Everybody should look at the repeal of Glass-Steagall as it sharply contrasts what is being touted as the bush era problems. Yes the wars were a big burden on our budget but this repeal is where things started.
And wouldn’t it have been morally and financially savvy to rewrite those loans rather than make millions homeless? Housing prices fell, in some places, by as much as 50% in some markets; meaning a payment the original homeowners could have afforded, before the highly inflated interest rates kicked in forcing them from their homes.
Hmmm, I thought everything that happened in the Clinton era was because of the Republican congress. They’re NOT taking credit for the repeal of Glass-Steagall?
Nick also forgets that 90% of the Congress passed this law, meaning that if Bubba would have vetoed it the law would still pass (2/3rds majority vote to override a veto). Not to mention that Nude Gingrich was also investigating him till he saw things his way.
people think that the repeal of the Glass Steagall Act by Bill Clinton and the Republican congress was the underlining cause of the subprime mortgage crisis.
The financial deregulation of the banks was insufficient in itself to cause this problem. Many of the big banks already had investment and trading desks and there was defacto deregulation by 1999.
In the UK, the Thatcher regime had created the “Big Bang” financial deregulation that totally revived the mordant financial sector. This example was one of the big reasons to deregulate the US banks.
The non-regulation of credit default swaps and the mislabeling of credit risk was the primary cause of the subprime crisis.
What the critics ALWAYS fail to note was that the law DID NOT tell banks which type of loans to use, or how to make those loans. The “stated income” loans were just a way for unscrupulous lenders to make a quick commission, and damn the consequences to others.
What are they doing – keeping me from the new toons? This is from 09-05-12. Do I got to do all the toonist’s jobs around here? Okay, in a new ‘toon I imagine a distraught Hillary in a bluedress talking to Condoleeza Rice. She says, “Does this make my B_tt look too big?” Condi says, "Didn’t think you wanted Bill’s attention…"
Reps and Dems are both guilty of doing the bidding of the banksters, big chem, big oil, big ag and big military. We have the best democracy money can buy. Its government by the corporations for the corporations. Obama is no different. He offers no hope – not when he installs Tim Geitner from Goldman Sachs as secretary of the treasury and all the friends and former lobbists of monsanto, et al. The foxes are in charge of guarding the chickens.
neuturn over 11 years ago
Everybody should look at the repeal of Glass-Steagall as it sharply contrasts what is being touted as the bush era problems. Yes the wars were a big burden on our budget but this repeal is where things started.
Dtroutma over 11 years ago
Folks also should pay attention to how Phil Gramm inserted the repeal into “must pass” legislation.
jamnarama over 11 years ago
And wouldn’t it have been morally and financially savvy to rewrite those loans rather than make millions homeless? Housing prices fell, in some places, by as much as 50% in some markets; meaning a payment the original homeowners could have afforded, before the highly inflated interest rates kicked in forcing them from their homes.
braindead Premium Member over 11 years ago
Hmmm, I thought everything that happened in the Clinton era was because of the Republican congress. They’re NOT taking credit for the repeal of Glass-Steagall?
d_legendary1 over 11 years ago
Nick also forgets that 90% of the Congress passed this law, meaning that if Bubba would have vetoed it the law would still pass (2/3rds majority vote to override a veto). Not to mention that Nude Gingrich was also investigating him till he saw things his way.
american illuminati over 11 years ago
people think that the repeal of the Glass Steagall Act by Bill Clinton and the Republican congress was the underlining cause of the subprime mortgage crisis.
The financial deregulation of the banks was insufficient in itself to cause this problem. Many of the big banks already had investment and trading desks and there was defacto deregulation by 1999.
In the UK, the Thatcher regime had created the “Big Bang” financial deregulation that totally revived the mordant financial sector. This example was one of the big reasons to deregulate the US banks.
The non-regulation of credit default swaps and the mislabeling of credit risk was the primary cause of the subprime crisis.
edward thomas Premium Member over 11 years ago
What the critics ALWAYS fail to note was that the law DID NOT tell banks which type of loans to use, or how to make those loans. The “stated income” loans were just a way for unscrupulous lenders to make a quick commission, and damn the consequences to others.
adherent#1 over 11 years ago
What are they doing – keeping me from the new toons? This is from 09-05-12. Do I got to do all the toonist’s jobs around here? Okay, in a new ‘toon I imagine a distraught Hillary in a bluedress talking to Condoleeza Rice. She says, “Does this make my B_tt look too big?” Condi says, "Didn’t think you wanted Bill’s attention…"
009 over 11 years ago
Reps and Dems are both guilty of doing the bidding of the banksters, big chem, big oil, big ag and big military. We have the best democracy money can buy. Its government by the corporations for the corporations. Obama is no different. He offers no hope – not when he installs Tim Geitner from Goldman Sachs as secretary of the treasury and all the friends and former lobbists of monsanto, et al. The foxes are in charge of guarding the chickens.