your unwillingness to answer this question is very telling. the crash was planned by your party now you are caught and history will punish your party severely
He just continued the Clinton admins process of refusing to implement those laws. They were passed in 1999. Clinton had over a year to implement them as well.
Nope, You see the bill had a grace period in which the broker rules were not yet implemented until the banks could form a corporate plan to adhere to the new rules. Pretty fair huh. Bush and team kept the rules at bay for 8 long years for what reason now? - - - Updated - - - http://en.wikipedia.org/wiki/Gramm–Leach–Bliley_Act here now I made it easy for you to try and explain this
A year? You can't even hire the investigators you need in a year, let alone investigate, bring charges and get court dates. Bush just flat out stoned any investigation.
the bill was set to implement after Clinton was out of office. Clinton had nothing to do with the bank broker rules being held back
http://www.boston.com/news/politics/articles/2010/10/14/frank_haunted_by_stance_on_fannie_freddie/ “The financial crisis was caused by deteriorating underwriting standards, almost all of which was done by privately securitized mortgages on Wall Street,’’ said William Wheaton, an economics professor at the Massachusetts Institute of Technology. That is why the market crashed......pure and simple. The Dems and GOP had plenty of blood on their hands but the ratings agencies were the primary culprit. And yes........the Dems were part of the problem. http://www.nytimes.com/2003/09/11/b...ed-to-oversee-freddie-mac-and-fannie-mae.html
the bush admin kept the laws on brokers from being implemented for 8 long years and fought all 50 states to keep them from being able to regulate the banks
President Clinton Pressures Fannie Mae To Give Risky Loans New York Times Excerpt, September 30, 1999 "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people. Bush Recommended Regulatory Overhaul of Fannie & Freddie In 2003 But Barney Franks & Congressional Democrats Defeated the Proposal New York Times Excerpt, Sept 11, 03 "The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. Powerful Democrats Receive Huge Levels of Financial Support From Fannie Mae and Freddie Mac Bloomberg News: "But we now know that many of the senators who protected Fannie and Freddie, including Barack Obama, Hillary Clinton and Christopher Dodd have received mind-boggling levels of financial support from them over the years. "Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000. "Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix. You Tube Video Explains Obama's Involvement in Creating Crisis Obama was one of the lawyers in a firm that sued banks for not giving enough subprime [risky] loans to low income people. He received 49 times as much money from Frannie & Freddie as John McCain received. Obama received 4 times more money per year than any other senator; and in three years collected more money from Fannie & Freddie than John Kerry did in over 20 years. See this link for this video: http://www.youtube.com/TheMouthPeace Obama, a Central Figure in Left-Wing ACORN Organization Obama is a central figure in the left-wing ACORN exploitation of financial institutions and pressuring them to make high risk loans. In the 90's those years, he also conducted leadership-training seminars for ACORN's up-and-coming organizers. "Obama's campaign apologized for failing to report $800,000 in campaign payments to ACORN. They were 'accidentally' filed with the Federal Election Committee as money sent to 'get-out-the-vote' and 'advance work.'" After several days of rage from conservative activists regarding this provision, the ACORN provision was removed. Obama spends six years blaming G.W. Bush for the economy that liberal policies were responsible for. And the low information Americans believed Obama just like when Obama was running around the country proclaiming that "Al Qaerda was being decimated and was on the run." Just another Obama lie. http://www.wpaag.org/Bailout - Who Caused Financil Crisis.htm
If reg R had been in place on day1, it would not have made a single bit of difference. This was a global collapse that had zero to do with whether banks in the US were or were not using brokers. I do not see how letting banks dispense with the use of brokers when we were already doomed would have made made any difference. Nobody understood these bizarre derivatives after the fact and you could never convince me that but for brokers, people would not have been taking on these toxic investments.
