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Phil Gramm had part in failure
We are in a crisis in the financial market. I looked into who has attributed to this failure. I went to the Congressional Record. There it was.
Remember Phil Gramm, the financial adviser for John McCain’s campaign who said this was a “nation of whiners” when he was talking about the housing market meltdown due to subprime mortgages and people were losing their homes?
Before I get to that, I wanted to point out that John McCain has stated that he wants to deregulate the health care system.
In 1933 a bill was passed which was called “Glass-Steagall Act.” This was to deregulate the ranks which was in place for decades until Nov. 12, 1999. A new act was passed with a two-thirds majority to make sure it would be passed giving Bill Clinton no choice but to sign it into law. The bill was called the “Gramm-Leach-Bliley Act.” Did you recognize the last name “Gramm?” That’s him, and he is still close to McCain.
This bill deregulated the banking system in giving it major flexibility how bankers could run banking. This allowed greedy wolves to come out without accountability.
The only people who voted against it were “liberal Democrats” in which John McCain being present for the vote, he did not vote.
My vote will be for Barack Obama who has knowledge of what has happened and how to fix the problem and Joe Biden who has major knowledge of world issues and leaders who he has met.
Go to www.FactCheck.org. There you will find the truth of both candidates.
As for Sarah Palin, she voted for the “Bridge to Nowhere” until the feds wouldn’t give her the $329 million then she was against it. McCain lied, the Alaskan jet plane wasn’t sold on eBay, nor for a profit.
Robert Hoffman
Klamath Falls
Remember Phil Gramm, the financial adviser for John McCain’s campaign who said this was a “nation of whiners” when he was talking about the housing market meltdown due to subprime mortgages and people were losing their homes?
Before I get to that, I wanted to point out that John McCain has stated that he wants to deregulate the health care system.
In 1933 a bill was passed which was called “Glass-Steagall Act.” This was to deregulate the ranks which was in place for decades until Nov. 12, 1999. A new act was passed with a two-thirds majority to make sure it would be passed giving Bill Clinton no choice but to sign it into law. The bill was called the “Gramm-Leach-Bliley Act.” Did you recognize the last name “Gramm?” That’s him, and he is still close to McCain.
This bill deregulated the banking system in giving it major flexibility how bankers could run banking. This allowed greedy wolves to come out without accountability.
The only people who voted against it were “liberal Democrats” in which John McCain being present for the vote, he did not vote.
My vote will be for Barack Obama who has knowledge of what has happened and how to fix the problem and Joe Biden who has major knowledge of world issues and leaders who he has met.
Go to www.FactCheck.org. There you will find the truth of both candidates.
As for Sarah Palin, she voted for the “Bridge to Nowhere” until the feds wouldn’t give her the $329 million then she was against it. McCain lied, the Alaskan jet plane wasn’t sold on eBay, nor for a profit.
Robert Hoffman
Klamath Falls
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Reader Comments
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Opinion Editor Pat Bushey wrote on Oct 1, 2008 9:15 AM:
" Mr. Hoffman is correct: The Herald and News incorrectly printed a portion of his letter.
It should have said: "In 1933 a bill was passed which was called Glass-Steagall Act. This was to regulate the Banks which was in place for decades until November 12, 1999."
The printed edition said "deregulate" instead of "regulate." "
It should have said: "In 1933 a bill was passed which was called Glass-Steagall Act. This was to regulate the Banks which was in place for decades until November 12, 1999."
The printed edition said "deregulate" instead of "regulate." "
Robert H wrote on Oct 1, 2008 8:58 AM:
" I checked my orginal again and it does state Palin voted for the bridge but no where does it say in Congess nor does it say that in the Herald and News print. Get it right Dave. "
Robert H wrote on Oct 1, 2008 8:39 AM:
" This letter was miss written from my original because I stated that in 1933 a bill was passed which was Glass Steagall Act to regulate the financial institutions and not deregulate as the Herald and News published. "
Robert H wrote on Oct 1, 2008 8:33 AM:
" Dave, Get your facts straight. I never said any thing about who voted for the bridge to no where. You are a typical neo-con Republican to miss inform. STOP IT. "
Dave wrote on Oct 1, 2008 6:18 AM:
" Mr Hoffman,
How can you vote in congress for the bridge to nowhere when you aren't in congress?
Now for the real mess. The community reinvestment act of 1977 was signed by Carter. In 1992 Bill Clinton used it to bring more minorities and low income people into home ownership with the help of ACORN. ACORN, Obama's community organizing job. Janet Reno threatened anyone who didn't loan to low income people. It got so out of hand that the House of Representatives had a hearing with the regulators on it. The regulators said there was a problem. Republicans said there was a problem.
Democrats said there was NO problem.
Here's the proof.
http://ca.youtube.com/watch?v=_MGT_cSi7Rs
Democrats used Fannie Mae and Freddy Mac for social engineering. They even made it a requirement to call welfare a source of income when applying for a home loan. Former Clinton cabinet members worked for Fannie Mae and cooked the books. Then they left with millions. Frank Raines left with over 50 million. It's appalling. "
How can you vote in congress for the bridge to nowhere when you aren't in congress?
Now for the real mess. The community reinvestment act of 1977 was signed by Carter. In 1992 Bill Clinton used it to bring more minorities and low income people into home ownership with the help of ACORN. ACORN, Obama's community organizing job. Janet Reno threatened anyone who didn't loan to low income people. It got so out of hand that the House of Representatives had a hearing with the regulators on it. The regulators said there was a problem. Republicans said there was a problem.
Democrats said there was NO problem.
Here's the proof.
http://ca.youtube.com/watch?v=_MGT_cSi7Rs
Democrats used Fannie Mae and Freddy Mac for social engineering. They even made it a requirement to call welfare a source of income when applying for a home loan. Former Clinton cabinet members worked for Fannie Mae and cooked the books. Then they left with millions. Frank Raines left with over 50 million. It's appalling. "
RSS
Lacr0ix wrote on Oct 1, 2008 9:32 AM:
The whole notion that one of these packs of jackals is better than the other is as silly as it is pathetic that anyone with a brain would ever buy such drivel. They're PLAYING the electorate - fooling us into imagining that we have any choice in the matter of our fleecing.
They've got people fighting amongst themselves while they laugh all the way to the bank - the SWISS bank, because the U.S. banks are becoming bank-RUPT due to their looting. Wake up, people. "