by RosieGHM Jetpacker on September 18th, 2008

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In 1999 Clinton signed the Financial Services Modernization Act, removing the walls separating the activities of banks, insurance companies, and securities firms that the 1933 Glass-Steagall Act provided. Everyone screwed up. No regs? Dumb. Yes?

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by cobber on October 6th, 2008
As with most federal government plans, they had good intentions, but as the saying goes, "the road to hell is paved with good intentions".
The Constitution does not give the government the right to interfer in private businesses the way that it did, so by passing the Financial Services Act, the Federal Government was breaking the law. They wanted to encourage economic growth by getting more people to be home owners, and it worked for a short period of time.
This should be further proof to all Americans that the government is not the solution to the problem, government is the problem.
And I think that everyone should vote out any of their congressmen and representatives who were part of the Senate and Congress who allowed this to happen, no matter what their party is.
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- Hi, cobber..thank you for your answer and Happy Tuesday! :)
  
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  by RosieGHM Jetpacker on October 7th, 2008
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by mistje on September 18th, 2008
It really puzzles me that this isn't something being discussed more on AB, by other American citizens. The financial situation gets more and more grim, and no one seems to care. I really worry about the future.
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- What's to worry? "They" have Palin who may quite possibly be their ticket to heaven. What could go wrong? My opinion..the few of us who give a dam* will be talking to one another..the rest of 'em will keep their fingers in their ears, singing lalalalalalalala "I don't hear you" and be happy as clams at hight tide. Thanks for your answer, mistje and Happy Thursday! :) ((hugs))
  
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  by RosieGHM Jetpacker on September 18th, 2008
- Yep, I think you're right. Happy Thursday anyways! LOL {{{{{HUGS}}}}}
  
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  by mistje on September 18th, 2008
- Thank you! :) Well, at least we have each other and a coupla others..we won't be entirely alone...will we? :)
  
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  by RosieGHM Jetpacker on September 18th, 2008
- Rosie, with all due respect, who do you mean by "they"? Clinton (Democrat) was the president who signed the bill, Palin is simply the Governor of Alaska, and who MIGHT be Vise President. are you saying that "they" are the democrats who supported Clinton, or are "they" the republicans that back McCain?
  It sounds to me that you want to blame someone who had nothing to do with this mess at all.
  I have no love for Palin, but there are many things that you can blame her for that she did do. Pick one of those.
  
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  by cobber on October 6th, 2008
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by LarryH54 on October 6th, 2008
VERY dumb. Yes. And have you noticed that the media is keeping this a state secret? I wonder just how far this mess spreads...?
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- I have heard the media talking about this, but on the radio, and on Fox News. Both of which are labled as "conservative" media sources. I personally think that Fox is moderate (at best), but it all the other major television news that are extremely liberal that want everyone to think that everything is Bush's fault.
  Bush has had his faults, but how (or why) people keep wanting to pin this economic trouble on him is just wrong.
  
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  by cobber on October 6th, 2008
- I totally agree.
  
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  by LarryH54 on October 6th, 2008
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You're reading In 1999 Clinton signed the Financial Services Modernization Act, removing the walls separating the activities of banks, insurance companies, and securities firms that the 1933 Glass-Steagall Act provided. Everyone screwed up. No regs? Dumb. Yes?

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In 1999 Clinton signed the Financial Services Modernization Act, removing the walls separating the activities of banks, insurance companies, and securities firms that the 1933 Glass-Steagall Act provided. Everyone screwed up. No regs? Dumb. Yes?

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In 1999 Clinton signed the Financial Services Modernization Act, removing the walls separating the activities of banks, insurance companies, and securities firms that the 1933 Glass-Steagall Act provided. Everyone screwed up. No regs? Dumb. Yes?

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