Quote:
Originally Posted by spunkmaster
The Banking Industry didn't cause this the Federal Gov't did under the Clinton admin. They made banks ease their lending practices so that lower income and minorities could own homes. Look at the US minority map and the forclosure map and they are almost exactly identical.
Everything the Gov't does gets fucked up !
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Nice try.
Phil Gramm was the chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs when the Gramm-Leach-Bliley Act that changed the laws separating banking, insurance and brokerage activities was passed in 1999.
So while it happened during the Clinton administration, it was spearheaded by a Republican who is now vice chairman of UBS, as well as a lobbyist on their behalf AND an economic advisor to the McCain presidential campaign.