"John R. Carroll" wrote in message
...
Jim Chandler wrote:
Wes wrote:
"John R. Carroll" wrote:


Not for a long time Tom.
They have had a simple majority for the last 20 months but that's
it. The last majority was Republican and it lasted ten years.
Six of those years included control of all three branches.



Unless the Republicans had 2/3's of the Senate during those 6 years,
their majority was simple also.

Wes


The great majority of the problems we are experiencing today is the
result of the repeal of the Glass-Stegall Act of 1933, under, you
guessed it, Slick Willie. The repeal of that act allowed commercial
and investment banks to intermingle and that is when the greed and
corruption set in.

Not exactly.
It was an ammendment after passage authored by Phil Graham.
The truth is bad enough, tell the entire story.

The reason for repealing the Glass-Stegall Act was, of course, to unleash
financial institutions from government regulations, which had been keeping
those institutions sound since the Depression. Once they were free to do as
they wished they decided that to make more money they needed to take a lot
more risk. Being the geniuses they are they thought they had risk management
completely under control to the point where they were leveraged at a rate of
30 to 1. Now, any beginner to the investment world knows that the greater
the risk the higher the reward. But along with the higher reward comes the
greater chance of going broke. Not these guys though. They wanted the
freedom to gamble, and they did. Today we see the results of the gambling
(uh, investing) by the investment banks.

Without the repeal of Glass-Stegall and the passing of the
Gramm-Leach-Bliley bill, which allowed commercial and investment banks to
consolidate, we wouldn't be where we are today. We got unfettered free
market capitalism with the ending of business regulation by the government.
As expected, a few people made millions and the rest of the country got
****ed. A quote about those who don't know history repeating it goes here.

To add to the pot there is a rumor going around about who is going to become
the next secretary of the Treasury if McCain is elected. Guess who it's
going to be? The one and only Phil Gramm. Now wouldn't that be nice? That's
the problem with electing McCain. You get all the crud he brings with him
and most of it is the same gang of thieves that are in positions of
authority in Washington right now. In fact, if McCain wins the turnover from
Bush's administration to McCain's will be the smallest in history. We
substitute McCain for Bush but nearly everybody else stays in place. Like
things the way they are now? If you do you know who to vote for. Hint; he's
old, and white.

Hawke