Guest President Meets Plutocracy

[Spezialist]

This writer is a hardcore leftist. Let's see, Clinton signed the repeal of Glass Steagle in 1999. The Freddie Fannie housing loan crisis has roots going back a few presidents. What, the Democratic guys are clean? Horse shit I say (if that's the idea, and it clearly is in this guy's mind). Take a look at what wikiapedia has on it : http://en.wikipedia.org/wiki/Fannie_Mae Yeah, facts are stupid. One of Ronnie's bests quotes.

Well you are in agreement with Obama finally.
It's a slippery slope, careful. ;)

[Bleyseng]

hmm, looking at the Glass Stengel Repeal bill passage it looks like Clinton had no choice but to sign it as it passed overwhelmingly. So I don't nor can't blame Clinton of the bill.....I blame the GOP controlled congress and senate for this!

"The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999. The bills were passed by a Republican majority, basically following party lines by a 54–44 vote in the Senate[12] and by a bi-partisan 343–86 vote in the House of Representatives.[13] 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. The final bill resolving the differences was passed in the Senate 90–8 (one not voting) and in the House: 362–57 (15 not voting). The legislation was signed into law by President Bill Clinton on November 12, 1999."

Obama has become/is a weak president in my eyes although he has gotten some excellent bills and programs passed and signed. His handling of the monetary crisis rates a B plus in my book. We all could be out of work now if he handled it like GWB did.

[turk]

But what you didn't mentioned is the reasons it was passed. And there's this:

"On Tuesday, the Senate Finance Committee takes up the nomination of Neal Wolin... During the Clinton administration, Wolin worked under Larry Summers... where he helped write the deregulation bill -- Gramm-Leach-Bliley -- that undid Depression -era reforms and is partly blamed for the financial meltdown. He'll join Mark Patterson, Geithner's chief of staff, a former top lobbyist with Goldman Sachs."

So Obama knowingly, actively puts these same guys who helped cause the meltdown in his advisory cabinet. He has a choice as the "guest president" (lol). The reason the Gramm-Leach-Bliley dereg bill was voted by a majority of both parties in a Repub controlled congress (I said BOTH PARTIES), was partially because of the pressure Clinton was applying to the mortgage loan industry to include more low-income and minority home buyers.

[Amskeptic]

The reason the Gramm-Leach-Bliley dereg bill was voted by a majority of both parties in a Repub controlled congress (I said BOTH PARTIES), was partially because of the pressure Clinton was applying to the mortgage loan industry to include more low-income and minority home buyers.

Not true.

Yes, Bill Clinton wanted to open up the opportunities for home ownership, a laudable goal.

But the mortgage industry was drooling at the prospect of getting the mortgage machine revved up because they couldn't lose, mortgage paid on time, they win! Mortgage defaults - they win! with those new securitized instruments backed by puts on the casino floor they sell the bundled mortgages, who cares! They rack of urious fees, win again!
Deregulation opened up the banking casino. . . let's blame those hapless hopeful wannabe home owners.
Colin

[turk]

OR we could blame it on a bad idea for short term political gain and long term consequences. That would appear to me what we call a bubble in the economy. Both political parties had some short term gain, and both now have to deal with the consequences. I don't think anyone blames hopeful wannabe homeowner pawns in the shift. It was never to be. Rules of gravity.