization Act of 1999 would do away with restrictions on the integration of banking, insurance and stock trading imposed by the Glass-Steagall Act of 1933, one of the central pillars of Roosevelt's New Deal."

 

This is true. Democrats, Republicans, all of them, all work for the bankers.

 

Once again, you are mistaken, Mugabe

A discussion of the causes of the sub-prime mortgage crisis indeed to this day remains a "current event".

The article I have referenced merely provides background for these discussions. I can provide more recent articles that discuss the same conclusions if you wish!

 

Well, the author of the article is correct as long they are intellectually honest enough to admit that the entire government's actions from 1977 in regards to finance have been bent on deregulation, whether carried out by Democrats or Republicans.

However, you cannot just blame Clinton's willingness to sign the Financial Services Modernization Act of 1999. One should know that it was three Republicans that sponsored the bill and pushed for its passage. They are Jim Leach, Phil Gramm, and Thomas J. Bliley, Jr. This is the reason why this law is also known as the Gramm-Leach-Bliley Act.

If the author wanted to put blame on the President, and the President alone, they would have chosen the Commodity Futures Modernization Act of 2000.

By the way, this is the voting record on the bill:



The bill was supported by more Republicans than Democrats.

 

The sub-prime mortgage crisis is history, It happened on Bush's watch, and we are still picking up the pieces.

 

You are correct, Diplomat.

The Republicans are just as cupable as Bill Clinton.

The point is as president, Bill Clinton had the power and authority to veto the bill and kill it, but he did not.

Consequently, the bill was passed on his watch, and he must shoulder most of the blame.

You cannot blame Geoege Bush for the legislation that was passed while he was president, and at the same time, not blame Bill Clinton for the legislation that was passed while he was president!

 

You are mistaken, CK.

Its origins are clearly traced back to the Clinton administraiton.

 

Funny logic, James Cessna. If Republicans deserve as much blame as Bill Clinton, why not give them their just desserts? After all, they "are just as cupable as Bill Clinton."

 

So then...

Couldn't Bush have passed legislation, that re-regulated the markets?

 

Absolute not!

The president cannot prepare and submit a bill to Congress.

All legislative bills must originate in Congress.

 

I have no problem with that.

My point is you cannot have one set of rules for assigning blame to George Bush and a different set of rules for assigning blame to Bill Clinton!

 

That's not what I asked you. Please answer the question I asked you which was:

 

Do you automatically assume that I have a different standards for blaming Bush because my posts are not to your complete ideological liking, or are you simply bringing awareness to my cognition to satisfy your forum persona?

 

No.

Why are you so defensive?

 

Yeah, it happened on Pres. Bush's watch. And it was perped by Frank/Dodd.

 

That's fine but then you have to blame all the crap today on Obama because it happened on his watch but of course liberals don't see it this way.

 

So we can all expect liberal Democrats to blame the Clinton Administration for the deregulation?

 

the 90s was a terrable time for American money makers. the 2000s and the 2010s are better for money makers. There is less taxes wealthy investors pay and more of the masses flip the bill for corporate welfare, and tax fundings.

I like the way Boooooooosh and the lil Dick changed up the tax structure to benifit those who need it more. After all, those at the top will dribble down their wealth. As we all see that is working just fine. this is a great time for investors all over the world. This is a great American economy, only the slow ones can't make a buck in it. Bunch of complainers. Americans need to accept their condition, after all that is what they want and support.

 

most politicians are bought and paid for by the bankers!

 

Ha-Ha!

Good question, Brewskier.

I have had some exchanges with three of them.

They seem to have tunnel vision. They still insist it was Bush's fault because he did not introduce legislation to kill the bill that was signed into law by Bill Clinton.

Will the "Hate Bush” and “Love Obama” knee-jerk syndrome ever end!

 

Bush and Republicans do shoulder some of the blame for the mess we are in. Way too much money was spent during those 2 terms.

But nothing has changed since Obama was elected - too much money has been spent and Congress has done nothing to get a handle on it. Reid has stonewalled at every turn.

Obama announced something like 4 more agencies that we can't live without in his SOTU address. Oh joy! Let's spend more money on worthless bureaucrats!

I've seen no hope and change (for the positive) at my house in the last 4 years and I'm not any better off.

 

Now that is my joke of the day.

Even when documentation is provided that the long slow slide into an economic maelstrom was begun more than three decades ago with Jimmy Carter's idiotic attempt to rekindle a dead economy; even when documentation is provided by independent economists that the icing was put on the cake in 1999 under the Clinton administration...it is all..

Wait for it


BUSH's FAULT!

In fact did you know that global warming is Bush's fault?

Did you know that the flu is Bush's fault? Measles?


yep, all Bush's fault.

In fact it's his fault the Patriots lost the Super Bowl.

 

Huh?


If a president cannot introduce legislation, how the freakin hell can he pass it?

What? You expect a president to draft a bill, introduce it, then pass it as one man and then sign it into law?

If that were the case how come Obama hasn't passed a bill increasing taxes on the rich?

For that matter how come Obama has not introduced a budget and passed it himself ...for the last foru years.

 

I agree with you completely. But it's still Bush's fault!

He did not write, present and pass legislation that overturned what Clinton signed into law, so therefore it's entirely his fault. No exceptions.

The fact that Obama has not done so either is entirely irrelevant. Obama is completely faultless in all things, even the Cash for Cars program which stimulated the auto industry in Germany and Japan.

Obama is always faultless in all things.

The cash for cars program's failure was Bush's fault because he didn't write, introduce and pass legislation making German and Japanese cares illegal. And he didn't invade either of them!

Get with the program.

 

You are very incorrect, James Cessna. Regulations like the Financial Services Modernization Act of 1999 are not deregulations.