” You could argue that transportation deregulation has been a wash—replacing a system of bureaucratic incompetence with one of profit-seeking negligence, and exchanging safety for lower prices. The same cannot be said for the deregulation of the energy sector, notably the natural gas and oil industries under Ronald Reagan, and the electric utilities under George H.W. Bush and Bill Clinton. Left to its own devices, a deregulated energy industry has given us Enron and Exxon—California brownouts and $100 barrels of oil. Deregulation of the telecommunications industry, also under Clinton, reduced the number of major phone service providers to just a handful of multimerged giants.
Even more damaging, in light of today’s economic crisis, was the sweeping deregulation of the banking and financial services industries that took place in the 1990s. What makes this enterprise particularly confounding is not only the fact that it took place under a Democratic president with support from a majority of Democrats in Congress, but that it followed so closely on the heels of the savings and loan crisis.”
Clinton,his administration caused this big mess we are in financially ,barney frank under his watch created the sub prime lending mess and he didnt help turn us off of a path towards war either.
Deregulation occurred because of a deal between Clinton and a Republican dominated Congress which repealed the Glass-Steagall Act back in 1999. Opponents of the deal warned that it would cause the collapse of American financial institutions, but Republicans don’t care as long as they get their piece of the pie. Anybody who tries to blame this mess entirely on Clinton is a moron. A simple google search will prove them wrong.
It was Reagan’s idea – and also the reason for the S&L scandal, the last time a whole bunch of banks failed, the stock market and real estate market collapsed.
People were smart enough to leave that idea until BUSH CAME ALONG!!!
I know you want us to answer with Bill Clinton, but he did that because he expected more integrity from the lenders and did not expect them to be predators who lured unsuspecting buyers into purchasing homes with an added gimmick. I suppose he should have realized that the GREED would be stronger than good business practices, but it gives credence to the expression, “You can fool some of the people, some of the time…etc”. Obviously bankers need oversight and regulations to curb their self-serving practices!
deregulation in the finance sector has been ongoing for the past 3-4 decades. lenders were considered “risky” back in the 70’s and 80’s when they carried at debt ratio of 7:1 today some lending institutions have gone as high as 40:1. which means they lend out 40 dollars for every 1 that they actually have in assets.
It isn’t so much who was president when deregulation occurred. It’s more what happened under which president’s watch with little regulative oversight on Wall Street.
If I build a race car and never damage it, then I give it to you and you destroy it through negligence, whose fault is it that the car got destroyed?
Reagan. The first banking industry deregulation by Reagan resulted in the saving & loan meltdown of the ’80’s. During the 90’s when all the further deregulation of the banking industry took place we had Republican majorities in both houses of Congress. Republican Phil Gramm was the prime architect of most of this deregulation. Name me any Republicans who didn’t vote for the repeal of the Glass-Steagall Act. I’ll bet that you can’t.
Ummm.. did the saving and loan industry fail under a Dem president…Yes (Jimmy Carter) Clinton had the banking dereg and also signed N.A.F.T.A. (nov.1983) under his Administration… another wonderful screw up.
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i havent seen deregulation of any industry in the united states for the past 100 years. thats the problem.
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the one and only , prez CLINTON !
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Why the caps? The president is likely to have a role in a targeted deregulation campaign. Its not as if Congress and the Oval Office never coordinate.
yar.. you need to educate yourself a bit..
it was clinton.. and he REGULATED it.. poorly.
” You could argue that transportation deregulation has been a wash—replacing a system of bureaucratic incompetence with one of profit-seeking negligence, and exchanging safety for lower prices. The same cannot be said for the deregulation of the energy sector, notably the natural gas and oil industries under Ronald Reagan, and the electric utilities under George H.W. Bush and Bill Clinton. Left to its own devices, a deregulated energy industry has given us Enron and Exxon—California brownouts and $100 barrels of oil. Deregulation of the telecommunications industry, also under Clinton, reduced the number of major phone service providers to just a handful of multimerged giants.
Even more damaging, in light of today’s economic crisis, was the sweeping deregulation of the banking and financial services industries that took place in the 1990s. What makes this enterprise particularly confounding is not only the fact that it took place under a Democratic president with support from a majority of Democrats in Congress, but that it followed so closely on the heels of the savings and loan crisis.”
The web site is here….>>http://www.motherjones.com/commentary/columns/2008/03/deregulation-economic-crisis-2.html
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Clinton,his administration caused this big mess we are in financially ,barney frank under his watch created the sub prime lending mess and he didnt help turn us off of a path towards war either.
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Phil Graham, McCain’s economic adviser was the architect, the Republican Congress helped, and Clinton signed. it.
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Deregulation occurred because of a deal between Clinton and a Republican dominated Congress which repealed the Glass-Steagall Act back in 1999. Opponents of the deal warned that it would cause the collapse of American financial institutions, but Republicans don’t care as long as they get their piece of the pie. Anybody who tries to blame this mess entirely on Clinton is a moron. A simple google search will prove them wrong.
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It was Reagan’s idea – and also the reason for the S&L scandal, the last time a whole bunch of banks failed, the stock market and real estate market collapsed.
People were smart enough to leave that idea until BUSH CAME ALONG!!!
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I know you want us to answer with Bill Clinton, but he did that because he expected more integrity from the lenders and did not expect them to be predators who lured unsuspecting buyers into purchasing homes with an added gimmick. I suppose he should have realized that the GREED would be stronger than good business practices, but it gives credence to the expression, “You can fool some of the people, some of the time…etc”. Obviously bankers need oversight and regulations to curb their self-serving practices!
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deregulation in the finance sector has been ongoing for the past 3-4 decades. lenders were considered “risky” back in the 70’s and 80’s when they carried at debt ratio of 7:1 today some lending institutions have gone as high as 40:1. which means they lend out 40 dollars for every 1 that they actually have in assets.
New York City Job Listings
It isn’t so much who was president when deregulation occurred. It’s more what happened under which president’s watch with little regulative oversight on Wall Street.
If I build a race car and never damage it, then I give it to you and you destroy it through negligence, whose fault is it that the car got destroyed?
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Reagan. The first banking industry deregulation by Reagan resulted in the saving & loan meltdown of the ’80’s. During the 90’s when all the further deregulation of the banking industry took place we had Republican majorities in both houses of Congress. Republican Phil Gramm was the prime architect of most of this deregulation. Name me any Republicans who didn’t vote for the repeal of the Glass-Steagall Act. I’ll bet that you can’t.
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Carter / Clinton
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Bill Clinton.
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Ronald Wilson REAGAN.
count the letters in each of his names
6 6 6
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Ummm.. did the saving and loan industry fail under a Dem president…Yes (Jimmy Carter) Clinton had the banking dereg and also signed N.A.F.T.A. (nov.1983) under his Administration… another wonderful screw up.
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Carter
‘April 1, 1980: President Carter Signs the ‘Depository Institutions Deregulation and Monetary Control Bill’ into Law’
Notr the date. How appropriate.
ADDENDUM
NAFTA was enacted in 1993.