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atxlrj t1_jcqx7qv wrote

Reply to comment by Fish_Slapping_Dance in [OC] Bank failures come in waves by pranshum

Right and the commenter I was responding to was focused on the role of Presidents, not Congress.

I was disagreeing that “Republican Presidents” were primarily to blame for banking deregulation when Carter and Clinton had both signed deregulation bills, including the repeal of Glass-Steagall. Clinton has signaled his support for repeal from as early as 1995. Clinton has since defended this decision and insisted it didn’t contribute to the Great Recession.

So I stand by the conclusion that that Democratic Presidents don’t have a better record than GOP presidents when it comes to major banking deregulation. However, I also disagree with your congressional analysis - the bill was already stalled before joint negotiations. The final version passed 90-8 in the Senate - I don’t support the idea that a Democratic Senate would have killed the bill beyond all negotiation given that President Clinton had been in support of repeal.

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Fish_Slapping_Dance t1_jcr1gdo wrote

>"and the commenter I was responding to was focused on the role of Presidents, not Congress."

Yes, and you both focus on people who did not create the legislation that shipwrecked the economy. That was conservatives in Congress and the banking industry. Carter and Clinton had no hand in drafting legislation. Clinton was culpable also, having not vetoed it, but it may have been overridden. Not likely, but possible. He made a bad decision, working with the GOP. It ruined us.

You don't support my well reasoned conclusion that the GOP were responsible for the repeal of Glass-Steagall, but you're not correct in that, and the vote shows the truth of it. Had Democrat controlled the Senate, the repeal effort would certainly have been defeated, and therefore there would be no bill for Clinton to sign or not sign. A president cannot veto a bill that does not exist. This is why voting for Democrats matters, because the banking collapse of 2008 was disastrous, and it could have been prevented.

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