The Mudcat Café TM
Thread #127637 Message #2873570
Posted By: Amos
27-Mar-10 - 07:33 PM
Thread Name: BS: The Republicans (US)
Subject: RE: BS: The republicans (US)
Yap, yap, Sawz. Find something interesting to say.
IF I blamed it on Reagan, I was mistaken. It was repealed by the bill pushed through the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999, back when Bill Clinton was President. Despite the fact that he was bucking a rightie majority, I think Clinton should have vetoed the Gramm-Leach bill. The arguments against Glass Steagal proved to be completely self-serving, specious and wrong, as witnessed by the current state of affairs.
Although it should also be said, Sawz, to offset your supercilious gloatery, that the movement that deregulated the banks so they could ruin the economy was very much a piece of the Reagonomic movement. Remember trickle down? Right? Still waiting for that trickle?
"July 1983, Treasury Secretary presents to the President the proposed bank industry deregulation that includes Òboth bank and thrift holding companies to engage in a wide range of securities, insurance, and other financial activities.Ó Rosenstein, Jay. "Reagan hears Treasury's dereg plan; growing opposition causes delay action." American Banker (July 8, 1983)
July 11, 1983, President sends to Congress the Financial Institutions Deregulation Act. ÒDeregulation bill is sent to Congress: proposal would expand bank, thrift activities." American Banker (July 11, 1983)
January 17, 1984, Treasury Secretary feels that competitors to the banking industry are "Échipping away at [the system]. If that continues and banks aren't given the identical opportunities to other financial services companies, the banking system's base will simply erode and could collapse.Ó Ringer, Richard. "Regan says Bush panel to finish report this week. (Donald T. Regan; George Bush)." American Banker (Jan 17, 1984)
In February 1985, acting general counsel Margery Waxman Òrecommends that Treasury Secretary James Baker add provisions empowering banks to underwrite mutual funds, and to allow bank holding companies to own securities brokerage houses, items missing from last year's [1984] Senate bill.Ó Naylor, Bartlett. "Will Baker, former bank attorney, fight hard for new banking laws?." American Banker (June 3, 1985)
November 5, 1985, ÒGeorge Gould, nominated to be Treasury undersecretary for domestic finance, seeks additional powers for banks to underwrite commercial paper and mutual funds.Ó Naylor, Bartlett. "Treasury to limit new bank powers quest, nominee says." American Banker (Nov 8, 1985)
ÒBanking lawyer Peter Wallison, former general counsel at the Treasury Dept, is promoting the same ideas for bank reform he touted in the early days of the Reagan administration. Wallison believes that restrictions on capital should be relaxed and banks allowed to diversify into markets more lucrative than loans. He says Congress is too focused on capital and has weakened good deregulation legislation promoted by the Bush Administration.ÓCummins, Claudia. "Former Reagan official still fighting for banks." American Banker (August 14, 1992)"