Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter

Story is here.

This is a reply to a Republican poster:

Look, the GOP had both houses of Congress from 1994 through 2006 and they are the ones who wrote the legislation (Phil Gramm, in fact, was the main guy behind it) that Clinton signed that did away with the Glass Steagall Act. Now they could have reimposed Glass-Steagall anytime at all in the ensuing decade, but they did not. McCain, in fact, who confessed that he didn't understand the testimony he witnessed from the two entities while chairman of the Senate Commerce Committee, today STILL says that he believed that the Republican deregulation was good for the economy and wanted to extend it to the health care issue.

Blaming this on the Democrats is nonsensical, especially when the McCain campaign has 26 employees who were lobbyists or employees of Freddie Mac and Fannie Mae, including his campaign manager, Rick Davis.

So stop with the smoke and mirrors on who was responsible for this. The GOP had control and began rolling this ball down the hill before it crashed into something. THOSE are the facts.

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