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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (145941)	9/16/2014 6:48:21 PM
From: pcstel	Respond to of 149317

<Was fascinating to look up the Senate no votes to repeal Glass Steagall in 1999. Only one GOP senator voted no and he was a Dem prior to 1994.< I think you are forgetting the major culprits in the Checks and Balances system. The Rating Agencies. The Banks relied on companies that were supposed to be "neutral" in the evaluation process. That was the so called independent appraisers The appraisers were supposed to provide 'arms length" valuation overviews for the banks. The Banks depended upon the "independent" appraisers to provide factual data of the process. As it turned out.. The appraisers ended up being little more than puppets for the "real estate agents". The Banks don't fund loans they can not sell into the open market, or securitize. The Rating Agencies were supposed to be the ultimate "Checks and Balance" by providing an appropriate rating. They failed in that regard. PCSTEL