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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: puborectalis who wrote (47212)	9/16/2008 11:20:05 PM
From: LLCF	1 Recommendation Respond to of 224795

1999 Gramm Deregulation Act: McCain Yes, Biden No! Vote pretty much along party lines... Clinton signed law cause he was busy getting a hummer from his aid.... So GRAM freakin essentially repealed a law that was formed after 1929.... "ITS THE DEMS FAULT"... "THEM AND THEIR SOCIAL ENGINEERING"- Gimme a break... that is a drop in the freakin BUCKET! In 1999, the Gramm-Leach-Bliley Act repealed 1930's legislation that had separated commercial and investment banks. Commercial banks, where people deposit their paychecks and do personal banking, have regulation. Investment banks didn't have that "fettering" as Republicans saw it. John McCain voted for Gramm-Leach-Bliley. Joe Biden voted NO. The act passed 54-44, mostly a party line vote. Yes, Clinton signed the law. But Joe Biden was against it. With the 1930's Glass-Steagall Act repealed, the theory was competition could happen now in financial services. The evil enemy of regulation was gone, free markets would reign. Mergers happened that couldn't before. A broader range of institutions could offer a broader range of products. Which grew to include obscure, unregulated financial products with no collateral to support them. Like sub-prime mortgages. Regulated banks couldn't take those kinds of risks. Unregulated companies could. In March of this year, John McCain was reinforcing his "market solves everything" anti-regulation stance. "Im always for less regulation," he told The Wall Street Journal last March, "but I am aware of the view that there is a need for government oversight" in situations like the subprime lending crisis, the problem that has cascaded through Wall Street this year. He concluded, "but I am fundamentally a deregulator." DAK