I get sick when I hear that the Glass-Steagall Act was repealed during President Clinton’s term. President Clinton’s term was ruined by the GOP’s impeachment of him. He had no power to do anything other than not getting forced out of office. The GOP had so many phony investigations of him happening he was spread too thin to do anything other than survive.
The Glass-Steagall Act was repealed by Phil Gramm. Gramm isn’t a weak GOP operative. He was McCain’s top economic advisor.
The article “Phil Gramm: Glass-Steagall Repeal Didn’t Have ‘Anything To Do With The Financial Crisis'” shows how Gramm is investing much in lying to us.
Why, does he have something to hide regarding the Glass-Steagall Repeal? The article relates how we regulated our banking system until the GOP got a chance to give the top 1% a bigger slice of the pie.
Who is to blame. The article states “That all changed in 1999, when a law devised by Sen. Gramm …. removed the barrier and allowed banks to act as both commercial and investment entities.”
How big of lies is he willing to make? The article states “The former Texas Senator told Bloomberg News on Wednesday that he doesn’t see “any evidence” that rolling back Glass-Steagall, Depression-era legislation that put up a firewall between commercial and investment banks, “had anything to do with the financial crisis.””
The Democrats are not crazy. The Democrats realize what happened to our economy due the Glass-Steagall Repeal and want to remedy the situation. Big surprise-the “Party of No” is obstructing this effort.
The article “Elizabeth Warren Champions Bill to Restore Glass-Steagall Act and Rein in Wall Street” states “Nearly a year ago (on July 11, 2013), Sen. Elizabeth Warren (D-MA) introduced the 21st Century Glass-Steagall Act of 2013.”
What is Elizabeth Warren’s legislation? The article states “A bill to reduce risks to the financial system by limiting banks’ ability to engage in certain risky activities and limiting conflicts of interest, to reinstate certain Glass-Steagall Act protections that were repealed by the Gramm-Leach-Bliley Act.”
What? Why is the “Party of No” obstructing this?
The whimsically titled article “Elizabeth Warren Is Smoking Glass” illustrates that GOP operatives, including Gramm, want to shaft the 99%.
The article states “Conservatives are very delicate and fragile creatures, fiscal conservatives especially. Things like this are a lot for them to handle at one time. They kick themselves for not thinking of it first and then go out and try to block it when someone the opposite of them has the same idea. I mean they don’t have any evidence or anything that the policies they say has worked, so they try to bring down Elizabeth Warren in her efforts to bring back responsibility.”
The article “Support for Glass-Steagall” lists all of the groups in the US and the world who support Warren’s legislation.
The GOP repealed the Glass-Steagall Act. They have propagandists like Gramm lying about the adverse effects of its repeal and are obstructing efforts to remedy the problem.