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700 Billion dollars.. say goodbye

Discussion in 'U.S. Politics' started by Vyddo, Sep 28, 2008.

  1. Vyddo

    Vyddo New Member

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    I'm angry, republican, democrat.. anyone that votes for passage of this bill can consider themselves replaced next election.

    The bill accomplishes nothing, were paying this incredible amount of money for a psychological boost to the market that is NOT real, that has no chance of resolving anything.. That only makes the problem bigger and pushes the immediate repercussions a short distance into the future.

    I'm furious.
     
  2. BigRob

    BigRob Well-Known Member

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    This is less money than Obama proposed sending to Africa to "fight poverty." Let us hope that his bill in the Senate demanding this gets killed now.
     
  3. SWP70

    SWP70 New Member

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    This is why we are having banking problems today. This law was put in after the Great Depression. Changed in 1999

    Clinton Signs Legislation Overhauling Banking Laws

    WASHINGTON, Nov. 12, 1999 (Reuters) - President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and sell each other's products.
    "This legislation is truly historic," President Clinton told a packed audience of lawmakers and top financial regulators. "We have done right by the American people."
    The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.
    Analysts and industry leaders say the measure will probably fuel a wave of mergers as companies compete to build financial supermarkets offering all the services customers need under one roof.
    Financial stocks were winners on Wall Street today, with J.P. Morgan & Company, Citigroup, American Express and Merrill Lynch all posting big gains. That helped the Dow Jones industrial average end up 174.02 points, at 10,769.32.
    The Senate approved the final bill by 90 to 8 on Nov. 4 and the House followed suit by a vote of 362 to 57. Congress had previously made almost a dozen unsuccessful attempts over the last 25 years to revise the statutes, which had increasingly come to be viewed as anachronisms.
    "The world changes, and Congress and the laws have to change with it," said Senator Phil Gramm of Texas, chairman of the Banking Committee and one of the bill's prime sponsors.
    Opponents said it would have the opposite effect, creating behemoths that will raise fees, violate customers' privacy by sharing and selling their personal data, and put the stability of the financial system at risk.
    The privacy issue was a key focus in the long and often heated negotiations that produced a compromise bill, and President Clinton made clear he still wanted to see more done to safeguard consumers' personal financial information.
    Clinton's support for the legislation comes despite warnings from critics and consumer activists that it could lead to price-gouging of consumers and the erosion of their privacy by newly formed financial conglomerates that are too big and powerful.
    "The bill is anti-consumer and anti-community," advocate Ralph Nader declared. "It will mean higher prices and fewer choices for low-, moderate- and middle-income families across the nation."
     
  4. Libsmasher

    Libsmasher New Member

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    You are completely wrong - the repeal of Glass-Steagall was way overdue, helped the US compete against european banks who long combined savings and investments, and was not at all responsible for the current crisis. This mantra is being circulated to irrationally support the re-regulation hysteria, regulation being the cause of this crisis and several others

    Rich Lowry points out that the institutions that were mixed are exactly the ones that don't have to be bailed out:

    http://townhall.com/columnists/RichLowry/2008/09/22/is_phil_gramm_to_blame

    The cause of the crisis is just as I and a few other people here have stated, and also an increasing number of commentators. From NR discussing the Clinton-era portion of the REAL cause, the Carter/Clinton Community Reinvestment Act:

     
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