Phil Gramm is a fucking treasonous piece of shit that should be hung in the public town square. That STUPID motherfucker let the genie out of the bottle by being an ignorant douchebag corrupt asshole. He is the one that's responsible for allowing the banks to rape the economy. That stupid cocksucker is no patriot, he's a self serving asshole. HE CREATED TOO BIG TO FAIL- which is far too big to exist. Washington has NOT really changed anything and another bubble is inevitable.
It's interesting how the MSM has more/less swept the repeal of Glass-Steagal under the rug, as it was one of the root causes of the financial crisis. This is exactly the kind of information everybody needs to hear. Citizens, especially those who vote, would have a much better understanding of what led up to the financial crisis and who is responsible, instead of just listening to and believing soundbites and empty slogans made by politicians.
@TruthMyMamaToldMe Clinton could have vetoed the bill. Why didn't he? There are Congressman and Senators on both sides of the aisle that supported the repeal. The same way members on both sides of the aisle voted to bail out these very same banks and insurance companies that became "Too big to fail" as a result of repealing Glass-Steagal.
@TruthMyMamaToldMe Democrats voted for the repeal of Glass-Steagal too, not just republicans. So when we hear Obama, out on the campaign trail claiming the financial meltdown was Bush's fault or the GOP's fault. He is lying to people. The repeal of Glass-Steagal or the "Financial Modernization Act" as they called it, was a bipartisan bill. Interesting enough, after they passed it, Clinton embraced the bill and took great pride in signing it into law. That's my point.
@josephc28 What kind of idiot are you? I listed the voting tally for democrats and renublicans, so it is OBVIOUS that *I* know both parties were involved. Your dumbass, just like the author, only discusses Democrats. It is obvious that YOU are just as biased as the author of the video.
What is your point about Obama? Why arent you discussing Bush? You are a Renublican and are trying to skew the issue, just like the jackass who created this video.
@josephc28 The author of the bullshit video never mentions the fact that originally there was ONLY *1* republican who voted against it versus *7* dems. So, He is skewing the matter and trying to make it seem like a Democrat objective~~and so the fuck are you.
What is your point.....I see it, but if you wore a hat, then noone else would. LMAO...
Whenever a gang pulls off a big heist, like say looting American's 401K accounts and their pension funds, it's always good to have a BIG distraction so they won't notice that hand in their pocket, robbing them blind.
The distraction for this latest Federal Reserve created, Wall Street managed theft was the FALSE FLAG/INSIDE JOB of 9/11.
How long till we see some criminal charges??
NEVER, not unless we wake up and realize our country has been hijacked.
If you're wrong, by your own admission, then why is this still up?Because you knew all along, and that was your intent all along.To misinform.You're a republican, it just comes naturally.You fucking repubs can't tell the truth if it were to save your own child.GFY
In no case was never shown they were forced but they got cause using securitization CDO's to whip off toxic loans and then bet against them on the stock marked. See "Inside Job " and stop being a fool.
Clinton was a lame duck impeached by a republican congress that spent 100 million on BJ (they allotted 4 million for the investigation into the deaths of 3500 Americans on 911) . His signing was irrelevant, it was veto proof. Your "forcing the banks" to sell loans to unqualified buyers with the CRA is nonsense. Show me one case where that was proven. THese banks and investment firms are being sued by the government for billions!.
first of all....this law was being repealed little by little over several decades. The 1999 bill was the final move. Yes the republicans own this piece of the repeal but the democrats own all other changes as they were in charge from 40 years in total prior to 1994.
Gotta love that more Republicans voted to repeal Glass Steagall than Democrats yet this narrator names off Democrats then just blanketly says "as well as a lot of Republicans"
In the House, 155 Democrats and 207 Republicans voted for the measure, while 51 Democrats, 5 Republicans and 1 independent opposed it. Fifteen members did not vote.
@BDeck75 I'm John Barksdale, the narrator. I only had ten minutes to post my presentation and in my opinion your critique is valid. If I had more time I would have noted all Republicans who voted for the terrible Financial Services Modernization Act. Texas voted out Phil Gramm, but New York re-elected Senator Schumer who personally helped muscle the FSMA through the Senate. Bad laws cannot be enacted without bipartisanship.
@BDeck75 yeah just love the democrat president who signed that crap into law! President Clinton...Just love Frank Dodd bill that put the nail in the coffin! Owebama must go!
And Blago was a rep from IL, 5th dist for 2 terms and he did vote yea for GLB. Barney Frank, although not voting for GLB, did praise it and was the main architect behind its revisons once passed. He felt it didn't do enough to allow lending to the poor, by way of subprime loans. You cannot argue that Republicans or Democrats are at fault, it was a Republican sponsored Bill, and Clinton even admitted it was a mistake after the fact. Bottomline is, it needs to be changed back
Anyway you want to slice it, the take down of Glass-Steagle gets us where we are today, and aside of a little risk retention on the part of originators of securities, nothing has changed. Both republican and democrat alike are responsible for the failure of the system, it was a bi-partisam mistake.. What is more unfortunate, is there doesn't appear to be an FDR or Andrew Jackson out there that has the intelect and influence to get a hold of our out of control monetary policies.
This video is nothing more than a way to get people to hate the Dems and not realize the Republicans are more to blame than Dems... but what is even more to blame is the corporate money that has destroyed our government. Has destoyed the ability of our politicians to do the right thing.
How about screaming about the need for PUBLIC FINANCING OF ELECTIONS?? Then the kind of crap this video speaks of probably won't happen again.
I cannot disagree on those few corporatist Democrats voting to kill Glasse-Steagall ... but why the hell did the creator of this video NOT EXPOSE THE MAJORITY of REPUBLICANS who voted to kill that badly needed bill??
You name all the Democrats and then say ... "and many other Republican Senators and Representatives" as if that was just an after thought!
It is intellectually honest. Because a Democratic President could have vetoed it and the Democratic Senate minority would have sustained his veto. Not only did Clinton not veto the bill, but he signed it with a ringing endorsement celebration.
It is not intellectually honest to say that both parties repealed Glass Steagall. The vote was 51 Repubs for repeal, 0 against. 1 Dem for repeal, 44 against (and that 1 Dem was neither Dodd nor Frank). Then Clinton approved it. So technically about 2 Dems were directly involved. Not to mention that the bill which repealed GS is named after 3 Repubs... Gramm Leach Bliley.
@lynchmobb2000 Guess u missed the first part of the video where Larry Summers (D) and Robert Rubin (D) as well as Bill Clinton (D) as the Time Magazine (D) article stated who lobbied Congress to "modernize" the banking industry. Oh, and don't conveniently leave out the House of Reps. The bill was supported 155 to 51 in favor by Dems in the House. . So don't try to make it into a "Republican only" bill, there were plenty of ur beloved Dems supporting the bill in the House too, as the vid shows
You describe yourself as a libertarian free marketer, but this video is essentially mourning the death of one of the great pieces of banking regulation of the New Deal. Gramm Leach Bliley, you correctly point out, deregulated the banks, setting the financial industry up for the collapse and bailouts of 2008-9. This was collusion between the banks and the federal govt. That's the problem, that the govt serves the banks, screws the rest of us. #OWS is right on target over who's to blame.
Damn democrats are communists and started fannie and freddie in the 30s and the goal of Barney Frank and Pelosi, Reid and all democrats was to force banks to lend money to people who could not pay the money back...the whole goal was to bankrupt our nation and start up communism. Its that simple....
"democrats was to force banks to lend money to people who could not pay the money back"
Moron, the FBI determined that 80% of the fraud was perpetrated by LENDERS. Further this took place under George W's "ownership society" campaign and at a time when W pulled agents responsible for overseeing the underwriting of these loans and put them on terrorism watch. Lastly, Fannie and Freddie are holding billions in toxic assets, but they do not bet on CDO's like Wall Street. Idiot.
Love the video sir. I might have overlooked this in your video...
But the vote totals you posted(that I see) were just for the first run through.
There was then a committee to compromise the senate and house versions, and it passed with a large majority(90-8) or something like that. I've tried looking to see who the lucky 8 were, but I have no luck. If you can find any info let me know!
He sounds like he's going to cry at the start of the video. Way to take a great financial topic and trying to pass blame when the great three deregulation acts of the last two decades have been pushed through by the people who's names are connected to their bills (If you don't know look it up. It's quite easy to find). They were good ideas at the time, but regulation on banks needs to be put back.
Glass-Steagall has been credited as drastically increasing the number of small bank and community bank failures during the depression because they were prohibited from diversifying their portfolios. When their market (local region) dried up, they had no other areas in which to draw income.
This + the Commodity Futures Modernization Act of 2000 + SEC leverage exemptions destroyed the economy. It's should be a no brainer to put these rules back in place...
Clinton was the last president in the 20th century and the first in the 21st century. I conclude that so far he has been the best president in the 20th century and ties with Obama for such respect in the 21 century. Those who agree are partiots.
@publicmario17 There are three branches of government. Clinton lost congress over a simple tax bill? Presidents have to pick their battles. Further dumb ass people wasted their free education so they suffer from NAFTA. Americas need to move away from manufacturing petty stuff since they are a high cost labor force. Let's get scientific, like stem cell, patent, good health care and grow intelligently. Anyone can press a button at a factory. There are some skills that can't be exported.
This video is wrong. All Democratic Senators but ONE voted against The Gramm-Leach-Bliley Bill in a republican majority with 55 republicans voting 'yea' and 44 Dems voting 'nah'. In the final 'conference' vote agreeing on 'language' it became a 'veto proof' bill Clinton could not veto..
@Adnihilo On Nov 12, 1999 President Clinton said: "Beginning with the introduction of an Administration-sponsored bill in 1997, my Administration has worked vigorously to produce financial services legislation that would not only spur greater competition, but also protect the rights of consumers and guarantee that expanded financial services firms would meet the needs of America's underserved communities. Passage of this legislation by an overwhelming, bipartisan majority of the Congress..."
Sure... all the Dem Senators voted no, but the vast majority of Dem Representatives voted yes, including Rod Blagojevich (search for gramm leach bliley roll call in google) and Nancy Pelosi.
Crucial to the passing of this Act was an amendment made to the GLB, stating that no merger may go ahead if any of the financial holding institutions, or affiliates thereof, received a "less than satisfactory [sic] rating at its most recent CRA exam", essentially meaning that any merger may only go ahead with the strict approval of the regulatory bodies responsible for the Community Reinvestment Act (CRA).[16]
This was an issue of hot contention, and the Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements." Bill Clinton signed Gramm Leach Bliley with GLOWING PRAISE!!!!
This was an issue of hot contention, and the Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements." Bill Clinton signed Gramm Leach Bliley with GLOWING PRAISE!!!!
@order9066 Are you serious?? You put together a video that makes it appear like you did your homework and know what you're talking about and then as soon as some "stepchild" who doesn't know what he's talking about says...without any shred of evidence...that Blagovich (which is misspelled, by the way) was never a congressman, you apologize and add a correction??! Blagojevich was there in 1999 and did vote for the Gramm-Leach-Bliley Act, which repealed Glass Steagall. Try Google next time.
@RyanKelly18 When you post your Glass-Steagall presentation on YouTube, let me know so I can learn something. Thanks for the Google advice, I'll look into it.
@order9066 Why don't you edit out CORRECT your mistakes? Your credibility started crumbling with your first corrective annotation... and the comments are continuing to shrink your credibility. Lots of computers have video editing software built in. Just Do IT! or find someone to edit it for you... like me :)
All politicians in the U.S. are NOTHING but corporate whores. Every 2 years the public gets to decide whether they like the ones whose pimps drive the red cars, or the ones who drive the blue cars.
Great video in my opinion! Thanks for sharing. I was looking around online trying to find a simple video I could share with our family who, come to find out, are entirely clueless when it comes to the repeal of the GS act. Thanks for posting.
Blame the banks not the politicians. You seem to be Anti Clinton. Leaving the banks off the hook will encourage them to do it again. Would you blame the law to drive on roads on the politicians because drunk people get into accidents?
@jmjfanss Maybe some politicians but not Clinton unless this was a dictatorship. Presidents sign bills into law but it's the congress that's responsible for making laws. Clinton was a good president. Unfortunately some people seek an half empty instead of half full glass on his presidency. I love foreward thinking presidents.
@jmjfanss Yeah, well I am usually suspect when certain people have a problem with Clinton who is on one side of the political fence, and they don't have a problem with say Bush who took us into 2 wars.
@jmjfanss Not true. Republicans and Tea Party are supported by the massive corporations with tons of money. People try to say both sides doing the same. I hate it when I hear how brave Republicans are when in fact their backbone is made of corporate money as directed by Roberts Supreme court. After the election we will hear again how we don't like that. Oh, Corporations are people 2, let's protect their interest.
@jmjfanss Not true. Republicans and Tea Party are supported by the massive corporations with tons of money. People try to say both sides doing the same. I hate it when I hear how brave Republicans are when in fact their backbone is made of corporate money as directed by Roberts Supreme court. After the election we will hear again how we don't like that. Oh, Corporations are people 2, let's protect their interest.
You are correct - the banking industry spent $300 million bribing and buying republicans through their lobbyists to eliminate the Glass Steagall Act. All 55 republicans in a republican majority Senate voted for the GLB Bill while all but one Democrat voted against it with the final vote leaving it a veto proof bill that 'Bill' couldn't veto.
@Adnihilo Again, don't blame Clinton for messes after he leave office. If he was still president he could have helped change whatever the problem was. Bush came into office and the mess started after two wars and other stuff that was not paid for. The adjustment or changes have to be made by Bush and the congress at hand. If I invent a plane and someone realize it has a flaw, they have to fix it if I'm not around. Just as Obama is cleaning up Bushes mess without giving Bush a lot of Blame.
@Skilbeard WTF? Blame Clinton? I was agreeing with you that banks are ultimately to blame for spending $300 million bribing and buying republicans through their lobbyists to eliminate the Glass Steagall Act
Looking at these comments, I cant belive people are still falling for the left/right paradox.They are the same,they are owned by the same banks and corporations.Who wrote this bill??No, it wasnt a republican, and no, it wasnt a democrat.The banks wrote this bill, and they have raped the economy with there derivatives, and bailouts,and economic terrorism.Wake up from the American dream every one.
Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest. Clinton repealed Glass-Steagall Act AFTER he had Brookley Born fired due to her exposure of Derivatives corruption of FED and Wall Street Banks & Investors. See video at PBS.org
All those who killed Glass-Steagall Act should be expelled from Congress.
Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest. Clinton repealed Glass-Steagall Act AFTER he had Brookley Born fired due to her exposure of Derivatives corruption of FED and Wall Street Banks & Investors.
All those who killed Glass-Steagall Act should be expelled from Congress.
Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest. Clinton repealed Glass-Steagall Act AFTER he had Brookley Born fired.
All those who killed Glass-Steagall Act should be expelled from Congress.
Ron Paul only wants to deregulate more regulations just like all 55 republican Senators who voted "yea" for the GLB act deregulating Glass Steagal while all but 1 democrat Senators voted against it.
It was our government that killed Glass Steagall. Stop playing the blame game. All of our congress men & women - like always fucked us. Until we wake up from that lie, my party cares more their party we are screwed.
Only the FDR Glass-Steagall principle will separate commercial from speculative banking, thus freeing the nation from obligations to Wall St. and the City of London, and re-establishing a credit system for rebuilding the nation.
H.R. 1489, Return to Prudent Banking Act of 2011, is before the House of Representatives, which aims to revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so called 'Glass-Steagall Act
My question is: Why are Republicans against ANY banking regulations and threatening to repeal the few banking reforms that President Obama Signed? They like it the way it was. They believe in laissez fair Capitalism, The Hand of the free market! Which doesn't exist and never has because most transnational corporations and banks get subsidies or outrageous tax loopholes and pay little to no taxes.
Iget tired of you people who want to argue whether it's Reps or Dems. The system is currently corrupt & disfunctional. Most of the individuals on both sides of the aisle are complicent in this. Most all been "urged" to vote based on their loyalty to $. So let's figure a way through this crap to the otherside. So we can then get on with rebuilding our nation! Our entire federal government and most of the state governments are on the take. Revolt through your wallet. Cut-off their funding.
The Senate Vote on Gramm Leach Bliley was 54 Republicans For 0 (zero) against. 1 Democrat for and 44 against. That one, lone democrat who voted to repeal Glass-Steagal was NOT Chirs Dodd - as you shamefully imply in your video.
It's not that the democrats are blameless. The house vote went like this:
Republicans 207 For, 5 Against. Democrats 155 For, 51 Against.
But to put mostly Democrats into your video when it was overwhelmingly Republicans who voted out Glass Steagal is a lie. Shame
@dmougianis That vote was prior to going to committee. When it came up for final vote, it got overwhelming support from BOTH Republicans and Democrats. You're right in that the video only tells one side of the story, but your post is also factually incorrect.
@lakesidedog Votes don't happen until AFTER a bill gets out of committee. The vote YOU'RE talking about is the House/Senate reconciliation vote that aligns the slight differences that sometimes occur between House and Senate versions of a bill. This vote is a formality, and unless there are very unusual circumstances, is always passed with near unanimity. It would be pointless to do otherwise, since the general outcome of the measure can't be changed.
You highlighted all Democrats! You make appear as if Republicans had nothing to do with the Bliley-Grahm-Leach Act, which was sponsored by ALL Republicans and passed in a Republican led congress lol!
Thanks for posting this, it is the clearest story about how smart men delude themselves.
Further how they continually refuse to admit when they are wrong and how they work so hard for everyone else that everyone needs to pay for their lavish lifestyle.
Powerful video, Sir. Thank you for teaching me -- and I must say in a very quick and clear manner-- what the Glass-Steagall Act is about. His name is John Barksdale.
Repeal of the Glass Act must be taken in the proper context. In 1999 we were at the top of a grand bull market. Social mood was at an extreme high. A little goading by Wall Street bankers was enough to pursuade the gullible in Congress to relax the outdated Glass-Steagall restrictions and usher in a new era of financial expansion.
What we got, of course, was the exact opposite - the market peaked months later. The so called boom of 2003 to 2008 was the crack high of this deregulation.
"After the House passed H.R. 4541, press reports indicated Sen. Gramm was blocking Senate action based on his continued insistence that the bill be expanded to prevent the SEC from regulating swaps"
from "Commodity Futures Modernization Act of 2000" Wikipedia
@bonfirejovi People are too stupid to realize this.. Then blame the free-market, when the interest rates and easy money are evidence of a failure of intervention.. not the free market.
It's interesting how with all this mess goes down, that we still appear to stick to the Dem or Rep side of the fence. Those Dems and Reps in office are really united and they play politics to the fullest. We as common people need to learn how to play politics ourselves and take control of our own communities in which these politicians are destroying and leaving penniless.
Bottom line- The Administration are nothing but a BUNCH OF PUPPETS for the "Global Elite." They will do whatever they want, whenever they want to. Look at the shape we're in now! For the LOVE OF GOD, we have Frankenfoods, poisoned water, unemployment at an all-time high, foreclosures, bank failures, etc, etc... If this doesn't inform the public that we're in DEEP TROUBLE, they haven't been paying attention.
Thank you for posting !One thing we must acknowledge Phil Gramm knows how to lie.He was the department of treasury at Enron . It passed 90-8 so the responsiblitiy comes in : Admitting wrong at get this legislation and putting Glass Stegall Back( This protects banks from themselves).
Obama is bought and paid for, and so far the only change we've seen is for Wall Street. The Glass-Steagal Act should be reinstated, and Obama, Bernanke, Pelosi, Emmanuel, Volker, Greenspan, and the rest of the criminal gang on Capitol Hill should all go to prison for their parts in this engineered financial crisis!
PLEEEASE! What act really killed Glass-Steagall? It was written and put on a last-minute bill by REPUBLICAN Gramms from Texas. It was BROUGHT to Clinton for approval by Gramms and a group of Republican congress people to approve under the auspice of giving ordinary to poor Americans the chance to buy their own homes. This video is a piece of propagandistic CRAP. PERIOD
It was a veto proof bill that "Bill' couldn't veto in the final vote. The initial vote on the GLB bill was all 55 republicans but 1 voting 'yea' and all but 1 of the 45 Dems voting 'nah'. The final conference vote on the GLB left it a 'veto proof' majority for the republican majority in Congress at the time..
When it's all said and done 58 democrats voted against it to only 6 republicans voted against it. I'm glad Glass steagall is being brought back, besides shifting blame from one party to another.
My comment was referring to Truther DI BTW. Not that I'm unaware that both parties dropped the ball on the Gramm leach bliley act . Democrats were the lesser of 2 evils though, but 2 wrongs don't make a right. Glad to see Glass steagall is coming back.
"Democrats" should have been the lesser of 2 evils in that case as their were certainly at least some democrats still acting like democrats back then but really all we have left now is Kucinich and Dorgan who is now quitting.
Just because it comes from the democratic party, does not automatically make it democratic just as Obama's actions do not represent those of a democrat at all.
Of course, that doesn't stop you from "giving him a chance".
Regardless of your opinion or any body else on the right, It's still coming back. Hopefully it wont have any major loopholes, that remains to be seen. Still giving him some praise because it's a step in the right direction. He's also endorsed a bipartisan task force to reduce the deficit. It's still more than what the republicans are doing, which is nothing ! If jobs start getting created then everything will look a little better as well.
What makes you think my political are at all "right" in nature?
I am a Democrat in the spirit of Franklin Roosevelt. Obama is a failure and a waste of skin who is feeding you lip service and making you think he is bringing back Glass-Steagall so you won't be "angry" at him.
It's lip service and you haven't done your research if you think that his "proposal" has any sort of same bite Glass-Steagall has.
Btw, Truther DI, and you are an expert on this piece of legislation which was re-introduced this week ? If so, explain in full details how it is being dictated by the banks so I can see if it's truthful from a reliable source!
Ah I see. I need to gain your "trust" first since Obama has shown himself thus far, to operate totally in the interest of the United States and not of Investment Bankers.
Obama is a total failure to this country and the democratic party, he is a champion and a winner for the banks and everytime you "give him a chance" he's going to fuck you in the ass and then run away.
Never said anything about mistrusting u. I know Obama is not as good as Kusinich or John Edwards. Voted for Edwards in the primary, but fell in line after disappointment. I see your maturity at 54 by trying to insult me behind a computer screen, in the comfort of home, but I'm open minded. that's why I accept other sources of facts. I would love to see a more progressive candidate, but It's a game of compromise, I don't agree with everything, but I'm not condemning him on everything either.
Again, the real question is WHO WROTE the act that repealed Glass-Steagall. Who sat down and thought about repealing an act, written after the Great Depression, which was made to protect the United States from ever being at risk for economic meltdown. WHICH PARTY WOULD DARE TO PUT US AT RISK AGAIN?? What 3 Congressmen drafted the Gramm-Leach-Bliley act that was passed during a Republican-MAJORITY Congress??
It was THREE REPUBLICANS. Get it? Three Republicans sat down, and did this to us!
It was democrats and republicans cooperating on the FSMA (and Bill Clinton eagerly signing it) that repealed the Glass Steagall Act. Rep Lloyd Doggett, Rep Pelosi and Senator Chuck Schumer voted to kill the Glass Steagall Act. The republicans endorsed the repeal; and Phil Gramm gets his share of the blame. The repeal of Glass Steagall was a disaster for America. Thanks for your comments.
@order9066 "It was democrats and republicans cooperating " Yet the video mostly mentioned Democrats in Congress or Senate. From Wiki: "Republicans won a majority in each house of Congress in the elections of 1994 and controlled both houses until 2006" Since they have control, Republicans could have voted the bill in for Clinton to sign even without the Damnucrats. Regardless, I agree that this was the final straw that started the financial crisis. But the repeal of GS-Act started with Reagan.
@order9066 you obviously read and gathered information, but it was in October 2000 and not in 1999 that the Commodities Futures Modernization Act was brought to congress, it passed in December, and in January 2001 Enron was already scamming the American economy through the use of derivatives, guess who was connected to Enron's scam? Phil Gramm's wife. Phil Gramm knew very well why he was deregulating (naked short selling, credit default swaps) democrats didn't know
@order9066 Bill Clinton eagerly signed it because at that time the conspiracy of the "CIA-RepublicanParty-Wall street-LondonBankers-US main stream media" was in full attack against Bill Clinton with the Monika Lewinsky affair. Remember That. It was a disaster for America and for the whole world.
@junevi2000 At 8:00 I cite a New York Times article that reported President Clinton asking how the negotiations with Republicans were going on the FSMA. If Clinton was committed to a veto, why would he care what the Republicans thought? Clinton only had 2 vetoes overridden as President. The Monika Lewinsky affair was a needless and unproductive investigation/sideshow and the Republicans paid a high political price in the mid-term elections. Clinton was interested in this law b4 he met Monica.
@medartist01 do we really believe that they wrote the bill? banker/lobbyists write these monsters. parties are just a distraction to create division and confusion.
@medartist01 You are dumb as shit. It is both Republicans and Liberals.. How much time will you sit down trying to come up with straw arguments to blame everybody other than yourself. It's like saying.. ONLY BLACK PEOPLE COMMIT CRIME! How much fucking sense does that make? Stop sucking the liberal penis, and get a clue.
@medartist01. Its called the Gramm-Leach-Bliley act because those are the Congressmen that wrote the act. Who pushed them to write the act? The Financial Services industry (banks, wall st, mortgage brokers and real estate agents).
@medartist01 Who signed it into legislation? WHO WAS IT THAT PUT THE PEN TO THE PAPER THAT MADE IT LAW? WHICH PARTY WAS IT THAT SIGNED IT INTO LEGISLATION. WHO COULD HAVE VETOED IT INSTEAD OF PUT US AT RISK? I think how highly intelligent Obama is for having Lawrence Summers as his go to economic advisor.LOL LOL LOL but then Obama may have gotten where he is today due to affirmative action, so there you go.
All this blame talking about dems & repubs is meaningless. The real culprit is the implementation of the FDIC in the first place. The reason there were restrictions on banks who were FDIC insured was because the gov't decided to insure the deposits in the fist place. Once the Gov't insured the deposits they knew they were removing the market discipline that was already there. Once the discipline was removed congress had to supply its own regulation
Glass Steagall only removed half of the regulation but left the other half. The purpose of the FDIC was to prepare the way for brokerage houses to reinvest huge blocks of capital at high interest rates virtually without any risk. It was insured by the gov't anyway. This is what happens when gov't interferes with the free market.
Blah blah killed glass steagall
keith97696 1 day ago
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DanieClarke 6 days ago
All have committed treason and should be brought to trial immediately!
moneymagnetelizabeth 2 weeks ago
Phil Gramm is a fucking treasonous piece of shit that should be hung in the public town square. That STUPID motherfucker let the genie out of the bottle by being an ignorant douchebag corrupt asshole. He is the one that's responsible for allowing the banks to rape the economy. That stupid cocksucker is no patriot, he's a self serving asshole. HE CREATED TOO BIG TO FAIL- which is far too big to exist. Washington has NOT really changed anything and another bubble is inevitable.
Muzzy337 1 month ago
It's interesting how the MSM has more/less swept the repeal of Glass-Steagal under the rug, as it was one of the root causes of the financial crisis. This is exactly the kind of information everybody needs to hear. Citizens, especially those who vote, would have a much better understanding of what led up to the financial crisis and who is responsible, instead of just listening to and believing soundbites and empty slogans made by politicians.
josephc28 1 month ago
SENATE VOTING...
REPUBLICANS FOR (52):
DEMOCRATS FOR (38):
REPUBLICANS AGAINST(1):
DEMOCRATS AGAINST(7):
NON VOTES 2
TruthMyMamaToldMe 1 month ago
@TruthMyMamaToldMe Clinton could have vetoed the bill. Why didn't he? There are Congressman and Senators on both sides of the aisle that supported the repeal. The same way members on both sides of the aisle voted to bail out these very same banks and insurance companies that became "Too big to fail" as a result of repealing Glass-Steagal.
josephc28 1 month ago
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TruthMyMamaToldMe 1 month ago
@TruthMyMamaToldMe Democrats voted for the repeal of Glass-Steagal too, not just republicans. So when we hear Obama, out on the campaign trail claiming the financial meltdown was Bush's fault or the GOP's fault. He is lying to people. The repeal of Glass-Steagal or the "Financial Modernization Act" as they called it, was a bipartisan bill. Interesting enough, after they passed it, Clinton embraced the bill and took great pride in signing it into law. That's my point.
josephc28 1 month ago
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TruthMyMamaToldMe 1 month ago
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TruthMyMamaToldMe 1 month ago
@josephc28 What kind of idiot are you? I listed the voting tally for democrats and renublicans, so it is OBVIOUS that *I* know both parties were involved. Your dumbass, just like the author, only discusses Democrats. It is obvious that YOU are just as biased as the author of the video.
What is your point about Obama? Why arent you discussing Bush? You are a Renublican and are trying to skew the issue, just like the jackass who created this video.
loser.
TruthMyMamaToldMe 1 month ago
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@josephc28 The author of the bullshit video never mentions the fact that originally there was ONLY *1* republican who voted against it versus *7* dems. So, He is skewing the matter and trying to make it seem like a Democrat objective~~and so the fuck are you.
What is your point.....I see it, but if you wore a hat, then noone else would. LMAO...
TruthMyMamaToldMe 1 month ago
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TruthMyMamaToldMe 1 month ago
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Whenever a gang pulls off a big heist, like say looting American's 401K accounts and their pension funds, it's always good to have a BIG distraction so they won't notice that hand in their pocket, robbing them blind.
The distraction for this latest Federal Reserve created, Wall Street managed theft was the FALSE FLAG/INSIDE JOB of 9/11.
How long till we see some criminal charges??
NEVER, not unless we wake up and realize our country has been hijacked.
LeseMajeste 2 months ago
If you're wrong, by your own admission, then why is this still up?Because you knew all along, and that was your intent all along.To misinform.You're a republican, it just comes naturally.You fucking repubs can't tell the truth if it were to save your own child.GFY
stillbreathing37 2 months ago
How long till we see some criminal charges??
thedesertorchid 2 months ago
it's funny how the 1% always trys to screw the 99%
MrHoppers002 2 months ago
In no case was never shown they were forced but they got cause using securitization CDO's to whip off toxic loans and then bet against them on the stock marked. See "Inside Job " and stop being a fool.
Superorchestra 2 months ago
Clinton was a lame duck impeached by a republican congress that spent 100 million on BJ (they allotted 4 million for the investigation into the deaths of 3500 Americans on 911) . His signing was irrelevant, it was veto proof. Your "forcing the banks" to sell loans to unqualified buyers with the CRA is nonsense. Show me one case where that was proven. THese banks and investment firms are being sued by the government for billions!.
Superorchestra 2 months ago
Look up Phil Gramm and UBS.
Superorchestra 2 months ago
first of all....this law was being repealed little by little over several decades. The 1999 bill was the final move. Yes the republicans own this piece of the repeal but the democrats own all other changes as they were in charge from 40 years in total prior to 1994.
oldhousenewhouse 2 months ago
Gotta love that more Republicans voted to repeal Glass Steagall than Democrats yet this narrator names off Democrats then just blanketly says "as well as a lot of Republicans"
In the House, 155 Democrats and 207 Republicans voted for the measure, while 51 Democrats, 5 Republicans and 1 independent opposed it. Fifteen members did not vote.
BDeck75 3 months ago 3
@BDeck75 I'm John Barksdale, the narrator. I only had ten minutes to post my presentation and in my opinion your critique is valid. If I had more time I would have noted all Republicans who voted for the terrible Financial Services Modernization Act. Texas voted out Phil Gramm, but New York re-elected Senator Schumer who personally helped muscle the FSMA through the Senate. Bad laws cannot be enacted without bipartisanship.
order9066 3 months ago
@BDeck75 yeah just love the democrat president who signed that crap into law! President Clinton...Just love Frank Dodd bill that put the nail in the coffin! Owebama must go!
kristigator 1 week ago
All Jews....ban the Jews from Christian Money...End the Jewish Fed!
psysword 3 months ago
Bring back the Glass Steagall Act. Skrew the banks and Wall Street; oh I'm sorry, I forgot: TOO BIG TO FAIL!!!
jmkpns 3 months ago
And Blago was a rep from IL, 5th dist for 2 terms and he did vote yea for GLB. Barney Frank, although not voting for GLB, did praise it and was the main architect behind its revisons once passed. He felt it didn't do enough to allow lending to the poor, by way of subprime loans. You cannot argue that Republicans or Democrats are at fault, it was a Republican sponsored Bill, and Clinton even admitted it was a mistake after the fact. Bottomline is, it needs to be changed back
toomey706 3 months ago
Anyway you want to slice it, the take down of Glass-Steagle gets us where we are today, and aside of a little risk retention on the part of originators of securities, nothing has changed. Both republican and democrat alike are responsible for the failure of the system, it was a bi-partisam mistake.. What is more unfortunate, is there doesn't appear to be an FDR or Andrew Jackson out there that has the intelect and influence to get a hold of our out of control monetary policies.
toomey706 3 months ago
This video is nothing more than a way to get people to hate the Dems and not realize the Republicans are more to blame than Dems... but what is even more to blame is the corporate money that has destroyed our government. Has destoyed the ability of our politicians to do the right thing.
How about screaming about the need for PUBLIC FINANCING OF ELECTIONS?? Then the kind of crap this video speaks of probably won't happen again.
captfoster1 3 months ago
I cannot disagree on those few corporatist Democrats voting to kill Glasse-Steagall ... but why the hell did the creator of this video NOT EXPOSE THE MAJORITY of REPUBLICANS who voted to kill that badly needed bill??
You name all the Democrats and then say ... "and many other Republican Senators and Representatives" as if that was just an after thought!
captfoster1 3 months ago
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It is intellectually honest. Because a Democratic President could have vetoed it and the Democratic Senate minority would have sustained his veto. Not only did Clinton not veto the bill, but he signed it with a ringing endorsement celebration.
NYerintransit 3 months ago
My Congressman Charlie "Rat" Rangel helped repeal Glass-Steagall. Adam Powell September 2012.
JoseTwitterFan 3 months ago
Liberals are tragically correct about this. Repeal of Glass-Steagall Act helped bring about the subprime mortgage crisis.
NYerintransit 4 months ago
@NYerintransit Barney Frank (who should be in prison) was the head architect of the mortgage crisis.
kcufmalsi 3 months ago
@kcufmalsi Both parties played a role in this catastrophe. It wasn't a partisan thing. It was a generational lapse in judgment.
NYerintransit 3 months ago
@NYerintransit
It is not intellectually honest to say that both parties repealed Glass Steagall. The vote was 51 Repubs for repeal, 0 against. 1 Dem for repeal, 44 against (and that 1 Dem was neither Dodd nor Frank). Then Clinton approved it. So technically about 2 Dems were directly involved. Not to mention that the bill which repealed GS is named after 3 Repubs... Gramm Leach Bliley.
lynchmobb2000 3 months ago
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NYerintransit 3 months ago
@lynchmobb2000 Guess u missed the first part of the video where Larry Summers (D) and Robert Rubin (D) as well as Bill Clinton (D) as the Time Magazine (D) article stated who lobbied Congress to "modernize" the banking industry. Oh, and don't conveniently leave out the House of Reps. The bill was supported 155 to 51 in favor by Dems in the House. . So don't try to make it into a "Republican only" bill, there were plenty of ur beloved Dems supporting the bill in the House too, as the vid shows
wildnites558 3 months ago
You describe yourself as a libertarian free marketer, but this video is essentially mourning the death of one of the great pieces of banking regulation of the New Deal. Gramm Leach Bliley, you correctly point out, deregulated the banks, setting the financial industry up for the collapse and bailouts of 2008-9. This was collusion between the banks and the federal govt. That's the problem, that the govt serves the banks, screws the rest of us. #OWS is right on target over who's to blame.
xofpi 4 months ago
Damn democrats are communists and started fannie and freddie in the 30s and the goal of Barney Frank and Pelosi, Reid and all democrats was to force banks to lend money to people who could not pay the money back...the whole goal was to bankrupt our nation and start up communism. Its that simple....
Marksnotebook 4 months ago
@Marksnotebook
"democrats was to force banks to lend money to people who could not pay the money back"
Moron, the FBI determined that 80% of the fraud was perpetrated by LENDERS. Further this took place under George W's "ownership society" campaign and at a time when W pulled agents responsible for overseeing the underwriting of these loans and put them on terrorism watch. Lastly, Fannie and Freddie are holding billions in toxic assets, but they do not bet on CDO's like Wall Street. Idiot.
lynchmobb2000 3 months ago
Thanks bill Clinton and all the democrats and republicans.
jjason23296 4 months ago
Love the video sir. I might have overlooked this in your video...
But the vote totals you posted(that I see) were just for the first run through.
There was then a committee to compromise the senate and house versions, and it passed with a large majority(90-8) or something like that. I've tried looking to see who the lucky 8 were, but I have no luck. If you can find any info let me know!
ThomJGregory 4 months ago
He sounds like he's going to cry at the start of the video. Way to take a great financial topic and trying to pass blame when the great three deregulation acts of the last two decades have been pushed through by the people who's names are connected to their bills (If you don't know look it up. It's quite easy to find). They were good ideas at the time, but regulation on banks needs to be put back.
Threeshammy 4 months ago
Scum Suckers!
amy2x 4 months ago
Glass-Steagall has been credited as drastically increasing the number of small bank and community bank failures during the depression because they were prohibited from diversifying their portfolios. When their market (local region) dried up, they had no other areas in which to draw income.
sturmvogel10 4 months ago
This + the Commodity Futures Modernization Act of 2000 + SEC leverage exemptions destroyed the economy. It's should be a no brainer to put these rules back in place...
zed4785 4 months ago
Clinton was the last president in the 20th century and the first in the 21st century. I conclude that so far he has been the best president in the 20th century and ties with Obama for such respect in the 21 century. Those who agree are partiots.
Skilbeard 5 months ago
@Skilbeard Partiots?, your opinion is suspect at best.
Graz486 4 months ago
@Graz486 Nah, it's all real stuff. Think about it and you'll see the light.
Skilbeard 4 months ago
@Skilbeard Ya Clinton eagerly signed the NAFTA and even made us a debtor nation to China. Ya great president.
publicmario17 4 months ago
@publicmario17 There are three branches of government. Clinton lost congress over a simple tax bill? Presidents have to pick their battles. Further dumb ass people wasted their free education so they suffer from NAFTA. Americas need to move away from manufacturing petty stuff since they are a high cost labor force. Let's get scientific, like stem cell, patent, good health care and grow intelligently. Anyone can press a button at a factory. There are some skills that can't be exported.
Skilbeard 4 months ago
This video is wrong. All Democratic Senators but ONE voted against The Gramm-Leach-Bliley Bill in a republican majority with 55 republicans voting 'yea' and 44 Dems voting 'nah'. In the final 'conference' vote agreeing on 'language' it became a 'veto proof' bill Clinton could not veto..
Adnihilo 5 months ago 5
@Adnihilo On Nov 12, 1999 President Clinton said: "Beginning with the introduction of an Administration-sponsored bill in 1997, my Administration has worked vigorously to produce financial services legislation that would not only spur greater competition, but also protect the rights of consumers and guarantee that expanded financial services firms would meet the needs of America's underserved communities. Passage of this legislation by an overwhelming, bipartisan majority of the Congress..."
order9066 4 months ago
@Adnihilo
Sure... all the Dem Senators voted no, but the vast majority of Dem Representatives voted yes, including Rod Blagojevich (search for gramm leach bliley roll call in google) and Nancy Pelosi.
pfortunato78 4 months ago
@Adnihilo THis is a Banker generated fake documentry
JohnBrownsArmy 3 months ago
Crucial to the passing of this Act was an amendment made to the GLB, stating that no merger may go ahead if any of the financial holding institutions, or affiliates thereof, received a "less than satisfactory [sic] rating at its most recent CRA exam", essentially meaning that any merger may only go ahead with the strict approval of the regulatory bodies responsible for the Community Reinvestment Act (CRA).[16]
lakerdave 3 months ago
This was an issue of hot contention, and the Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements." Bill Clinton signed Gramm Leach Bliley with GLOWING PRAISE!!!!
lakerdave 3 months ago
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This was an issue of hot contention, and the Clinton Administration stressed that it "would veto any legislation that would scale back minority-lending requirements." Bill Clinton signed Gramm Leach Bliley with GLOWING PRAISE!!!!
lakerdave 3 months ago
The video is RIGHT ON.
Leach was a democrat before and after the Act and a 2011 Obama appointee.
lakerdave 3 months ago
Blagovich isnt and never was a congressman
stepchild64772 5 months ago
@stepchild64772 Thank you for catching my error. I have added an annotation to my presentation to highlight the mistake.
order9066 5 months ago
@order9066 Are you serious?? You put together a video that makes it appear like you did your homework and know what you're talking about and then as soon as some "stepchild" who doesn't know what he's talking about says...without any shred of evidence...that Blagovich (which is misspelled, by the way) was never a congressman, you apologize and add a correction??! Blagojevich was there in 1999 and did vote for the Gramm-Leach-Bliley Act, which repealed Glass Steagall. Try Google next time.
RyanKelly18 4 months ago 3
@RyanKelly18 When you post your Glass-Steagall presentation on YouTube, let me know so I can learn something. Thanks for the Google advice, I'll look into it.
order9066 4 months ago
@order9066 Why don't you edit out CORRECT your mistakes? Your credibility started crumbling with your first corrective annotation... and the comments are continuing to shrink your credibility. Lots of computers have video editing software built in. Just Do IT! or find someone to edit it for you... like me :)
occupythepresidency 3 months ago
@stepchild64772
Liar. He served as U.S. House of Representatives in the Illinois 5th district from Jan 3, 1997 to Jan 3, 2003.
willia3r 4 months ago
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All politicians in the U.S. are NOTHING but corporate whores. Every 2 years the public gets to decide whether they like the ones whose pimps drive the red cars, or the ones who drive the blue cars.
asg101 5 months ago
*repealling Glass Steagall
DEEPGNOSTIC 5 months ago
Great video in my opinion! Thanks for sharing. I was looking around online trying to find a simple video I could share with our family who, come to find out, are entirely clueless when it comes to the repeal of the GS act. Thanks for posting.
BornInTzyon 6 months ago
Blame the banks not the politicians. You seem to be Anti Clinton. Leaving the banks off the hook will encourage them to do it again. Would you blame the law to drive on roads on the politicians because drunk people get into accidents?
Skilbeard 6 months ago
@Skilbeard
But the politicians are just as to blame as the banks.
jmjfanss 5 months ago
@jmjfanss Maybe some politicians but not Clinton unless this was a dictatorship. Presidents sign bills into law but it's the congress that's responsible for making laws. Clinton was a good president. Unfortunately some people seek an half empty instead of half full glass on his presidency. I love foreward thinking presidents.
Skilbeard 5 months ago
@Skilbeard
Clinton was a CFR Member and a puppet globalist.
jmjfanss 5 months ago
@jmjfanss Yeah, well I am usually suspect when certain people have a problem with Clinton who is on one side of the political fence, and they don't have a problem with say Bush who took us into 2 wars.
Skilbeard 5 months ago
@Skilbeard
Their all the same to me.
jmjfanss 5 months ago
@jmjfanss Not true. Republicans and Tea Party are supported by the massive corporations with tons of money. People try to say both sides doing the same. I hate it when I hear how brave Republicans are when in fact their backbone is made of corporate money as directed by Roberts Supreme court. After the election we will hear again how we don't like that. Oh, Corporations are people 2, let's protect their interest.
Skilbeard 5 months ago
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@jmjfanss Not true. Republicans and Tea Party are supported by the massive corporations with tons of money. People try to say both sides doing the same. I hate it when I hear how brave Republicans are when in fact their backbone is made of corporate money as directed by Roberts Supreme court. After the election we will hear again how we don't like that. Oh, Corporations are people 2, let's protect their interest.
Skilbeard 5 months ago
@Skilbeard
You are correct - the banking industry spent $300 million bribing and buying republicans through their lobbyists to eliminate the Glass Steagall Act. All 55 republicans in a republican majority Senate voted for the GLB Bill while all but one Democrat voted against it with the final vote leaving it a veto proof bill that 'Bill' couldn't veto.
Adnihilo 5 months ago
@Adnihilo Again, don't blame Clinton for messes after he leave office. If he was still president he could have helped change whatever the problem was. Bush came into office and the mess started after two wars and other stuff that was not paid for. The adjustment or changes have to be made by Bush and the congress at hand. If I invent a plane and someone realize it has a flaw, they have to fix it if I'm not around. Just as Obama is cleaning up Bushes mess without giving Bush a lot of Blame.
Skilbeard 5 months ago
@Skilbeard WTF? Blame Clinton? I was agreeing with you that banks are ultimately to blame for spending $300 million bribing and buying republicans through their lobbyists to eliminate the Glass Steagall Act
Adnihilo 5 months ago
@Skilbeard I know, I was just extending the argument.
Skilbeard 5 months ago
Looking at these comments, I cant belive people are still falling for the left/right paradox.They are the same,they are owned by the same banks and corporations.Who wrote this bill??No, it wasnt a republican, and no, it wasnt a democrat.The banks wrote this bill, and they have raped the economy with there derivatives, and bailouts,and economic terrorism.Wake up from the American dream every one.
TheCow500 8 months ago
Hear that MSNBC? You liberal pussies!!!!!!!!!!
boxerguy1982 8 months ago
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Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest. Clinton repealed Glass-Steagall Act AFTER he had Brookley Born fired due to her exposure of Derivatives corruption of FED and Wall Street Banks & Investors. See video at PBS.org
All those who killed Glass-Steagall Act should be expelled from Congress.
GSNPFL 8 months ago
Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest. Clinton repealed Glass-Steagall Act AFTER he had Brookley Born fired due to her exposure of Derivatives corruption of FED and Wall Street Banks & Investors.
All those who killed Glass-Steagall Act should be expelled from Congress.
GSNPFL 8 months ago
@GSNPFL
Got that right.
jmjfanss 8 months ago
Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest. Clinton repealed Glass-Steagall Act AFTER he had Brookley Born fired.
All those who killed Glass-Steagall Act should be expelled from Congress.
GSNPFL 8 months ago
@GSNPFL
Ron Paul only wants to deregulate more regulations just like all 55 republican Senators who voted "yea" for the GLB act deregulating Glass Steagal while all but 1 democrat Senators voted against it.
Adnihilo 5 months ago
Just one more reason why we need Ron Paul to be President with a new HONEST cabinet for 2012. Ron Paul would make banks honest.
GSNPFL 8 months ago
It was our government that killed Glass Steagall. Stop playing the blame game. All of our congress men & women - like always fucked us. Until we wake up from that lie, my party cares more their party we are screwed.
Downfurlife 9 months ago
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Only the FDR Glass-Steagall principle will separate commercial from speculative banking, thus freeing the nation from obligations to Wall St. and the City of London, and re-establishing a credit system for rebuilding the nation.
H.R. 1489, Return to Prudent Banking Act of 2011, is before the House of Representatives, which aims to revive the separation between commercial banking and the securities business, in the manner provided in the Banking Act of 1933, the so called 'Glass-Steagall Act
tepstolog 10 months ago
God this is disgusting how the Republicans are all 'LOOK AT THE DEMOCRATS!" This is like a wall of bullshit.
HoGraz 10 months ago
My question is: Why are Republicans against ANY banking regulations and threatening to repeal the few banking reforms that President Obama Signed? They like it the way it was. They believe in laissez fair Capitalism, The Hand of the free market! Which doesn't exist and never has because most transnational corporations and banks get subsidies or outrageous tax loopholes and pay little to no taxes.
koolchloe 10 months ago
great vid.
jockdoubleday 11 months ago
Iget tired of you people who want to argue whether it's Reps or Dems. The system is currently corrupt & disfunctional. Most of the individuals on both sides of the aisle are complicent in this. Most all been "urged" to vote based on their loyalty to $. So let's figure a way through this crap to the otherside. So we can then get on with rebuilding our nation! Our entire federal government and most of the state governments are on the take. Revolt through your wallet. Cut-off their funding.
gwh21375 1 year ago 22
@gwh21375 i agree
Hector575 6 months ago
We all have to understand that the govt is US!!!!! Without OUR govt regulating industry and finance who is???
Blaisfrombahstan 1 year ago
The Senate Vote on Gramm Leach Bliley was 54 Republicans For 0 (zero) against. 1 Democrat for and 44 against. That one, lone democrat who voted to repeal Glass-Steagal was NOT Chirs Dodd - as you shamefully imply in your video.
It's not that the democrats are blameless. The house vote went like this:
Republicans 207 For, 5 Against. Democrats 155 For, 51 Against.
But to put mostly Democrats into your video when it was overwhelmingly Republicans who voted out Glass Steagal is a lie. Shame
dmougianis 1 year ago
@dmougianis That vote was prior to going to committee. When it came up for final vote, it got overwhelming support from BOTH Republicans and Democrats. You're right in that the video only tells one side of the story, but your post is also factually incorrect.
lakesidedog 10 months ago
@lakesidedog Votes don't happen until AFTER a bill gets out of committee. The vote YOU'RE talking about is the House/Senate reconciliation vote that aligns the slight differences that sometimes occur between House and Senate versions of a bill. This vote is a formality, and unless there are very unusual circumstances, is always passed with near unanimity. It would be pointless to do otherwise, since the general outcome of the measure can't be changed.
dmougianis 10 months ago
You highlighted all Democrats! You make appear as if Republicans had nothing to do with the Bliley-Grahm-Leach Act, which was sponsored by ALL Republicans and passed in a Republican led congress lol!
mef75baby 1 year ago
haha like the clinton impression
lilbitparanoid 1 year ago
nO One vOtes anyOne!
IllusiOnSS..
CheckinGagaiNagain 1 year ago
Thanks for posting this, it is the clearest story about how smart men delude themselves.
Further how they continually refuse to admit when they are wrong and how they work so hard for everyone else that everyone needs to pay for their lavish lifestyle.
laurasIs2c 1 year ago
Simple sollution = Invoke Glass - Steagle.Not a simple action.
BeantownJim 1 year ago
The Beginning of the end of the U.S. Ecomony as we know it.
jmjfanss 1 year ago
Powerful video, Sir. Thank you for teaching me -- and I must say in a very quick and clear manner-- what the Glass-Steagall Act is about. His name is John Barksdale.
-Clint Dolenz, Austin, Texas
COMB0RICO 1 year ago
Repeal of the Glass Act must be taken in the proper context. In 1999 we were at the top of a grand bull market. Social mood was at an extreme high. A little goading by Wall Street bankers was enough to pursuade the gullible in Congress to relax the outdated Glass-Steagall restrictions and usher in a new era of financial expansion.
What we got, of course, was the exact opposite - the market peaked months later. The so called boom of 2003 to 2008 was the crack high of this deregulation.
TYX91101 1 year ago
"After the House passed H.R. 4541, press reports indicated Sen. Gramm was blocking Senate action based on his continued insistence that the bill be expanded to prevent the SEC from regulating swaps"
from "Commodity Futures Modernization Act of 2000" Wikipedia
affiliate30 1 year ago
The US Federal State caused the economic contraction by coercion(violent regulation and inflation).
Fannie/Freddie/The Fed/HUD/CRA/State coercion caused the economic contraction, not Gramm-Leach-Bliley.
qwertypoiu4321 1 year ago
And the Gop didn't send trillions to Iraq and Afghan.. Come on both are to blame.
solitaryfracture 1 year ago
Glass Steagall wouldn't have been necessary if money wasn't so easy and interest rates weren't so low.
bonfirejovi 1 year ago
@bonfirejovi People are too stupid to realize this.. Then blame the free-market, when the interest rates and easy money are evidence of a failure of intervention.. not the free market.
macktasticjoshflava 1 year ago
It's interesting how with all this mess goes down, that we still appear to stick to the Dem or Rep side of the fence. Those Dems and Reps in office are really united and they play politics to the fullest. We as common people need to learn how to play politics ourselves and take control of our own communities in which these politicians are destroying and leaving penniless.
bbobb71 1 year ago
Bottom line- The Administration are nothing but a BUNCH OF PUPPETS for the "Global Elite." They will do whatever they want, whenever they want to. Look at the shape we're in now! For the LOVE OF GOD, we have Frankenfoods, poisoned water, unemployment at an all-time high, foreclosures, bank failures, etc, etc... If this doesn't inform the public that we're in DEEP TROUBLE, they haven't been paying attention.
HeavensHelp1 1 year ago
@HeavensHelp1
and believe me, you are so right.
jmjfanss 1 year ago
Jesus christ Time Magazine are corporate shills.
They literally compared deregulated derivatives to "saving the world".
CartoonDiablo5 1 year ago
Thank you for posting !One thing we must acknowledge Phil Gramm knows how to lie.He was the department of treasury at Enron . It passed 90-8 so the responsiblitiy comes in : Admitting wrong at get this legislation and putting Glass Stegall Back( This protects banks from themselves).
G7X3 1 year ago
end the fed
itsthecurrencystupid 1 year ago
You are such a lier. Phil Gramm was the one who KILLED GLASS STEAGALL!
kit1544 1 year ago
Thank you for the video and content .
NotLuckyInLife 1 year ago
Obama is bought and paid for, and so far the only change we've seen is for Wall Street. The Glass-Steagal Act should be reinstated, and Obama, Bernanke, Pelosi, Emmanuel, Volker, Greenspan, and the rest of the criminal gang on Capitol Hill should all go to prison for their parts in this engineered financial crisis!
cjblackwood 1 year ago
PLEEEASE! What act really killed Glass-Steagall? It was written and put on a last-minute bill by REPUBLICAN Gramms from Texas. It was BROUGHT to Clinton for approval by Gramms and a group of Republican congress people to approve under the auspice of giving ordinary to poor Americans the chance to buy their own homes. This video is a piece of propagandistic CRAP. PERIOD
igorvitch 1 year ago
lol nice Clinton impersonation! Thanks for the informative video as well!
RobbyRichards 1 year ago
Capitalism, and Free Markets are ok ! Its turning banks into casino's that's not !
Capiche? !
blogstr7 1 year ago
The banks repealed the Glass Stegall act. Technically Clinton did it, however if he didn't Bush would have. All the presidents are bought out.
Dean0000007 1 year ago
Clinton rubber stamped A republican bill . The bills authors were are all republicans Phil Gramm gets his share of the blame.
mrgetrealpeople 2 years ago
@mrgetrealpeople
It was a veto proof bill that "Bill' couldn't veto in the final vote. The initial vote on the GLB bill was all 55 republicans but 1 voting 'yea' and all but 1 of the 45 Dems voting 'nah'. The final conference vote on the GLB left it a 'veto proof' majority for the republican majority in Congress at the time..
Adnihilo 5 months ago
Does this video try and blame democrats for a bill 3 republicans wrote?
TrutherDI 2 years ago
When it's all said and done 58 democrats voted against it to only 6 republicans voted against it. I'm glad Glass steagall is being brought back, besides shifting blame from one party to another.
junechris 2 years ago
@junechris
They aren't bringing glass-steagall back, not even close.
It's more useless lip service.
TrutherDI 2 years ago
Thank you for the insight Rush, don't forget to rinse lather and repeat your talking points.
junechris 2 years ago
My comment was referring to Truther DI BTW. Not that I'm unaware that both parties dropped the ball on the Gramm leach bliley act . Democrats were the lesser of 2 evils though, but 2 wrongs don't make a right. Glad to see Glass steagall is coming back.
junechris 2 years ago
@junechris
"Democrats" should have been the lesser of 2 evils in that case as their were certainly at least some democrats still acting like democrats back then but really all we have left now is Kucinich and Dorgan who is now quitting.
Just because it comes from the democratic party, does not automatically make it democratic just as Obama's actions do not represent those of a democrat at all.
Of course, that doesn't stop you from "giving him a chance".
TrutherDI 2 years ago
@junechris
They aren't bringing Glass-Steagall back. It's another toothless proposition by Obama that he will let Banks write.
Obama himself said it's "too late" to bring back Glass-Steagall. He's a pussy that doesn't want to step on the toes of his Harvard clique.
TrutherDI 2 years ago
Truther DI,
Regardless of your opinion or any body else on the right, It's still coming back. Hopefully it wont have any major loopholes, that remains to be seen. Still giving him some praise because it's a step in the right direction. He's also endorsed a bipartisan task force to reduce the deficit. It's still more than what the republicans are doing, which is nothing ! If jobs start getting created then everything will look a little better as well.
junechris 2 years ago
@junechris
What makes you think my political are at all "right" in nature?
I am a Democrat in the spirit of Franklin Roosevelt. Obama is a failure and a waste of skin who is feeding you lip service and making you think he is bringing back Glass-Steagall so you won't be "angry" at him.
It's lip service and you haven't done your research if you think that his "proposal" has any sort of same bite Glass-Steagall has.
TrutherDI 2 years ago
Btw, Truther DI, and you are an expert on this piece of legislation which was re-introduced this week ? If so, explain in full details how it is being dictated by the banks so I can see if it's truthful from a reliable source!
junechris 2 years ago
@junechris
Ah I see. I need to gain your "trust" first since Obama has shown himself thus far, to operate totally in the interest of the United States and not of Investment Bankers.
Obama is a total failure to this country and the democratic party, he is a champion and a winner for the banks and everytime you "give him a chance" he's going to fuck you in the ass and then run away.
Maybe you're into that sort of thing?
TrutherDI 2 years ago
Never said anything about mistrusting u. I know Obama is not as good as Kusinich or John Edwards. Voted for Edwards in the primary, but fell in line after disappointment. I see your maturity at 54 by trying to insult me behind a computer screen, in the comfort of home, but I'm open minded. that's why I accept other sources of facts. I would love to see a more progressive candidate, but It's a game of compromise, I don't agree with everything, but I'm not condemning him on everything either.
junechris 2 years ago
Again, the real question is WHO WROTE the act that repealed Glass-Steagall. Who sat down and thought about repealing an act, written after the Great Depression, which was made to protect the United States from ever being at risk for economic meltdown. WHICH PARTY WOULD DARE TO PUT US AT RISK AGAIN?? What 3 Congressmen drafted the Gramm-Leach-Bliley act that was passed during a Republican-MAJORITY Congress??
It was THREE REPUBLICANS. Get it? Three Republicans sat down, and did this to us!
medartist01 2 years ago 7
It was democrats and republicans cooperating on the FSMA (and Bill Clinton eagerly signing it) that repealed the Glass Steagall Act. Rep Lloyd Doggett, Rep Pelosi and Senator Chuck Schumer voted to kill the Glass Steagall Act. The republicans endorsed the repeal; and Phil Gramm gets his share of the blame. The repeal of Glass Steagall was a disaster for America. Thanks for your comments.
order9066 2 years ago 10
@order9066
You got that right.
jmjfanss 1 year ago
@order9066
The GOP authored the bill, and a few democrats jumped on the bandwagon. The GOP dominated congress at the time.
monkeyman1140 1 year ago
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@order9066 "It was democrats and republicans cooperating " Yet the video mostly mentioned Democrats in Congress or Senate. From Wiki: "Republicans won a majority in each house of Congress in the elections of 1994 and controlled both houses until 2006" Since they have control, Republicans could have voted the bill in for Clinton to sign even without the Damnucrats. Regardless, I agree that this was the final straw that started the financial crisis. But the repeal of GS-Act started with Reagan.
69erstud 1 year ago
@69erstud
and continued with bushit and cunton.
jmjfanss 1 year ago
Problem is, you make it too look like it was nothing but Democrats who did this. How about you make a FAIR video that shows the whole story?
pbmdh 1 year ago
@order9066 you obviously read and gathered information, but it was in October 2000 and not in 1999 that the Commodities Futures Modernization Act was brought to congress, it passed in December, and in January 2001 Enron was already scamming the American economy through the use of derivatives, guess who was connected to Enron's scam? Phil Gramm's wife. Phil Gramm knew very well why he was deregulating (naked short selling, credit default swaps) democrats didn't know
affiliate30 1 year ago
@order9066 99% of congress did not know about credit default swaps, it had been created in 1997 and it had never been used before 2001
affiliate30 1 year ago
@order9066
this just proves why the two party system stinks.
jmjfanss 1 year ago
@order9066
It was bipartisan.
jmjfanss 1 year ago
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@order9066 Gramm-Leach-Bliley ACT.Unless I'm retarded Gramm-Leach-Bliley are all republicans.
Clinton had the opportunity to veto the GLBA , true, but his veto would have been over-written.He admits this law was a mistake.
Phil Gramm gets his share of the blame.Are you kidding me, his name is the first name on the bill.Google
Foreclosure Phil for God sake!!!!
mrgetrealpeople 1 year ago
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@order9066 Gramm-Leach-Bliley ACT.Unless I'm retarded Gramm-Leach-Bliley are all republicans.
Clinton had the opportunity to veto the GLBA , true, but his veto would have been over-written.He admits this law was a mistake.
Phil Gramm gets his share of the blame.Are you kidding me, his name is the first name on the bill.Google
Foreclosure Phil for God sake!!!!
mrgetrealpeople 1 year ago
@order9066 Bill Clinton eagerly signed it because at that time the conspiracy of the "CIA-RepublicanParty-Wall street-LondonBankers-US main stream media" was in full attack against Bill Clinton with the Monika Lewinsky affair. Remember That. It was a disaster for America and for the whole world.
junevi2000 1 year ago 6
@junevi2000 At 8:00 I cite a New York Times article that reported President Clinton asking how the negotiations with Republicans were going on the FSMA. If Clinton was committed to a veto, why would he care what the Republicans thought? Clinton only had 2 vetoes overridden as President. The Monika Lewinsky affair was a needless and unproductive investigation/sideshow and the Republicans paid a high political price in the mid-term elections. Clinton was interested in this law b4 he met Monica.
order9066 1 year ago
@junevi2000
It was a veto proof bill from a republican majority all voting for it but one while all democrats but one voted against it..
Adnihilo 5 months ago
@order9066 Yep and Clinton signed the NAFTA in January of 1994 with the Democrat-Controlled Congress.
Hperman09 5 months ago
@medartist01 do we really believe that they wrote the bill? banker/lobbyists write these monsters. parties are just a distraction to create division and confusion.
bodyheals 1 year ago
@medartist01 You are dumb as shit. It is both Republicans and Liberals.. How much time will you sit down trying to come up with straw arguments to blame everybody other than yourself. It's like saying.. ONLY BLACK PEOPLE COMMIT CRIME! How much fucking sense does that make? Stop sucking the liberal penis, and get a clue.
macktasticjoshflava 1 year ago
@medartist01. Its called the Gramm-Leach-Bliley act because those are the Congressmen that wrote the act. Who pushed them to write the act? The Financial Services industry (banks, wall st, mortgage brokers and real estate agents).
JSAautomotive 1 year ago
@medartist01 Who signed it into legislation? WHO WAS IT THAT PUT THE PEN TO THE PAPER THAT MADE IT LAW? WHICH PARTY WAS IT THAT SIGNED IT INTO LEGISLATION. WHO COULD HAVE VETOED IT INSTEAD OF PUT US AT RISK? I think how highly intelligent Obama is for having Lawrence Summers as his go to economic advisor.LOL LOL LOL but then Obama may have gotten where he is today due to affirmative action, so there you go.
klg1956 1 year ago
@medartist01 Who was Pres and could have VETOED it???????? dipshit? Dems and Rep are both guilty.
davetileguy 1 year ago
@medartist01
All this blame talking about dems & repubs is meaningless. The real culprit is the implementation of the FDIC in the first place. The reason there were restrictions on banks who were FDIC insured was because the gov't decided to insure the deposits in the fist place. Once the Gov't insured the deposits they knew they were removing the market discipline that was already there. Once the discipline was removed congress had to supply its own regulation
DEEPGNOSTIC 5 months ago
@medartist01
Glass Steagall only removed half of the regulation but left the other half. The purpose of the FDIC was to prepare the way for brokerage houses to reinvest huge blocks of capital at high interest rates virtually without any risk. It was insured by the gov't anyway. This is what happens when gov't interferes with the free market.
DEEPGNOSTIC 5 months ago