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by BigGent from Detroit, Michigan

Last Post 61 days, 20 hours Ago


Bill Clinton's Fault?
Sep 22, 2008 | 7:49 PM
Category: Political
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Ladies & Gentlemen.
  http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act>    <---point of reference

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted 1999-11-12, is an Act of the United States Congress which repealed part of the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies.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.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Company Act by combining insurance and securities companies, if not for a temporary waiver process. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry.

Congressional history of the Act:

The bills were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate and by a 343-86 vote in the House of Representatives. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. Democrats agreed to support the bill ONLY after Republicans agreed to strengthen provisions of the Community Reinvestment Act and address certain privacy concerns. The final bipartisan bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. Without forcing a veto vote, this bipartisan, veto proof legislation was signed into law by President Bill Clinton on November 12, 1999.

So you see Gentlemen. President William Jefferson Clinton's Hands were tied,He basically had no choice. If only it weren't for those Darned Republicans that started that thing in the first place.

We wouldn't want people to go around thinking William Jefferson Clinton had anything to do with this Wall Street Mess,Now would we?

    (Taken from a response I wrote today 9/22/08)
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Member Comments Total Comments: 12
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bye-byeMI read my blog view my photos
Sep 22, 2008 | 9:03 PM

LOL Clinton's hands were tied!!! But Bush's hand were never tied? Show a better source, wikipeda is not a trusted site and that's not the whole Bill. Funny you add a twist to it. I posted the artical of the bill and it didn't say what you just posted and this was from CNN.
SenorGuz read my blog
Sep 22, 2008 | 10:19 PM

I honestly believe that you can't trust everything on the Inet. With that said here is something to think about bye-bye. You (Republicans) would rather support the socialization of corporate losses than better health care or education. And, claim that it is for the benefit of all. I don't need statistic to support what I am witnessing.
bye-byeMI read my blog view my photos
Sep 22, 2008 | 11:08 PM

Don't put me in that catagory, and if I'm not mistaken Congress wants this too. How do you think this mess started? I don't want to pay for idiots that don't want to pay their bills. You don't have to belong to a political party to see what's happening. My issue is WHO is saying what and who is not saying anything at all. I haven't heard Obama come up with a plan, have you? I hear him blaming everybody, but the Democrats and believe me both parties are at fault. You should know if you can't come up with a solution don't BLEEP about it and I haven't heard a solution, only bitching.
Heath Care should not be in control of the Government. You were in the Military, what do you think about Government heath care? I know the my multiple stays at Eglin hospital did wonders to my body. Yes, I was in the Army and stationed at Eglin. Government heath care doesn't work. Look at Canada and Germany.
Education, I can't answer that, I do know that I have the GI Bill and I have an appointment for Voc Rehab, which I probably won't get because I have a degree paid by the Army while I was in. Speaking for myself, I have a college fund set up for my kids when they were born and they will be taken care of.
SenorGuz read my blog
Sep 23, 2008 | 3:57 AM

This mess started during the Republican dominated Congress. And, I agree the folks that were white washed into believing that they could offered those mortgages made a big mistake. However, any intelligent good willed bank or mortgage institution would have never approved the loans. I lived in Germany for ten years none of my neighbors ever complained. As a matter of fact my daughter broke her leg and I was forced to take her to a German hospital and I didn't pay a red cent. And, just so you know I still have government health care because I get my care right here on Elmendorf AFB. And, finally I'm sorry you were in the Army that explains allot.
bye-byeMI read my blog view my photos
Sep 23, 2008 | 8:39 AM

LOL, yeah but you're still the Army Air Corp!! I to have Tri-care, I'm assuming that's what you have. If people realize what we pay a year, they would be shocked. It used to be free in the 90's until it got cut.
Yes, it was a Republican Congress and Slick signed it. It's the same now, what has this Congress done in the last two years. They even have a lower approval rating than Bush. But I don't hear Congress this and Congress that, it's Bush, Bush, Bush.
bye-byeMI read my blog view my photos
Sep 23, 2008 | 8:41 AM

SenorGuz,

Take a look at this site, it's pretty good site

http://vets.yuku.com/

Let me know what you think?
shockhazard read my blog view my photos
Sep 23, 2008 | 11:50 AM

His hands were tied ? Only while Monica was staining her dress .
Haven't you heard of " Veto Power " , or , " Line Item Veto " ? .
Bush should have been using that line item veto power a lot too .
Pipper read my blog
Sep 23, 2008 | 12:09 PM

Shock, do you really know how the veto process works?? It doesn't sound like it.
SenorGuz read my blog
Sep 23, 2008 | 1:57 PM

bye-bye glad I was able to provide some laughter. First, if I may correct you. We were the Army Air Corp; however after extensive research it was learned that most individuals in the Air Corp were far too intelligent to classify as Army. So in 1947 I believe the Air Force was separated from the Army. I may have embellished a little; however I loved the site, thank you.
bye-byeMI read my blog view my photos
Sep 23, 2008 | 3:55 PM

Yes, and Colorado Springs is nice. I was at Fort Carson 96-00. I believe there's a Birthday around the corner too?
BigGent read my blog
Sep 24, 2008 | 12:08 AM

Ok,Ok. There's too much going on here. Did I read that Wikipedia Should now be off limits as a source of information as well as most of the major news media? Where should we Liberals turn for fair unbiased information? Fox News? well I use them too. I'll site this Blog as evidence of that.

Anyway. I'm going to put all this Partisan he said she said stuff aside for now & ask a non-partisan question that I feel affects most of us. We're so caught up in who caused it & who should fix it(myself included) to ask the truly important questions. At least in my mind.

Ladies & Gentleman once again I stress this is not a Partisan attack but questions I'd like answered or at least thought about, if possible.

I've read a little about this 700 Billion Bail out proposal,but perhaps not enough. So I'm asking for your clarification. Because it seems to me that if We....American Taxpayers... Are asked to provide 700 BILLION DOLLARS to Corporations or at the very least Wall Street Company's that have personal that Knew...Knew... that most of the loans provided to people would most likely end in default. I say that last part because as anyone that's gone through a Mortgage process,knows they look at your finances with a microscope & know full well what you can & can't pay & at times will even help you exaggerate your finances to get a loan you can barely afford. Please note. This doesn't apply to everyone,but plenty of you,I'm sure can relate.

Anyway,back to my question. If We... American Taxpayers... Are to spend 700 BILLION DOLLARS to bale out these Wall Street Comp
BigGent read my blog
Sep 24, 2008 | 12:10 AM

Anyway,back to my question. If We... American Taxpayers... Are to spend 700 BILLION DOLLARS to bale out these Wall Street Company's. I Mean 700 BILLION DOLLARS & I can't stress that number enough.

Shouldn't all the people facing foreclosure & In fact each & every American paying a mortgage have that Mortgage Wiped clean & Have those people Own their Home... Free & Clear?

I Mean isn't 700 Billion Dollars enough to clear the mortgages of everyone in America? if it's not It can't be much more & If we're willing to help the people who've kept us in virtual servitude for so long... Shouldn't they be willing to repay the favor by forgiving the debt that we owe as we're being asked to forgive theirs?

Speaking of Investors... I wonder how many of them are American anyway. How many Foreign investors do you think have a stake in this bale out anyway? I don't know, I can't say. But I'm willing to bet that a really good hunk of that 700 Billion is going to foreign Investors that may have lost money during Our Hardship.

Perhaps I'm looking at this all wrong. This is why I'm asking you for your thoughts on the matter.

Thank you for your time. Big Gent:
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BigGent

I'm a 40 something (at the time of this writing) year old Married Mechanic from the City of Detroit.

Member Since: 9/4/2008


 

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