nancy pelosi voted for bank deregulation

Monday, September 29th, 2008

nancy pelosi took the time to bash george w. bush prior to the vote on the $700B wall street bailout plan that was before the u.s. house of representatives today. in the video linked to above, she rails against ‘no regulation, no supervision, no discipline,’ presumably of the u.s. banking system and not the iraq war.

but the reality is this, nancy pelosi voted to repeal the glass-steagall act in 1999, which regulated the u.s. banking system as a response to the financial fallout of the great depression. glass-steagall stood the country in good stead for over 70 years.

the move toward bank deregulation and less supervision in the 1990s is believed by many to be at the heart of this global financial crisis. pelosi’s beloved bill clinton, whom she praised in her ill-timed speech, signed the damn thing. click here to see how pelosi voted on the financial modernization act which is described in the summary of the bill as: ‘an act to enhance competition in the financial services industry by providing a prudential framework for the affiliation of banks, securities firms, and other financial service providers, and for other purposes.’ written by republican phil gramm, the bill got a lot of yeas. only a handful of democratic senators voted against it, including california’s barbara boxer and only one republican senator voted against it. while john mccain didn’t vote. joe biden voted yes. barack obama had the fortune of being in the illinois state senate at the time.

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5 comments on “nancy pelosi voted for bank deregulation

  1. Anonymous says:

    Dereglation of the banking industry was a contributing factor to today’s financial crisis. Individual greed by homeower’s living above their means, ignorant homeowners as to the terms of their loans, lax (negligent) financial regulators, short sighted greedy mortgage brokers, and lenders and investors all contributed. These types of meltdowns have occurred every few decades with the lessons never being learned which boil down to performing risk based due diligence by all parties. Apparently greed overtakes common sense and we are to the point that the foundations of our economic systm in the US are a frail house of cards. We are so far in debt as individuals and governments that we have forgotten to live within our means. If we are not careful this will lead to social upheaval and being held economically hostage to other countries.

  2. Eian says:

    Wow, you have to love it, I guess women are responsible for being raped too. It is great to shift the burden to the victim so you can somehow hide the fact that CEO’s who are supposed to be wroking to keep everything running smoothly are sticking their hand in the cookie jar and coming out with 48 million dollar compensation packages. Let see how many $150,000 mortgages at 6% per year does it take to generate 48 millions dollars. Lets really put the blame where it belongs on the blood sucking administrators who take, take, take not some poor working slob who just wants somewhere decent to live.

  3. thekrays says:

    nancy pelosi voted for bank deregulation. she also voted yes on the 2005 bankruptcy bill that’s made it impossible for americans to get out of debt.

  4. George Matkovits says:

    As Minority Leader, Nancy Pelosi saved Social Security with the Democratic Caucus from the GWB Privatization Attack! IMHO this completely redeemed her from any previous mistakes!

  5. euandus2 says:

    I don’t think the reform being considered by Congress goes far enough because I don’t think they (and we) know the extent to which bankers will go to get their way. On suspicious practices at amcore bank in IL, I recommend the following:
    http://euandus3.wordpress.com/2009/11/05/advantage-banks/

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