The foundation for the current financial crisis was set in motion by Bill Clinton in 1999 with the Financial Services Modernization Act.
Timeline for Glass Steagal
• Did away with restrictions on the integration of banking insurance and stock trading(Glass Steagall Act of 1933)
Under the Old law banks, brokerages and insurance companies were barred from entering each other’s industries
• Commercial banking and investment banking were separate entities in 1997 and 1998 alone the banking insurance and brokerage industry lobbyist spent over $300 million dollars to get this legislation passed.
• It is also important to note that the lobby was hard at work on this legislation - $58 million in campaign contributions to Democratic and Republican candidates,
• $87 million in "soft money" contributions to the Democratic and Republican Parties and
• $163 million on lobbying of elected officials.
Not surprisingly, Texas Republican Phil Gramm(chairman of the Senate Banking Committee) himself collected more than $1.5 million in cash from the three industries during the last five years $496,610 from the insurance industry,
$760,404 from the securities industry, and $407,956 from banks.
It is more interesting and funny to note that part of the Gramm-Leach Billey Act consisted of modifications and amendments to the Community Reinvestment Act – an anti-redlining law which requires that banks make a certain proportion of their loans in minority and poor neighborhoods. Gramm succeeded in inserting two provisions to weaken the CRA – one to reduce the frequency of examinations for CRA compliance to once every five years for smaller banks, the other compelling public disclosure of loans made under the program.
The later provision was particularly offensive to black and other minority business and community groups who have used the CRA provisions as a leaver by threatening to challenge mergers and other bank operations which require government approval. In most such cases the banks have offered loans to business men or outright grants to community groups in return for dropping their legal actions. These petty-bourgeois elements have been able to posture as defenders of the black or Hispanic community, while pocketing what are essentially payoffs from finance capital and concealing from the public the details of this relationship.
And here today this country stands poised on the brink of economic disaster – led by the reincarnation of Nero who isn’t even that good of a fiddler(and am wondering if he can even pronounce the word properly) while the media with a good assist from the clinton campaign and its supporters leads the way into a major morass that is racial unrest by way of comments made by a retired minister over five years ago right after the 9/11 attacks had taken place.
To what standard is one held when you make someone accountable for the statements made by another individual – not just current statements but statements made years and years ago. Is this part of the presidential "vetting process" if so then at what time do we start looking at the people who are around the Clintons right now and researching all their statements going back at least five years as well.
The Clintons have repeatedly touted their years of working for civil rights and helping minorities – I wonder if this is part of what they are referring to or maybe Hillary’s work on the board of Walmart?
What does it say about the people supporting the Clinton candidacy that these things being set in motion by this campaign and being justified in the name of "vetting" a candidate – what does it say about the kind of people that would support a Clinton Candidacy
• Racism is not a major issue for them – most feel there is no such thing as racism those that complain about racism in America are just whiney crybabies looking to use racism as an excuse
• There most likely are many supporters who are part of (either directly or indirectly) of the coven that benefited(and still does) from the largess that is part of the corporate lobbying that goes on in Washington DC
It would be great if you could poll these concepts in a clear way and get factual data as a result. Most people – Clinton’s included will tell you – "I’m not a racist" all the while turning their heads while those around them exhibit exactly just that. Besides there are not many foolish-stupid-or bold enough to claim that they are outright racist.
So a campaign that is backed by supporters who at the very least have racial issues and who have no problem inviting those in society who embrace a racist mentality to "hop on board.", some of which have benefited as they themselves attest to "the good Clinton years" which included some of the lobbyist largess that Washington DC politics have become known for – that has disenfranchised the average American and detoured the process by which elected officials represent the wishes of the PEOPLE that elect them to office by serving the wishes of those with the most money to inject into their campaigns and the coffers of their close personal friends/constituents.
No wonder they view the Obama campaign with such hostility by very virtue of what his campaign is based on – changing the way we DO politics and government – changing and eliminating as much as possible the influence lobbyists have in Washington DC must be like burning acid to them. Or more like spraying raid and watching them squirm or in this case shriek and harangue.
A person wishes to lead this country who has no qualms about resorting to measures that further divide an already divided nation, who tries to hold their opponent to standards that they themselves cannot meet. This person has no measurable experience other than that obtained being the wife OF an elected official and who has threatened and tried to subvert the political process already set in place for selecting a nominee to represent the party because it’s expedient
That person is Hillary Clinton and im sure she does not "approve" this message.
take back your country people - it doesnt BELONG to them...
for more information see the following links:
Mischeif from Mr. Gramm - NYTimes Article
The War on CRA
Senate Banking - Financial Services Modernization Act - Ammendments
The quotes are excerpted from an article here:
Clintons Republicans deregulate US financial system