And it was Bush who was commander-in-chief on 9.11 who did diddly squat to prevent it.
The second Glass–Steagall Act (the Banking Act of 1933) was a reaction to the collapse of a large portion of the American commercial banking system in early 1933. Literature in economics usually refers to this latter act simply as the Glass–Steagall Act,*
The repeal of provisions of the Glass–Steagall Act of 1933 by the Gramm-Leach-Bliley Act effectively removed the separation that previously existed between Wall Street investment banks and depository banks.
The repeal enabled commercial lenders such as*Citigroup, which was in 1999 the largest U.S. bank by assets, to underwrite and trade instruments such as*mortgage-backed securities*and*collateralized debt obligations*and establish so-called*structured investment vehicles, or SIVs, that bought those securities.[22]*Elizabeth Warren,[23]*author and one of the five outside experts who constitute the Congressional Oversight Panel of the*Troubled Asset Relief Program, has said that the repeal of this act contributed to the*Global financial crisis of 2008–2009
The year before the repeal,*sub-prime loans*were just five percent of all mortgage lending. *By the time the*credit crisis peaked*in 2008, they were approaching 30 percent.
So lets see if I have this straight .. the Glass Steagall act .. .was passed and signed into law ... because of the collapse of a large portion of the American commercial banking system .
In 1999 president Clinton signs a repeal of that law .. and 8 years later we have a collapse of our banking system. With the major problem being that banks were now doing what the the Glass Steagall act prevented them from doing. The libs response to this …. well it was Bush's fault ..
Hey if you choose to walk around with blinders on .. thats fine by me I've understood the liberal mantra of destroy, do nothing , and blame others for a while now .. I remember NAFTA … another gem signed by the Clinton administration, that has proven (according to liberals anyway) to be great for America. I can't help to wonder when Ross Perot ran for president and told us this about NAFTA hear that sucking sound .. those are jobs leaving American ….. ah maybe he was wrong .. and that was just Bill getting his BJ in the white house .
Thankfully the people woke up quickly when Democrats took control of the two houses … and then the white house .. and showed just how incapable they were. November 2010 brought about one of the biggest changes in history …. keep along the path we are on now .. . 2012 will be just as big .. but hey just keep your blinders on .. remember it's all Bush's fault .. and Obama is going a great job ..
Now history aside .. . I can understand your need to keep Bush in the topic ... if My parties policies were failing as bad as yours .. I wouldn't want to talk about it either.. altho it's easier on me right now ... because I don't have a party ... until republicans prove that they have gone back to their roots . . I see them as the same spending jerks as the democrats
