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Originally Posted by kvmj  Forrestlayne you are correct about the date but not the intention of the act. The act in question is the Gramm-Leach-Bliley Act and Bill Clinton most certainly should have vetoed it. It had nothing to do with making it easier for people to own homes. From Wikipedia:
"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 L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed part of the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies.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." Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia
Do read the entry at Wikipedia on CDOs.
Do read the entry on the Great Depression: Great Depression - Wikipedia, the free encyclopedia The causes are quite similar.
We are definitely headed into a bad recession. Without the Fed, we would already be in a Depression. |
Sorry.. I should have made that more clear.
On November 12, 1999, President Bill Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933.
ETA: It is not fair to blame either a Republican, Democrat, or Independent . It is fair to blame them all.
ETA; A link from a 1999 article. Very interesting.
Agreement Reached on Overhaul of U.S. Financial System