Who repealed the Glass-Steagall Act

The video is correct to point out that Gramm-Leach-Bliley had strong bi-partisan support. However, it goes out of it's way to create the impression that Democrats "killed Glass-Steagall". The fact is, Republicans controlled Congress at the time and were nearly unanimous in their support of the repeal:

600px-Gramm-Leach-Bliley_Vote_1999.png


And then it concludes with the destructive nonsense about the CRA causing the meltdown.

Overall, an intentionally misleading effort. :(
 
Why do you think the Ds didn't reestablish Glass Steagal when they had super majorities in both houses and the White House?

There is a reason some of us look at these two parties as a two-headed hydra.
 
Damocles said:
Why do you think the Ds didn't reestablish Glass Steagal when they had super majorities in both houses and the White House?

There is a reason some of us look at these two parties as a two-headed hydra.
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Glenn Greenwald:


Sen. Dick Durbin, on a local Chicago radio station this week, blurted out an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken: “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.” The blunt acknowledgment that the same banks that caused the financial crisis “own” the U.S. Congress — according to one of that institution’s most powerful members — demonstrates just how extreme this institutional corruption is.​
 
sedan said:
Glenn Greenwald:


Sen. Dick Durbin, on a local Chicago radio station this week, blurted out an obvious truth about Congress that, despite being blindingly obvious, is rarely spoken: “And the banks — hard to believe in a time when we’re facing a banking crisis that many of the banks created — are still the most powerful lobby on Capitol Hill. And they frankly own the place.” The blunt acknowledgment that the same banks that caused the financial crisis “own” the U.S. Congress — according to one of that institution’s most powerful members — demonstrates just how extreme this institutional corruption is.​
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And Obama still cowers to their demands. When Ds had the largest chance they have had in decades to make changes they failed to reign in even one tiny piece of this yet they expect the people to ignore their total lack of action and incapacity to lead.
 
Damocles said:
And Obama still cowers to their demands. When Ds had the largest chance they have had in decades to make changes they failed to reign in even one tiny piece of this yet they expect the people to ignore their total lack of action and incapacity to lead.
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This is a valid criticism and I'm inclined to agree with it. Obama spent his political capital on health care, and it remains to be seen how smart of a move that really was. But seeing as how he didn't get even a public option out of the deal it sure looks like a mistake from here.

That said, blaming Democrats for not reining in the banks kind of ignores the fact that Republicans (with a few exceptions like Ron Paul) are even more beholden to the banking industry than Democrats are.
 
sedan said:
This is a valid criticism and I'm inclined to agree with it. Obama spent his political capital on health care, and it remains to be seen how smart of a move that really was. But seeing as how he didn't get even a public option out of the deal it sure looks like a mistake from here.

That said, blaming Democrats for not reining in the banks kind of ignores the fact that Republicans (with a few exceptions like Ron Paul) are even more beholden to the banking industry than Democrats are.
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It cannot be possible to be "more" beholden. It's silly to say that when nothing is being done regardless of party.
 
Damocles said:
It cannot be possible to be "more" beholden.
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Sure it is.

Someone who must always do what I say is more beholden to me than someone who must sometimes do what I say.
Damocles said:
It's silly to say that when nothing is being done regardless of party.
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Look at the Consumer Financial Protection Bureau as an example. Republicans, at the behest of the banks, opposed it tooth and nail and would just as soon disembowel it if given half a chance. At least Democrats are willing to put some regulation into place.
 
Damocles said:
It cannot be possible to be "more" beholden. It's silly to say that when nothing is being done regardless of party.
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perhaps it would be better said that more republicans than democrats are beholden to the banks, by about 2 to 1, based on those that voted no
 
sedan said:
Sure it is.

Someone who must always do what I say is more beholden to me than someone who must sometimes do what I say.Look at the Consumer Financial Protection Bureau as an example. Republicans, at the behest of the banks, opposed it tooth and nail and would just as soon disembowel it if given half a chance. At least Democrats are willing to put some regulation into place.
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Except the reality is they both "always" are doing exactly what they say.

Again, actual results show that in this particular issue there is no real difference between the two major parties at this time. One is not "more" beholden when they both sit on their hands.
 
Don Quixote said:
perhaps it would be better said that more republicans than democrats are beholden to the banks, by about 2 to 1, based on those that voted no
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Perhaps it would be better said that results matter, that neither party is likely to actually reestablish Glass Steagal at this time.
 
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