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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: joefromspringfield who wrote (116275)10/25/2011 7:43:06 PM
From: Paul V.  Read Replies (3) of 224707
 
Joe, "Who is Robert Rubin and whom did he work for. What is the connection between Mr Rubin and the Glass Steagall Act?"

The repeal of Glass Steagall was just one of three laws that led to less regulation of the financial industry. The community reinvestment act created the sub prime mortgage business. The commodities and futures modernization act exempted the derivatives from gambling laws.

Unfortunately for Ken, all three of these laws were signed by president Clinton.

But, Carter was the first president which implemented the Community Reinvestment Act. Then, Bush came into office, cut taxes and financed the two Wars that we are currently downsizing. Greenspan came along and encouraged individual to get ARM's and balloon loans.

You are absolutely correct in your above statement. Didn't Rubin and Paulsen at one time work for Goldman Sach's? If this is true, isn't it interesting that both became Secretary of the Treasury and from Wall Street.
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