Zeev's Turnips Talk Politics (ZTTP)

[doctoroe]

It is going to take awhile to undo this Republican mess, but make no doubt about it, with a little help from Clinton, it IS a Republican mess:

Phil Gramm, Republican Senator from Texas and Jim Leach, Republican Congressman from Iowa led the fight to repeal the Glass-Steagall Act in 1999. Glass-Steagall prevented banks from going outside their core business and engaging in various forms of speculation. Senator John McCain also enthusiastically supported and voted for the repeal. The act had successfully kept banks out of economic trouble since it was enacted during the first huge banking implosion during the Great Depression in 1933. Gramm has been serving as McCain's senior economic advisor.

Gramm was also a key sponsor of the law which allowed the Enron swindles to occur.
(Commodity Futures Modernization Act of 2000:

http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000