Quote from piezoe:
Assuming you are referring to repeal of Glass-Steagall signed into law by Clinton in, I think, Nov. 1999. This was certainly not anything that Bill Clinton would have been wildly enthusiastic about. It was a Republican initiative (Gramm and Leach). So if that's what you were referring to, you are being far to generous to Bill Clinton to give him credit for this. (I suppose Greenspan would have been in favor of Gramm-Leach-Bilely, because he was a champion of minimal regulation, but there again he's a Republican.)
The truth is that repeal of Glass-Steagall, the depression era act that drew a clear line between investment and commercial banks, was slipped into a "must pass" Omnibus spending bill at more or less the eleventh hour, and there was practically no debate. I guess the congress was anxious to get home for the holidays. Any way, Clinton was a lame duck at that point and he would have been under tremendous pressure to sign the Omnibus Bill to keep the government operating. It's nice of you to give Clinton the credit, but it's misplaced. The credit rightfully belongs to the Republicans! Especially Phil Gramm (whose wife at various times was on the CFTC and if memory serves me correctly, the ENRON Board as well)!
Let's give credit where credit is due.
