Remember the economic crash of 2007-8?
The one caused by Republican policies? The one that left us with massive deficits in the trillions from unpaid for wars, the Bush tax cuts that slashed projected revenue, and unpaid-for mandates, and the WORST economic growth since WW II?
THIS is what it looks like when Obama policies begins to repair the right wing-created damage. Under Democrats we had economic growth, stability, and no raging deficit.
Given more time to repair the extensive Bush/Cheney/Rove Republican damage, we can have that again.
We can't afford FOUR MORE YEARS OF BUSH POLICIES WITH ROMNEY /RYAN / and REPUBLICANS. Hell, we're STILL paying for the first eight years of them.
The one caused by Republican policies? The one that left us with massive deficits in the trillions from unpaid for wars, the Bush tax cuts that slashed projected revenue, and unpaid-for mandates, and the WORST economic growth since WW II?
THIS is what it looks like when Obama policies begins to repair the right wing-created damage. Under Democrats we had economic growth, stability, and no raging deficit.
Given more time to repair the extensive Bush/Cheney/Rove Republican damage, we can have that again.
We can't afford FOUR MORE YEARS OF BUSH POLICIES WITH ROMNEY /RYAN / and REPUBLICANS. Hell, we're STILL paying for the first eight years of them.
Doesn't it bother you though, that the Obama Administration has been against any Glass Steagall reenactment? Wouldn't you agree that the repeal of the act helped with the collapse.
ReplyDeleteOn what basis do you believe that the Obama administration has been against any Glass Steagal re-enactment?
ReplyDeleteI'm not at all sure that is accurate:
http://www.guardian.co.uk/business/2010/jan/21/obama-bank-reform-glass-steagall
The primary sources claiming Obama is anti-reinstating Glass Steagall appear to be far right, and not reliable. Obaama, and many who have either been in his administration, or whom he tried to have in his administration like Elizabeth Warren, have been very PRO-reinstating Glass Steagall measures.
I'm certainly in favor of it. You won't find Romney or anyone on the right who is.
Hi Dog, Here is what I've read regarding this subject. Engineer and Mudrake sort of forced me to become well acquainted with these facts. LOLOLOLO We debated this a while back.
ReplyDeletehttp://www.thenation.com/article/mccain-gets-it-obama-doesnt
https://www.commondreams.org/view/2011/12/14-6
I got both of these from Wikipedia.
http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act
I believe the evidence is there. Now I have to wonder if the reason for the President not getting behind the reenactment involves Wall Street and Banking Campaign dollars.
Not only did Warren support the reenactment, but so did Kuttner and Stiglitz. I would also like to add that the repeal of Glass Steagall happened because of the Gramm-Leach-Bliley Act which was signed into law by Clinton.
Now don't misunderstand me Dog. I'm not trying to tell you that the most recent two Democratic Presidents (Obama/Clinton) are the devils and hate America. I'm also not going to make the Republican party look righteous. I'm just trying to show how the two party system along with big campaign contributions is ruining our country.
I agree with you, I am also in favor of the reenactment of this law. I also agree that Romney wants no part of it. It just pisses me off that Obama's whole campaign is based on a hole we had to dig ourselves out of due to Bush. But the reenactment of this law would've helped this process quite a bit, in my opinion.
You do have to give McCain credit though for sponsoring that bill. But if you were to ask a Tea Party type, he's just a dirty RINO anyway.
Here's what I've seen JOB.
ReplyDeleteI've seen Obama supporting Warren's recommendation that Glass Steagall be re-enacted, as part of financial sector reform.
My impression is that yes - bankers, as Senator Durbin once put it, 'frankly own the place'.
Sen. Dick Durbin (D-Ill.) has been battling the banks the last few weeks in an effort to get 60 votes lined up for bankruptcy reform. He's losing.
On Monday night in an interview with a radio host back home, he came to a stark conclusion: the banks own the Senate.
"And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place," he said on WJJG 1530 AM's "Mornings with Ray Hanania." Progress Illinois picked up the quote.
Earlier Wednesday, Senate Majority Leader Harry Reid (D-Nev.) told the Huffington Post that the most important provision of bankruptcy reform -- the authority for a bankruptcy judge to renegotiate mortgages, known as cramdown, which banks strongly oppose -- could get ripped out of the bill.
Clinton made similar observations when HE tried to oppose the repeal of Glass Steagall.
I think Obama DOES want to re-enact Glass Steagall; I think he is also a very shrewd man who recognizes the wisdom of picking his battles, so far as possible, one at a time, and tends as a result to win them. Some are large - like health care reform; some are smaller, like repeal of Don't Ask Don't Tell.
I can only hope that Obama, or someone who comes after him will accomplish what Clinton did not successfully obstruct, and which Obama has not successfully pushed through - at least, not YET.
But I don't think you can fairly say he really OPPOSES a new Glass Steagall.
I believe it's fair to say. And I guess we'll just have to disagree. But I too hope someone will accomplish the reenactment.
ReplyDeleteJ.O.B., Obama has made positive statements about the desirability of re-instating Glass Steagall.
ReplyDeleteCan you show me any evidence that Obama has actively opposed or obstructed or in any way derailed an effort to renew Glass Steagall?
There is a difference between failing to do something or not pursuing something as actively as you, or I, would prefer (which is also the way I feel about allowing the Bush tax cuts to remain in effect 1 minute longer than absolutely necessary) but I think you overstate the case that Obama actually opposes re-enactment of Glass Seagall.
The only evidence is what I have provided. with a little bit of my own opinions. I have no audio of Obama saying F##k Glass Steagall. LOLOLOLOLOL
ReplyDeleteIn the same wikipedia page, they also have a section on the Dodd Frank Act. Hinchey of NY proposed an amendment to the bill that would have reenacted Glass–Steagall Sections 20 and 32 and also prohibited bank insurance activities. The amendment was not voted on by the House. How come? This seems suspect, considering the "Pull" that Obama had in Congress at the time.
I just "Feel" like the relationship between Obama and big banks is to connected. It almost smells fishy. But again, if he is reelected, I hope he does the RIGHT thing. Lord knows Romney ain't touching it.