On Sat, 16 Jan 2010 04:49:26 GMT, (Doug Miller)
wrote:

In article , Swingman wrote:

http://www.nytimes.com/1999/09/30/bu...t-to-aid-mortg
age-lending.html?pagewanted=1

Read every SINGLE word!!

Note the date, too, and recall who was President at the time. Hint: it wasn't
the guy who usually gets blamed for this mess.

I was in mortgage banking at the time.

The banking industry wanted the noose off, from around their necks, so
they could be free to make as MANY LOANS and as MUCH MONEY as humanly
possible.

They lobbied ... fiercely ... for the repeal of Glass-Steagall Act,
among other things, and the passage of Gramm–Leach–Bliley Act, among
others.

Clinton was an idiot for going along with the notion, but -- make no
mistake about who pushed for every single bit of at least this part of
the meltdown.

We privatized profits, and we socialized loss.