Replies

The party politics fall apart under scrutiny.

from Wikipedia:

The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102, 113 Stat. 1338 (November 12, 1999), is an Act of the United States Congress which repealed the Glass-Steagall Act...

The interesting element, that many fail to mention, is this:

Gramm (Republican)-
Leach (Republican)-
Bliley (Republican)

The Republican Congress passed the laws (House & Senate versions) and the full Congress passed the compromise bill.

from Wikipedia:

The bills comprising the act were introduced in the Senate by Phil Gramm (R-TX) and in the House of Representatives by James Leach (R-IA). The bills were passed by a 54-44 vote along party lines with Republican support in the Senate and by a 343-86 vote with bipartisan support in the House of Representatives. Nov 4, 1999: After passing both the Senate and House the bill was moved to a conference committee to work out the differences between the Senate and House versions. The final bill resolving the differences was passed in the Senate 90-8-1 and in the House: 362-57-15. It was signed into law by President Bill Clintonon November 12, 1999.

The blame is on both parties, each of whom have been robbing the treasury for years.

Remember Enron and World Global? They were blamed on Clinton. Clinton has been out of office almost as long as he was in office. It is Bush's watch. It has been Bush's watch since 2001.

Oh no you di-int!

Seriously, the mess we’re in thrives on Party poltiics. Both sides know that no real day of reckoning will come, because to do so would take out key players on BOTH sides.

So we thump our chests and gnash our teeth, but retire meekly to the rock from whence we came once we realize “our side” would pay the price too.