The Great Wall $treet Exemption • How Green$pan, Clinton and the 106th Congre$$ sold out America
Think of it as a football game. There are the players on the field... and then there are the fans in the stadium. Who bets? Who puts up the money? Where is the money coming from?
What used to be illegal was made legal in 2000 and that was the beginning of the end.
...and it did not stop with the big three:
“People, before you assign blame please do some research first, and remember who controlled the House and Senate in 2000!!!
The "Commodity Futures Modernization Act of 2000" (H.R. 5660) was introduced in the House on Dec. 14, 2000 by Rep. Ewing (R-IL) and cosponsored by Rep. Bliley, Jr. (R-VA) Combest (R-TX) LaFalce (D-NY) Leach (R-IA) and never debated in the House.
The companion bill (S.3283) was introduced in the Senate on Dec. 15th, 2000 (The last day before Christmas holiday) by Sen. Lugar (R-IN) and cosponsored by Fitzgerald (R-IL) Gramm (R-TX) Hagel (R-NE) Harkin (D-IA) Johnson (D-SD) and never debated in the Senate.
The bill by-passed the substantive policy committees in both the House and the Senate so that there were neither hearings nor opportunities for recorded committee votes. In substance, it appears that the leadership of the Republican-controlled Senate and House incorporated the deregulation of credit default swaps into an omnibus budget bill (without hearings or recorded votes)at a time when the outgoing president was in no position to veto anything.
The Republican leadership of the house incorporated "The Commodity Futures Modernization Act of 2000(H.R. 5660)" by reference, as Section 1(a)(7), in a long and complex conference report to the 11,000 page long "2000 omnibus budget bill" formally known as "The Consolidated Appropriations Act for FY2001(Labor, Health and Human Services, and Education Appropriations Bill) (H.R. 4577).”
Comments
This is of course true. Additionally, Phil Gramm with the help of J. McCain really pushed it hard and also got and addendum included that exempted energy companies from oversight as well. This worked out perfectly once it was passed, as his wife Wendy was elected to the board of Enron and earned several million dollars for her efforts while Enron proceeded to screw the state of California, juggle the books etc., since they were free from scrutiny. And the rest as they say is...
Posted by: zj | October 28, 2008 6:45 AM
If the Republicans take the blame for deregulating credit default swaps will the Democrats take the blame for pushing mortgages on the unqualified borrowers. Credit default swaps don't even become an issue until mortgages are in default.
Posted by: Jay | October 29, 2008 11:17 AM