how ? — the bucket shops were re-opened

W

Wallace

legalising cds, derivatives, swaps betting - courtesy of tonight's '60 minutes'
the 1907 law banning such activity 'revoked' in 2000 - clinton administration

' COMMODITY FUTURES MODERNIZATION ACT OF 2000 '
[last statement on last page - 262]
"PREEMPTION.—This title shall supersede and preempt the application of
any State or local law that prohibits or regulates gaming or the operation of
bucket shops (other than antifraud provisions of general applicability) in the
case of a hybrid instrument that is predominantly a banking product; or a
covered swap agreement"
 
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

This bill was introduced by the Republicans, passed both houses but never debated and signed by the lame-duck president Bill Clinton.

Legislative history

The "Commodity Futures Modernization Act of 2000" (H.R. 5660) was introduced in the House on Dec. 14, 2000 by Rep. Thomas W. Ewing (R-IL) and cosponsored by Rep. Thomas J. Bliley, Jr. (R-VA) Rep. Larry Combest (R-TX) Rep. John J. LaFalce (D-NY) Rep. Jim Leach (R-IA) and never debated in the House.[2]

The companion bill (S.3283) was introduced in the Senate on Dec. 15th, 2000 (The last day before Christmas holiday) by Sen. Richard Lugar (R-IN) and cosponsored by Sen. Peter Fitzgerald (R-IL) Sen. Phil Gramm (R-TX) Sen. Chuck Hagel (R-NE) Sen. Thomas Harkin (D-IA) Sen. Tim Johnson (D-SD) and never debated in the Senate.

Given the above-stated chronology, it would appear that the House and Senate versions of the bill were introduced just prior to the Christmas holiday in December of 2000, following George W Bush's (first) election (in November of 2000), while then-President Clinton was serving out his final days as President. The bill was never debated by the House or Senate. The bill by-passed the substantive policy committees in both the House and the Senate so that there were neither hearings nor opportunities for recorded committee votes. In substance, it appears that the leadership of the Republican-controlled Senate and House incorporated the deregulation of credit default swaps into an omnibus budget bill (without hearings or recorded votes)at a time when the outgoing president was in no position to veto anything. The following article argues that Bill Clinton and Alan Greenspan endorsed this law The Bet That Blew Up Wall Street.
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Quote from tmarket:

http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

This bill was introduced by the Republicans, passed both houses but never debated and signed by the lame-duck president Bill Clinton.
More...

Sounds like NAFTA... Bush Sr. helped write it, and Slick willy signed it into law as soon as he was elected. I remain amused by anyone who thinks the cat-and-mouse game of politics is anything more than eye candy and busy work for the masses.
 
It was pretty slick as well by the Republican sponsors of the bill to stick those 50 words that sank the American economy into an omnibus spending bill, but apparently that was what happened. I doubt Clinton ever read or understood those 50 words.

Phil Gramm is in the center of all of these. Massive balls with this guy, calling America a "nation of whiners" and "mental recession" after he set the fire.

12slickpoliticians2tweedles072.gif
 
From the wikipedia article

157 Democrats and 133 Republicans voted for the appropriations bill. 51 Republicans and 9 Democrats opposed the appropriations bill
 
Quote from Fractals 'R Us:

From the wikipedia article

157 Democrats and 133 Republicans voted for the appropriations bill. 51 Republicans and 9 Democrats opposed the appropriations bill
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This was a must pass bill. The commodity futures "modernization" stuff was diabolically slipped into the bill by Gramm and his cohorts at the eleventh hour, just as congress was about to adjourn . It is doubtful that the other members had any inkling that Graham had tampered with the bill in a way that would cause such havoc later. History will not be kind to Phil Gramm.
 
Quote from tmarket:

http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

This bill was introduced by the Republicans, passed both houses but never debated and signed by the lame-duck president Bill Clinton.
More...

I wonder about the veracity of that wikipedia article, it was last modified today!! Is history being rewritten to shift the blame off the Democrats for the subprime thingy.. and Clinton "could do nothing because he was a lame duck? Huh?
 
Quote from Fractals 'R Us:

I wonder about the veracity of that wikipedia article, it was last modified today!! Is history being rewritten to shift the blame off the Democrats for the subprime thingy.. and Clinton "could do nothing because he was a lame duck? Huh?
More...
How do you change the fact that 104th-106th Congresses were Republican controlled, 1995-2000? The bill was written, sponsored and inserted in the last hour by Republicans and Republicans controlled the debates or their lack of in those congresses. Absolutely true that Bill Clinton could have vetoed an omnibus spending bill at the last day of his and the 106th Congress's term in office, but he just didn't have the political support to do that.
 
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