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Thread: Bill Clinton defends repeal of Depression Era Glass Steagall Act

  1. #1

    Default Bill Clinton defends repeal of Depression Era Glass Steagall Act

    Don't blame Republicans.

    "September 24, 2008 ...

    MARIA BARTIROMO

    Mr. President, in 1999 you signed a bill essentially rolling back Glass-Steagall and deregulating banking. In light of what has gone on, do you regret that decision?

    FORMER PRESIDENT BILL CLINTON

    No, because it wasn't a complete deregulation at all. We still have heavy regulations and insurance on bank deposits, requirements on banks for capital and for disclosure. I thought at the time that it might lead to more stable investments and a reduced pressure on Wall Street to produce quarterly profits that were always bigger than the previous quarter. But I have really thought about this a lot. I don't see that signing that bill had anything to do with the current crisis. Indeed, one of the things that has helped stabilize the current situation as much as it has is the purchase of Merrill Lynch (MER) by Bank of America (BAC), which was much smoother than it would have been if I hadn't signed that bill.

    Phil Gramm, who was then the head of the Senate Banking Committee and until recently a close economic adviser of Senator McCain, was a fierce proponent of banking deregulation. Did he sell you a bill of goods?
    Not on this bill I don't think he did. You know, Phil Gramm and I disagreed on a lot of things, but he can't possibly be wrong about everything. On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence. But I can't blame [the Republicans]. This wasn't something they forced me into. I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [commercial banks] to go into the investment banking business as Continental European investment banks could always do, that it might give us a more stable source of long-term investment. "

    http://www.businessweek.com/magazine...2000409948.htm
    Last edited by Big Dog; 10-16-2011 at 11:21 AM.
    .
    Karl Marx's five stages of development: 1. Primitive communal society 2. Feudalism 3. Capitalism then ... 4. Socialism and finally ... 5. Communism

    Then reality ..
    Stage 6: socialist dictatorship

  2. #2

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    Poor Bill (and poor us !)

    Bill got sold on the idea Europeans are so admirable, we should imitate them in all possible ways....

    (The idea has long been a mainstay of Academic Liberal thought.)
    meangenes

  3. #3
    Administrator Bill Cosby's Avatar
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    Quote Originally Posted by mrmeangenes
    Poor Bill (and poor us !)

    Bill got sold on the idea Europeans are so admirable, we should imitate them in all possible ways....

    (The idea has long been a mainstay of Academic Liberal thought.)
    ????Not sure what it is you are apologizing about, but why not address what clinton said???

    I have read here numerous times how the bad ppl made him sign that, just like they say the bad ppl make obama do bad things....

    Go head, you can tackle this............
    We judge ourselves by our ideals; others by their actions.
    Howard Zinn

    We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both.

    Louis D. Brandeis

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    Senior Member California Chrome's Avatar
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    Quote Originally Posted by Bill Cosby
    I have read here numerous times how the bad ppl made him sign that, just like they say the bad ppl make obama do bad things....


    Clap along if you feel like a room without a roof.

  5. #5

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    Quote Originally Posted by Bill Cosby
    ????Not sure what it is you are apologizing about, but why not address what clinton said???

    I have read here numerous times how the bad ppl made him sign that, just like they say the bad ppl make obama do bad things....

    Go head, you can tackle this............

    Here, I'll help you with your reading comprehension, blue blood Bill.

    From the OP ...

    " I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [commercial banks] to go into the investment banking business as Continental European investment banks could always do, that it might give us a more stable source of long-term investment. "


    .
    .
    Karl Marx's five stages of development: 1. Primitive communal society 2. Feudalism 3. Capitalism then ... 4. Socialism and finally ... 5. Communism

    Then reality ..
    Stage 6: socialist dictatorship

  6. #6
    Administrator Bill Cosby's Avatar
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    Quote Originally Posted by Big Dog
    Here, I'll help you with your reading comprehension, blue blood Bill.

    From the OP ...

    " I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [commercial banks] to go into the investment banking business as Continental European investment banks could always do, that it might give us a more stable source of long-term investment. "


    .

    ???why are you addressing me instead of him???

    I think you are the one that is confused........

    We judge ourselves by our ideals; others by their actions.
    Howard Zinn

    We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both.

    Louis D. Brandeis

  7. #7

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    Why do you jerks have to have someone to blame? Does it really matter what Bill Clinton did? NO...because republicans were on board too. That goes the same with the first NAFTA vote that most Americans were against as well, but that was then.

    We now have a whole other set of issues to think about. That the chickens have come home to roost & it's time to change course for the good of our country & most people...whether the rich like it or not.

  8. #8
    Senior Member California Chrome's Avatar
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    Quote Originally Posted by Quikstepper
    Why do you jerks have to have someone to blame? Does it really matter what Bill Clinton did? NO...because republicans were on board too. That goes the same with the first NAFTA vote that most Americans were against as well, but that was then.

    We now have a whole other set of issues to think about. That the chickens have come home to roost & it's time to change course for the good of our country & most people...whether the rich like it or not.
    Another envious fleabagger. I can't wait to see your dumb, jealous asses bitchslapped six ways to Sunday next Nov.


    Clap along if you feel like a room without a roof.

  9. #9

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    Quote Originally Posted by MintJulep
    Another envious fleabagger. I can't wait to see your dumb, jealous asses bitchslapped six ways to Sunday next Nov.

    We'll see who gets the bitchslappin' you pig

  10. #10
    Administrator Bill Cosby's Avatar
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    Quote Originally Posted by Quikstepper
    Why do you jerks have to have someone to blame? Does it really matter what Bill Clinton did? NO...because republicans were on board too. That goes the same with the first NAFTA vote that most Americans were against as well, but that was then.

    We now have a whole other set of issues to think about. That the chickens have come home to roost & it's time to change course for the good of our country & most people...whether the rich like it or not.
    I think there is some benefit to this, although I don't believe the OP had any intentions of doing so......

    Clinton is looked upon quite highly by many of "you ppl"....... & I guess it can be said he did some good things but not everything he or his party did or supported was good........

    I think it important to acknowledge that everything that party, or this president do, may not be in your/our best interest either.......

    Obama just had three mini NAFTA's & hardly a word is said....... The jobs will not leave all @ once, it is nice & slow, like the O' frog in a pot or water on the stove..........

    Carter, Reagan, Clinton, both Bush & now Obama have played a role in this problem & what has been done to prevent this from all happening again??
    We judge ourselves by our ideals; others by their actions.
    Howard Zinn

    We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both.

    Louis D. Brandeis

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