By Ivan G. Goldman
The following CNN article from Nov. 12, 1999 sheds crucial light on just how the banking deregulation that spawned the worst economic crisis since the Great Depression came about. You'll find some familiar names, and they're not all Republicans. Phil Gramm is joined by Democratic luminaries such as Senators Charles Schumer and Christopher Dodd as well as Bill Clinton. All boasted of their work at the time.
They'd learned nothing from the deregulation of thrifts under President Reagan that ultimately cost taxpayers about $300 billion. The political pygmies of 1999 that took legalized bribes from the institutions they unleashed on us repeated the mistake of 1982, only this time to the tune of trillions. Most of those crooks and buffoons from 1999 are still running our economic affairs
WASHINGTON (CNN) -- The biggest change in the nation's banking system since the Great Depression became law Friday, when President Bill Clinton signed a measure overhauling federal rules governing the way financial institutions operate.
"This is a bill that is bipartisan, bicameral and tri-institutional," said Rep. Jim Leach (R-Iowa), chairman of the House Banking and Financial Services Committee. He noted that the House, Senate and White House had worked together on the compromise that became law.
At stake is an estimated $350 billion that Americans spend annually on fees and commissions for banking, brokerage and insurance services. Proponents say the legislation will save consumers some $15 billion each year, offering them greater choice and convenience and spurring competition. Consumer groups and other opponents maintain it will bring higher prices and jeopardize consumers' financial privacy.
The overhaul measure is one of the few major pieces of bipartisan legislation to emerge from the Republican-controlled Congress this year.
"It was sweaty, it was tense, but it had momentum," Sen. Charles Schumer (D-
The Associated Press contributed to this report.