Had to weigh in on this too. I'm not much for getting into these on-line discussions because they frustrate me (and lack of time). But I'm feeling the need to wade in a little deeper on this one.Ryan Salo wrote:http://my.barackobama.com/page/community/post/techrules/gGBFWS
Just my thoughts on the issue...
The link above takes you to a blog that states what I believe is Salo's point:
"In 1999, Clinton repealed the Glass-Steagal (sic) act, allowing non banks to act like banks without regulation. "
Well, Clinton, nor any President, can create (or repeal) a law. In 1999, the House and Senate were Republican controlled. Trent Lott (Senate Majority leader) and Dick Armey (House Majority leader) ring a bell? Republican Revolution anyone?
Anyway, the House banking committee passed the Leach bill, which repealed Glass-Steagall. The bill was sponsored by Banking Committee chairman James Leach (R-Iowa).
Clinton was an accomplice, but hardly the primary driver. BTW - Glass-Steagall was considered by many to be too stringent. It was passed after the last (gasp) depression (1933).
By way of conclusion, I'll leave you with another quote from the blog posted earlier:
"They were right, and the deregulators were wrong. "