Candidate Obama repeatedly blasted Phil Gramm and the Gramm-Leach-Bliley Act, which Gramm had pushed through Congress with President Bill Clinton's support. This was legislation that repealed the Glass-Steagall Act http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act and thereby radically deregulated the financial industry, allowing hundreds of billions of new profits to be made by Wall Street, at great cost to the American public.
But now John McCain and Sen. Maria Cantwell, D-Wash. have sponsored a bill to repeal Gramm's bank-friendly legislation, while captive Obama seeks to preserve it! [OpEdNews, Is Obama a captive of America's most powerful banks and corporations?, 1/7/2010]
Rather than restore Glass-Steagall, the Obama-backed banking regulation bill (which was passed last month by the Democratic majority in the House) went along with the desire of Wall Street lobbyists to a) prevent the breakup of the big conglomerates and b) block any control of their massive trading in the derivatives that has proved to be so toxic.
if you tell a lie often enough.. someone will believe it... democrats represent the working class... sure they do... :roll: :roll:
sure glad I didn't vote for big businesses new best friend.