Obama Tries to Deceive Americans About Cause of the Current US Financial Crisis: But, History Shows that Banking Deregulation Wa

Obama Tries to Deceive Americans About Cause of the Current US Financial Crisis: But, History Shows that Banking Deregulation Was a Bipartisan Effort

Although the Republicans and Democrats have blamed each other for precipitating the current financial crisis on Wall Street by enacting laws that deregulated the various arms of the U.S. financial services sector, the evidence shows that BOTH POLITICAL PARTIES IN CONGRESS and the CLINTON ADMINISTRATION TREASURY DEPARTMENT had previously agreed, (along with the financial services industry), that financial deregulation was in the best interests of the country. Apparently, they had the global competitiveness of U.S. financial institutions in mind.

The following information provides access to the legislation, legislative history and congressional voting that led to the overwhelming bipartisan passage of S.900, which repealed the Glass-Steagall Act of 1933, during November 1999. There are also articles which describe the bipartisan effort to deregulate the U.S. financial services regulations in order to increase U.S. global competitiveness against foreign
government-championed private and national banks...

See ITSSD Journal on Pathological Communalism, at:
http://itssdpathologicalcommunalism.blogspot.com/2008/09/obama-should-not-try-to-deceive.html