tip of the Hat....

Cancel 2016.2

Cancel 2016.2

The Almighty
http://www.huffingtonpost.com/2009/05/11/glass-steagall-act-the-se_n_201557.html

Good article in Huffpo.... yes... Huffpo...

Just wanted to tip the hat to those that opposed the repeal of Glass Steagall back in 1999.

Especially Senator Byron Dorgan who led the charge against it at the time. Sens. Barbara Boxer, Barbara Mikulski, Richard Shelby, Tom Harkin and Richard Bryan also cast nay votes.

Nevertheless, the bill did not lack champions, many of whom declared that the original legislation -- forged during the Great Depression -- was both antiquated and cumbersome for the banking industry. Congress had tried 11 times to repeal Glass-Steagall. The twelfth was the charm.

"Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," said then-Treasury Secretary Lawrence Summers. "This historic legislation will better enable American companies to compete in the new economy."
Click to expand...

"I welcome this day as a day of success and triumph," said Sen. Christopher Dodd, (D-Conn.).
Click to expand...

"The concerns that we will have a meltdown like 1929 are dramatically overblown," said Sen. Bob Kerrey, (D-Neb.).
Click to expand...

"If we don't pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world," said Sen. Chuck Schumer, D-N.Y. "There are many reasons for this bill, but first and foremost is to ensure that U.S. financial firms remain competitive."
Click to expand...



Not sure as to why Huffpo only posted quotes from the Dems at the time, but to be certain there were obviously champions on the right pushing this crap as well (ya think Huffpo would have quoted Gramm, Leach and Bliley).

That said, to those morons in DC who are trying to 'reinvent the wheel' (aka...trying to figure out what to do).... look back to 1999... look back to Dorgans warnings...

PUT GLASS STEAGALL BACK IN PLACE NOW.... AND BREAK UP THE BIG BANKS....TOO BIG TO FAIL = TOO BIG TO EXIST
 
Alphabetical by Senator Name
Abraham (R-MI), Yea
Akaka (D-HI), Yea
Allard (R-CO), Yea
Ashcroft (R-MO), Yea
Baucus (D-MT), Yea
Bayh (D-IN), Yea
Bennett (R-UT), Yea
Biden (D-DE), Yea
Bingaman (D-NM), Yea
Bond (R-MO), Yea
Boxer (D-CA), Nay
Breaux (D-LA), Yea
Brownback (R-KS), Yea
Bryan (D-NV), Nay
Bunning (R-KY), Yea
Burns (R-MT), Yea
Byrd (D-WV), Yea
Campbell (R-CO), Yea
Chafee, L. (R-RI), Yea
Cleland (D-GA), Yea
Cochran (R-MS), Yea
Collins (R-ME), Yea
Conrad (D-ND), Yea
Coverdell (R-GA), Yea
Craig (R-ID), Yea
Crapo (R-ID), Yea
Daschle (D-SD), Yea
DeWine (R-OH), Yea
Dodd (D-CT), Yea
Domenici (R-NM), Yea
Dorgan (D-ND), Nay
Durbin (D-IL), Yea
Edwards (D-NC), Yea
Enzi (R-WY), Yea
Feingold (D-WI), Nay
Feinstein (D-CA), Yea
Fitzgerald (R-IL), Present
Frist (R-TN), Yea
Gorton (R-WA), Yea
Graham (D-FL), Yea
Gramm (R-TX), Yea
Grams (R-MN), Yea
Grassley (R-IA), Yea
Gregg (R-NH), Yea
Hagel (R-NE), Yea
Harkin (D-IA), Nay
Hatch (R-UT), Yea
Helms (R-NC), Yea
Hollings (D-SC), Yea
Hutchinson (R-AR), Yea
Hutchison (R-TX), Yea
Inhofe (R-OK), Yea
Inouye (D-HI), Yea
Jeffords (R-VT), Yea
Johnson (D-SD), Yea
Kennedy (D-MA), Yea
Kerrey (D-NE), Yea
Kerry (D-MA), Yea
Kohl (D-WI), Yea
Kyl (R-AZ), Yea
Landrieu (D-LA), Yea
Lautenberg (D-NJ), Yea
Leahy (D-VT), Yea
Levin (D-MI), Yea
Lieberman (D-CT), Yea
Lincoln (D-AR), Yea
Lott (R-MS), Yea
Lugar (R-IN), Yea
Mack (R-FL), Yea
McCain (R-AZ), Not Voting
McConnell (R-KY), Yea
Mikulski (D-MD), Nay
Moynihan (D-NY), Yea
Murkowski (R-AK), Yea
Murray (D-WA), Yea
Nickles (R-OK), Yea
Reed (D-RI), Yea
Reid (D-NV), Yea
Robb (D-VA), Yea
Roberts (R-KS), Yea
Rockefeller (D-WV), Yea
Roth (R-DE), Yea
Santorum (R-PA), Yea
Sarbanes (D-MD), Yea
Schumer (D-NY), Yea
Sessions (R-AL), Yea
Shelby (R-AL), Nay
Smith (R-NH), Yea
Smith (R-OR), Yea
Snowe (R-ME), Yea
Specter (R-PA), Yea
Stevens (R-AK), Yea
Thomas (R-WY), Yea
Thompson (R-TN), Yea
Thurmond (R-SC), Yea
Torricelli (D-NJ), Yea
Voinovich (R-OH), Yea
Warner (R-VA), Yea
Wellstone (D-MN), Nay
Wyden (D-OR), Yea
 
Alright I hate to see you suffer. I'll bail you out and add some actual intelligence to the thread.

I never followed this back in 1999 and quite frankly wouldn't have understood it all that well if I tried. Knowing what I know now I wish I could go back and hear the debates going on at the time. I know we can read people's comments they made but to see how much press this issue was getting and what the general feeling of the populous was.
 
Breaking up big banks really isn't enough to prevent another crisis, because the failure of small banks could easily domino into a crisis just as big.

But Glass-Steagall provided the other structural support necessary to get most of that done. IMHo, it would be better to just put Glass-Steagall back in place than to pass this shitty trojan horse reform that does nothing to prevent another crisis but puts peoples minds at ease about it.
 
cawacko said:
Alright I hate to see you suffer. I'll bail you out and add some actual intelligence to the thread.

I never followed this back in 1999 and quite frankly wouldn't have understood it all that well if I tried. Knowing what I know now I wish I could go back and hear the debates going on at the time. I know we can read people's comments they made but to see how much press this issue was getting and what the general feeling of the populous was.
Click to expand...

I do remember it fairly well... though I did not comprehend the full ramifications. While I thought it was a bad idea, I never thought the insane levels of leverage that were taken were even a remote possibility.

Back then, it was all about the 'new economy'.... those old antiquated rules no longer applied.

Earnings? phshaw... you don't need earnings to have double (and even triple) digit growth rates.

Firewalls? Nah... you don't need those either. Just let the person creating the product sell it to his buddy in the next cubicle. I am sure proper due diligence will be performed.
 
Bittermark said:
Breaking up big banks really isn't enough to prevent another crisis, because the failure of small banks could easily domino into a crisis just as big.

But Glass-Steagall provided the other structural support necessary to get most of that done. IMHo, it would be better to just put Glass-Steagall back in place than to pass this shitty trojan horse reform that does nothing to prevent another crisis but puts peoples minds at ease about it.
Click to expand...

While I understand your point, I will disagree to an extent. While the small banks could start failing and chain react as you suggest, the likelihood of such an occurrence is minimal at best. The reason so many small banks failed is that the big banks let them play the same game they were playing. They got sucked into the CDO world and were consumed by it. They just didn't get the benefit of the government handouts.
 
You must log in or register to reply here.
Back
Top