It must be that the Mesa tea party has become an echo chamber for disinformation. In a letter from tea party member Bill Sandry, we are asked to believe that the Glass-Steagall Act, which separated commercial savings banks from Wall Street investment banking since 1933, was repealed by the likes of favorite tea party targets Barney Frank, Chris Dodd and Charlie Wrangle. It didn’t take five minutes of research to disprove such nonsense.
In fact, Glass-Steagall was repealed in a bill entitled The Gramm, Leach, Bliley Act — named for its author, Sen. Phill Gramm, R-Texas, co-sponsor Rep. Jim Leach, R-Iowa, and co-author Rep. Thomas J. Bliley, R-Virginia. Bliley was also chairman of the House Commerce Committee at the time as both House and Senate were controlled by Republican majorities. To even imply that this bill was championed by the likes of Franks, Dodd and Wrangle is malicious deception.
It may be true that Sandry asked Mitt Romney, directly or otherwise, how he stood on bringing Glass-Steagall back in order to regulate Wall Street’s riverboat gamblers. It is also not surprising that Romney hasn’t given a straight answer either. Efforts to regulate banking have been stonewalled by Republicans through both filibuster and watering down the Dodd-Franks Act which took a stab at restoring order after the 2008 disaster.
In another excruciating stretch, the letter insists that President Obama doesn’t favor a return to Glass-Steagall because he has friendly contributors among Wall Street bankers who keep him reined in. Obviously, advocates for a simple return to a 79-year-old law don’t understand the consequences of the Glass-Steagall repeal. Since 1999, through mergers and commingling of assets, investment and savings banks have blended themselves internationally, tying the global economy together for better or worse — most probably worse. If the President of the United States signaled to the European banking community that U.S. banks were returning to Depression-era investment regulations, the already fragile European economy would implode, taking us down with it.
In the end we can only offer some kind advice to Mr. Sandry and his Mesa tea party. First, understand that you are all entitled to your wild opinions, but you don’t get to create new sets of facts out of whole cloth. Second, you might want to strive for better understanding of global economic conditions and the realities faced by the White House. Finally, no matter how much you must hate President Obama, we are lucky he has a better grasp of reality than the Mesa tea party.
Ron Weitbrecht
Gilbert
Leon Ceniceros posted at 11:14 am on Thu, Jun 7, 2012.
HOW ABOUT TELLING THE..........WHOLE TRUTH.....FOR A CHANGE.
THE GRAHAM, LEACH, BLILEY ACT WAS APPROVED OVERWHELMINGLY BY THE SENATE AND THE HOUSE .........AND SIGNED BY...NONE OTHER THAN ...DEMOCRAT PRESIDENT BILL "POLKA DOT DRESS" CLINTON.
155 DEMOCRAT CONGRESSMEN AND CONGRESS WOMEN VOTED = AYE
38 DEMOCRAT SENATORS VOTED = AYE
HOW MORE BI-PARTISAN CAN YOU GET ????
IF YOU ARE GOING TO THROW OUT........DIS-INFORMATION....AT LEAST DO IT WITH SOME MODICUM OF TRUTH.
chatmandu002 posted at 11:41 am on Thu, Jun 7, 2012.
The only reason the democrats signed on to the Gramm-Leach-Bliley Act was because President Clinton stated he would veto the bill if it didn't reinforce the Community Reinvestment Act. When the republicans acquiesced on the Community Reinvestment Act, the Gramm-Leach-Bliley Act was passed with major bipartisan support. And we all know that the Community Reinvestment Act was a major reason for the housing bubble to burst and the economy to collapse.
Cerulean posted at 1:38 pm on Thu, Jun 7, 2012.
Ron, “malicious deception” is what the tea party republicans do best.
Chatmandu, “And we all know that the Community Reinvestment Act was a major reason for the housing bubble to burst and the economy to collapse.” This is professional lie #1.
truth posted at 2:59 pm on Thu, Jun 7, 2012.
Again, Again, 2003 a Republican congress and a Republican President George W. Bush voted down placing a overseer over Fannie and Freddie. Then Fannie and Freddie hired Newt Gingrich to be a lobbyist for their best interest.
chatmandu002 posted at 10:44 pm on Thu, Jun 7, 2012.
Cerulean,
I am a professional liar and a master of "malicious deception"? Wow, and I thought I was just repeating the facts according to what a Wikipedia search stated and the written record from the Library of Congress.
Dale Whiting posted at 4:53 am on Fri, Jun 8, 2012.
Regardless of who done it, they done bad. We need to both separate investment banking from regular banking and go one further. Let's bring back state banking regulations. Wall Street banking has been selling us out for 40 years and more.
Cerulean posted at 10:04 am on Fri, Jun 8, 2012.
chatmandu,
The Community Reinvestment Act has been a fair lending law for more than 30 years. More than half of the sub-prime loans that failed in recent years were made by banks that were not regulated by the CRA. (example, Countrywide) Of the mortgages that were covered by the CRA, the law dictates that the bank use “safe and sound banking practices”.
Just because the Community Reinvestment Act is mentioned in Wikipedia does not make it a “major reason for the housing bubble burst . . .”
Your integrity is reproachable.
sockratties posted at 8:18 pm on Sun, Jun 10, 2012.
Partisan politics and playing the blame game are the reason nothing will get down, Wall Street will manage to water down all attempts to control banking greed and responsibility. Politicians know that if they can keep everyone shrieking from the radical ends of the political spectrum no one will be willing to compromise. They throw a bone in the backyard to keep the dogs busy while the thieves rob the house.
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