Originally Posted By ecdc >>What next? Are you going to start saying he doesn't know how to comb his hair or tie a tie? He doesn't use a computer because he can't type because his arms were broken multiple times by the vietcong.<< First, see SG's explanation. Second, this was an obvious attempt (and a good one at that) at humor by SG. McCain's old, get it? I don't care how politically correct the right tries to be (oh sweet irony) I'm making fun of McCain's age, and the "How dare you, he was a prisoner of war you monster!" attitude isn't stopping me. (And I'm making fun of Palin for, well, just being Palin. It's like shooting fish in a barrel, but you take what you can get.)
Originally Posted By dshyates The single piece of legislation that led to the housing meltdown was the Gramm-Leach-Bliley Act of 1999. Also known as the "Financial Services Modernization Act of 1999". It was Authored by Senators Phil Gramm (R, Texas), Jim Leach (R, Iowa), and Rep. Thomas Bliley (R, VA). It was signed into law on Nov. 12th, 1999 by President Bill Clinton. It repealled the Glass/Steagall Act of 1933 that prohibitted banks from providing commercial and investment banking and insurance services. Breaking down the barriers between commercial banking and investment banking allow for the bundling of loans. <a href="http://banking.senate.gov/conf/" target="_blank">http://banking.senate.gov/conf/</a>
Originally Posted By mawnck >> (And I'm making fun of Palin for, well, just being Palin. It's like shooting fish in a barrel, but you take what you can get.)<< ecdc just called Sarah Palin a fish and threatened to shoot her! Sexist!!
Originally Posted By DouglasDubh <We've been through this before Doug.> You must be using "we" to mean you and some other posters. I haven't been through it before. But I haven't read every WE thread started in the last week or two either.
Originally Posted By DouglasDubh Although many left wing bloggers are currently claiming it, the Gramm-Leach-Bliley Act has nothing to do with the current financial problems, and actually help lessen the affects, by allowing some of the deals that allowed failing companies to be purchased. The act passed both chambers by large margins, and was approved by a Democrat President. You can't hang the present problems on the act, and you can't hang the act on Pres Bush.
Originally Posted By Sport Goofy You might as well hang it on President Bush. He's already failed at doing so many things, what's another disaster to add to the litany of his failures?
Originally Posted By SingleParkPassholder His name is on the door, his watch, he owns it. The buck stops there, remember?
Originally Posted By Dabob2 The bill sounds like something the banking industry wanted for its own purposes, which ended up having unforeseen consequences. But if it indeed facilitated the bundling and securitization of loans, and encouraged more bad loans by separating the original lending institution from the consequences of default, then yes it played a part in our current mess.
