Sunday, September 21, 2008
Does history tell us the real story
This is from an October 23, 1999 article in the New York Times.
More than a few analysts blame this legislation for enabling the circumstances we are suffering through right now...
More than a few analysts blame this legislation for enabling the circumstances we are suffering through right now...
Here are two paragraphs from that article by Stephen Labaton:
"The breakthrough in Friday's legislation came in a backroom meeting at the Capitol soon after midnight, when a group of moderate Senate Democrats -- led by Christopher Dodd of Connecticut and Charles E. Schumer of New York -- forced a compromise between Gramm and the White House over the legislation's effect on the Community Reinvestment Act, a 1977 anti-discrimination law intended to encourage lending to minorities and others historically denied access to credit.
Dodd, whose state is home to the nation's largest insurance companies, and Schumer, with strong ties to Wall Street, have long sought legislation to repeal the Glass-Steagall Act. Both men said in interviews Friday that they moved to strike a compromise after it became apparent that the legislation might be killed, as it was last year by Gramm, over the debate about the Community Reinvestment Act."
