Bill Clinton - Al Gore and the Glass Seagall Repeal: Did the Democrats Crash the World Economy?

Thanks for your comments and flag,

Check ou the film Zeitgeist that explains all this very well. It is viewable on the Net for free.  There is a I and a II. The first one has a bunch of information on the banks.

Thanks Fairbanks and Juarez for the comments and the stopping by. Much appreciated!

Thanks my Friend for the visit and great comments.  Granted Bush is no angel in all this spending trillions on a war that should not have been started in the first place. But then main thing is the Democrats under Bill and Al signing a Bill that destroyed a country 70 years earlier and was deemed Illegal shows whose plate the Democrats is buttered on. But then tell me any politician who was a standup guy, honest and true to his word. Oh yeah, and it ain't and never was any of the Kennedys, whose backroom shenanigans and sexual dalliances paled in comparison to Bill.  I think there will never be an honest politician anywhere when election backing  comes from big money, Obama or McCain are taking big money, that means you have to pay the piper when you take office. Big Money don't give it away free, they want influence and they want it BIG TIME.

There truth when they say Good Guys finish last, and that goes for honest politicians.

If most reasonable, intelligent financially savvy people agree that the current financial MESS we are in, was in large measure caused by the repeal of critical section(s) of Glass-Steagall - - - WHY is so difficult for anyone in authority [possibly: Paulson; Bernacke or even members of Congress] INSIST that we repeal the repeal ( pardon the redundancy)? In laymans terms - reenact the critical sections of the G-S Act before the problem continues to grow even worse?

Barry you are wrong in blaming Clinton. You need to be more careful in your reading. You know Presidents are at the behest of the people...and especially successful banking business people who claim they know the insides of Wall-Street and what is happening on the Economic front. You really think Bill Clinton had that success? No! He is only a rally Cheerleader figurehead of the US.who takes advice from the guys who think they know everything.The guys who control the money are the ones who make the decisions, while charade naive politicians believe the bad advice given them.

http://en.wikipedia.org/wiki/Sanford_I._Weill

http://thestrangedeathofliberalamerica.com/bill-clinton-glass-steagall-and-the-current-financial-and-mortgage-crisis-part-two-of-an-indepth-investigative-report.html。。。

You will find your guy is Sanford I. Weill who caused this and had Glass Seagull repealled. He is the head CEO of Citigroup. Even Greenspan did not control the levers in Banking as people think,,,but was a voice who supported the CEO big wigs who manipulate the funds of banks...along with their boards who go along with the deicisions. Phil Gramm was one of the guys who wanted Glass Seagull repealed in order to get Enron out of its financial troubles he thought...by creating the Enron Loophole.

Look: In April 1998 Travelers Group announced an agreement to undertake the $76 billion merger between Travelers and Citicorp, and the merger was completed on October 8, 1998. The possibility remained that the merger would run into problems connected with federal law. Ever since the Glass-Steagall Act banking and insurance businesses had been kept separate. Weill and John S. Reed bet that Congress would soon pass legislation overturning those regulations, which Weill, Reed and a number of businesspeople considered not in their interest. To speed up the process, they recruited ex-President Gerald Ford (Republican) to the Board of Directors and Robert Rubin (Secretary of Treasury during Democratic Clinton Administration) whom Weill was close to. With both Democrats and Republican on their side, the law was taken down in less than 2 years. (Many European countries, for instance, had already torn down the firewall between banking and insurance.) During a two-to-five-year grace period allowed by law, Citigroup could conduct business in its merged form; should that period have elapsed without a change in the law, Citigroup would have had to spin off its insurance businesses.

In 2001, Sanford I. Weill became a Class A Director of the Federal Reserve Bank of New York. Class A Directors are Board Members who are elected by Member Banks (of the Federal Reserve System) to represent the interests of Member Banks. (See article on Federal Reserve Bank Board Membership).

In 2002 the company was hit by the wave of "scandals" that followed the stock market downturn of 2002. Chuck Prince replaced Mr. Weill as the CEO of Citigroup on October 1, 2003.

The scandals were connected to Enron....and what happened on 911. Enron was lying big time....and they owed banks who were getting antsy in wanting their money. I contend they knew these things were going to bottom out, and they needed to get money or a means to destroy evidence showing the fraud Enron was committing.

Was 911 more than a terror attack? I think it was. It was a coverup in an attempt to destroy FBI records and and bank documents that could be traced to Enrons fraud. Sandy I Weill  was just as involved with Ken Lay as others in the Bush Administration. They planned the attack to destroy evidence while hiding the real motive. They called it an terrorist attack. And there may have been hijackers from binLadin connections....but it was arranged for them to do it. Why do you think they played it down when it was brought to their attention, as if the threat was no big deal? They planned it....

And if you watch you are seeing Citigroup handsomely rewarded now....because they have done such a good job to throw everyone off the Enron case as the cause to 911.  

http://my.nowpublic.com/world/us-20b-fed-bailout-sandy-i-weills-citigroup-enron-smoking-gun-911

Rev. Jermano

Hi, thanks for all the good detailed info on the 911 theory as well as Glass-Steagall.  I read several books in German only available in Europe about how 911 didn't add up to how it was presented with scientific research, evidence and opinions, and the motives of the theory talked about here, makes absolutely perfect sense. 

The Glass-Steagall needs to be put back into place. The economy is a mess.  Businesses need some federal money instead of relying on banks which can and in some cases, are,\ calling their credit lines because the banks need the cash reserves due to their bad investments in other sectors.  Businesses need help now.

I agree H Lynn. Glass-Steagall needs to be reinstated, and never fooled with again.

If we are honest with ourselves we can see that this financial crisis is because of the interlinking of 911, with wallstreet.  Enron was crooked, and Republicans were involved, the guys who are thought to be the guys behind the wheels of business....and when they do bad things, who does the public trust anymore? Really!  How can we trust them?  Enron people literally got away with it.....because there are so many who lost everything, and then to have 911 happen as if a plot to destroy evidence because of insider indictments and wall street scams coming to the public.....and now not having that evidence any longer so crooks can get away with what they did? No one believes that the system is trustworthy, let alone our government who it clearly appears concocted 911...setting charges to the buildings killing fellow Americans for their coverup, their plans for more dubious acts of treason such as the lie to go to war.

I think this will be very difficult for smart Americans to accept....because knowing so...makes people who operate in the Stock Market now as major political crooks who will look the other way to the crimes....all in the name of supporting the same ole lack of integrity in the system as before? This is what Obama is doing...looking the other way.

The Financial Crisis I think will remain and become a huge albatross. Even Obama's rhetoric can not change it...because he says nothing about bringing those people to justice...as he supports the same lies and carrying on the same Military Shenanigans as Bush engineered.

If there is a day when the Bush people are sitting in court for the whole world to see, as Saddam did.....it will be a long trial.....and I am certain there will be convictions....This will be the day when light shines on our market economy again......and we see the ability of honest traders, and hope in the system reinstated. 

We can not be so blind to this.......

Rev. Jermano

Also another note.  Rather than blame the Democrats, take a look at who introduced the repeal of the Glass-Steagall:  "The bill that ultimately repealed the Act was introduced in the Senate by Phil Gramm (Republican of Texas) and in the House of Representatives by Jim Leach (R-Iowa) in 1999."  quoted from your Wikipedia hotlink

Blame is not the issue, more a real fix is needed that continues to guarantee the safety of the consumer, the businesses (all of which we all belong to!) within the banking industry. 

Blame is what? The absense of justice? What is America without the presense of Justice?

If we want our economy to return we need to reverse course, and correct the things that made it crumble. This means instead of wasting time in all these bailouts and Congressional meetings that will not change the trust factor.......in making Americans or the rest of the world believe them; we need to view the Trials of those in corrupting our Banking System, as the stimulus package, as the judicial package, as the light at the end of the tunnel in securing the TRUST factor again....so America is who we say we are.

Things will not change until we accept this realization.

Rev. Jermano

Bottom line, Corporates screwed us all!

You are right. Barry.

Finding people to blame for all this economic mess is fine to make ourselves all feel like we are doing something to sort it out, but the real changes that have to be made are in the banking and financial system itself.

    Without the ending of the bank fiat money system that causes governments to pay huge profits in interest charges (which we pay in taxes) and the ridiculous fractional reserve banking model which requires perpetual growth it doesn't matter who running the banks!  The same thing will be tried again but this time there will be one big difference, the lack of sufficient cheap energy in such convienient form as oil or gas to power the growth or indeed the expectation of growth in all but the poorest economies.

    For the current crisis of Peak credit to be overcome the only way we have to make more actual money is other than just print more which only devalues it, is to get people to borrow it and who will do that  in this scenario? In all this conspiracy talk, nobody seems to factor in, the consequences of Peak oil and shortly Peak gas to the whole return to businesss as usual forecast that most economic commentators seem so completely stuck fast to.

    If we go looking for scapegoats we end up like the mob at the Bastille. If on the other hand we realize that the systems we have accepted can no longer work in a world aware of it's finite nature then we can concentrate on the job of sharing the world precious resources more fairly. After all isn't that what is really all about?

time to update this, Barry. It's just too good to fade into archives. Anybody who voted to repeal this protective bill is guilty, whatever their party, as well as Greenspan, Citigroup and their Saudi Prince, and the Presidential signers.

I  second that Rene.

Rev. Jermano

I will update tomorrow, thanks everyone for your comments.

DO YOU ACTUALLY MANIPULATE FOR THE SAKE OF STUPIDITY OR ARE YOU CRIMINALLY TRYING TO RE-WRITE TRUTH?