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Bank of America Corporation Message Board

  • pvbud pvbud Sep 15, 2008 3:45 PM Flag

    Disaster Enabled by Congress in 1999

    A look at the vote of the Gramm-Leach- Bliley Act of Nov 12, 1999, dictates that both Repubs and Democrats enabled this economic disaster. (Senate bill S900,year 1999.)The vote for repeal was 90 to 8, signed into law by Pres Clinton. The Act repealed the 1933 law, the Glass Steagall Act which prevented banks from buying insurance and mortgage banking business.

    This could never have happened if Steagall-Glass had NOT been repealed.

 
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