Uh, Hillary, Your Hubby Caused the 2008 Recession

a reply to: enlightenedservant

The Senate Republicans never had 60 members necessary to pass a law that would have changed the Glass-Steagall repeal.

originally posted by: xuenchen
a reply to: intrepid

a reply to: enlightenedservant

Off topic.

This is about Hillary lying.

How is it "off topic" to point out that you're blaming someone who left office in 2001 for something that happened in 2008? You're also conveniently ignoring the political party that controlled Congress during Clinton's entire 2nd term, as well as during most of the time between 2001 and the 2008 crisis. And you're ignoring that someone else was President between 2001 and the 2008 crisis, yet apparently they were also too incompetent to undo any of Clinton's policies that supposedly brought on the 2008 crisis. I wonder why you keep ignoring this?

originally posted by: Gryphon66

Follow the money; who profited?

The Banking Cartel, you know...Hillary's main $$$$$ support.

a reply to: xuenchen

The Senate didn't need 60 votes back then to pass legislation. In fact, the 1999 Gramm–Leach–Bliley Act (which repealed Glass-Steagall) passed 54 votes to 44, with 1 senator abstaining and one simply voting "Present". So you were saying?

www.govtrack.us...
en.wikipedia.org...

ETA: Oh yeah, and Republicans controlled the Senate when they passed the Gramm–Leach–Bliley Act in 1999. But of course, you'll still blame the Democrats and President Clinton. I wonder why?

a reply to: enlightenedservant

Of importance perhaps, even Elizabeth Warren, and Bernie Sanders
the darlings of the Democrat Party tied the repeal of Glass Steagal
to the 08 crash.

Risk Mortages were bundled together as "derivatives" ...
one of three types of financial instruments bought and sold
on the stock market.

Risk mortgages dont go bad overnight, about when the
balloon payments hit, and folks could not make the balloon
payment, so the wave of defaults began years later.

a reply to: burntheships

And once again, it was a Republican controlled Congress that passed the Gramm–Leach–Bliley Act in 1999. The Gramm–Leach–Bliley Act is what repealed Glass Steagall. President Clinton could have and should have vetoed it. But that doesn't take away the Republican's role in literally passing the legislation in both chambers of Congress.

And then President Bush and the subsequent Congresses could've reinstated it if they chose to, but they didn't. That's why it's ridiculous to blame Pres Clinton for it.

This 2008 recession you speak of, is this the one Trump loved so much because he got to make tons of money from millions of lower and middle class families losing their homes and jobs?

originally posted by: enlightenedservant
a reply to: burntheships

And once again, it was a Republican controlled Congress that passed the Gramm–Leach–Bliley Act in 1999. The Gramm–Leach–Bliley Act is what repealed Glass Seagall. President Clinton could have and should have vetoed it. But that doesn't take away the Republican's role in literally passing the legislation in both chambers of Congress.

And then President Bush and the subsequent Congresses could've reinstated it if they chose to, but they didn't. That's why it's ridiculous to blame Pres Clinton for it.

It's just like what they say about Obamas supposedly creation of Isis, Bush made a deal with the Iraq government to have all US troops out of Iraq a couple years into Obamas presidency, Trumpers blame Obama for honoring the deal.

a reply to: xuenchen

The premise of the article, that "Bill Clinton caused" the 2008 financial crisis is, frankly, extremely misleading and a total fail in that the 2008 Subprime crash was primarily "caused" by a complex set of factors that can't be reduced to "Bill Clinton."

As to Glass-Steigal, it prevented bank mergers.

"I have often posed the following question to critics who claim that repealing Glass-Steagall was a major cause of the financial crisis: What bad practices would have been prevented if Glass-Steagall was still on the books?" wrote former Federal Reserve Vice Chairman Alan Blinder. "I've yet to hear a good answer."

The Short Answer:

The 1999 changes to Glass-Steagall led to much bigger banks, but that was, at best, just one factor in the 2008 financial crisis.

LINK

Plenty of Blame to Go Around
Overall, it was a mix of factors and participants that precipitated the current subprime mess. Ultimately, though, human behavior and greed drove the demand, supply and the investor appetite for these types of loans. Hindsight is always 20/20, and it is now obvious that there was a lack of wisdom on the part of many. However, there are countless examples of markets lacking wisdom, most recently the dotcom bubble and ensuing "irrational exuberance" on the part of investors.

It seems to be a fact of life that investors will always extrapolate current conditions too far into the future - good, bad or ugly.

Read more: Who Is To Blame For The Subprime Crisis? | Investopedia Link

That being said, it would require a contortionist's effort to make sense of Hillary's attempt to reduce the Mortgage crash to, apparently, tax policy and lack of investment in the middle class.

Wall Street regulation? There might be more of a case for that, but it was primarily the conclusion stated above (see link) woven into labyrinthine bank loan-and-insurance and hedges that created an artificial Housing bubble. The bubble burst and shook all the world.

So. I would say it was a very weak argument on her part, and she would need to back that up with some serious research before I would believe her.

One would do better to say GREED (and Trump has admitted on film to being very greedy) was the ultimate factor in the financial crisis. I won't go so far as to say Trump caused it, though...

a reply to: RedMenace16

I definitely agree.

a reply to: enlightenedservant

Clinton was the President.and his buddy Sanford (Sandy) Weill was
a major mastermind of the repeal, he cashed out before the
wave of defaults began.

www.zerohedge.com...

Gramm left the Senate to become an executive at UBS bank.
James Leach then was appointed by Obama in 2009 to head the NEH
Rubin, Clinton administration treasury secretary who helped push subsequent
legislation later accepted a lucrative deal with Citigroup.

The too big to fail banks then had to be bailed out by the American
public, surely you remember this?

How many big banks have paid Bill and Hillary for speeches?
You don't think there is a connection?

a reply to: burntheships

And once again, it was a Republican controlled Congress that actually passed the Gramm–Leach–Bliley Act in 1999. That's the legislation that repealed Glass-Steagall. I'll never understand why people here keep excusing the 535 elected members of Congress from the responsibility for their actions (note: "Glass" is Senator Carter Glass and "Steagall" is Representative Henry B. Steagall, both whom were obviously Congressmen).

In other words, Presidents don't pass this kind of legislation; Congress does. And if it were somehow up to a President to decide things like Glass-Steagall, then why isn't President Bush being blamed for not reinstating it? Oh that's right, because it takes Congress to actually pass legislation that would reinstate it. And in that case, why aren't the subsequent Congresses (which were also mostly Republican controlled) blamed for not reinstating it?

It's funny how Republicans attack Democrats for blaming Bush for the things that happened early in Obama's 1st term. But Republicans have no problem blaming Clinton for the things that happened 7 years after he left office. And they completely ignore the fact that it was a Republican controlled Congress that repealed Glass-Steagall, a Republican President who refused to push to reinstate it, and several Republican controlled Congresses that refused to re-pass it before the 2008 financial crisis.

ETA: And out of boredom, I looked a little deeper into the Gramm–Leach–Bliley Act, which repealed Glass-Steagall. And surprise surprise, all 3 of the sponsors for the bill are Republicans: Sen. Phil Gramm (R, Texas), Rep. Jim Leach (R, Iowa), and Rep. Thomas J. Bliley, Jr. (R, Virginia). But of course, this thread ignores that.

a reply to: enlightenedservant

By the way, the same strategy was used to dupe the
public during Obama care legislation. Sign it to find
out what is in it.

I dont give a rats ass what some Republicans did,
senators and congressmen, when it was The President
himself and his minions who crafted the deal to enrich
themselves.

Again, the legislation was masterminded by Clinton cronies.

Wall Street deregulation pushed by Clinton advisers, documents reveal

Years later, documents finally released reveal the same people
working at all of the shady deals, Clinton's and their cronies.

www.pogo.org...

Same ole same ole, while they raked in Billions from Wall Street,
speeches, and donations to The Clinton Foundation.

a reply to: burntheships

So you're claiming the 3 Republican Congressmen who co-sponsored the Gramm–Leach–Bliley Act were Clinton cronies? And all of the politicians who refused to reinstate Glass-Steagall were also Clinton cronies, including the Republican controlled Congresses and Pres Dubya Bush?

It doesn't matter what you give a rat's a about. Glass-Steagall would've still been law if the Republican controlled House of Representatives and the Republican controlled Senate didn't pass the Republican crafted legislation that repealed it. And then the Republican President and Congressmen after Clinton left refused to reinstate it.

This thread is based on a bunch of lies, particularly lies of omission.

a reply to: enlightenedservant

I imagine that you did not even look at the documents
linked in those two mainstream news articles that prove
Bill Clinton was in on the deal, and knew how destructive
the repeal would be?

No, you did not even have time to look at them, you just
keep trying to blame this on republicans who backed the
legislation, as well as democrats. LOL! You do realize
Democrats signed on too? Or are you trying to ignore that,
along with the Democrat President, and his cronies that
perpetrated this on the American Public?

And not only did they perpetrate the repeal, they went
on to perpetrate predatory lending practices on the
people who ended up with loan defaults.

Lastly, understand the the way of derivatives as
financial instruments work, debt default does not
happen overnight.

originally posted by: intrepid
So it's no longer Obama's fault as has been put forward, ridiculously, but now the husband of the current candidate? Wish these guys would settle on one thing and not change it when it becomes more convenient. 2nd question. Bush had 8 years to head this off, if it was Bubba's fault, did he drop the ball?

Clinton pushed for low income people to get loans for housing for his entire presidency. It was a big part of his presidency. Bush and other Republicans did warn about this during Bush's term but had pushback from Democrats.

originally posted by: enlightenedservant
President Clinton could have and should have vetoed it.

It was passed with a veto-proof supermajority showing that both parties are beholden to special interests and lobbyists.

originally posted by: AboveBoard
As to Glass-Steigal, it prevented bank mergers.

Which enabled commercial and investment banks to comingle funds. This opened up banks to additional revenue streams that would normally be precluded from high risk activity.

originally posted by: xuenchen

originally posted by: intrepid

originally posted by: xuenchen

originally posted by: intrepid
So it's no longer Obama's fault as has been put forward, ridiculously, but now the husband of the current candidate? Wish these guys would settle on one thing and not change it when it becomes more convenient. 2nd question. Bush had 8 years to head this off, if it was Bubba's fault, did he drop the ball?

And it seems Bush was warning about the problems with the mortgage systems.

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

So Bush sat on his hands for 7 years then. Got it.

Congress did, especially in 2007 and 2008.

Bush had no power to stop this by himself.

Oh, that is so deliciously ironic coming from you. So you admit then that all the things you've spent the best part of 8 years saying are all Obamas fault are actually the fault of Congress then? You can't have it both ways now can you?

originally posted by: AugustusMasonicus

originally posted by: AboveBoard
As to Glass-Steigal, it prevented bank mergers.

Which enabled commercial and investment banks to comingle funds. This opened up banks to additional revenue streams that would normally be precluded from high risk activity.

You are correct. *bows*

But it is hardly the sole factor in the meltdown.

I would say this is proof that some regulations are good. Banks should be regulated to prevent human greed and avarice from trumping sound business decision-making.