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Forum Post: Santorum, Paul and Glass-Steagall

Posted 2 years ago on Jan. 4, 2012, 8:15 a.m. EST by aahpat (1407)
This content is user submitted and not an official statement

I am sending the following letter to newsrooms where there are caucuses or primaries coming up. I encourage others to do the same. If they don't hear it from us they won't hear it.

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A significant issue for the protesters of Occupy Wall Street is the 1999 repeal of Glass-Steagall that is included in the passage of S-900, The Gramm-Leach-Bliley Financial Services Modernization Act of 1999.

Rick Santorum, in 1999, voted for S-900. Ron Paul abstained from voting against S-900.

The repeal of Glass-Steagall empowered ‘too big to fail’ Wall Street banks.

S-900 also lowered lending standards with the reorganization of the Community Reinvestment Bank allowing the banks to create predatory mortgage products that robbed millions of hard working Americans of the equity they had in their homes.

And S-900 further deregulated what are now known as “toxic” derivatives. The whole-cloth trading instruments that allowed the bankers to use the equity and good credit of others, without their knowing, to make huge insolvent bets on blocks of bad mortgages.

The voted of Rick Santorum and Ron Paul led directly to the financial collapse of America in 2008. These people should not even be allowed in government let alone given a chance to achieve the highest office in America, the presidency. They are to much a part of the problem of Wall Street corruption of congress to ever be any part of the solution.

For a complete compilation of the 184 current members of Congress who, in 1999, voted to repeal Glass-Steagall see: The Congress That Crashed America http://home.ptd.net/~aahpat/aandc/congcrash.html

9 Comments

9 Comments


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[-] 1 points by bensdad (8977) 2 years ago

Although I agree that G-S must be brought back, and writing angry letters to the members who voted for the repeal and demanding they reinstate it - if they want our votes is the answer, becoming a single issue voting block - like the NRA or the anti-choice hoodlums, is not appropriate or wise. I am shocked at some of the Democrats who voted to repeal, but there are no
Rs [ say that out loud ]
who would vote to re-institute it.
Dont vote your anger - vote your mind. imho

[-] 1 points by aahpat (1407) 2 years ago

Don't make assumptions.

This is an issue. Not the only issue.

While I also advocate writing to legislators this particular letter is directed at and written for the news media. To inform.

I also do not believe in only writing to like-minded legislators. That is childish and myopic. If those you disagree with don't hear of your disagreement they will never learn that you disagree with them or why you disagree with them.

Please stop being such a compartmentalized and myopic partisan party thinker. the parties depend on such narrow thinking to maintain their intolerable status quo.

[-] 0 points by AVENGER (0) 2 years ago

I wrote members of congress in opposition to the repeal of Glass-Stegall and predicted it would lead to a crash.

I also realized that congress had little choice because Europe gave the U.S. a deadline to repeal Glass Stegal and allow European banks to do investment banking and operate across state lines in the U.S. or cease operating U.S. Investment banks in Europe!

U.S. bankers probably suggested this tactic to European leaders!

[-] 0 points by aahpat (1407) 2 years ago

Collusion is a very common practice that then covers for the excuses to do wrong in business.

At least you tried.

[-] 0 points by aahpat (1407) 2 years ago

Santorum, Paul & Glass-Steagall

See the post above.

[-] 0 points by GreedKills (1119) 2 years ago

Rick and Ron are made of the same cloth.

[-] 3 points by aahpat (1407) 2 years ago

Whole cloth....