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by bye-byeMI from Not Michigan

Last Post 21 days, 11 hours Ago


How this mess got started..........
Sep 21, 2008 | 1:07 PM
Category: Political
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I read an interesting article that dates to Nov. 1999.
http://www.cnn.com/ALLPOLITICS/stories/1999/11/12/banki
ng.reform/index.html
If you read the article is pretty much shows what happen to us and the banking system.
Here's some of what the article says:
The biggest change in the nation's banking system since the Great Depression became law Friday, when President Bill Clinton signed a measure overhauling federal rules governing the way financial institutions operate.
Congress passed the bipartisan measure November 5, opening the way for a blossoming of financial "supermarkets" selling loans, investments and insurance. Proponents had pushed the legislation in Congress for two decades, and Wall Street and the banking and insurance industries had poured millions of dollars into lobbying for it in the past few years.
"It was sweaty, it was tense, but it had momentum," Sen. Charles Schumer (D-New York) said of the final bargaining session. He and Sen. Christopher Dodd (D-Connecticut) whose states are home to Wall Street and the banking industry (New York) and the insurance industry (Connecticut), helped broker the agreement.
Interesting that Sen Dodd is all over this bill?  This isn't just a one sided article, Sen Gramm was involved in this too.  
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Member Comments Total Comments: 4
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TexasHorns read my blog view my photos
Sep 21, 2008 | 10:48 PM

BYE-BYE Imagine what we would see from MSNBC, CNN, ABC...IF...IF
Bush instead of CLINTON pushed for these sub-prime loans that gutted our motgage and financial markets last week crippling our economy. And if Obama instead of McCain sponsored the 2005 Federal Housing Regulatory Reform Act http://www.govtrack.us/congress/bill.xpd?bill
=s109-190 THE BILL WAS KILLED BY DEMs IN THE HOUSE

They would be howling praise on OBAMA for his forsight and leadership. Instead they are curiously silent in the PRAISE FOR McCAIN and continue to blame Bush.

John McCain - January 2005 "I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 190, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole. I urge my colleagues to support swift action on this GSE reform legislation."
bye-byeMI read my blog view my photos
Sep 22, 2008 | 8:48 AM

You're 100% right. Clinton planted this seed and it grew into a mess and people want to blame Bush. Truly amazing and what's even better, Obama can only say statements and not come up with a solutions, because he doesn't have one or it's so Liberal people will shut him out.
shockhazard read my blog view my photos
Sep 22, 2008 | 9:25 AM

My , how quickly the liberals forget !
Oh , what was I thinking ? They don't have a brain to remember anything with !
TexasHorns read my blog view my photos
Sep 22, 2008 | 12:01 PM

106 Hours since McCain called for a bi-partisan commission to evaluate the Bush Bail-Out plan, ensure adequate reform (Fannie/Freddie) and provide accountability to taxpayers.

102 Hours since Obama said "McCain is wrong, we don't need another commission, we need leadership." STILL OBAMA BLAMES BUSH/McCAIN DESPITE THE FACTS.....more of the same partisan crap.

Now Obama works behind the scenes with Pelosi & Paulson to get details on the BI-PARTISAN COMMISSION negotiations that OBAMA OPPOSED.

WHO WILL OBAMA BLAME WHEN HE COMES OUT TODAY - what would happen if in a crisis Obama went into a bunker waiting for poll results and input from commissions that he opposed before GOING PUBLIC???? Last week the consequences would have been a DISASTER.
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