Permiting banks to sell and trade mortgage backed securities and collateralized debt obligations was not such a great idea as we now know. The repeal of Glass-Steagall allowed the foxes to join forces with the weasels and take charge of the hen house. No, we don't learn from the past and yes, we do soon forget. One thing we do know for certain is that the American taxpayer is always the one left holding the bag in the end.
Mike Ullman
of OH
@
Mar 27, 2009 16:45:07 PM
We do know
this bill was sponsored by three Republicans named Gramm, Leach and Bliley. What we don't know is exactly who WROTE it.
We'll probably never know. But we can bet it was actually physically written by the banks, lawyers paid by the banks or lobbyists paid by the banks.
Perhaps we need laws that require detailed disclosure of the drafter(s) of any bill.
Perhaps the norm ought to be at Congress:
Tell me who wrote it for whom, I'll announce that on C-span and then I'll tell you whether I'm going to vote for it or not.
Kirk Shinkle is a senior editor at U.S. News. He writes daily about ups and downs in equity markets, sectors and stocks. Formerly, he covered business and economics on both coasts for Investor's Business Daily.
Enzo Gaviglia @ Mar 28, 2009 14:31:14 PM
Mike Ullman of OH @ Mar 27, 2009 16:45:07 PM
Muser of NM @ Mar 27, 2009 16:11:04 PM
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