To Help Fix The Economy
Repeal s.900 gramm-leach-bliley act.
**A very good conversation we’re having here.
I too am dissappointed about the financial / economic situation we’re in. Bush could’ve done more to fix this situation. 1st & foremost, as a part of the recent 700 billion bailout, Bush should’ve insisted on the repeal of the Gramm-Leach-Blilely act, that Clinton signed into law on November 12, 1999. This is the #1 reason as to why we’re in this mess in the first place.
It gave banks the power to loan to almost anyone, even though their credit was below the benchmarks set since the 1930′s. Clinton basically wanted everyone to be a home-owner, even if their credit was below the benchmarks that we’ve been using since the 1930′s. It was one of the things that brought us out of the depression. It was the most financially destructive piece of legislation………………….. EVER.
Here’s the 2 most destructive parts of that law:
1. - In order for banks to take advantage of this law, they had to first prove that they were helping people with questionable credit, get a home-loan. (This is why there are so many defaulted loans today, which is the principal reason we're in this fiinancial mess). 2. - The greedy CFO's of banks were only too happy to use this loop-hole to say, "hey we only had 500 million in new home-loans last year, but this year we had 2 billion, therefore I, the greedy CFO and all the people under me deserve huge bonuses, because we've increased business by 300 percent".
This is when I soured on the Democratic platform of, “Let’s give everything to everyone, even if they don’t deserveit, and to heck with the consequences down the road”.
But I reserve the right to vote for a Democrat, if this attitude changes someday, & I like the candidate. I like Obama, but his attitude hasn’t changed in this regard.