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the most interesting statement ''Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them wit
by spoiledtechie 18y ago
the most interesting statement
''Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century,'' Treasury Secretary Lawrence H. Summers said. ''This historic legislation will better enable American companies to compete in the new economy.''
Yep, the same Lawrence H. Summers who is now Pres. Obama's top financial advisor.
- JesseAldridge 18y agohttp://www.newsweek.com/id/185934 http://www.newsweek.com/id/185934
- spoiledtechie 18y agoThanks for this. Changes my opinion a bit on Summers.
- rjurney 18y agoTo be fair, McCain's top finance guy was Phil Gramm, the author of the bill, and Democratic President Bill Clinton signed it into law. Both sides of the aisle became convinced that less regulation was always a good thing. It was a mass hysteria. Is this the same bill as http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000 http://en.wikipedia.org/wiki/Commodity_Futures_Modernization... ? Interesting followup by the NYT on Phil Gramm and his policies that led us to crisis: http://www.nytimes.com/2008/11/17/business/economy/17gramm.html?pagewanted=all http://www.nytimes.com/2008/11/17/business/economy/17gramm.h...
- jorgem 18y agoLets go back further: Between 1933 and 1939, federal expenditure tripled, and Roosevelt's critics charged that he was turning America into a socialist state.
- spoiledtechie 18y agoNo need for a political fight, Red vs Blue vs Green. Just knew who Summers was so I decided to point it out.