Anyone Still Want To Defend Clinton/Rubin/Gramm's Repeal Of Glass-Steagall?

[MannyGoldstein]

A month or so back, some on DU defended the repeal of the post-depression Glass-Steagall Act, using CitiGroup's financial health as proof that the repeal was a good thing.

Anyone still believe that? I'm curious.

[Sebastian Doyle]

1. Doesn't matter with the DLC'ers and the Hillbots

"Thou shalt not speaketh ill of the Most Holy Clintons".

[aquart]

2. I have never had a good word to say about the repeal of Glass-Steagal.

I do NOT believe the Clintons are holy unlike Obama supporters who worship their man.

But I do find this continued, desperate, nasty, petty sniping a symptom of a continuing guilty conscience because a good woman was maligned to put a good man in office.

Sorry, sweeties. Nothing will ever make that right.

[mojowork_n]

3. OMG -- You just bit down on 4 toes at once!

The O.P. offered an incisive, accurate-in-hindsight observation about deregulation.

Okay, so it involved a little name-dropping, but it certainly was a good, honest, open-ended question.

You're the one who replied with the emotional, name-calling, bitter taunt, that had absolutely nothing to add to the subject under discussion.

[peace13]

4. Wow!

And Hill had no responsibility for her lies about Bosnia, her inability to say if Obama was Muslim or not or her poorly run campaign that went into debt by millions. I will state here that I sent her money to offset her debt after she came out of hiding to 'concede' to Obama. A good candidate, male or female would not have had the problems that the Clinton campaign had. I think Hillary supporters are going to have to come to this realization if boards such as DU are to remain. It is crazily painful to hear people such as yourself blame Obama supporters for your pain. It is time that you hold Hillary responsible.

[PassingFair]

9. Don't forget her IWR vote.

The MAIN reason I wouldn't vote for her.

If I have a choice, I will NEVER vote
for someone who authorized the attack
and occupation of Iraq.

[unlawflcombatnt]

6. Need to separate Hillary from the rest of the Rubinistas

There's a big difference between Hillary Clinton the presidential candidate, and the policies of Bill Clinton's Rubinistas. Hillary was talking protectionism (which was good), while Bill Clinton's Rubinistas are free-trading Corporate globalists.

Hillary I liked and supported. Bill Clinton and the Rubinistas I did not like, and voted against.

Obama has now become a Rubinista.

[JohnWxy]

5. I thought the repeal of the Glass-Steagle act was not a good idea. But it wasn't what really did

the damage. It was the Commodities Futures MOdernization act which allowed UNREGULATED trading in Financial Deriviatives like Credit Default Swaps that produced the Deregulation Disaster we are now in.

the CFMA both made CDSs legal and unregulated. That's what lead us into our current financial disaster.


I still think even if regulation was reinstated (lets see if the Republicans water such legislation down to the point that it is meaningless) that investment banking and commercial banking should be totally separate.

If a guy wants to make lots of money then he should get out of commercial banking and get a job in an investment bank.

[HamdenRice]

7. Repeal Of Glass-Steagall was largely irrelevant

As post 5 states, it was the deregulation of commodities that did much more damage. Also various capital requirement regulations of banks, and the lax oversight of the SEC.

You are mischaracterizing the debate of several weeks ago. It was that the repeal of GS was basically a red herring. The damage was done elsewhere.

[gravity]

8. The investment banks who didn't take in deposits were the ones who failed.

The ones who did take advantage of the Glass-Steagall repeal had a stronger capital structure which helped them survive this market turmoil.

The main problem was with lack of regulation and oversight, not the Gramm-Leach-Bliley Act.