Maybe I got it wrong. During the presidential campaign, I wrote columns blasting Sen. John McCain for siding with the big bankers on deregulation, citing his choosing ex-Sen. Phil Gramm, currently a vice chairman of the Swiss-owned banking giant UBS, as his presidential campaign chair. Barack Obama, on the other hand, repeatedly blasted Gramm and the Gramm-Leach-Bliley Act, which the Texas Republican had pushed through Congress, with President Bill Clinton's support - legislation that repealed the Glass-Steagall Act and radically deregulated the financial industry. But now the roles are reversed, and it is McCain who, along with Sen. Maria Cantwell, D-Wash., has sponsored a bill to repeal Gramm's legislation, while Obama seeks to preserve it.
More than 120 banks have failed in the past two years, according to the FDIC, in large part due to the risky investments they have been making, such as mortgage-backed securities. There is a potential solution, however: Bring back the Glass-Steagall Act. Glass-Steagall came about as a result of the 1929 stock market crash. The idea seemed simple enough -- keep commercial banks out of the investment business. This common-sense separation worked for 66 years, until the Gramm-Leach-Bliley Act of 1999, signed into law by then-Pres Bill Clinton, effectively repealed Glass-Steagall. In 1999, the original intent of Glass-Steagall had been compromised far too many times by banks looking to become bigger by offering more services. And now Americans need to fix their banking sector. Again. Reenac...
..., I have advocated for the rerum of GlassSteagall. The idea has recently gained nationwide interest ...
MAYBE I got it wrong. During the presidential campaign, I wrote columns blasting Sen. John McCain for siding with the big bankers on deregulation, citing his choosing ex-Sen. Phil Gramm, currently a vice chairman of the Swiss-owned banking giant UBS, as his presidential campaign chairman. Barack Obama, on the other hand, repeatedly blasted Gramm and the Gramm-Leach-Bliley Act, which the Texas Republican had pushed through Congress, with President Bill Clinton's support -- legislation that repealed the Glass-Steagall Act and radically deregulated the financial industry. But now the roles are reversed, and it is McCain who, along with Sen. Maria Cantwell, D-Wash., has sponsored a bill to repeal Gramm's legislation, while Obama seeks to preserve it. The Gramm legislation, which permitted t...
... speech before the first vote on the bailout bill: "It's really an anything-goes mentality. No regul...Signed by Bill Clinton (who continues to defend the legislation), the Gra...
There are a number of counter-intuitive dimensions to Glass Steagall reform. The Gramm-Leach-Blilely Act which replaced Glass Steagall was more a re-regulation than deregulation bill. With the strong endorsement of the Federal Reserve and the Clinton administration, particularly secretaries of the Treasury Robert Rubin and Larry Summers, the 1999 bill authorized a change in the competitive framework of finance but added to, rather than reduced, the regulatory framework. Glass Steagall had, in effect, established three cocoons of financial activity that weren't supposed to compete against each other - commercial banking, investment banking, and insurance. What repeal of Glass Steagall allowed wan cross-competition within the financial community with the maintenance of functional regulati...
The current recession that began in 2007 continues to leave more than 8 percent of American workers unemployed. That could change if federal government leaders became more active in creating jobs to put people back to work. Today, Americans face the greatest economic downturn since the Depression in the 1930s. But federal leaders - in both the White House and Congress - refuse to take the dramatic steps needed to move the nation back into prosperity.
... to Depression-era regulations" came when Bill Clinton was in the White House, Krugman argues. Th...
As Greece lurches toward a new bailout by European banks, the question remains as to whether the crisis can slop over into the United States. A narrowly divided Greek parliament has approved an austerity plan with new taxes and spending cuts. The government has been selling off Airbus jets, a post office, two water companies and other assets in a grand tag sale to raise cash to qualify for the bailout.
...President Bill Clinton signed the repeal, joining in a bipartisan...
Back in 1933, when the United States was working its way out of the Great Depression, a wise and courageous Congress passed the Glass-Steagall Act. It erected a firewall separating the banks from Wall Street, thus protecting investors, taxpayers and the financial system as a whole against the secretive speculation that had led to economic collapse. In 1999, a less wise and less courageous Congress, swept up in a fad for deregulation, repealed Glass-Steagall. President Bill Clinton signed the repeal bill. Destroying the firewall was part of a binge that freed electric power production, airline service and telephone service from government regulation - all in the fixed belief that free markets, not government supervision, always will know best.
The University of Charleston will host one of its own alumni Tuesday evening to speak about predicting social and political trends. Gerald Celente, who heads the Trends Research Institute based in Kingston, N.Y., will speak in the Erma Byrd Gallery on Tuesday, beginning at 6:30 p.m.
... was president and repealed in 1999 when Bill Clinton was in the White House. "That opened every...
Markwood, a development finance consultant, lives in the Roanoke Valley. Unfortunately for conservative politicians working harder to discredit the Occupy Wall Street movement than to create jobs, the sentiment bubbling up has nothing to do with hatred or envy of rich people, the desire to be lazy or some radical communist ideology.
... enabled by Phil Gramm (along with President Bill Clinton), who pushed repeal of the Glass-Steagall...
ver las páginas en versión mobile | web
ver las páginas en versión mobile | web
© Copyright 2012, vLex. All Rights Reserved.
Contents in vLex United States
Explore vLex
For Professionals
For Partners
Company
Other interesting searches:
aosta hotels | Al-Nagar | dining rooms | fish disease chart | Coronis (European Loan Conduit No. 8) Plc | brezons cantal | contrato con pacto retracto | d l vo 209 2003 testo | edicion de libros | Chaptalisation
