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He signed the Financial Services Modernization Act of 1999.<p><I>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. <I>Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated</I>.</I><p>Not ALL of the blame. Just a big part of it. With greed (by both parties, the rich and the middle-class alike) being the over-arching cause.<br>
 

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Re: Bill Clinton bears a large portion of the blame for our economic crisis (JoeLvo)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>JoeLvo</b> »</i></TD></TR><TR><TD CLASS="quote">He signed the Financial Services Modernization Act of 1999.<p><I>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. <I>Under the old law, banks, brokerages and insurance companies were effectively barred from entering each others' industries, and investment banking and commercial banking were separated</I>.</I><p>Not ALL of the blame. Just a big part of it. With greed (by both parties, the rich and the middle-class alike) being the over-arching cause.<br></TD></TR></TABLE><p>Is that what the "fair and balanced" is telling you? How about e-mailing your buddy, Phil Gramm, and ask him some pointed questions? See WHO is really responsible...Not that Bill Clinton is absolved.<p>Yannis
 

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It was the aliens. I swear.
 

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Re: Bill Clinton bears a large portion of the blame for our economic crisis (GrecianVolvo)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>GrecianVolvo</b> »</i></TD></TR><TR><TD CLASS="quote"><p>Is that what the "fair and balanced" is telling you? How about e-mailing your buddy, Phil Gramm, and ask him some pointed questions? See WHO is really responsible...Not that Bill Clinton is absolved.<p>Yannis</TD></TR></TABLE><p>And Phil Gramm is WHO'S economic advisor? <IMG NAME="icon" SRC="http://www.vwvortex.com/vwbb/tongue.gif" BORDER="0">
 

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Re: Bill Clinton bears a large portion of the blame for our economic crisis (1sttimevolvo)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>1sttimevolvo</b> »</i></TD></TR><TR><TD CLASS="quote"><p>And Phil Gramm is WHO'S economic advisor? <IMG NAME="icon" SRC="http://www.vwvortex.com/vwbb/tongue.gif" BORDER="0"> </TD></TR></TABLE><p>Here is a great essay on Gramm's contribution to our economy over the past 25 or so years...<p><A HREF="http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838" TARGET="_blank">http://www.dailykos.com/storyo...02838</A><p>And yes, I blame Bill Clinton too.
 

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Re: Bill Clinton bears a large portion of the blame for our economic crisis (BarentsBlueV50)

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD><i>Quote, originally posted by <b>BarentsBlueV50</b> »</i></TD></TR><TR><TD CLASS="quote"><p>Here is a great essay on Gramm's contribution to our economy over the past 25 or so years...<p><A HREF="http://www.dailykos.com/storyonly/2008/9/21/9322/74248/245/602838" TARGET="_blank">http://www.dailykos.com/storyo...02838</A><p>And yes, I blame Bill Clinton too.</TD></TR></TABLE><p><br>Guys,<br>You've got to be kidding. <p>It's 2008 outside, the writings were on the walls all around us for at least three years - and you still blame lack of decisions of current president on the former one? <p>Lame, lame, lame.<p>There is a great anecdote on a subject form my Soviet past…<p>One CEO is forced out because of complete screw-up in his organization. He meets with his successor and during the conversation, presents 3 sealed numbered envelopes.<br>The new CEO looks puzzled and asks for the explanation. The old one says – Keep them, they are going to help you during the critical times, just open them one-by-one.<p>So, the life goes on, and sooner rather then later, a new CEO faces his first crises. He finds the envelopes in the bottom drawer and decides to open the first one.<br>The piece of paper inside says “Blame on me”. And CEO does blame all turmoil’s on his predecessor. The time goes by, but the situation is getting just worth. <br>The CEO opens a second envelope…<br>It says – “Start “perestroika” (a complete reorganization, reconstruction)”. And the CEO does… It buys a few more years, but the money is spent, but nothing is really changed, the business is as bad as always…<br>Time for the third envelope…It says – “Prepare 3 envelopes!”<p><br>My point is - the time of first envelope is long gone... let's move on...
 

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Re: Bill Clinton bears a large portion of the blame for our economic crisis (JoeLvo)

Under which administration did the Federal Reserve drop and maintain interest rates at historically-low levels? Also, which president was the self-proclaimed champion of an "Ownership Society"?<p>Feel free to answer anytime... (hint: he's a lame duck right now).<p>And as much as Phil Gramm is a douche bag, the GLB act of '99 is not to blame. Poor underwriting standards are to blame. How did banks/finance companies manage to shove billions of dollars of $hit down the pipeline (securitizations)??? <p>Answer: <u>Cheap money (ala Greenspan) and political prerogative are at fault</u>. <p>And anyone who has an inkling on credit fundamentals knows that earnings diversity, a broader capital base and other biproducts of the GLB Act would understand that it enhances the credit worthiness of a bank/finance company to be more diverse in many ways. Just pick up an S&P or Moody's report for guidance... er, nevermind.<br><IMG NAME="icon" SRC="http://www.vwvortex.com/vwbb/biggrin.gif" BORDER="0"><BR><BR>
<i>Modified by 24Hours at 9:58 PM 9-23-2008</i>
 
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