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It was Phil Grahm and the republicans that got rid of oversight in 1999.
The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los Angeles
Subprime Mess and Phil Gramm: An Experiment in DeregulationJune 24, 2008 - 04:12 PM
Senator Phil Gramm, John McCain, George Bush, Senate, Congress, subprime, mortgage mess, deregulation, Enron, Secretary Paulson, UBS.
In 1933, a few years following the stock market crash, Congress passes the Glass-Steagall Act, in hopes that regulating banks will help prevent market instability, particularly amongst Wall Street banks. The purpose of the act is to separate commercial banks that focus on consumers from investment banks, which deal with speculative trading and mergers. ....con.
OF course this had nothing to do with the sub prime market or the dems resistance to reforms in 2003 2004 12005 by the pubbies. Try the CRA and Clinton's modifications to it when he put his budget director F Raines in charge.
[quote] The Gramm-Leach-Bliley Act of 1999 passed the Senate with 90 votes (8 against, 1 absence: John McCain, who supported the legislation) and was signed into law by Bill Clinton. It had little to do with the issues at play in the current crisis: lending standards and the amount of debt banks can take on relative to their equity. The upshot of the Gramm legislation is that it allows financial services companies to diversify their lines of business: Commercial banks can engage in investment banking, banks can offer brokerage services, and you can have an IRA at the same place you have your checking account. [quote]
[quote]The Wall Street Journal raised concerns about Fannie's and Freddie's capital requirements. Senator Phil Gramm (R, TX) raised issues about community pressure groups, such as Barack Obama's ACORN, extorting money from banks by holding their feet to the CRA fire, and threatening to militate against mergers and acquisitions unless the banks entered into preferential agreements with community groups.
The Gramm-Leach-Bliley Act cut down on CRA reporting requirements and upped the ante for groups such as ACORN, forcing them to disclose their relationships with local banks. [quote]
Funny how ACORN keep s popping ...wait wasn't BO an attorney for ACORN? Just a side note.
"Some guys play in all-star games, some guys don't. I don't know who picks all those all-star teams. In all honesty, I don't know who picks the combine, for that matter," Belichick said. "How does (Miami-Ohio offensive lineman Brandon) Brooks not get invited to the combine? How did Vollmer not get invited to the combine? I don't know. We can't really worry about that. We just have to try to evaluate them the best we can."
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