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Gramm Bill On Banks- 1999 "Absolutely Necessary"

Mike

Well-known member
Yea, that's it........the one Clinton signed into law....................

_________________________________________________________

Greenspan wanted the Financial Services Modernization Act of 1999
US Senate ^ | 09/18/2008

Democrats and the MSM are pointing to John McCain's vote for the Financial Services Modernization Act of 1999 (S. 900, Gramm-Leach-Bliley) as evidence that he contributed to the recent financial collapse of Lehman Brothers, AIG, et. al. The truth is that Alan Greenspan, then Chairman of the Federal Reserve Board, and Donna Tanoue, then Chairman of the FDIC, not only supported the legislation but testified in front of the Senate Committee that the legislation was essential for economic growth and absolutely necessary.

Read the Senate Committee Report at http://thomas.loc.gov/cgi-bin/cpquery/?&dbname=cp106&sid=cp1064MJzX&refer=&r_n=sr044.106&item=&sel=TOC_12543&

President Clinton signed the bill into law on November 12, 1999. The bill had passed the Senate by a 54-44-1-1 vote on May 6, 1999.

A record of the Senate vote can be found at http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

Alan Greenspan was appointed by President Reagan in 1987. He went on to serve an unprecedented five terms as Chairman of the Federal Reserve under presidents George H.W. Bush, Bill Clinton, and George W. Bush. In short, Alan Greenspan asked for it and it got done. Don't blame John McCain for following the advice of America's leading authority on economic policy.
 

hopalong

Well-known member
Mike said:
Yea, that's it........the one Clinton signed into law....................

_________________________________________________________

Greenspan wanted the Financial Services Modernization Act of 1999
US Senate ^ | 09/18/2008

Democrats and the MSM are pointing to John McCain's vote for the Financial Services Modernization Act of 1999 (S. 900, Gramm-Leach-Bliley) as evidence that he contributed to the recent financial collapse of Lehman Brothers, AIG, et. al. The truth is that Alan Greenspan, then Chairman of the Federal Reserve Board, and Donna Tanoue, then Chairman of the FDIC, not only supported the legislation but testified in front of the Senate Committee that the legislation was essential for economic growth and absolutely necessary.

Read the Senate Committee Report at http://thomas.loc.gov/cgi-bin/cpquery/?&dbname=cp106&sid=cp1064MJzX&refer=&r_n=sr044.106&item=&sel=TOC_12543&

President Clinton signed the bill into law on November 12, 1999. The bill had passed the Senate by a 54-44-1-1 vote on May 6, 1999.

A record of the Senate vote can be found at http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

Alan Greenspan was appointed by President Reagan in 1987. He went on to serve an unprecedented five terms as Chairman of the Federal Reserve under presidents George H.W. Bush, Bill Clinton, and George W. Bush. In short, Alan Greenspan asked for it and it got done. Don't blame John McCain for following the advice of America's leading authority on economic policy.

Wanna bet the liberals will try and spin this????
 
A

Anonymous

Guest
What spin :???: You don't have to spin...It was a Foreclosure Phil (McCains #1 economic advisor) fathered deregulation bill- passed by a Republican controlled Congress- and signed by Bill Clinton....

This nationalization poses an especially large challenge for John McCain, who is now railing against corporate greed and lack of government regulation of the financial industry. What he doesn't talk much about is how deregulation happened. It was the 1999 Gramm-Leach-Bliley Act that repealed the 1933 Glass-Steagall Act and thus eliminated the depression-era walls between between banking, investment, and insurance that made this crisis possible. Glass-Stegall erected walls between banking, investment management, and insurance, so problems in one sector could not spill over into the others, which is precisely what is happening now. The primary author of the Gramm-Leach-Bliley Act was none other than McCain's economic advisor, former senator Phil Gramm (who thinks the country is in a "mental recession"). McCain fully supported the bill and has a decades-long track record of opposing government regulation of the financial industry. His new-found conversion to being a fan of regulation is going to be a tough sell as Obama is already pointing out that McCain got what he wanted (deregulation) and this is the consequence.

http://www.electoral-vote.com/
 

TSR

Well-known member
Mike said:
Yea, that's it........the one Clinton signed into law....................

_________________________________________________________

Greenspan wanted the Financial Services Modernization Act of 1999
US Senate ^ | 09/18/2008

Democrats and the MSM are pointing to John McCain's vote for the Financial Services Modernization Act of 1999 (S. 900, Gramm-Leach-Bliley) as evidence that he contributed to the recent financial collapse of Lehman Brothers, AIG, et. al. The truth is that Alan Greenspan, then Chairman of the Federal Reserve Board, and Donna Tanoue, then Chairman of the FDIC, not only supported the legislation but testified in front of the Senate Committee that the legislation was essential for economic growth and absolutely necessary.

Read the Senate Committee Report at http://thomas.loc.gov/cgi-bin/cpquery/?&dbname=cp106&sid=cp1064MJzX&refer=&r_n=sr044.106&item=&sel=TOC_12543&

President Clinton signed the bill into law on November 12, 1999. The bill had passed the Senate by a 54-44-1-1 vote on May 6, 1999.

A record of the Senate vote can be found at http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=106&session=1&vote=00105

Alan Greenspan was appointed by President Reagan in 1987. He went on to serve an unprecedented five terms as Chairman of the Federal Reserve under presidents George H.W. Bush, Bill Clinton, and George W. Bush. In short, Alan Greenspan asked for it and it got done. Don't blame John McCain for following the advice of America's leading authority on economic policy.

Right along party lines wasn't it- all the Republicans voting for it and all the Dem's voting against it with the exception of 1 Dem.
 
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