Ray From Cleveland
Diamond Member
- Aug 16, 2015
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So Phil Graham signed it into law?
I am NOT holding Bill Clinton blameless for the repeal of Glass Steagal.....However, Republicans led by Sen. Phil Gramm, at the behest of the big banks, pushed the repeal through in 1999. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.