The Gramm-Leach-Bliley Act (GLBA).

The bills comprising the act were named after the Republican politicians who introduced it:
- Phil Gramm (Senate R-TX),
- James Leach (House R-IA), and
- Tom Bliley (House R-VA).

The bills were passed along party lines with Republican support in the Senate and with bipartisan support in the House of Representatives.

Economist Robert Kuttner (among others) has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis. Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that ... under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly".



Gramm-Leach-Bliley Act - Wikipedia, the free encyclopedia

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act, opening up competition among banks, securities companies and insurance companies. The Glass-Steagall Act prohibited a bank from offering investment, commercial banking, and insurance services.

The Gramm-Leach-Bliley Act (GLBA) allowed commercial and investment banks to consolidate. For example, Citibank merged with Travelers Group, an insurance company, and in 1998 formed the conglomerate Citigroup, a corporation combining banking and insurance underwriting services. Other major mergers in the financial sector had already taken place such as the Smith-Barney, Shearson, Primerica and Travelers Insurance Corporation combination in the mid-1990s. This combination, announced in 1993 and finalized in 1994, would have violated the Glass-Steagall Act and the Bank Holding Acts by combining insurance and securities companies, if not for a temporary waiver process [1]. The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the financial services industry. ...

Critics
Economist Robert Kuttner (among others) has criticized the repeal of the Glass-Steagall Act as contributing to the 2007 subprime mortgage financial crisis.[6] Economists Robert Ekelund and Mark Thornton have made similar criticisms, arguing that while "in a world regulated by a gold standard, 100% reserve banking, and no FDIC deposit insurance" the Financial Services Modernization Act would have made "perfect sense" as a legitimate act of deregulation, under the present fiat monetary system it "amounts to corporate welfare for financial institutions and a moral hazard that will make taxpayers pay dearly". [7] ...

And of course Phil Gramm is the chief economic advisor to, wait for it, John McCain.

And the one who programmed McCain to say "the fundamentals of the economy are sound - Americans are a bunch of whiners" but McCain's handlers did a shutdown, and reprogrammed him to say "those greedy Wall Street bastards...."

Ummm...Clinton signed and effectively passed that act, folks. Read a friggin' economics book every once and a while, will ya? But way to use some nice editing to cut that out of your definition up there. Who are you, Michael Moore?

Wilson Privatized our government in 1913.

Toxic Tampon is pretty good at editing stuff out that he doesn't like to read, isn't he?

If you haven't figured it out yet, Tampon Boy is basically a slimey little anti-American, anti-military, anti-everything little leftist socialist pimp with an ever-so-slight ego problem.

Here's some of his posts on the military in Iraq that give you a fairly good idea of where this piece of crap is coming from:

(Note: Toxic Tampon wanted to offer the following clarification for anyone who found the above post confusing.)


The threads he starts are okay if you're looking for laughs, but don't expect anything more than a pathetic smear job on somebody...or maybe everybody.

You have no answer so try to make a personal attack, but just end up reminding everyone how fked up the Marines and Navy are.

I figure you are preoccupied with that stuff because your father molested you.

I'm sure you'll feed better if you get it out in the open. Tell us about it.

The blame-Clinton-for-Republican-screwups crowd gets it wrong YET AGAIN.

G-L-B was passed with a veto-proof majority before Clinton ever saw it - it made NO difference whether he signed it, vetoed it, or ignored it.

Who are Franklin Raines and James Johnson?

Hello kettle? This is the pot calling. C'mon people, this is not a republican vs.democrat problem. This is a Washington politician vs. the citizenry problem. And McCain and Obama are right, smack-dab in the middle of it. Until you get that this will NOT change.