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IPFS News Link • Government

Foreclosed: Blame Bill Clinton’s Repeal of Glass-Steagall

• The Strange Death of Liberal America
This is an older story I am submitting it so the Liberal Fascists who may appear on site from the brad blog can see the truth! Many Democrats wish Bill Clinton still occupied the White House. However, before you put him in Mt. Rushmore, you might want to investigate his role in the mortgage foreclosure crisis. The chief aim of what I have termed the Republican Counterrevolution has always been to roll back the New Deal. Anti-gov’ment rhetoric hides this as surely as states’ rights hid racist segregation. Of all the New Deal legislation the GOP has sought to overturn, one that has always been at or near the top of the list is the Glass-Steagall Act. Ironically, a Democratic president repealed this for them. Glass-Steagall An unreconstructed Southerner from Virginia, Carter Glass shepherded the creation of the Federal Reserve System through Congress,

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Comment by richness
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I have been screaming this from the mountaintops for 2 years, (after I discovered it...), and profess,  Gramm-Leach-Bliley Act is the most destructive legislation in my lifetime.  It's like removing traffic signals to alleviate congestion... The damn Glass-Steagall Act was instituted to prevent financial collapse... not as a punishment to big bankers, but a stop gap measure for consumer banking.



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