dtroutma: “We’re the Party of Personal Responsibility! You expect us to take responsibility for our actions?!”
For everyone that is trying to pin this on Barney Frank or Chris Dodd, please research the Gramm-Leach-Bliley Financial Services Modernization Act (S. 900, 106th Congress).
Yes, it is true that Republicans had control of the House until 2007 when, finally, the Democrats elected in 2006 were sworn in. The de-regulation policies in effect were really to blame here. No oversite means fraud will happen.
a round of applause for dtroutma, for pointing out what is so often overlooked. From wikipedia: ”The Washington Post in 2008 named Gramm one of seven “key players” responsible for winning a 1998-1999 fight against regulation of derivatives trading. Gramm’s support was later critical in the passage of the Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation.” and
”One provision of the bill is often referred to as the “Enron loophole” because some critics blame the provision for permitting the Enron scandal to occur.[6]. Gramm’s wife, Wendy Lee Gramm, was on the board of directors of Enron when it collapsed, and she was named in many of the Enron shareholder lawsuits.
This was McCain’s economic guru until he made his infamous Americans are just whiners remarks. Thank goodness the voters rejected McCain!
Yes, bcs, it is very good that we are not stuck with Phil Gramm as treasurer. Geithner has not been as effective as I hoped but let’s give him some more time.
hungryraptor about 15 years ago
Barney Frank was the loudest voice at the time stating Fannie and Freddie were in top notch shape.
HUMPHRIES about 15 years ago
Well Ramirez is good at saying nothing when he has nothing to say.
anng628 about 15 years ago
I think this cartoon says a lot!
danielsangeo about 15 years ago
“‘publicrats lost control in 06”
What about the intervening time from the time Bush said there was a problem (in 2003)?
Dtroutma about 15 years ago
Might want to check on Phil Gramm, and his spouse. Fannie and Freddie weren’t even the real cause, just an effect.
danielsangeo about 15 years ago
dtroutma: “We’re the Party of Personal Responsibility! You expect us to take responsibility for our actions?!”
For everyone that is trying to pin this on Barney Frank or Chris Dodd, please research the Gramm-Leach-Bliley Financial Services Modernization Act (S. 900, 106th Congress).
http://www.govtrack.us/congress/vote.xpd?vote=s1999-105
deadheadzan about 15 years ago
Yes, it is true that Republicans had control of the House until 2007 when, finally, the Democrats elected in 2006 were sworn in. The de-regulation policies in effect were really to blame here. No oversite means fraud will happen.
believecommonsense about 15 years ago
a round of applause for dtroutma, for pointing out what is so often overlooked. From wikipedia: ”The Washington Post in 2008 named Gramm one of seven “key players” responsible for winning a 1998-1999 fight against regulation of derivatives trading. Gramm’s support was later critical in the passage of the Commodity Futures Modernization Act of 2000, which kept derivatives transactions, including those involving credit default swaps, free of government regulation.” and ”One provision of the bill is often referred to as the “Enron loophole” because some critics blame the provision for permitting the Enron scandal to occur.[6]. Gramm’s wife, Wendy Lee Gramm, was on the board of directors of Enron when it collapsed, and she was named in many of the Enron shareholder lawsuits.
This was McCain’s economic guru until he made his infamous Americans are just whiners remarks. Thank goodness the voters rejected McCain!
deadheadzan about 15 years ago
Yes, bcs, it is very good that we are not stuck with Phil Gramm as treasurer. Geithner has not been as effective as I hoped but let’s give him some more time.