History vs. Bill Clinton

Deregulation Reagonomics, and the beginning of our Country's economic melt down/ the second Great Depression. 

Bill Clinton (with Alan Greenspan appreciatively looking on) signing the repeal of the Glass Steagall Act/Banking Bill of 1933. Huge mistake!  (No one in this picture is innocent. Big problem is if we look into this piece of history a lot of current Senators and Congressmen that voted for this repeal, at their lobbyist (banking and insurance industries) request, are hoping this can be swept under the carpet.

The bill that ultimately repealed the Glass-Steagall was introduced by Republican Phil Gramm. The bill was passed along Republican majorities along party lines: 54-44 in the Senate and 343-86 in the House.  The Republicans final bipartisan bill had a large enough majority to override a Presidential veto, so this new legislation was signed into law by Bill Clinton on November 12, 1999.

The Banking Industry had been seeking to repeal the Glass-Steagall Act since the 1980s.

The repeal enabled commercial lenders such as Citigroup to underwrite and trade mortgage back securities and collateralized debt obligations, and structured investment vehicles (SIVs) that bought those securities. Even though SIVs existed before the repeal of the Glass-Steagall Act,  Most economist today see the repeal of this Act as the cause for our current economic problems.

WANT TO HELP THE STOCK MARKET? IT'S BEGGING TO BE REGULATED!  FIX IT!  NO ONE IS GOING NEAR THIS DISASTER UNTIL IT'S FIXED.  FIX IT!