Sunday, April 11, 2010


just a nice way of annoucing the criminals will soon run wild.  This is an excellent history of how deregulation of finance made it through congress.  Note, the hero is Bryan Dorgan of North Dakota.  I have told you how sophisticated those folks are when it comes to monetary matters.
Blast from the Past: Wall Street's Deregulation Eleven Years Ago 
by catchlightning
Tue Apr 06, 2010 at 07:32:24 PM CDT
posted at Working America's Main Street blog under the title A Remembrance of Things Passed 
The last time Congress took up major financial regulatory legislation they got it completely wrong. The result created a virtual certainty that within ten years we would face a combined economic and financial crisis the likes of which we had not experienced since the Great Depression.
It was 1999, and Senator Phil Gramm (R-TX) -- currently a vice chairman of the global banking giant UBS -- had ascended to the chairmanship of the Senate Banking Committee in the Republican-controlled Congress. It was Gramm who became the point man for the financial industry and chief sponsor of the deregulation plan known as Gramm-Leach-Bliley, the so-called Financial Services Modernization Act. Today, of course, there are many who point to the passing of that bill, and the following year's Commodity Futures Modernization Act, as having played a key role in eliminating many of the regulatory controls over a financial industry that was then allowed to run amok. more

No comments:

Post a Comment