APP - Ex-Citigroup chief says removing Glass-Steagal was wrong s

DigitalDave said:
Well, if you listen to the one guy who is probably the biggest opponent to government regulation in congress, Ron Paul, he doesn't call this regulation, he calls Glass-Steagal common sense. You don't allow investment banks and savings banks join forces or be one in the same. Savings are meant to be safe, but they aren't in the hands of investment banks.
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I couldn't agree more.
 
Yurt said:
good points, bush is not as bad as many on the left portray, but he certaintly had his screw ups
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No he certainly isn't but my problem with Bush was that I was afraid that the job would be beyond his abilities and he did exceed my worst fears. Bush/Gore had to be the worst slate of candidates since....well...since Bush/Dukakis. LOL
 
evince said:
Clinton should not have signed it and Phil Gramm and the Rs who wrote and fought for GS repeal for years still get the majority of blame.

Then there is the blame that an entirely R government has for NOT reacting to the obvious problems it was creating while they kept getting reelected.
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No, the entire government should be blamed, from the Republicans alowing it to make it through congress to Clinton, to the Republican controlled government, to the current government for not doing anything about it either. Jamie Dimon is in the pocket of the Dem's right now, so are they going to do the right thing or are we going to have to wait even longer,hmmm?

Or, are they going to give Dimon a seat in the treasury. We will see.
 
cawacko said:
What about Robert Rubin's role? And what has the Democratic Controlled congress done in the past three years when the problems truly came to light?
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Desh, since you are posting this morning any more thoughts on why the Democrats haven't attempted to put back Glass Stegal during the last three years they've led Congress or the past year while they've also held the Presidency?
 
http://finance.senate.gov/press/Gpress/2008/prg102108.pdf

Here is just more evidence that certain big banks are using the government to get what they want. Here is an excerpt:

The enforcement director gave information to the (General Counsel) of JP Morgan Chase (himself a former SEC enforcement director) about the state of various
investigations into Bear. The GC had called the director to get assurances and inside
knowledge from the SEC to help Morgan’s negotiating position (i.e. how much to bid).
This inside information, gotten through a personal relationship, would be critical in
helping Morgan put together a low-ball bid to Bear and the US government: Morgan
could cite litigation (as Ill as valuation) uncertainties, while having the assurance (that at
least from the SEC) the risk of litigation was not really that great. This could have
materially affected the amount of guarantees that Morgan was able to negotiate from the Federal Reserve.
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Mott the Hoople said:
Actually I do. I do blame Clinton for repealing Glass Steagal and I also blame him for signing NAFTA in the form in which he signed it. Perot was right about the sucking sound. I have many regrets about Clinton. Those include not voting for him.

On the whole, Clinton was an above average president on policy and below average in character. He certainly wasn't the bumbling fuck up Bush was but then again, I never voted for Bush either.
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I disagree on the NAFTA assessment, but otherwise agree with the above.
 
evince said:
Clinton should not have signed it and Phil Gramm and the Rs who wrote and fought for GS repeal for years still get the majority of blame.

Then there is the blame that an entirely R government has for NOT reacting to the obvious problems it was creating while they kept getting reelected.
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What have the Dems done since they have been in power to put Glass Steagal back in place?
 
Mott the Hoople said:
8 hours later not a peep from the far right calling you a communist. Did they forget to take their geritol?
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Well, its water under the bridge so to speak....but here goes...
just for your information.....

In response to criticism of his signing the bill when President, Bill Clinton said in 2008:

"I don't see that signing that bill had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch by Bank of America, which was much smoother than it would have been if I hadn't signed that bill.... On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence."

So, obviously, President Clinton views it quite differently....

also

The economists Brad DeLong (of the University of California, Berkeley) and Tyler Cowen (of George Mason University in Virginia) have both argued that the Gramm-Leach-Bliley Act softened the impact of the crisis.[32] Atlantic Monthly columnist Megan McArdle has argued that if the act was "part of the problem, it would be the commercial banks, not the investment banks, that were in trouble" and repeal would not have helped the situation.[33] An article in National Review has made the same argument, calling liberal allegations about the Act “folk economics”

Two the most liberal leaning universities in the country.....
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And further FYI

75% of House D's voted YES and 84% of Senate D's voted YES....

So why would you imagine conservatives would call out TommyBoy....
he entitled to his opinions, right or wrong...no doubt he's be sucking up to anybody that agreed with his distorted views....
 
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http://www.ct.gov/ag/cwp/view.asp?A=1779&Q=284470

January 8, 2004

Attorney General Richard Blumenthal today attacked the federal Office of the Comptroller of the Currency for issuing new regulations that preclude states from enforcing laws against unfair and predatory lending practices against national banks. OCC took the action over the objections of attorneys general from all 50 states.
 
evince said:
http://www.ct.gov/ag/cwp/view.asp?A=1779&Q=284470

January 8, 2004

Attorney General Richard Blumenthal today attacked the federal Office of the Comptroller of the Currency for issuing new regulations that preclude states from enforcing laws against unfair and predatory lending practices against national banks. OCC took the action over the objections of attorneys general from all 50 states.
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what's this in response to? this is nothing. This answers absolutely nothing about what the Democrats have done since regaining power to reinstate Glass-Stegal. You won't answer that because you know there is no answer.
 
cawacko said:
some company called kgb.com? Never heard of them. Supposedly you text them a question and then they answer you. The ads never really mention it costs like $1.00 to do it...
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Yeah, and with Desh's last reply, you also see you don't get very much of what you pay for.
 
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