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Republicans *OWN* banking deregulation that led to the current credit crisis.

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davepc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 07:33 AM
Original message
Republicans *OWN* banking deregulation that led to the current credit crisis.
Edited on Mon Sep-08-08 07:44 AM by davepc
Gramm-Leach-Bliley Financial Services Modernization Act.

53 Republican Senators plus one Democrat - AYE

44 Democrats no Republicans - NAY

YEAs ---54
Abraham (R-MI)
Allard (R-CO)
Ashcroft (R-MO)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burns (R-MT)
Campbell (R-CO)
Chafee, J. (R-RI)
Cochran (R-MS)
Collins (R-ME)
Coverdell (R-GA)
Craig (R-ID)
Crapo (R-ID)
DeWine (R-OH)
Domenici (R-NM)
Enzi (R-WY)
Frist (R-TN)
Gorton (R-WA)
Gramm (R-TX)
Grams (R-MN)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Helms (R-NC)
Hollings (D-SC)
Hutchinson (R-AR)
Hutchison (R-TX)
Jeffords (R-VT)
Kyl (R-AZ)
Lott (R-MS)
Lugar (R-IN)
Mack (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Nickles (R-OK)
Roberts (R-KS)
Roth (R-DE)
Santorum (R-PA)
Sessions (R-AL)
Shelby (R-AL)
Smith (R-NH)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Thomas (R-WY)
Thompson (R-TN)
Thurmond (R-SC)
Voinovich (R-OH)
Warner (R-VA)

NAYs ---44
Akaka (D-HI)
Baucus (D-MT)
Bayh (D-IN)
Biden (D-DE)
Bingaman (D-NM)
Boxer (D-CA)
Breaux (D-LA)
Bryan (D-NV)
Byrd (D-WV)
Cleland (D-GA)
Conrad (D-ND)
Daschle (D-SD)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Edwards (D-NC)
Feingold (D-WI)
Feinstein (D-CA)
Graham (D-FL)
Harkin (D-IA)
Inouye (D-HI)
Johnson (D-SD)
Kennedy (D-MA)
Kerrey (D-NE)
Kerry (D-MA)
Kohl (D-WI)
Landrieu (D-LA)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (D-CT)
Lincoln (D-AR)
Mikulski (D-MD)
Moynihan (D-NY)
Murray (D-WA)
Reed (D-RI)
Reid (D-NV)
Robb (D-VA)
Rockefeller (D-WV)
Sarbanes (D-MD)
Schumer (D-NY)
Torricelli (D-NJ)
Wellstone (D-MN)
Wyden (D-OR)

Present - 1
Fitzgerald (R-IL)

Not Voting - 1
Inhofe (R-OK)


The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process <1>. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

...

Economist Robert Kuttner has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.<6> Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".



http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act


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annabanana Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 07:37 AM
Response to Original message
1. It was a Phil Graham Special for all you "whiners" out there.
Edited on Mon Sep-08-08 07:56 AM by annabanana
That's right. McCain's right hand economic adviser, possible Secretary of the Treasury pick, ENGINEERED the deregulation that lead directly to this "mental" recession...
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watrwefitinfor Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 07:41 AM
Response to Original message
2. So why is our side not tying this to McCain's lying ass?
In the biggest, boldest way?

It's the economy, Stupid!

Wat
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davepc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 07:46 AM
Response to Reply #2
3. I wish I knew. The ad writes itself
Edited on Mon Sep-08-08 07:46 AM by davepc
"John McCain voted FOR the bank laws that led to the current credit crisis. John Mccain's economic advisor WROTE the law. 53 Republicans voted YES to the law. When you're in danger of losing your house, can you take a chance on more of the same from those who wrecked out economy?"
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crickets Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 10:22 AM
Response to Reply #3
14. Bingo.
There it is, in plain English. Put it on billboards in big red letters, make that point prominently in each and every ad, pound it home in each interview and stump speech... and McCain is toast.
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kiranon Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 12:43 PM
Response to Reply #3
18. Would make a great ad. Please someone use this great idea.
Good job! Expect to see language like this or something like it very soon.
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grannie4peace Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 07:52 AM
Response to Original message
4. this needs to go to every u s citizen!!!!!!!
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Patiod Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 08:15 AM
Response to Original message
5. Complicated, but will resound with the dispossessed
Edited on Mon Sep-08-08 08:17 AM by Patiod
:kick:
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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 08:35 AM
Response to Original message
6. Isn't it funny how nobody is connecting the dots for the public about
the deregulation and bankruptcy issues? Well, it's not funny, but it would knock the wind out of Libertarian sails, if someone could put it in a headline in some important paper.
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mrJJ Donating Member (657 posts) Send PM | Profile | Ignore Mon Sep-08-08 08:37 AM
Response to Original message
7. Bravo
Borrowed you article for a C&P
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B Calm Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 08:49 AM
Response to Original message
8. Now try to explain this to an uninformed republican.!
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davepc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 09:06 AM
Response to Reply #8
11. the only caveat is that Bill Clinton signed it. Another triumph of the DLC third way.
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 10:26 AM
Response to Reply #11
15. Yep, that little fact makes the topic a non-starter
It's hard to argue Repubs got us into this mess when Clinton had the power to stop them and didn't.
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davepc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 12:00 PM
Response to Reply #15
16. Then they had 8 years under Bush-Cheney to stop it and didnt.
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magellan Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 05:53 PM
Response to Reply #16
22. Neither side has anything to brag about re bank/financial regulation
You'd think this was a topic that could get people demanding both sides to act responsibly, regardless of party, seeing as the blame and the hurt is universal. But the Repubs put the onus on Clinton, they won't hear anything else.

There's zero accountability on the right. Which means even if the Dems do re-regulate, the Repubs will be back poking holes in things in the future.
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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 08:51 AM
Response to Original message
9. You bet they do. Thankyou davepc! We need more posts like this. K&R!
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 08:57 AM
Response to Original message
10. Remember Grahm/mcSame say we
are whiners...
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Bennyboy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 09:08 AM
Response to Original message
12. This should be the issue that Obama POUNDS McLame with....
And his connection to Phil ("It's all in your head" Gramm.
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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 09:43 AM
Response to Original message
13. 1999: Who was president and why didn't he veto it?
You have to face up to the corporatists on your side of the line you draw. Especially since they invariably occupy the heights of power.
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bertman Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 12:27 PM
Response to Original message
17. Many thanks, davepc. Very enlightening.
Also, Riddler you are correctomundo.

It's all about the $$$$. Got to have it to win the election, then you got to return the favor when called upon. Dems and Repukes are all in line with their hands out.

Makes me sick, but it's the way of the world these days.

Hopefully Obama will be LESS SO.

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MadHound Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 12:46 PM
Response to Original message
19. Don't forget, this was in collusion with the other wing of the corporate party, the Dems
Clinton could have vetoed this bill, he didn't, and thus shares some of the blame for this mess.
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Fla Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 01:00 PM
Response to Original message
20. Posted this the other day. David Corn article spells it all out.
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davepc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 02:11 PM
Response to Reply #20
21. good read, thanks
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Kablooie Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 07:25 PM
Response to Original message
23. Yes, but the reason it's gone wrong is because of liberal Democrats. According to Repubs.
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davepc Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Sep-08-08 10:35 PM
Response to Reply #23
24. bump
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B Calm Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Sep-09-08 09:29 AM
Response to Reply #24
25. and kick
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