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SOTU Address:[W: 378; 1310; 1451]

There was an attempt. "51 Democrats, 5 Republicans and 1 independent opposed it."

One of the leading voices of dissent was Senator Byron L. Dorgan, Democrat of North Dakota. He warned that reversing Glass-Steagall and implementing the Republican-backed Gramm-Leach-Bliley Act was a mistake whose repercussions would be felt in the future.

“I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010,” Mr. Dorgan said 10 years ago. “We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”

Mr. Dorgan still feels the same way. “I thought reversing Glass-Steagall would set us up for dramatic failure and that is exactly what has happened,” the senator told DealBook on Thursday. “To fuse together the investment banking function with the F.D.I.C. banking function has proven to be a profound mistake.”

10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com

This gives further insight to the repeal but Glass Steagall was only a part of the problem.

The legislation was signed into law by President Bill Clinton on November 12, 1999

http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act
 
There was an attempt. "51 Democrats, 5 Republicans and 1 independent opposed it."

One of the leading voices of dissent was Senator Byron L. Dorgan, Democrat of North Dakota. He warned that reversing Glass-Steagall and implementing the Republican-backed Gramm-Leach-Bliley Act was a mistake whose repercussions would be felt in the future.

“I think we will look back in 10 years’ time and say we should not have done this, but we did because we forgot the lessons of the past, and that that which is true in the 1930s is true in 2010,” Mr. Dorgan said 10 years ago. “We have now decided in the name of modernization to forget the lessons of the past, of safety and of soundness.”

Mr. Dorgan still feels the same way. “I thought reversing Glass-Steagall would set us up for dramatic failure and that is exactly what has happened,” the senator told DealBook on Thursday. “To fuse together the investment banking function with the F.D.I.C. banking function has proven to be a profound mistake.”

10 Years Later, Looking at Repeal of Glass-Steagall - NYTimes.com

Wooosh, right over your head. The question was in reference to the decisions made during and following TARP...
 
Do you have any evidence to support this theory?

"Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
http://www.cnbc.com/id/43395857/US_Housing_Crisis_Is_Now_Worse_Than_Great_Depression



Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

Itouched on three key points this morning:

1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
CBO | Testimony on the Economy and Stimulus


2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

"Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

Daily Kos: CBO Director Demolishes GOP's Stimulus Myth
 
Re: SOTU Address:

What I want to know from the Obama drones in here, is that if the Bush budget was so bad in 2009, how come we haven't had one since? Where's the budget?

The president proposes a budget each year, the Republicans amend it, and the Democrats refuse to vote for the GOP amended version.
 
"Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
US Housing Crisis Is Now Worse Than Great Depression



Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

Itouched on three key points this morning:

1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
CBO | Testimony on the Economy and Stimulus


2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

"Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

Daily Kos: CBO Director Demolishes GOP's Stimulus Myth

The problem is Elmendorf is very political, remember the changes in scoring AHCA? Labeling something apolitical doesnt make it so. That job number is questionable at best. Many of the jobs added were completely temporary or political in nature.

I would definitely hope if we spend $800billion we get some jobs created, my question is, could we have spent that money more wisely? The answer almost always turns out to be yes.
 
Re: SOTU Address:

The president proposes a budget each year, the Republicans amend it, and the Democrats refuse to vote for the GOP amended version.

Nosir. Harry Reid refuses to BRING it up for a vote. Big difference.
 
"Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
US Housing Crisis Is Now Worse Than Great Depression



Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

Itouched on three key points this morning:

1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
CBO | Testimony on the Economy and Stimulus


2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

"Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

Daily Kos: CBO Director Demolishes GOP's Stimulus Myth

Isn't it amazing that four years after the end of a recession that we still have 22 plus million unemployed/under employed/discouraged workers, 50 million on food stamps, over 100 million total dependent on some form of taxpayer assistance, 52% of income earners paying FIT, 6 trillion added to the debt, and negateve GDP growth the last quarter with liberals claiming that is a success? Let me know when those shovels get to those shovel ready jobs.

Obama: "No Such Thing as Shovel-Ready Projects" - Political Hotsheet - CBS News
 
Obama has been in office four years and is a failure as the results show.

The results show that your opinion is in the minority clearly as the president was reelected by a wide margin.
 
Re: SOTU Address:

The president proposes a budget each year, the Republicans amend it, and the Democrats refuse to vote for the GOP amended version.

It doesn't take a filibuster proof Senate to pass a budget, the Senate has the votes to pass a budget. Typical liberal excuses
 
The results show that your opinion is in the minority clearly as the president was reelected by a wide margin.

Then tell that to all the unemployed and those suffering under this President's economic policies. 4 million votes isn't a wide margin but just goes to show that rhetoric always trumps substance to the Obamabots
 
"Prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s, according to Case-Shiller data."
US Housing Crisis Is Now Worse Than Great Depression



Jan 27, 2009 - "This morning I testified before the House Budget Committee on The State of the Economy and Issues in Developing an Effective Policy Response (click here for full text of my written testimony). My testimony discussed both the basis for CBO's forecast (released earlier this month, click here for text) and reviewed the financial and nonfinancialdevelopments that have occurredsince that forecast was finalized. So far, the news has been generally consistent with the agency's expectations-- and does not alter the bleak outlook.

Itouched on three key points this morning:

1. The economy is currently weathering a recession that started more than a year ago, and absent a change in fiscal policy, CBO projects that the shortfall in the nation'soutput relative to potential levels will be the largest-- induration and depth-- sincethe Depression of the 1930s.
2. Most economists agree thatboth significant fiscal stimulus and additional financial and monetary policy approaches are needed.
3. H.R. 1, the American Recovery and Reinvestment Act of 2009, would, in CBO's judgment, provide a substantial boost to economic activity over the next several years relative to what would occur without the legislation."
CBO | Testimony on the Economy and Stimulus


2012 - "Under questioning from skeptical Republicans, the director of the nonpartisan (and widely respected) Congressional Budget Office was emphatic about the value of the 2009 stimulus. And, he said, the vast majority of economists agree.

In a survey conducted by the University of Chicago Booth School of Business, 80 percent of economic experts agreed that, because of the stimulus, the U.S. unemployment rate was lower at the end of 2010 than it would have been otherwise.

"Only 4 percent disagreed or strongly disagreed," CBO Director Douglas Elmendorf told the House Budget Committee. "That," he added, "is a distinct minority."

"Most economists not only think it should have worked; they think it did work, Elmendorf replied. CBO's own analysis found that the package added as many as 3.3 million jobs to the economy during the second quarter of 2010, and may have prevented the nation from lapsing back into recession."

Daily Kos: CBO Director Demolishes GOP's Stimulus Myth

So what you have left are some opinions and the greatest national debt in word history.
 
The results show that your opinion is in the minority clearly as the president was reelected by a wide margin.

When and if you went to school what did they teach you as to the role of the Federal govt. vs the state governments?
 
I was pointing out to you that it was only Democrats that opposed the Repeal of the Glass-Steagall Act. However, if you you support separating commercial banks and investment banks you are in luck -


Elizabeth Warren renews call for Glass-Steagall Act following JPMorgan's announcement that risky trading loss grew to $5.8 billion | masslive.com

Well let us look at that vote:

The House passed its version of the Financial Services Act of 1999 on July 1, 1999, by a bipartisan vote of 343-86 (Republicans 205–16; Democrats 138–69; Independent 0–1),[5][6][note 1] two months after the Senate had already passed its version of the bill on May 6 by a much-narrower 54–44 vote along basically-partisan lines (53 Republicans and 1 Democrat in favor; 44 Democrats opposed).

On November 4, the final bill resolving the differences (between the House and Senate versions) was passed by the Senate 90-8,[13][note 4] and by the House 362-57.[14][note 5] The legislation was signed into law by President Bill Clinton on November 12, 1999

Gramm

What it shows was that the initial Senate opposition was purely symbolic. House Dems overwhelmingly approved it, and in the end, so did Senate Dems.

That's a SMACKDOWN !!!
 
I was pointing out to you that it was only Democrats that opposed the Repeal of the Glass-Steagall Act. However, if you you support separating commercial banks and investment banks you are in luck -


Why don't you point out that Bob Rubin was the main advocate for its repeal?
 
Well let us look at that vote:

The vote that shows the only opposition came from 50 Democrats?


What it shows was that the initial Senate opposition was purely symbolic. House Dems overwhelmingly approved it, and in the end, so did Senate Dems.

That's a SMACKDOWN !!!

Since your interest is in assigning blame for the repeal. Does this mean that you for its re-establishment? Or, are you just playing some game of political one-upmanship?
 
The vote that shows the only opposition came from 50 Democrats?




Since your interest is in assigning blame for the repeal. Does this mean that you for its re-establishment? Or, are you just playing some game of political one-upmanship?

What was the final vote?
 
Why don't you point out that Bob Rubin was the main advocate for its repeal?


Another trying to establish blame for the repeal. Does that mean you are for re-establishing the Glass-Steagall Act?
 
Another trying to establish blame for the repeal. Does that mean you are for re-establishing the Glass-Steagall Act?

No, but your fallacies and distortions need to be corrected.

As to what I advocate, it would be for not only reinstating the provisions of GS, but going so far as not allowing retail banks to become interstate entities...
 
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